Why Do Home Foreclosures Keep Rising? 6 Things You Need to Know

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zainmccar of IA 7:32PM November 23, 2009

The way our economy is geared - Wall Street and the Health Care Businesses will end up with most of regular people's money. I've always followed the rules. Pay off credit cards each month. Only borrow for education, vehicles - mostly used, and our first house - at the age of 54. In the three years since buying a house, with a 30 year traditional mortgage, plus a few thousand in improvements, I've paid off 42% of the total cost.

Over the last year I've tried numerous times to refinance when rates dropped - but each time experienced various ways the banks, "looked like they were working," but in the end did not get refinanced as a way to reduce my monthly payments.

Now both and wife and I are unemployed and quess what - we can't get any help. I don't want a bail out like the car company's and the banks - just give me a new mortgage with lower payments. Each day that sucking sound gets louder as the president and congress invent lots of nice sounding language but have not real reform.

Angry of PA 1:30PM October 22, 2009

I am submitting a loan modification request, my property is worth about 75% of what I owe on it, I am a senior on fixed income and if I can't get it I have little choice but to walk away, my payment has gone up and my disposable income is less than it was 3 years ago...I bought a homeowner's warranty for $37.95 per month through my mortgage co, that covers all appliances & major repairs in the home ie, furnace, water heater, washer, dryer, etc, because I do not have extra money to fix those if a major repair comes up. I did this to protect my mortgage. I made a payment that registered after the late charge date and GMAC mortgage.....without letting me know until after the fact......took the $37.95 out of my payment and used it for late fee instead of my warranty and cancelled my warranty policy. I am still fighting with them to get this resolved. This is pure greed, it is unethical, if not illegal misappropriation of funds I paid to them in good faith, is this how they help the homeowner?

What crooks!

Flushing Michighan

Ellen Augustine of MI 12:44PM October 22, 2009

It is the banks-they are making money hand over fist during this crisis-penalties and interest-they have no reason to modify loans-and they certainly don't care about the greater good-this started with them. They can't wait to start lending again with no social security care and stated income-in some cases it is happening already. They are built for greed and it is greed that is killing this country-the Obama adminstration is doing more than any other administration would do-but he is missing one part-if an industry is to big to fail-is should not exist-break them apart-and put a lid on the money the banks can make off a forclosure-he is cutting their pay-this is where the problem is-stop them from making a fortune off other people's misery (that they caused).

Roxanne of CA 5:55PM October 21, 2009