Ring of Fire: The Next Foreclosure Nightmare is Here

[GoLeft TV]

The federal government has offered up a lot of different solutions to help big banks, but so far, few if any of those plans have been designed to help underwater homeowners. And with another foreclosure crisis right around the corner, its time to get homeowners some relief.

Ring of Fire's Farron Cousins talks about what’s being done to help struggling homeowners within attorney Michael Burg.

[Madmiddle]

1. Homeowners are left to help themselves.

HSBC bought our mortgage, but as much as they have tried they don't have the original note on my home, and here in Vermont they have to bring the original note to any hearing. <Make them show the original note. Don't let any dirtbag lawyer close out your case without objecting to them not having the original note with the blue ink you signed the note with.

[yeoman6987]

2. My house is now assessed at $239 million

I purchased it in 2010 for $368 million. However my mortgage is the same as when I purchased it. As long as you don't sell what is the problem? I don't understand this at all.

[jtuck004]

3. That's not the problem. The problem is the $368 million mortgage you have on your home now valued at

$239 million, and the ARM you bought to purchase it. They sell them to people like a pedophile uses puppies on little girls, but with less restrictions and morality.

EVERYONE has made money along the way, except you. And if you can't increase your income to match those payments, enjoy life under the bridges.

That is why this administration (see Timothy McVeigh, I mean Geithner's, book - it lays out the plan) decided to help banks at the expense of opportunity for working people, and pushed it through. Because all those people who made money, instead of you, wanted it this way, and the working people would rather watch cable than stop it.

[yeoman6987]

4. I don't have an ARM

I was a nervous nelly and went for security of a fixed rate. Sure I probably pay more then I needed to at the beginning but peace of mind that it will stay stable was desirable to me. I am not risky at all. My investment portfolio would prove that.

[jtuck004]

5. The larger issues are the problem. The issues are the roughly 9 million underwater loans today,

and those that will be added to the heap of the 7+ million plus families who were already tossed into the street in the foreclosures of a the last few years. A few were saved, but a large number of those got ARM loans that are going to be adjusted upward with interest rates, and deja vu all over again.

ARMs always look worse from a secure position, but they are a banker's profit center, and an answer as good as crack for most problems.

[JDPriestly]

7. +1000

[ms.smiler]

6. Madmiddle, you stated that HSBC bought your mortgage.

Have they told you they own your loan? Was there an Assignment of Mortgage to HSBC filed in the land records?

Who was the loan originator?

Have you checked these look up tools?

You can use the first 7 digits of your MERS MIN here: http://www.mersinc.org/about-us/member-search to identify the party that entered your loan in the MERS system. Does that party appear in your land records?

Do you know if Vermont is a must record state like Pennsylvania?

The MERS lookup tool, use the entire MERS MIN: https://www.mers-servicerid.org/sis/index.jsp

The servicer will be revealed and with additional information entered, the Investor (owner) may be revealed.

Fannie Mae lookup tool: https://knowyouroptions.com/loanlookup

Freddie Mac lookup tool: https://ww3.freddiemac.com/loanlookup/?intcmp=AHKYLL

Does Fannie or Freddie own your loan? Do they appear in your land records?

If there is an Assignment filed on your property, is it signed by an alleged officer of MERS? What is the date the Assignment was signed?

Do you have an understanding of securitized mortgage loans and how they differ from traditional mortgage loans?

I've asked these questions because I doubt that HSBC owns your loan.