Mortgage Servicers’ Secret

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The secret mortgage servicers don’t want you to know is they can make MORE money off of homeowners when they keep your loan in default. A former employee of loan servicer EMC tells the inside story why so many people can’t get their loan out of default.

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    There Are 25 Responses So Far. »

    1. Comment by bxccapricorn on 28 November 2010:

      i agree with her but u made a promise so u should keep it but for starter we shouldn’t be dealing or paying or promoting interest be it for muslims or christians its totally prohibited but i tink in the bible there is nothing bout usuary cuz it was removed.

    2. Comment by ifginc on 28 November 2010:

      Integrated Financial Group is that name that you have been looking for getting the best mortgage plan to suite your wallet and wishes.

    3. Comment by stemborowski on 28 November 2010:

      google paul stemborowski

    4. Comment by ShowdownInAmerica on 28 November 2010:

      Show me the note! h ttp://action.seiu.org/page/speakout/wtnnpa

    5. Comment by ouluvme2 on 28 November 2010:

      THIS IS CRAZY

    6. Comment by TheRenaissanceYngMan on 28 November 2010:

      home sales have been down lately … and some people have strategically defaulted on their mortgages

    7. Comment by watkins35146 on 28 November 2010:

      i got a solution, fuck the bank and deal with an individual owner that owns the property and buy it from them. thats what we did and we havent got fucked!!!

    8. Comment by bankofame on 28 November 2010:

      This would be a great program if banks actually participated in it. We have been working with bank of America on a short sale for a year now and now we have been waiting fro a response from the negotiator for three months and this included two? lafa escalations @shortsalesbank2010

    9. Comment by searching4answers100 on 28 November 2010:

      This is why so many people fuck up the house when the house goes into foreclosure. I say fuck it up so bad that it will take them years to sell it. File bankruptcy, chapter 7.. So they can’t get the deficiency. Since Obama knows this and isn’t doing anything to stop the greed, fuck that house to the ground and walk away.

    10. Comment by loanhomewealth on 28 November 2010:

      Good stuff

    11. Comment by juliechrissy on 28 November 2010:

      Good reporting! How is this now in June 2010 with EMC? Please let me know if you can. Thank you,

      Shirley Farrington shirleyafarrington@hotmail.com

    12. Comment by bofalawsuit on 28 November 2010:

      Great Youtube. I have actually started piggybankblog com for all those who were abused by Bank of America or Countrywide.

      John Wright
      Piggybankblog com

    13. Comment by CaJeffO on 28 November 2010:

      In Addition to demanding banks produce the original note and prove they have standing. ALSO? I have my condensed reference notes up on a web page!!!!!!
      w w w. constitutionalvoices. org/bloggers/freedomblogger2/?page_id=1300
      ((((DELETE THE SPACES))))

      Correspond with me if you like Jeff / CAJeffO@yahoo. com
      P.S. Let’s fight together and put the pressure on the banks!!!

    14. Comment by bankslayer on 28 November 2010:

      I wish I had a quality whistleblower like this lol – any NAB employees willing to come forward let me know :)

    15. Comment by silentmajor on 28 November 2010:

      fucking crooks

    16. Comment by heartuvgold on 28 November 2010:

      Make them produce the original note signed by you. If they sold it, they won’t be able to do that. So you win your house back and can stay there until you’re able to pay it off.

    17. Comment by sneakmysnake on 28 November 2010:

      Even when one of these lenders goes bankrupt there are banks making money on that as well. All of this is about making money while it looks to the public as though they are not. Example, One West Bank bought Indymac’s loans now garanteed by the govt for 80% of the orig loan amount. Even as they got a discount on the cost of the loans they bought. They then sell the defaulted property to an invstor. The govt pays them 1st for the “loss”and the investor pays them 2nd for the house.

    18. Comment by joanneandgary on 28 November 2010:

      You can stay in your home, An agency in DC helped me to get the bank to finally work with us. I reduced my payment 46% for 5 years and the get started info was free and the paperwork was less than $200 I went to delay or stop foreclosure online, it was easy to find, also goes by homeowners assistance info, use discount code 7129098 as there is a grant available to keep costs under 200. I am so relieved and every American deserves to stay in their home good luck and God bless

    19. Comment by joanneandgary on 28 November 2010:

      This strategy works, An agency in DC helped me use this to get the bank to finally work with us. I reduced my payment 46% for 5 years and the get started info was free and the paperwork was less than $200 I went to delay or stop foreclosure online, it was easy to find, also goes by homeowners assistance info, use discount code 7129098 as there is a grant available to keep costs under 200. I am so relieved and every American deserves to stay in their home good luck and God bless

    20. Comment by justtojk on 28 November 2010:

      this video is a crock of shit, maybe you should see that homeowners are underwater on their mortgage by 50%a house mortgage for 300k now worth 175 it cost a bank thousands to foreclose so losing a few hundred a loan does not make a profit

    21. Comment by MarkMillionaireGuru on 28 November 2010:

      Hi consumerwarningnet

      I have just been watching your video and I must admit it really is very good.

      I really enjoyed watching it.

      Already looking forward to more of the same in the future.

      Cheers to your success.

      Mark McCulloch

    22. Comment by tapeatsbill on 28 November 2010:

      These guys are right. I was a lender, asset (REO) manager for big banks for 20years.

      When Wall Street teamed with the banks and securitized these loans they screwed the public but they also left themselves open to real valid foreclosure defense.

      Good news to the people for a change.

    23. Comment by Patternpop on 28 November 2010:

      God love you.

    24. Comment by Anothercoilgun on 28 November 2010:

      Henderson is a hero.

    25. Comment by jsnip4 on 28 November 2010:

      If the American people ever allow private banks to control the issue of their currency, first by inflation and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered .

      -Thomas Jefferson

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