Every day I see it, the banks that were bailed out by the American taxpayer will not approve mortgage modifications to the taxpayers that bailed them out.
They will, however, accept Deed In Lieu, Short Sales or Consented Foreclosure Judgments.
Americans are being forced out of their homes so that those same homes can be sold, for cents on the dollar, to institutional investors, hedge funds, the federal government and foreign interests.
When will the American people wake up? This is madness. Perfect madness. Government sponsored and court sanctioned. Here’s what one reader had to say:
NBC News reported yesterday that “Private Entities” backed be Hedgefund investors were buying up millions of homes across the U.S. by offering CASH, preventing most “average middle class buyers” from having a chance to get the home of their dreams.
I am facing Foreclosure after having tried four Loan Modifications. During the forth, I was advised by my lender, GMAC; which was Homecomings Financial Network when I purchased my home; then out of the blue became GMAC, which again out of the blue is now owned by OCWEN; that the chances of my home being refinanced at its true value in today’s market was a long distant possibility.
My OCWEN advisor told me it would be smart to try a Short Sale, which I am in the process of attempting. I put my home on the market and instantly got a call from my Realtor. She had received a CASH offer for the asking price which was in her opinion what the home was worth… without even a visit from the buyer. Site unseen. What does that tell you? After a conversation with my Realtor, she said the buyer was a group that were buying millions of homes across the U.S.
So I am not allowed to refinance my mortgage to its true market value, but Hedge Fund Managers who are the entity buying my home can do whatever they want to do.
America is corrupt, and will fail. Mark Me. Because there is no Middle Class anymore… we are the people who actually do the work… But we’ve been forgotten by our corrupt system.