Tuesday, May 10, 2011

WAFT makes paper again!!!!!

WAFT has been featured in Worcester's Telegram & Gazette!!

http://www.telegram.com/article/20110509/COLUMN44/105099895



This is what our very own, Chris Horton Had to say about it:

"The woman in question is a neighbor of mine, a hard-working professional and a mother, who has been struggling to keep her home and renegotiate the terms of her mortgage for over a year. Like more than half the people who have bought homes in Worcester during the past ten years, she is "underwater", owing more than the current market value of her house, which severely limited her options.

The notice that was posted on her door and then mailed to her came just days after the auction. It was illegal, untrue - and terrifying. It is part of a pattern in this city of emptying buildings very rapidly after a foreclosure. Just weeks after an auction most of the owners and most of the tenants are gone. By law the banks are required to keep the tenants in foreclosed buildings on as tenants of the bank, but they scare or drive them away anyway.

And then ... the banks seal up the building and leave it standing empty to rot. Don't ask me why they do it, it doesn't make sense from any normal business perspective, but that's what they do!

This is not the world of Jimmy Stewart, although we still have wonderful local credit unions and banks that play fair and deserve our support. The mega-banks helped set up this crisis and the housing bubble that underlies it, made a fortune lending and on the side betting against the loans they were making, and are trying to stick us with the bill. In the process they triggered a world financial collapse that is starting to look more and more like a depression. And then they collected nearly a trillion dollars of our money to bail themselves out - which they paid back by borrowing many trillions at near zero interest to buy Fed notes at over 4%. Now they are trying to stick millions of their victims, like my neighbor, with the bill.

So what is the sense of trying to blame her for this? Some folk, it seems, just like kicking people when they're down.

But guess what? She's not staying down, she's fighting back now!"

2 comments:

  1. I just lost the home my 3 children grew up in to forclosure..one due to my ex husband not paying after he was arrested for domestic abuse and two because the bank would not talk to me at all or work with me in any way. A week ago I looked outside only to see our home being auctioned off, of course my ex knew about this because he received the papers and it was too late for me to do anything about it. Now Fannie Mae is trying to force us out even though I could have at least rented for a year but they rejected that option and left me with a $1500 here's your hat what's your hurry deal. It was like being abused all over again only this time not only by my ex husband but by the government as well.

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  2. Consider this, you are a hard-working professional who has been struggling to keep your home/rental property for years. Like more than half the people who have bought homes in Worcester during the past ten years, you are "underwater", owing more than the current market value of your house. Despite this, in the entire time you have owned your house you have never been late on or missed a single mortgage payment.

    Then the Worcester Anti-Foreclosure Team (WAFT) starts coming by regularly harassing your tenants and telling them that you are a deadbeat and your home is being foreclosed on! It's illegal, untrue - and terrifying! There goes your dignity!

    WAFT says they want to fight the mega-banks, yet they follow the same practices which caused the faulty paperwork crisis.

    Please vet your information before attacking the innocent, may I suggest you look into the wonderful free resource: http://www.worcesterdeeds.com/

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