Foreclosed by confusion, delays, infl...

Foreclosed by confusion, delays, inflexibility

There are 104 comments on the WOOD-TV Grand Rapids and Michigan story from Jul 7, 2008, titled Foreclosed by confusion, delays, inflexibility. In it, WOOD-TV Grand Rapids and Michigan reports that:

Preventing home foreclosures has become national policy. The US Treasury Secretary has said so and Congress is trying to pass legislation to help.

Join the discussion below, or Read more at WOOD-TV Grand Rapids and Michigan.

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Jennifer

United States

#110 Jul 12, 2008
hnhmom wrote:
We have our home with HSBC. I couldn't be more pleased with them. They were willing to help us out when my husband lost his job and I was on bedrest with my second child. They lowered our rate for six months which did help. Not sure how they are going to help when our arm adjusts though.
I tried to work with them but they wanted us to pay $1500 down and then work out a 6 month payment plan at a reduced rate. Well, I couldn't come up with the $1500. I tried to consult the Home Repair Service, FIA, Salvation Army, ICCF and Urban League to see if we could get help. Nothing came through for us. I tried this back in the Fall when we first fell behind with them. They had the sheriff sale on Feb 6th and the redemption period runs through Aug 6th.

I will admit that HSBC did try to work with us to some extent but what they wanted to do we couldn't do because we just didn't have the money or family/friends to borrow from to get the money.
pwrwmn3

Wyoming, MI

#111 Jul 14, 2008
I feel for these folks. Bad things happen to good people and the economy is making it easy for scoundrels to take advantage.
pwrwmn3

Wyoming, MI

#112 Jul 14, 2008
I also agree. When I applied for my mortgage, I was told I could afford XYZ amount. I have to eat and pay the utilities, put gas in the car, clothes on my back! I figured out what I could afford and live with and NEVER entertained anything other than an fixed rate mortgage. And I specifically dealt with a local company that didn't sell mortgages out to others. I went down that road before and it was a real pain in the butt. Work hard, pay cash, have self-discipline, eat at home, by used. It worked for my grandparents in the depression.
Jennifer

United States

#113 Jul 15, 2008
pwrwmn3 wrote:
I also agree. When I applied for my mortgage, I was told I could afford XYZ amount. I have to eat and pay the utilities, put gas in the car, clothes on my back! I figured out what I could afford and live with and NEVER entertained anything other than an fixed rate mortgage. And I specifically dealt with a local company that didn't sell mortgages out to others. I went down that road before and it was a real pain in the butt. Work hard, pay cash, have self-discipline, eat at home, by used. It worked for my grandparents in the depression.
Absolutely! I really need to get my finances back on track. I'm working on it.

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