American Citizens – Foreclosure Limbo

Are all these financial institutions, that were directly, or indirectly named in the $700 Billion dollar bailout process, gambling or holding on to the result of their “tin can greed”, while turning around and in fact demanding money or foreclosure of the American people?

In other words, they killed two birds with one stone. They got their money in holding for themselves, and then instead of helping people in foreclosure, some are demanding payment from the American people while boldly threatening foreclosure.

Washington Mutual is named specifically in the following article.

This is just one example of what is really going on while Americans fight to save their homes.

Jacksonville, Fl…

Lewis is not a real estate speculator, house flipper or rental-property investor. She did not lie about her income or buy more house than she could afford. She was not lured into an adjustable mortgage with a teaser rate that later went through the roof. She has never tapped her equity with a second mortgage or a refi. She even has about 20 percent equity left in her home.

No, what happened to Vickie Lewis could happen to anyone: She got sick, lost her job and fell behind on her house payments…Lewis’ struggle to save her home…part of what began as a “giant Ponzi scheme” by the financial sector that has now progressed to a “looting of the country.”

Charney, attorney with Jacksonville Area Legal Aid,

defense of Lewis has been based largely on claims that Washington Mutual did not follow federal regulations by offering her a “reasonable opportunity to get current” and “a face-to-face meeting” before three monthly mortgage installments went unpaid, among other requirements.

According to court filings, prior to foreclosure, WaMu never discussed any options with Lewis other than demanding all back mortgage payments in full. The bank is now demanding the entire balance, which had since ballooned by thousands of dollars with the addition of “illegal and outrageous” charges for attorney’s fees, collection costs and insurance, the filings allege.

1 Comment

  1. I worry about the lack of emphasis on fixing the real estate crisis. Some statistics say one-and-nine people are employed based on the Auto-industry but sixty percent of people own homes. It doesn’t make sense to me that the federal government is spending so much time and effort on things other than the housing market. What do you think?

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