jmw1212

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Everything posted by jmw1212

  1. Ok two years ago I lent my company (an LLC) $20,000) The loan was booked into our computer, but the company could not afford to repay the debt. Meanwhile, I took the hit by paying penalties and interest for taking it out early. Well we had to close the company back a year ago. Now this week our closed company finally received some money to pay it back to me. Problem is I need to be able to turn it to cash. I could just write a check to me to pay it back (being it was a loan,) but I know that amount will cause the bank to write to the IRS and I don't think it's fair to have to pay taxes on this money again. Our company never paid the taxes or penalty, I did. I thought about getting some cashier checks, but I know the banks will still flag that. Any suggestions
  2. I don't recall if there was an attorney, it was a refinance by lender "your best rate financial llc", Atlanta what company was she with and why did she go to prison?
  3. When I signed the note it was through a different company that sells mortgages, they sold it to national city, then national city merged with PNC who is now the servicer, the investor is fanne mae. Now PNC is foreclosing and I don't understand why these banks don't have to prove they have the blue ink original. I'm not saying I didn't sign the note, but why they don't have to produce it. It would be like selling a car with a copy of the title, you can't do that. I just don't understand why the law allows the banks to foreclose without that original in hand. By the way I am just trying to save my home from foreclosure, I've heard asking the bank to produce the note can delay things a bit. Hoping for a loan modification and hoping they don't foreclose before I can get approved. That's all. You don't have the right to accuse me of fraud because I want to see if they have the original blue ink loan docs.
  4. Why is it ok for a bank to foreclose on your home without the note, but you can't sell your car without a title? Isn't that the same thing? If a bank can't "produce the note" of your mortgage because it was lost, shouldn't they have to prove they are the legit owners of the note? Why is it ok for a bank to legally foreclose on a home with a "copy" of a note, when you can't even purchase a car without an original title? What is wrong with this picture and what should be done about fixing it fast!
  5. After reviewing this non for profit website located in GA: operationrest.org/ResearchYourRecords (you will have to add the www as I cannot post links) I have a few questions as we are in active foreclosure and the HAMP mod reapplication process. I just reviewed the papers that were filed with the court to get relief from our auto stay and they show copies of the original mortgage Co. that we applied for the loan through, but no documents whatsoever that show them selling my mortgage to National City, the only docs they included were a merger with PNC. Does that sound legit? or should I hire an attorney to help me have them produce the note? I thought they didn't have to as long as their was a security deed on file in GA, but honestly I don't recall ever seeing one for my home when I used to login to the gsccca.org website to review my security deeds. As a matter of fact the security deed for my large acreage that I just lost this January was only showing the company I originally took my loan out with, no transfers to other banks that were sold and bought them out. Is that legal? How can it be legal in any state non judicial or judicial to be able to foreclose without the original note? If my last foreclosure was done illegally can I do anything now?
  6. I know as one of my best friends sisters just lost her home. This past week the sheriff came and they threw everything out onto the street. She was able to move it all into storage and is now at a friends place but she faught until it was too late. I don't want that to happen to us. It's so sad. That's the second friend in the last few years that happened to. I am so close if we don't get a loan mod. What a mess:(
  7. I am not sure what to do right now, we are still fighting to save this home. I am now in foreclosure and still in the application process for HAMP, It's crazy. There are not many rentals here so I am hoping if we end up loosing our home we can get a lease to own or rent to own. I don't want to commit on something that doesn't work for us though. There is not much to choose from here:(
  8. :cry:Foreclosure process started while we are in yet another modification review..Yet I still planted flowers this year, hoping they would bloom, still planted seeds hoping they would grow and still pray each day they will work with us. It's all I have left. At the end of the day, we have only each other and our family. So if we loose our home, I guess the flowers will die and the seeds will rot as the bank will not water them:( They will just wait for the day they can throw our precious memories onto the street. Perhaps though, I have good neighbors and would try my best to find a place to move it first. There are no guarantees however, as I sit here dealing with the banks working on miracles to happen. If our new income is not good enough, I guess we will be out there too. There are no more sunny days sitting with my children in our yard, planting flowers, playing ball and blowing bubbles. To this day we have a swingset that we refuse to put up until we know we can stay. How sad is that? My kids were given it when this all started and we were afraid to have it put together until we knew if we could stay. It's one of those that cost like $300 to install because it's all wood. My sister gave it to me. Yes this is reality, not just a story. I think maybe one day I should write a story though, but not today as I'm too depressed:(
  9. Thanks well as far as my score it's currently 630 and I haven't been discharged yet and have no new credit. How long do you have to pay PMI? Do you have to pay it with FHA even if you have 20% down? I know PMI can be expensive. Thanks again
  10. Yes PNC is my bank. I've already filed my complaint to the OCC, still waiting for PNC to respond. Also filed a complaint with consumerfinance.gov and PNC responded by saying they need more time. Yeah, so they can finish foreclosing on my home first. I think it's time to bring in the big dogs, a whistleblower alert. Maybe a call to Clark Howard here in GA. What do you think? I had a fanny mae loan and was told by PNC that I could apply for HAMP. Yet, I have NEVER spoke to my "single point of contact" Ever. I leave messages, but they never call back and I always have to speak to someone else. It's the most unorganized system I have ever experienced:( and I am loosing my home because of it.
  11. Meanwhile, I am still trying to get the HAMP mod approved. I just reapplied (after a year of back and forth and finally a denial based on reasons that were against the regulations of HAMP. One being in bk7 and the other as to not reaffirming our loan. Neither are suppose to be an issue according to HAMP mods. I just found this on their website (see below). I just spoke to someone today and they claim that they can continue to foreclose while I am being evaluated for HAMP, looks like that is also against the regulations of HAMP, along with a few other things. I've already reported them to the OCC, comptroller of the currency and the consumerfinance.gov. well it seems I can't post links yet, so you will have to google it. I don't know if I can post word for word, so I changed a few things, while still keeping the main points addressed, please go to the link above for the actual language. From the website it states that an escalation rep will work with the bank regarding the case give us a status within four business days of receipt of the requested inquiry. If the bank is unwilling to comply with program guidance or the escalation team finds the bank in non-compliance, the escalation team may report the servicer to the Making Home Affordable Compliance team.! Here are the reasons to write in: the bank refuses to stop a scheduled foreclosure sale on a borrower's house while the borrower is being evaluated for HAMP. ** the bank charges up-front fees for the modification. the bank instructs the borrower to miss a payment.** the bank claims that they are waiting for information or guidance from Treasury (i.e. Treasury is causing the delay). the bank advises the borrower to intentionally misrepresent their personal or financial information. the bank says they are not participating in HAMP, but the loan's investor is a GSE. the bank says borrower doesn't qualify, but counselor has reason to believe that the borrower is eligible.** (PS: I've put two asterisks next to the ones that relate to my situation)
  12. Rock Daddy, Thank you, that's what I was hoping to hear. I have already approached a seller on one, but waiting to hear if they are interested. Your thoughts were exactly mine, but we will have to see if anyone is willing to let us even rent with our credit in such bad shape. The good thing is I did print out our "perfect" credit reports a week before filing bk and making any late payments so I have "proof" of our long term good payment history. Hope that helps something later for us. I thought it would be a good idea at the time. Not sure if it means anything to a creditor or a landlord though. Coltfan1972, Thanks, I've actually already got offers for credit cards. The best so far is 0% for 12 months, $39 annual fee (comes out of available credit) and then 16.99% thereafter. I am awaiting my discharge before applying. Right now my beacon is around 648, which is not bad considering all this mess. Husbands about the same. Everything shows zero debt and no new credit. I am really good at repairing credit, I just never had to do it for myself. I've helped others. Another thing I think I will do, which I had done with our company before and after reading it here, reminded me to try it again. Take out a CD and then a LOC (or loan) against it. Typically you make interest on the CD then the bank charges you interest on the loan against it, which offsets itself. They usually make about 1% on the difference. (with good credit) The CD becomes the collateral (cash) so there is no need to guarantee it. It is guaranteed. It's a win win and it can help boost your credit back up. I helped an old friend get her credit back with this method and it worked. Each time you pay it off, you go for a larger loan (with a larger cd as guarantee). It really is better for those that don't want tons of credit cards again. It's also a nice way to save your money and earn interest at a higher rate. Anyway, keep the comments coming in regards to my post as I am really in need of some advice on this "home" situation we are confronted with. I really hate to have to pack up and leave, but am not sure if staying will just delay the inevitable.
  13. What are our chances of ever qualifying again for a mortgage, after BK and FC?..long I am posting this here as well as the mortgage forum as I think you both can help. Sorry so long: Ok we have a pretty grim situation. Rewind back 28 years, 18 years old bought my first car with my Dad co-signing. Then a year later sold it and my credit enabled me to buy another without a co-signer. Years would go by and I would continue to buy and sell cars, property never making any late payments. Several cc's with perfect credit. 780 beacon...Fast forward to 1998. Built my second home, and some property. A few years later bought some more property. Inherited some $ and paid some of the lots off. My husband and I were doing great financially. Both of our credit reports were perfect. In 2002 we started our our company. By this time, we had even more property. All paid on time. Never late. We decided to move the business out of our home and bought a commercial building (personally), then rented it to our company (there were two other owners) The company needed a loan so we gave two of our (paid off) deeds to the bank as collateral. Beacon score still 780 and never a late payment on either report. The business was thriving, things were great. We had nice cars, we had money in the bank, we had my IRA from the company I used to work for. Savings bonds. Things were going great. We then had two children. Then the economy tanked. Surprisingly our company was still signing up work and getting allot of government jobs. We had to start turning work away as we couldn't keep up and the overhead was killing us. The banks had stopped lending. We were on our own to keep the company going. So we took out my IRA to make payroll and went through all our savings, paying our own bills, making payroll and paying vendors. We stopped paying ourselves as owners. Finally after trying to collect hundreds of thousands of $ with no avail, we shut the company down in April of last year. Due to all the personal guarantees, loans, debt and harassing phone calls, we consulted several attorneys and decided to file chapter 7 bk personally. Our credit immediately tanked to 511. We also had to give up my car to a voluntary repo, we ended up selling my husbands truck later. The banks filed a motion to relieve the automatic stay and foreclosed on four of our properties (two which had been paid prior to putting up as collateral for the company) One of the properties was our commercial building. We had two weeks to get everything out of this 4,000 s/f building and find a place to put all our tools and office equipment including 9 years of file boxes, etc. We were able to rent a storage trailer and get out in time. The bank sold it for 1/3 of what we owed after refusing to help us keep it but lowering the interest rate. Same thing with one of the other lots. The two other tracts are still for sale. The other large track was foreclosed on from another bank and we lost it this January. They have it listed for 1/2 of what we owed which was 1/2 of it's appraisal (Listed for $290 owed $500 and worth 1mil) We now are trying to save our home, next week PNC will go to court to ask for relief of the stay to start foreclosing. We have been trying to do a loan mod since Oct 2010, but we were still paying our mortgage back then. They advised us to stop paying for two months, so reluctantly we did. Then when we tried to pay at least one payment, they would not accept it without all the arrears. We were not able to pay that so we are now 13 payments behind. Meanwhile, going back and forth trying to get the loan mod approved (HAMP) finally after a year of fighting, back and forth requiring updated documents, (we send everything required on time), they denied our mod, stating it was denied because we were active in BK and didn't reaffirm. (both which are not required according to HAMP regulations) At the same time., they sent us a new package for an in home mod. The date to get the package in was Feb 7th, but the application was not included. I called and was told it was in the mail. The next day I received it and it had a new date Feb 22nd. I called to confirm this new date and was told that was correct. I even confirmed with a supervisor. Well on Feb 15th, I was sent a letter stating they had closed my case and would continue to with foreclosure once the stay was lifted. I was infuriated. So I wrote a letter to the comptroller of the currency reporting there illegal practices. Finally received a letter from the executive office of PNC stating they were reviewing our case and would reply in writing by March 22nd. (we were told by a friend who is a foreclosure realtor that two of her friends reported this way and got their mod approved within 3 days. That their executive office called them to approve it. They apparently don't like the heat from the OCC (Comptroller of the currency)... Back to my score, it's looking better these days up to 648 and I haven't applied for new credit yet as we haven't been discharged as of yet. (myfico says it's due to my long great credit history prior to the bk) Sorry this is so long, but now for my question, what are the chances of us getting a mortgage later down the road? What time frame should I wait before attempting and what type of interest rate (based on today's rates) should I expect with a bk and several foreclosures on our credit file? (actually the foreclosues don't show up on the report, but they are public record) Also should we continue to modify the home or do a deed in lieu or short sale now and try and rent for the waiting period? Our home needs allot of cosmetic work, but we want to keep our kids in the school they are in and there are very few rentals around due to all the foreclosures. I've also considered trying to find a rent to own, but that doesn't look too promising either. Everyone just wants to sell. Any advice would be appreciated. Also if I should post this on other forums, let me know. thank you so much.
  14. Ok we have a pretty grim situation. Rewind back 28 years, 18 years old bought my first car with my Dad co-signing. Then a year later sold it and my credit enabled me to buy another without a co-signer. Years would go by and I would continue to buy and sell cars, property never making any late payments. Several cc's with perfect credit. 780 beacon...Fast forward to 1998. Built my second home, and some property. A few years later bought some more property. Inherited some $ and paid some of the lots off. My husband and I were doing great financially. Both of our credit reports were perfect. In 2002 we started our our company. By this time, we had even more property. All paid on time. Never late. We decided to move the business out of our home and bought a commercial building (personally), then rented it to our company (there were two other owners) The company needed a loan so we gave two of our (paid off) deeds to the bank as collateral. Beacon score still 780 and never a late payment on either report. The business was thriving, things were great. We had nice cars, we had money in the bank, we had my IRA from the company I used to work for. Savings bonds. Things were going great. We then had two children. Then the economy tanked. Surprisingly our company was still signing up work and getting allot of government jobs. We had to start turning work away as we couldn't keep up and the overhead was killing us. The banks had stopped lending. We were on our own to keep the company going. So we took out my IRA to make payroll and went through all our savings, paying our own bills, making payroll and paying vendors. We stopped paying ourselves as owners. Finally after trying to collect hundreds of thousands of $ with no avail, we shut the company down in April of last year. Due to all the personal guarantees, loans, debt and harassing phone calls, we consulted several attorneys and decided to file chapter 7 bk personally. Our credit immediately tanked to 511. We also had to give up my car to a voluntary repo, we ended up selling my husbands truck later. The banks filed a motion to relieve the automatic stay and foreclosed on four of our properties (two which had been paid prior to putting up as collateral for the company) One of the properties was our commercial building. We had two weeks to get everything out of this 4,000 s/f building and find a place to put all our tools and office equipment including 9 years of file boxes, etc. We were able to rent a storage trailer and get out in time. The bank sold it for 1/3 of what we owed after refusing to help us keep it but lowering the interest rate. Same thing with one of the other lots. The two other tracts are still for sale. The other large track was foreclosed on from another bank and we lost it this January. They have it listed for 1/2 of what we owed which was 1/2 of it's appraisal (Listed for $290 owed $500 and worth 1mil) We now are trying to save our home, next week PNC will go to court to ask for relief of the stay to start foreclosing. We have been trying to do a loan mod since Oct 2010, but we were still paying our mortgage back then. They advised us to stop paying for two months, so reluctantly we did. Then when we tried to pay at least one payment, they would not accept it without all the arrears. We were not able to pay that so we are now 13 payments behind. Meanwhile, going back and forth trying to get the loan mod approved (HAMP) finally after a year of fighting, back and forth requiring updated documents, (we send everything required on time), they denied our mod, stating it was denied because we were active in BK and didn't reaffirm. (both which are not required according to HAMP regulations) At the same time., they sent us a new package for an in home mod. The date to get the package in was Feb 7th, but the application was not included. I called and was told it was in the mail. The next day I received it and it had a new date Feb 22nd. I called to confirm this new date and was told that was correct. I even confirmed with a supervisor. Well on Feb 15th, I was sent a letter stating they had closed my case and would continue to with foreclosure once the stay was lifted. I was infuriated. So I wrote a letter to the comptroller of the currency reporting there illegal practices. Finally received a letter from the executive office of PNC stating they were reviewing our case and would reply in writing by March 22nd. (we were told by a friend who is a foreclosure realtor that two of her friends reported this way and got their mod approved within 3 days. That their executive office called them to approve it. They apparently don't like the heat from the OCC (Comptroller of the currency)... Back to my score, it's looking better these days up to 648 and I haven't applied for new credit yet as we haven't been discharged as of yet. (myfico says it's due to my long great credit history prior to the bk) Sorry this is so long, but now for my question, what are the chances of us getting a mortgage later down the road? What time frame should I wait before attempting and what type of interest rate (based on today's rates) should I expect with a bk and several foreclosures on our credit file? (actually the foreclosues don't show up on the report, but they are public record) Also should we continue to modify the home or do a deed in lieu or short sale now and try and rent for the waiting period? Our home needs allot of cosmetic work, but we want to keep our kids in the school they are in and there are very few rentals around due to all the foreclosures. I've also considered trying to find a rent to own, but that doesn't look too promising either. Everyone just wants to sell. Any advice would be appreciated. Also if I should post this on other forums, let me know. thank you so much.
  15. Link from youtube...Quote: "Annabel Carberry performs an entertaining hula hoop dance routine called A Glass of Red. I love how she wins over the somewhat skeptical crowd and wows them with her hula hoop skills. Truly a wonderful performance!" Ok so it won't let me post the link but if you go to youtube and type in the search "a glass of red" it's the first link. Really entertaining to watch her maneuver her way to get that wine:)
  16. I also received several 1099c's this year for the 4 foreclosures that happened last, one more this year for next. I called my CPA and my bk attorney because the box was also checked. I guess because our bk has not been discharged as of yet. I too am a bit confused about how this works, but they both assured me I would not owe the IRS. I have to get with my CPA to review it all, something about our basis..I get that but, it doesn't seem right for them to check that box as they were all IIB prior to our default.