Loan application just declined due to disputes and so-called "FORECLOSURE"

[gotideas]

the truth of the matter is that banks do NOT lose ever.  A loss just becomes a tax break, a write off or a bigger sale at a later date.  Remember they got the bail out money and they were able to walk away from the mortgage crisis virtually unscathed.  Sure a lot of homeowners made bad decisions but so did the lenders and not all of them have had to pay for 7-10 years for it.  The reality is that the bad economy put a lot of people in a bad spot through no fault of their own when jobs became scarce or non-existent and costs continued to rise while wages did not.  Nobody can judge what another person is going through is all I am saying.  What is important is not that you made a mistake but that you corrected it whether it was by paying for it or learning from it.  You can bet if you owe a bank money they will hold your feet to the fire until you pay it but they are not so quick when they owe you money.  We all deserve another chance just the same as the lenders.  By the time the mortgage crisis is over they will have more than made their money back and gained better customers who learned what it was like to fall and have to start over again. 

[J_G]

I'm sorry but I agree with him to. Obviously you are trying to jump into a new home before you're house forecloses or just in case you're house forecloses! People like You are a big reason why my kids grand kids are going to be paying huge taxes and I have no sympathy for you. You are cheating in a sense and it is not fair to the rest of us!

[ShanetheMortgageMan]

I never knew the FICO forums were a place to judge others...

[jadeite788]

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@ShanetheMortgageMan wrote:

I never knew the FICO forums were a place to judge others...

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i didnt either, i just view it as a learning place and to get tips.

[newhouse2013]

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@ShanetheMortgageMan wrote:

I never knew the FICO forums were a place to judge others...

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Dido! My Fico is my sanctuary, please do not ruin it with the negativity. 

[coterotie]

And sometimes the banks really do screw up and won't admit it.

We brought our loan current before the auction - they didn't tell the auctioneer.

The house was sold to a man who was convicted of running a racket whereby houses would be sold for an agreed upon price at the public auction and then re-auctioned at a private auction for the "real" amount.

The bank held the money we paid to bring the loan current for several months as it was "lost" in the system.

We found a hard money lender to get the house back through the right of redemption, resold the house paid off everyone including the banks lawyers.

The bank held more than $15,000 of the profit from the first sale for more than 9 months never paying a nickel of interest. 

The bank still hasn't released the first mortgage, even though they were paid in full at the auction.
The bank refuses to acknowledge they made any mistakes and still have it listed as a forecluse without any notation the account was paid in full. And nearly 7 years later, still refuse to release the mortgage as requred by Alabama Law.  Wrote them a letter 3 weeks ago in which they ignored the request for the mortgage release.

Fortunately Alabama law provides a monetary remedy.  I offered them the chance to settle for half the amount which they ignored.

I can understand banks being mad at folks that cost them a bunch of money, still don't understand why we're lumped into that pool when we paid everythinng in full.  Including interest penalties processing and attorney's fees.