Quantcast
Channel: Foreclosure Assistance - Foreclosure Information - Free Help » Predatory Lending
Viewing all articles
Browse latest Browse all 2

Foreclosure Stories: 67 Year Old Man May Lose His Home to Foreclosure Because of Predatory Lending

0
0

IamFacingforeclsoure.com will be chronicling stories of homeowners that are facing foreclosure in order to publicize the travesties that people are suffering as a result of toxic loans and predatory lenders.

If you would like your story published on this website, then please visit our sister website at www.LoanSafe.org  (Homeowners Forum) and register as a member to share your story with other homeowners and we will do our best to assist you in any way we can.

This is a letter from a man that Moe met 4 months ago. Mr. Don Bullis contacted Moe because he needed help to stop foreclosure on his home. After speaking with Donald, Moe realized that he was definitely the victim of predatory lending and needed an attorney right away.

His current mortgage was originated by a World Saving’s loan officer and that loan officer placed him in a negative amortization loan (commonly known as a Option ARM or Pick a Payment). That same loan officer inflated Donald’s income by over $4,000 and he is on a fixed income of only $2,500!

These are the kinds of abuses that we see everyday and these scams need to be publicized and the perpetrators brought to justice.

Moe called World Saving’s in behalf of  Donald Bullis and all they said was that Mr. Bullis signed the loan documents, so therefore they are not liable and will not do anything to assist him in helping him avoid foreclosure. 

To this day, we are still fighting with this lender, who admits no wrong doing.

Here is Donald’s letter to World Savings: 

The intent of this letter is to explain the position I find myself in, how I got there and what I could do to eliminate the problem.

I have a home loan with World Savings for $338,000, I am three payments due and ready to go into foreclosure. I am 67 years of age and on social security and my wife is on disability. Total income is $2300 per month. About a year ago I did a refinance through a loan officer who was not doing me or World Savings any favor.

This loan was a ARM fixed for five years with a pre pay penalty I paid $3,000 to reduce the penalty to only one year I was lead to believe that the payment would be $1380 including tax and insurance, this would be a pick a payment plan which means that if money was tight I could pay a lesser amount, I had sticker shock when I received the payment coupon from World Savings the $1380 was the minimum payment.

Nothing was explained to me about how the minimum payment worked, the loan balance goes up because the minimum  payment does not include interest which is added on. The broker told World Savings that my monthly income was $7,000 per month, how he could verify that is beyond me.

I should never have qualified for this loan. I believed the broker and never did my math if I had I would have known something was not right but I never. We topped out our credit cards which was a bad idea. I had hopes of finding employment but had no luck what so ever.

To resolve this problem I check into refinancing but due to my income and a late payment nothing could be done. I am now checking into Government grants to see if there is anything I can qualify for, but that is very time consuming and I don’t really know where to start any suggestions would be greatly appreciated If and when my plan is to get current with World Savings and the next step would be to start with the credit card with the less amount and start paying it off as soon as possible and keep the others current, the next step would be to use the payment from the paid off credit card and add that amount to plus the payment to the next credit card until they are paid off.

If I can find employment and not have the credit cards showing that they are over 50% of limit which has bad effects on my credit score I might look into refinancing to a fixed rate loan.

That is my story sad but true.

Donald Bullis

IamFacingForeclosure.com will do whatever we can to assist homeowners that are victims of predatory lending and help them stop foreclosure. Please let your story be heard and do not lose hope or your home without a fight!

Share/Bookmark


Viewing all articles
Browse latest Browse all 2

Latest Images

Trending Articles





Latest Images