Mortgage Mayhem

[alohacandy]

Re: Mortgage Mayhem

Mahalo for the suggestions...some which have been used already to now avail..but I understand what you mean that there are many going through the mortgage mess. Unfortunately her situation involves a bit more than just a mortgage mess.

[pzarquon]

Re: Mortgage Mayhem

Letters to the Editor are one place to start. Emails to the news desks at the local newspapers and TV stations. (And actually, faxes are surprisingly still pretty effective.) Provide a good "hook" and a decent amount of background so they know the gist and what they'd get and what they'd be getting into if they decided to cover it.

Basically, use the same channels anyone uses who wants to get media coverage. The problem is, there's a lot of demand for attention from a dwindling number of journalists.

Unfortunately, stories of fraudulent mortgage schemes, and even completely unintentional but no less devastating mortgage problems (given the convoluted machinations of the financial industry) are all too common. Whether it's someone who was sweet talked into an impossible deal, or someone who just can't find who actually owns their mortgage after dozens of transactions deep in the bowels of giant institutions, there are easily thousands of people in any city in the same boat: lost, scared, at wit's end, one cold business letter away from the streets.

It'll take some effort to show how a given case is especially galling or newsworthy. And most likely, your source will not be able to remain anonymous, and will face some scrutiny -- which can sometimes be just adding to the trauma rather than finding relief.

Otherwise, you do have the usual channels for help, like the DCCA, and ombudsman-type channels like KHON's "Action Line" and the Star-Bulletin's Kokua Line. They might not be able to outright stop what's happening to your friend, but they might be able to get better answers.

[alohacandy]

Re: Mortgage Mayhem

Where would be the best place to request media assistance with publicizing the humanizing of mortgage scams here in Hawaii?

[alohacandy]

Re: Mortgage Mayhem

Thank you for the info...I know that she's contacted the ODC and some state agencies...unfortunately there happens to be some politics that is impacting her job situation which is why I hope that an interested media person will want to know about her story.

[cynsaligia]

Re: Mortgage Mayhem

complaints about attorneys can be made to the supreme court's office of disciplinary counsel:

Office of Disciplinary Counsel
1132 Bishop Street, Suite 300
Honolulu, Hawaii 96813
Phone: (808) 521-4591

[MixedPlateBroker]

Re: Mortgage Nightmare and a Plea for Help

The only thing I can think of is to get the media involved in her case because there is a LOT more to her story that if someone would want to expose what has happened to her to the public, they would see that she has been victimized on many levels (not just the mortgage companies, believe me!!).

I'm not sure how much help it would be at this stage of the game, but you could tell your friend to send letters of complaint to the state AG's office and the DCCA:

Hale Auhau
425 Queen Street
Honolulu, Hawai`i 96813
PHONE: 586-1500
FAX: 586-1239
e-mail: hawaiiag@hawaii.gov
Web Site: http://www.hawaii.gov/ag
MARK BENNETT
Attorney General

King Kalakaua Building
335 Merchant Street
Honolulu, Hawai`i 96813
PHONE: 586-2850
FAX: 586-2856
e-mail: dcca@dcca.hawaii.gov
Web Site: http://www.hawaii.gov/dcca
LAWRENCE M. REIFURTH
Director

[Bobinator]

Re: Mortgage Mayhem

Very interesting thread to review; would love to hear everyone's points of view here in 2009 after all the economic changes. We've been shopping real estate here on O`ahu only to return home to our rental feeling discouraged.

Be happy with a rental. It's a renter's market for the next untold number of years. We're living in different times, different circumstances... Way Different! Don't use the old model. We don't have one for this day and age.

[Peshkwe]

Re: Mortgage Mayhem

I'm with you on that!!!

[alohacandy]

Re: Mortgage Mayhem

Yes, very interesting how times have changed since 2007. Pesh...I'm praying for a miracle, a lot of publicity, or a lot of money to help my friend (or all of the above!).

[cyleet99]

Re: Mortgage Mayhem

Very interesting thread to review; would love to hear everyone's points of view here in 2009 after all the economic changes. We've been shopping real estate here on O`ahu only to return home to our rental feeling discouraged.

[Peshkwe]

Re: Mortgage Mayhem

She really does need someone with mad skills to help. It's insane the convoluted mess it's all become.

[alohacandy]

Mortgage Nightmare and a Plea for Help

I am not even sure where to put this right now but it makes me sick to think that a good friend of mine stands a good chance of losing her home, her career and her life in the near future and she hasn't gotten anyone to help her in any way that looks promising. I won't get into the career issue here because it will give out too much info about her. Several years ago she got into a mortgage that was passed from one company on to the next and to another (not sure how many by now) and was making her payments faithfully, HOWEVER, she hadn't been told that her mortgage was being passed on until after the fact and therefore one company kept her payment and didn't pass it on to the next therefore making her late on one of the payments. She had great difficulty trying to talk by phone with these 2 companies trying to get this mess straightened out and before she knew it, she was in foreclosure. She got an attorney who ended up not knowing diddly squat about mortgage law and started a lawsuit against several of the companies involved and ended up getting sued herself by one of the companies for attorney's fees...so now owes $40,000+ plus to one of the companies no longer involved ...and STILL isn't out of the foreclosure process. She's called FDIC and Legal Aid for help to no avail (Legal Aid put her on a waiting list). She has a court date coming up in July where she is trying to appeal the $40,000 that she owes to the one mortgage co. but doesn't trust that her lawyer will win this for her because he botched up so much for her already and nobody else that she's called will take her case now. In the meantime, she's had workplace issues and stands to lose her income and benefits by the end of the year. Her health has deteriorated to the point where she is losing her teeth, she's had to go on pain meds, she hardly eats, her arthritis is flaring up, she has suicidal thoughts, and she is giving away all of her belongings a little at a time. Her friends are at a loss as to what to do to help her. The only thing I can think of is to get the media involved in her case because there is a LOT more to her story that if someone would want to expose what has happened to her to the public, they would see that she has been victimized on many levels (not just the mortgage companies, believe me!!). If you are interested in more info, please email me at alohacandy51@yahoo.com, identify who you are with and I will arrange to meet with you to discuss this further. Mahalo and God bless.

[sinjin]

Re: Mortgage Mayhem

When real estate "professionals" are holding up cardboard signs on off-ramps I'll start looking to buy. Could be soon.

Re: Mortgage Mayhem

Don't buy more house than you can comfortably afford. If your annual gross household income < $60k, you shouldn't be shopping for homes in the $400k+ range.

Hahah, then you may as well close up shop and leave town MixedPlateBroker because if anyone applies your "common sense" and affordability rules, then ALMOST NO ONE IN HAWAII could purchase a home.

September 2007 Honolulu Median sales price was $650,000.

If 3 or maybe 4 times your annual income is still as good of a common sense rule of thumb, then the household who buys the MEDIAN home in Hawaii right now should be making between 162,500 and 216,667. That's for a tiny 70 year old shack on 4000 sq ft of land in kapahulu which needs some work. Hawaii's median income in 2005 was $58,112 which suggests a more appropriate median home price range of 175,000 to 232,000.

By your suggestion, I declare Hawaii economically non-viable. There are no more loans to make. You have made a good arguement for you not having any more customers. What are you going to do? Only sell to rich mainlanders? Last one who leaves, please turn out the lights.

You're kind of late to the "use common sense" and "if its too good to be true" parade Mixedplatebroker. Mortgage bORKers across the nation had too much rotten food on their mixed plates over the past 3 or 4 years. Not you of course.

[MixedPlateBroker]

Re: Mortgage Mayhem

Caveat emptor. If there's a simple lesson we can take from the subprime mortgage mess, it's that critical thinking and healthy skepticism are classic looks that should always have a place in our mental wardrobes.

Even as children many of us were told that if something sounds too good to be true, it probably is. I wondered aloud how certain corporate executives could sleep at night the other week as I paused a random Ditech.com TV commercial and read the fine print to discover their advertised rate was based on pricing only five years old. Small wonder they surrendered their mortgage license in the state of Virginia (page three).

So how does one avoid the mistake of getting into a mortgage they'll regret later? I've put together a few tips that might come in handy.

Don't buy more house than you can comfortably afford. If your annual gross household income < $60k, you shouldn't be shopping for homes in the $400k+ range. As simple as this sounds, I've gotten calls from dozens of people who've found themselves prisoners of their own homes. Laboring at multiple jobs just to pay the mortgage and bills and not having any disposable income gets old in a heartbeat.

Be cautious who you do business with. When it comes to choosing a realtor or mortgage loan officer to work with, it's easy enough to check to make sure their credentials are in order. You should also be checking out their company on the BBB, here and even here. Then there are the qualified recommendations from family and friends. I avoid using the word "advice" as I have seen too many people get waylaid by bum advice from mostly well-meaning friends or family who have no experience either purchasing or refinancing a home.

Lastly, don't be afraid to ask questions. If someone pulls your credit report, ask to see all the accounts listed therein to verify the report's accuracy. If they price a loan for you using your credit report, ask for a copy of your Good Faith Estimate. When they lock in your interest rate, ask for an updated copy of your Good Faith Estimate reflecting your locked pricing. When you sign your final loan documents, ask for a complete duplicate package for your own records and an original color appraisal report.

And in case anyone was wondering, "dunce cap" is not a classic look.