Inquiring minds are amused that Marin Homeowners unite to battle evil mortgage firms. After all, the santimonious self-professed intellectual elites that know better than anyone else on any issue…were duped by unscrupulous mortgage companies:
A small nonprofit last year formed an unusual support group for troubled Marin County homeowners. The group has helped members file dozens of lawsuits against mortgage companies, in a sometimes-controversial tactic aimed at staving off foreclosures.
The group’s members say they have had some success in buying time or bringing the companies to the negotiating table. Others say they would have been kicked out of their homes if not for the group, called Families Fighting Foreclosure. The lawsuits prevent the mortgage companies from selling a home after foreclosing on the mortgage, and can often delay eviction orders for months. But other cases have ended in defeat, as mortgage companies evicted borrowers severely behind on their payments.
Wow! Who would have thought that a homeowner could be ‘evicted’ for being ‘severely behind on their payments’?
Thousands of homeowners now face foreclosure in Marin County, though the pace of new loan defaults has fallen from a peak last year. Mortgage companies filed 824 default notices in the county through August for borrowers in single-family homes or condos, down 19% from the same period in 2009, according to research firm MDA DataQuick. A default notice, which is often filed when borrowers are behind 90 days or more on payments, is the first step in the foreclosure process. Meanwhile, foreclosures were up 14% through August from the same period in 2009, MDA DataQuick said.
Thank goodness these poor simple people have each other:
Families Fighting Foreclosure regularly meets to strategize at the office of Marin Family Action, a nonprofit that teaches financial responsibility. The foreclosure group includes some middle-class dwellers living in properties valued at $500,000 to $1 million.
By coming to the group, “we’re not victims anymore,” says Debby Rogers, a notary in Sonoma County who defaulted on a $475,000 home loan that she got in a refinancing in 2008.
With help from Marin Family Action, Ms. Rogers last year sued the company processing her mortgage payments, Litton Loan Servicing. She claimed the company reneged on a promise to modify the terms of her loan. Since filing the suit, Ms. Rogers hasn’t made any of the monthly $3,350 mortgage payments on the home she bought in 2004. She is now negotiating a possible deal with Litton, which is owned by Goldman Sachs Group Inc., while the lawsuit is pending.
But this is the best quote:
“Marin Family Action allowed us to stay in our home and fight,” Ms. Rogers says. A spokeswoman for Litton declined to comment on the case.
Notice that it wasn’t mentioned if the spokeswoman for Litton was hysterical with laughter.
Does anyone else expect Graham Chapman, John Cleese, Terry Gilliam, Eric Idle, Terry Jones, and Michael Palin to be involved with this ‘Flying Circus’ skit?
Filed under: Uncategorized |