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Posted on 01/31/2012 9:46:25 AM PST by Dubya-M-DeesWent2SyriaStupid!
'Maybe you can start redeeming yourself by helping your fellow man'
Kathleen Willey, the woman who courageously testified about being assaulted by President Clinton, is scheduled to lose her home in just three days in a bank auction – but, in a last-minute plea on behalf of millions of homeowners just like her, she has written to billionaire George Soros for help.
Willey’s original home loan was issued by IndyMac Bank before the FDIC took receivership of the bank following the 2008 collapse. At the time of the FDIC takeover of IndyMac, it was the third-largest bank failure in U.S. history. The bank, now known as OneWest Bank FSB, was sold for $13.9 billion to a new ownership group, with members such as hedge-fund managers John Paulson and George Soros and Dell Inc. Chief Executive Michael Dell.
“I felt the results of the economic crisis and fell behind on my mortgage payments,” Willey told WND, explaining that she had earned a living as a real-estate agent until 2009, when her income dried up following the housing crash. “Everything just started falling apart, like it did for a lot of people.”
She contacted OneWest Bank about a permanent mortgage modification, which she received in 2009.
“I was able to make my payments for some time, but because of underemployment, I fell behind again,” she said.
Willey claims she contacted the bank and informed the lender of her ongoing financial problems, and the bank “immediately” offered her an opportunity for another modification.
“I said, ‘Well, sure!” Willey said, explaining that the bank representatives said they would do what they could to help her out.
At first, everything seemed to be moving along at a reasonable pace, she said. However, the application process took a turn for the worse when she failed to receive notification about whether she qualified for the new modification within a 30-day period. In what Willey described as a “deliberate slowdown” of her application process by the bank, 90 days had passed and the application was considered outdated.
According to Willey, OneWest representatives failed to return her phone calls and sent letters saying the bank had not received her application documents. She said dealing with the bank became a “full-time job.”
“I would sit down in front of my computer next to the phone and wage the battle of lies, insults, mortification and false accusations” by bank customers service agents, loss mitigation reps and supervisors, she said.
Finally, in September 2010, Willey said she was told the bank needed yet another document to process her application.
“After months of being strung along and trifled with and lied to time and time again, I reached my own breaking point,” she said.
link not working to read the article
http://www.wnd.com/2012/01/kathleen-willey-urges-soros-to-save-her-home/
I’m sure Clinton will bail her out of the predicament, for a “negotiated settlement”.....
She’d be better off asking Gory Gloria Allred to represent her.
Oh, wait. She tried.
Never mind.
She won't blow her opportunity this time.
Indymac was one of the earliest players in the subprime game, specializing in no income qualifying loans. One west Bank has a sweetheart deal and I can almost guarantee that they won’t be modifying Willy’s loan. They make the big bucks when they foreclose and resale. “Losses” really aren’t losses. They’re not making money on performing assets.
Advice to Katherine...get away from that bank.
Instead of making jokes...I know of people going through this daily.Many people lost jobs,many are railroaded in this same facet.Many are ashamed and embarrassed.
I am so glad all of you making sarcastic comments to this are doing so well but many aren’t.
I think people need to all speak up and unite or we will all be homeless especially if Obama is re elected...
I am sure all of you reading this are making six figures and are dating 3 models and post from the computer in your limo but there is a REAL BIG problem.Act like you care.Act like you know it could be you.
The question is how did a real estate agent get a subprime loan? Or did she just use the wrong bank?
You're exactly right. A few modifications are successfully completed for show. But they can buy a foreclosed home at auction for 15 cents on the dollar, collect the federal insurance on the mortgage, turn around and sell it for a neat profit. Homeowners are inconveniences.
Did she really? Allred only represents when she can effect an election.
Then why are they’re so many short sales?
It was me, once - I had to sell my home (at a loss) during an economic downturn because I "fell behind on my mortgage" (translated: I couldn't afford to pay for the house any longer).
My obligations were perfectly clear in that case (as are her's, here) - if I can't afford to pay for it, I can't keep it, end of story. So I moved my family into a drafty cracker box (that we could afford) until we got back on our feet and rebuilt our wealth. That's how it's done - no sugar daddy handouts, no government bail-outs, Mrs. LL and I stood or fell on our own merit and gumption.
So cry me a river. Nobody ever said life would unfold according to Liberty Lover's grand plan.
The Left’s meme is that the Monica Lewinsky was simply about an affair. Except it wasn’t.
It revealed a coverup of Mr. Clinton’s previous affairs by the DNC-MSM media, the same ones who sh*(canned the original publication of the Monica story.
Additionally, Mr. Clinton was faced with a workplace sexual harassment lawsuit. He had a trail of women who’d been raped and groped and physically threatened.
Monica’s affair was a workspace sexual affair, it matters not that she was unpaid.
The buying off of witnesses, payments to lie under oath, and violent threats and intimidation set the papertrail of the same techniques the Clintons used to skate on their other crimes.
But some think it’s all about a man who wagged his finger to the nation and who had the same 40% of gullible yellow dogs believe him.
OneWest purchased these assets from FDIC at 70% of first mortgage values, and helocs at 58% of value.
FDIC promised to cover 80-95% of any losses OneWest may incur form home owners not making their payments.
In the event of short sale or foreclosure, the loss is calculated from the original amount purchased, not what is currently owed, or what the house is worth. Huh. Not too fair….
They give an actual example of a the numbers on a real case:
A new home owner took out a mortgage of $478,000.
Some time later, after he could not make his payments for six months, the bank adds $7,200 for missed payments. (Garbage fee’s)
$478,000 + $7,200 = 485,200
OneWest bought this loan for 70% of $478,000 = $334,600
Now, there is a short sale cash offer of $241,000 Take the $485,200 ‘owed’ and reduce it by the cash received from the short, and you get $244,200.
According to OneWest, they are losing $244,200.
Now, the FDIC is covering 80% of the loses OneWest incurs. So, if you take the $244,200 One west says it is owed, and times it times 80%, you get $195,360.
The FDIC pays this $195,360 to One west.
The short pays $241,000.
OneWest gets $436,360.!!!!!!!!
Remember, OneWest paid $334,600 for this loan!
Profit $101,760 thanks to this insane arrangement.
not making one’s note is a matter of concern to anyone experiencing it
but i am not so sympathetic to simply being upside down
almost anyone who owns real property or even equities is upside down right now or at least it's worth less than paid for
my businesses are off by a quarter at least...more in some cases
my home likewise and if I was over leveraged in my home I would be upside down
that is not grounds to walk away...negotiate better terms yes...but walk away just on that ..no
on the other hand once you have paid all that upfront interest on personal or even commercial mortgages and do go belly up...there is a breaking point whereby the lender can stop accrual and compare how much has been paid on the loan in total and what they sell home for ...foreclosure or short
and if combined they usually did not get hosed...they may have not have made money but lost little overall...except in no money down cases
and they used to know this and would ride much longer but the Feds have so tightened up banks it's hard for them to work with a borrower...on commercial anyhow
little secret is on commercial loans backed by hard property and properly leveraged is that the bank is only at risk for around 20% and once you've made it thru one 5 year balloon then that is over really
but they will still come after you...no quarter given
frankly...banks go broke being really foolish
right now they are just sitting on their money managing their debt and living off govt interest...enough to pay their overhead
that is a fact
It wasn’t sanctimony. Your story is great,you HAD a place to go that you could afford. Some don’t.Getting in a dive apt. costs thousands first,last,security.Good for you you held your own it makes you no different or better than anyone that seeks help from someone or something.And Miss Willey does not ask for a hand-out so your rant was for what?
Yep the banks are sitting on money alright.It is sad.
What about all the money Obama put out in the millions to make homes affordable act? I recall reading this money sits as few complete the paper work or do so properly.
Wow. If the home is FHA they would get even more money from the FHA insurance somehow?correct?
While standing in line at Albertsons this morning, I noticed one of the tabloids has a story about Bubba....something about more bimbo eruptions. He allegedly had as many as 20 women in one day. Hitlery is not amused.
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