Comments on: Wells Fargo Names Most of California Severely Distressed http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 21 Nov 2009 12:13:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Marie http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-70204 Marie Fri, 26 Jun 2009 16:54:41 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-70204 P.S. <br>Prudential wants us to be accepted by Wells Fargo <br>despite the fact that we are already approved by a different Lender,<br>and, seek to deal with our own Lender as planned...........<br>WHAT is this all about????<br>Is this even legal????????????????????????????<br><br>This can't possibly be legal.<br><br>I assume that they'll approve us for the DOUBLED asking price,<br>while our own Lender would not approve such NONSENSE...<br>Banks are NOT supposed to lend for anything higher than the real appraised value....<br><br>This whole thing seems illogical.<br><br>WHERE do we report this? P.S.
Prudential wants us to be accepted by Wells Fargo
despite the fact that we are already approved by a different Lender,
and, seek to deal with our own Lender as planned………..
WHAT is this all about????
Is this even legal????????????????????????????

This can't possibly be legal.

I assume that they'll approve us for the DOUBLED asking price,
while our own Lender would not approve such NONSENSE…
Banks are NOT supposed to lend for anything higher than the real appraised value….

This whole thing seems illogical.

WHERE do we report this?

]]> By: Marie http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-70203 Marie Fri, 26 Jun 2009 16:45:51 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-70203 We made an offer 3 MONTHS ago on a house.<br>We were approved for the mortgage.<br>We were the ONLY offer on a property that had been listed over 200 days.<br>Our offer was accepted by the Seller.<br>Then...... we understood it as a Short Sale.<br>????????<br>Our contract had a written date for Escrow.<br><br>The Realtor kept saying that, the Bank wanted the sale to go through....<br>If it went into foreclosure, it would cost them a lot of money.......<br>To maybe get half the value......<br><br>We had an ACCEPTANCE by the SELLER.<br>So...... we had a valid contract.<br><br>If the Bank had the right to reject the offer.........<br>then,<br>why do we need a contract with the Seller?<br>The Seller is really NOT the Seller then????????????????<br><br>3 MONTHS of being yanked along...... for NOTHING.<br>Just a waste of our time.<br>We did so much running around on this.....<br><br>SOMEHOW, now, for 3 weeks....... we could not reach our Realtor.<br>Next thing I knew, he lied and said that the house was going up for auction.<br>"He'd tell us the auction date"... <br>"The Bank had refused the offer though the Seller accepted it... ?????????<br><br>Never heard from the Realtor again.<br>Found out elsewhere that it was a lie.<br><br>It became Bank owned AFTER our offer was accepted by the Seller.<br><br>If it was never owned by the Seller.........<br>why was it contracted between Seller and Buyer?<br>We are being told that the Bank took possession <br>WEEKS AFTER our offer had already been accepted...<br><br>It now became listed by Prudential.<br>We saw a post in front of the house.<br>We contacted them.<br>They refused to give us a listed / asking price....<br><br>A week of searching....... for the price....<br>"No price yet." was said by the listing Agent.<br><br>Then, proceeding to paint any old which way...<br>Tore up the blinds. Cut up the cables........<br>The house now looked an awful mess............<br>Why were they covering the water damage with paint?<br>That's deceitful, and illegal.<br><br>The story gets worst....<br>They hiked the price way up high.......... <br>almost DOUBLING the previous asking price..<br>So.... now, they were telling us that our renewed offer would not be accepted.<br><br>I thought that deceitful Real Estate gimmicks were supposed to end......???<br><br>What is the solution in this seemingly unfair nightmare?<br>We don't intend to pay TWICE the value, nor would we have the funds,<br>which had been the reason for shopping along a lower property price in the first place...<br>NO Bank will lend us the money to OVERPAY for anything........<br><br>WHERE does one report this?<br><br>We are told that <br>it was illegal to post a sign, and refuse to state an asking price.<br><br>Then..... we're told that they belong to a different Realtor Board.<br><br>How many gimmicks must we wade through?????????<br><br>This nonsense should be illegal.<br><br>We are totally bewildered.<br>What a let down!!!!!<br><br>If anyone knows any solution, or law to protect our rights,<br>please inform us.<br><br>Thank you. We made an offer 3 MONTHS ago on a house.
We were approved for the mortgage.
We were the ONLY offer on a property that had been listed over 200 days.
Our offer was accepted by the Seller.
Then…… we understood it as a Short Sale.
????????
Our contract had a written date for Escrow.

The Realtor kept saying that, the Bank wanted the sale to go through….
If it went into foreclosure, it would cost them a lot of money…….
To maybe get half the value……

We had an ACCEPTANCE by the SELLER.
So…… we had a valid contract.

If the Bank had the right to reject the offer………
then,
why do we need a contract with the Seller?
The Seller is really NOT the Seller then????????????????

3 MONTHS of being yanked along…… for NOTHING.
Just a waste of our time.
We did so much running around on this…..

SOMEHOW, now, for 3 weeks……. we could not reach our Realtor.
Next thing I knew, he lied and said that the house was going up for auction.
“He'd tell us the auction date”…
“The Bank had refused the offer though the Seller accepted it… ?????????

Never heard from the Realtor again.
Found out elsewhere that it was a lie.

It became Bank owned AFTER our offer was accepted by the Seller.

If it was never owned by the Seller………
why was it contracted between Seller and Buyer?
We are being told that the Bank took possession
WEEKS AFTER our offer had already been accepted…

It now became listed by Prudential.
We saw a post in front of the house.
We contacted them.
They refused to give us a listed / asking price….

A week of searching……. for the price….
“No price yet.” was said by the listing Agent.

Then, proceeding to paint any old which way…
Tore up the blinds. Cut up the cables……..
The house now looked an awful mess…………
Why were they covering the water damage with paint?
That's deceitful, and illegal.

The story gets worst….
They hiked the price way up high……….
almost DOUBLING the previous asking price..
So…. now, they were telling us that our renewed offer would not be accepted.

I thought that deceitful Real Estate gimmicks were supposed to end……???

What is the solution in this seemingly unfair nightmare?
We don't intend to pay TWICE the value, nor would we have the funds,
which had been the reason for shopping along a lower property price in the first place…
NO Bank will lend us the money to OVERPAY for anything……..

WHERE does one report this?

We are told that
it was illegal to post a sign, and refuse to state an asking price.

Then….. we're told that they belong to a different Realtor Board.

How many gimmicks must we wade through?????????

This nonsense should be illegal.

We are totally bewildered.
What a let down!!!!!

If anyone knows any solution, or law to protect our rights,
please inform us.

Thank you.

]]> By: lin http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-14380 lin Tue, 03 Feb 2009 19:53:39 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-14380 wells fargo is just a bunch of greedy fat cats that wants your property and money. thats all. they don't give a rip about people period. all their bologne on their website, etc. about working with people is utter nonsense. the first thing that comes out of their mouth is " our investor doesn't modify" oh, and if they do modify they raise their payment. now you tell me how this is a " more affordable payment" sure, for them it is. I hope with this latest scandal with them all going to Vegas on our taxpayer bailout they all get whats coming to them for once. let them sweat see how they like stressing like we do, put the shoe on the other foot. I say screw them wells fargo is just a bunch of greedy fat cats that wants your property and money. thats all. they don't give a rip about people period. all their bologne on their website, etc. about working with people is utter nonsense. the first thing that comes out of their mouth is ” our investor doesn't modify” oh, and if they do modify they raise their payment. now you tell me how this is a ” more affordable payment” sure, for them it is. I hope with this latest scandal with them all going to Vegas on our taxpayer bailout they all get whats coming to them for once. let them sweat see how they like stressing like we do, put the shoe on the other foot. I say screw them

]]> By: MD in OC http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10232 MD in OC Fri, 07 Mar 2008 05:19:21 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10232 To TM, you poor victim? i am not a victim......I am blessed. Most if not all my clients have fixed rates in the mid 5% range because i give them financial advice as well as forecasting on where the economy and rates are headed. they are very pleased with my services and yes i did make money on there loans as this is my profession. you mention speculators and that is part of it but it was still affordability via funky programs that allowed the speculators to get the homes in the first place.....100% financing on investment property using stated income and stated assets allows them to do it. with out this you can take away 90% of the speculatoors period! this is what i am talking about on affordability.like any industry that has a lot of money to be made, there is going to be as you call them scum and unfortunately the good ones have to be put in there camp because why not. if there is one scum then they all must be....for "The Love of Money" is the root of all evil. when i bring up NAFTA i am talking about our high paying jobs that are leaving and either not being replaced or being replaced with jobs that pay 1/3 less...this is why the affordability factor has to be brought up and why the FED, Wall Street, and others had to come up with these programs becasue very few can really afford a home the real way.....and because of NAFTA we will lose more good jobs which will contribute to this housing bust to last even longer then the last one....why dont you do a little research to find out how many employees IBM has now and where the majority of them are located...do this research on more company's....maybe one day you will get it.......are you just completely igonorant about how many jobs we have lost to China, India, Mexico, Taiwan etc? do you read? LOOKING FORWARD TO YOUR REPLY! To TM, you poor victim? i am not a victim……I am blessed. Most if not all my clients have fixed rates in the mid 5% range because i give them financial advice as well as forecasting on where the economy and rates are headed. they are very pleased with my services and yes i did make money on there loans as this is my profession. you mention speculators and that is part of it but it was still affordability via funky programs that allowed the speculators to get the homes in the first place…..100% financing on investment property using stated income and stated assets allows them to do it. with out this you can take away 90% of the speculatoors period! this is what i am talking about on affordability.like any industry that has a lot of money to be made, there is going to be as you call them scum and unfortunately the good ones have to be put in there camp because why not. if there is one scum then they all must be….for “The Love of Money” is the root of all evil. when i bring up NAFTA i am talking about our high paying jobs that are leaving and either not being replaced or being replaced with jobs that pay 1/3 less…this is why the affordability factor has to be brought up and why the FED, Wall Street, and others had to come up with these programs becasue very few can really afford a home the real way…..and because of NAFTA we will lose more good jobs which will contribute to this housing bust to last even longer then the last one….why dont you do a little research to find out how many employees IBM has now and where the majority of them are located…do this research on more company’s….maybe one day you will get it…….are you just completely igonorant about how many jobs we have lost to China, India, Mexico, Taiwan etc? do you read? LOOKING FORWARD TO YOUR REPLY!

]]> By: tm http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10160 tm Tue, 04 Mar 2008 16:16:39 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10160 To MD in OC, Speculators drove the market because they could. It didn't matter what the interest rates were. If you can buy an investor property with no money down, bad credit and no income than why not buy it ? That is what happened. Interest rates had nothing to do with it. If you plan on flipping a property in 2 months you wouldn't care if the rate was 15%. Well in many markets (Tampa, Las Vegas etc.) that is exactly what happened. In those superheated markets 40% + of new home sales were to speculators. They were not to buyers who wanted to occupy them as their primary residence. The price increases were no different than the tech boom except that bust only hurt the people playing the game. There are a couple of things going on now. 1. A lot of these foreclosures are on vacant speculative units. 2. A lot of the other foreclosures are on people who still have their jobs but couldn't afford the fully indexed rate when they bought their home. They could barely afford the teaser rate. So are we to feel sorry for these people and try to create new laws to protect them from themselves. And what about the scum LO's and mortgage brokers who put borrowers in Option ARMS that had a fully indexed rate higher than a fixed rate and a 3 year hard prepayment penalty with an exhorbitant margin. Did the Fed make them do that ? Did the Fed tell them to lie about their income and buy over their head ? And how the heck do you bring NAFTA into this ? Is it NAFTA that's hurting a lot of these markets ? You need to decide who the bad guys are and a lot of borrowers in this country need to take a look in the mirror. Oh you poor victim. To MD in OC, Speculators drove the market because they could. It didn’t matter what the interest rates were. If you can buy an investor property with no money down, bad credit and no income than why not buy it ? That is what happened. Interest rates had nothing to do with it. If you plan on flipping a property in 2 months you wouldn’t care if the rate was 15%. Well in many markets (Tampa, Las Vegas etc.) that is exactly what happened. In those superheated markets 40% + of new home sales were to speculators. They were not to buyers who wanted to occupy them as their primary residence. The price increases were no different than the tech boom except that bust only hurt the people playing the game. There are a couple of things going on now. 1. A lot of these foreclosures are on vacant speculative units. 2. A lot of the other foreclosures are on people who still have their jobs but couldn’t afford the fully indexed rate when they bought their home. They could barely afford the teaser rate. So are we to feel sorry for these people and try to create new laws to protect them from themselves. And what about the scum LO’s and mortgage brokers who put borrowers in Option ARMS that had a fully indexed rate higher than a fixed rate and a 3 year hard prepayment penalty with an exhorbitant margin. Did the Fed make them do that ? Did the Fed tell them to lie about their income and buy over their head ? And how the heck do you bring NAFTA into this ? Is it NAFTA that’s hurting a lot of these markets ? You need to decide who the bad guys are and a lot of borrowers in this country need to take a look in the mirror. Oh you poor victim.

]]> By: Brecht http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10125 Brecht Mon, 03 Mar 2008 15:02:56 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10125 It is true that when a market is charging ahead everyone believes it can never end and when a market is falling apart nobody believes it will ever stop. While we're certainly in for some pain the fact is there is a lot of cash on the sidelines in the commercial and investment real estate markets and I'm already seeing it come out. This will prop up values. 'Vulture Funds' are congregating near every distressed project that ever had any merit. The easiest thing in the world today is to put together 30 or 40 million bucks of private equity to pursue "distress sales". This money wants returns - it is going to come off the sidelines. I'm not saying we're saved... and believe me I'm a bear (what auctioneer isn't) but Great Depression II is probably too strong for what we've got. It is true that when a market is charging ahead everyone believes it can never end and when a market is falling apart nobody believes it will ever stop. While we’re certainly in for some pain the fact is there is a lot of cash on the sidelines in the commercial and investment real estate markets and I’m already seeing it come out. This will prop up values. ‘Vulture Funds’ are congregating near every distressed project that ever had any merit. The easiest thing in the world today is to put together 30 or 40 million bucks of private equity to pursue “distress sales”. This money wants returns – it is going to come off the sidelines. I’m not saying we’re saved… and believe me I’m a bear (what auctioneer isn’t) but Great Depression II is probably too strong for what we’ve got.

]]> By: » Wells Fargo Names Most of California Severely Distressed http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10123 » Wells Fargo Names Most of California Severely Distressed Mon, 03 Mar 2008 05:13:52 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10123 [...] To view all of this article, please visit this link at BlownMortgage.com [...] [...] To view all of this article, please visit this link at BlownMortgage.com [...]

]]> By: MD in OC http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10120 MD in OC Sun, 02 Mar 2008 21:20:51 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10120 To TM. I forgot to add one thing....take a look at all the data, statistics of this bubble and compare it to the last one we had in 1988-89 to see the difference in size..the last one had a peak in the end of 1988 and a bottom in 1995... it took a full 10 yrs almost to get back to the old high...this time....it is bigger....less jobs....inflation on core products a lot higher and most importantly...the 3 idiots....FED, Wall Street, and Credit Agency's can NEVER bring these loans back to inflate it again unless the people of this country forget what happened to them in the first place and take the carrot again.....THIS WILL BE A BIG COLLPASE AND WILL STAY LONGER THAN THE LAST ONE. To TM.

I forgot to add one thing….take a look at all the data, statistics of this bubble and compare it to the last one we had in 1988-89 to see the difference in size..the last one had a peak in the end of 1988 and a bottom in 1995… it took a full 10 yrs almost to get back to the old high…this time….it is bigger….less jobs….inflation on core products a lot higher and most importantly…the 3 idiots….FED, Wall Street, and Credit Agency’s can NEVER bring these loans back to inflate it again unless the people of this country forget what happened to them in the first place and take the carrot again…..THIS WILL BE A BIG COLLPASE AND WILL STAY LONGER THAN THE LAST ONE.

]]> By: MD in OC http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10119 MD in OC Sun, 02 Mar 2008 21:01:07 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10119 To TM! I will get to NAFTA later but for now we shall talk about Supply and Demand or as you say Economics 101...I graduated with my degree in Economics so i understand it completely but one thing you over look about Supply and Demand is Affordability. i don't care how much demand there is.....if no one can afford the product or what they demand they can't have it! there has always been demand here in Southern Cal and will always be but how does one get what they demand? This is where the big 3 comes in... and i want to add that they were all in collusion with each other because they are NOT STUPID...let's start with 1. FED (Greenspan) leaving rates ridiculously low for way to long....2. Wall Street for coming up with the programs ie (anyone can qualify, stated this stated that and who cares what your FICO is.....3. Credit Rating Agency's (or should i say con artists) giving these secuities AAA ratings..... Got it! we always have had demand now we just gave everyone the affordability factor and to keep it going longer let's give everyone a fixed pay rate of 1%.....Now do you see what i am talking about????? Now to NAFTA....what i mean by this is that all of our high paying jobs are leaving and if they are not leaving they are given early retirement and replaced by workers making 1/3 of what they were use to make...you cannot deny this...if you do you are living on another plantet.....the last 5 yrs in our area...all high paying jobs or most of them have been in my business or something related to it....look at Michigan now...how many employees does IBM have and where are they? India... i could go on and on but i really do thing you understand my point now and really see how this whole game is played... To TM!

I will get to NAFTA later but for now we shall talk about Supply and Demand or as you say Economics 101…I graduated with my degree in Economics so i understand it completely but one thing you over look about Supply and Demand is Affordability. i don’t care how much demand there is…..if no one can afford the product or what they demand they can’t have it! there has always been demand here in Southern Cal and will always be but how does one get what they demand? This is where the big 3 comes in… and i want to add that they were all in collusion with each other because they are NOT STUPID…let’s start with 1. FED (Greenspan) leaving rates ridiculously low for way to long….2. Wall Street for coming up with the programs ie (anyone can qualify, stated this stated that and who cares what your FICO is…..3. Credit Rating Agency’s (or should i say con artists) giving these secuities AAA ratings….. Got it! we always have had demand now we just gave everyone the affordability factor and to keep it going longer let’s give everyone a fixed pay rate of 1%…..Now do you see what i am talking about?????
Now to NAFTA….what i mean by this is that all of our high paying jobs are leaving and if they are not leaving they are given early retirement and replaced by workers making 1/3 of what they were use to make…you cannot deny this…if you do you are living on another plantet…..the last 5 yrs in our area…all high paying jobs or most of them have been in my business or something related to it….look at Michigan now…how many employees does IBM have and where are they? India…

i could go on and on but i really do thing you understand my point now and really see how this whole game is played…

]]> By: Troy http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/comment-page-1/#comment-10112 Troy Sun, 02 Mar 2008 06:54:05 +0000 http://blownmortgage.com/2008/02/27/wells-fargo-names-most-of-california-severely-distressed/#comment-10112 CS in AZ: I like your attitude and I do believe we need that to keep the wheels on and the shiny side up. This is because we have only three speculative RE boom/bust cycles to refer to: the 1920s mania here in the US and the 1980s RE mania in Japan, and to some extend the 80s boom/bust here in the US too. It was the post-80s cycle that speaks to your positive sentiment . . . it was indeed the rapid growth of productivity gains in the 90s from PC and the Internet, not to mention dramatically dropping energy prices, that got us out of the tailspin of Clinton's first term. So yeah, IF we find another dotcom or energy success -- we're saved and we can party like it's 1999. If not, then we're looking at 1930s drawback or Japan's "Lost Decade". Which of these 3 futures we will see is really tough to predict. CS in AZ: I like your attitude and I do believe we need that to keep the wheels on and the shiny side up.

This is because we have only three speculative RE boom/bust cycles to refer to: the 1920s mania here in the US and the 1980s RE mania in Japan, and to some extend the 80s boom/bust here in the US too.

It was the post-80s cycle that speaks to your positive sentiment . . . it was indeed the rapid growth of productivity gains in the 90s from PC and the Internet, not to mention dramatically dropping energy prices, that got us out of the tailspin of Clinton’s first term.

So yeah, IF we find another dotcom or energy success — we’re saved and we can party like it’s 1999. If not, then we’re looking at 1930s drawback or Japan’s “Lost Decade”. Which of these 3 futures we will see is really tough to predict.

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