Upcoming Foreclosures

What happen to the money for foreclosures?

What has happen to money to buy foreclosures going bad? Millions of us now are facing or soon will be facing foreclosure due to these big banks. I am in the 23rd year of my 30 year mortgage and now lost my job as well as my wife and no work to be found. EI checks is not enough to live on and pay for food, clothing, utilities let alone our mortgage payment and the Employment Insurance checks is about to stop. Our savings is now gone as well as our retirement fund we had to dip into to survive this past year. Are we going to be forgotten? Where is our help?

Public Comments

1. Request help from little georgie bush. bushco has plenty of money, and being the "compassionate conservative" he is, I am sure he will help you.
2. Good question, I like to know the answer as well. I am fighting foreclosure myself. Getting tossed into a mess I didn't ask for. We should be 1st in line for the next bail out. All I ask for is time to get back on my feet from this mess someone else put us in. Loose my home and put my children on the street is not an American Dream, but now the American Shame of big wigs with fat pockets.
3. I have seen many give answers on YA that don't seem to care about other people and their misfortunes anymore. Our country has become cold hearted except for those that don't deserve sympathy and care, such as terrorists and criminals. It's sad that people don't care about those such as yourself who have worked hard and now has lost everything and our elderly. One day, they will face the same situation, then we'll see them make an about-face, but then it will be too late to help anyone but the vile in America. I wish I could give you an answer in helping you with this situation.
4. I'm sorry but i don't understand you signed a contract to buy a home did you not read it? Did you not know the cost to you? if you bought the home in 1985 that would mean you have plenty of equity in the property even today or did you as so many use your home as a ATM Had a man work for me every six to eight months he would re fi as they would call to verify employment He drove a better car than I [BMW] He use to ask me when you getting a new car Today he has lost everything Yes I feel sorry for him but also know who's fault it is
5. I suggest calling the bank and expalining the crcumstances. Something tells me they'll be apt to not lose the house to looters, and wait to get some money when things improve. EDIT: Ray has a very, very, valid point.
6. Chris Dodd proposed a bill in the Senate yesterday that would impose a 90-day moratorium on foreclosures nationwide. The Federal Reserve announced a plan last week to modify the terms of mortgages that are written by Federal Reserve banks, and that are at least 60 days in arrears. The House committee approved a bill last week that would allow bankruptcy judges to modify the terms of primary residence mortgages, which they are not currently permitted to do. http://www.google.com/search?client=safari&rls=en&q=cram+down&ie=UTF-8&oe=UTF-8 Good luck--there's a whole lot of us in the same boat.