This Little Light Of Mine

Thursday, April 11, 2013

Independent Foreclosure Review Settlement Settles NOTHING!

UPDATE: April 15, 2013:
I received my "settlement" check from the Independent Foreclosure Review scam.... and I fit into the modification denied category...NO surprise since I've been screaming that I was wrongly denied for over 4 years now!!! But, there's no offer for loan modification, no rescinding of my foreclosure offer, no correcting of the servicer record for excess interest, late fees, foreclosure fees, and/or any other improper amounts offer nor correcting my credit report offer. Just a measley $2000.00 when Countrywide over charged me $5000.00 before and I've lost so much more during this 3 1/2 year court battle which should have never happened to begin with had they not wrongly denied me my loan modification in the first place!!!!! AND... I STILL have to fight in my appeal to the Supreme Court so I won't lose my home because the lower court Judge...Justice Paul Fritchze wrongly found for the bank after denying me discovery and saying US Bank owned my note when the "true & accurate" copy of the original first filed to open this case wasn't even endorsed...and guess what? Over $1300.00 of that $2000.00 is gonna have to go towards paying for my fricking fracking court transcripts now for my appeal!! GRRRRRRRRRRRRRRRRRRRR
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Well, I hate to tell y'all this but... I talked with both Rust Consulting AND the Federal Reserve today and found out that of the 17 banks included with the Independent Foreclosure Review...only FOUR STILL are under the Financial Framework of that review: GMAC, Financial Freedom, EverBank/EverHome, One West Bank/IndyMac.  CLICK HERE for the framework. CLICK HERE TO SEE THE BANKS WHO MADE THE SETTLEMENT AGREEMENT. The other ones, made a settlement with the Fed Reserve & OCC. 
Now, you may think that's good. But it isn't...and here's why. Under the frame work, not only is the bank "error" identified, and a reimbursement/payment made to you...but the bank would also have to do other things...according to each category...to fix that error. For instance, if you were wrongly denied a loan modification....the bank would pay you a certain amount...along with rescinding the foreclosure, giving you the loan modification that you should have gotten, correct servicer record for excess interest, late fees, foreclosure fees, and/or any other improper amounts, and correct credit reports. In other words, put you back whole again before the foreclosure due to their error. 
BUT...now with this settlement between 13 big banks and the Feds & OCC...the ONLY thing these banks have to do...is give you the money! AND... THEY get to decide how much they give you!!!!!! So, they get to keep the foreclosure....sell your house....make you pay any difference between what they get and what is owed...your credit stays bad...and you get a measley amount for your troubles (which you don't really get cause they'll get it back with the difference between the sale price & what you owe!) NICE way to protect the homeowner, eh? 
HERE IS THE NEW FINANCIAL FRAMEWORK for the 13 banks who settled. There's NO protection for the homeowner with required corrections of any happenings due to their "errors". They only have to pay money....and not much of that compared to what they got in enrichment from their "error" to begin with! PLUS....they get to steal your home AND you have to pay the difference between what they sell it for...and what they say was owed (cause we ALL know that when they sell your home, they won't get the full price of what's owed!).

1 comment:

  1. Who says that the powers that be want to protect homeowners???

    ReplyDelete