Housing Crisis: New Rules Hit Mortgage Servicers

StormT | Jan 17, 2013 06:32 AM ET So.............they still have a year to mess with you. 5 years into this thing & another 5 to go. Way to go Washington & Wall Street.

RayRock. | Jan 17, 2013 06:44 AM ET Headline should have read: New rules will make mortgages harder to get and much more expensive.

mtnr | Jan 17, 2013 07:21 AM ET Nothing new here. They have been manipulating housing inventory for over a yr and half now.They are so many of them out there. Just pile some more on top; maybe nobody will notice all those vacant bank owned properties just sitting around

ckoffend | Jan 17, 2013 07:42 AM ET It really boils down to a simple solution. Buy a house you can afford after saving a reasonable 20% down payment and then make the payments you are obligated to make according to your written agreement. If you do this, you won`t loose your house. Once again the government has decided to "protect" the deadbeats. All of us that are responsible now need to pay the additional costs the lenders incur because the deadbeats don`t pay their bills, but insist on continuing to live in the houses that they don`t really even own. Once again, we see our government protecting and encouraging the irresponsible to continue their ways and never learn any degree of responsibility.

ckoffend | Jan 17, 2013 07:47 AM ET I love how so many people like to complain that the banks are sitting on their foreclosed properties. Look, if the bank owns the house, they have every right to sit on the house and wait for the market to improve and the value of their asset to increase. If there is a huge excess capacity of used cars on the market, forcing values of used cars way down, should you be forced to sell your car at this lower price? Or should you have the option or choice of holding on to your car and waiting for the market to improve so you can sell it when you want, at a potentially higher price? What`s the difference? I don`t know where people get the idea that "others" should decide when and at what price an asset holder must sell their assets, if at all.

handballforlife | Jan 17, 2013 07:59 AM ET Just a reminder....THE SERVICE PROVIDER CAN`T FORCLOSE ON YOU WITHOUT THE PROPER DOCUMENTS......THEY HAVE NO RIGHTS TO YOUR HOME AND HAVE TO PRODUCE THE ORIGINAL NOTE IN ORDER TO DO SO AND MOST OF THOSE NOTES ARE SHREDDED TO HID THE MASSIVE FRAUD BY THE ORIGINAL LENDERS.....THANK THE LORD FOR THE CORRUPTION...THERE ARE LOTS OF PEOPLE THAT ARE GOING TO BE MORTGAGE FREE IF THEY FIGHT THE SYSTEM.....LOTS!

giofls | Jan 17, 2013 09:48 AM ET Banks don`t want to foreclose. It is a painful, time consuming and expensive process for them. If there is any way they can come up with a better solution, they usually will. The problem is that in the vast majority of cases, there is no better option. People who can`t pay a $1500 per month mortgage payment generally couldn`t pay a $1200 payment either. And people who have paid nothing for 12 months and promise to pay next month "if you just give them a break" rarely are able to deliver on the promise. Of course there are exceptions, but they make up a tiny percentage.

americannovice | Jan 17, 2013 12:12 PM ET If that Republican Mitt got in, we would have the mortgage lender relaxing loan standards for another 2008 financial debacle.

CITADEL4U | Jan 17, 2013 12:22 PM ET JUST ANOTHER REASON TO BREAK UP EVERYONE OF THESE CRIMINAL BANKS. ENFORCE THE G.D. ANTI-TRUST LAWS!!!!

Squekee | Jan 17, 2013 12:41 PM ET Well Nationstar was THE worst to deal with. YES, they DUAL tracked my short-sale with two buy offers on the table to pursue foreclosure steps. I was current on my mortgage until this drama started 60 days AFTER I had the offer into the short sale dept. They REFUSED to negotiate until I WAS BEHIND in the payments. So I had to stop paying to get them to work the deal. Backwards? TOTALLY. DID it go to foreclosure? NO but it was DRAMA right up until closing. Every time I got a notice or call from them, I had to tell them "GO TALK TO THE SHORT SALE DEPT" and stop calling me. THEY even admitted internally they don`t talk to one another. Doubt these rules will matter. THey do not want to work with anyone.






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