ForeclosureMom Raps Posted on October 16, 2010 by Yves Smith Warning: this is rap by a middle aged white woman, so adjust your expectations accordingly. There have been a number of reports of cases like hers, of borrowers told to become delinquent to qualify for a mod. They often fail to get the mod and lose their homes. Post navigation ← Links 10/16/10 Has the Fed Painted Itself Into a Corner? → Subscribe to Post Comments 10 comments Tom Crowl October 16, 2010 at 10:25 pm There are many, many stories like her’s… and other variations equally disturbing. These TBTF banks are incapable of functioning responsibly at the local level. They have no (and want no) granularity of decision… This is why the MUST fail. We can’t have a viable nation without responsible institutions. It’s time for government to decide just who’s side they’re on… so that we better know how to treat them in future. The bill on inter-state notarizations that breezed through both houses speaks volumes about who’s running things! We need leadership that finds its strength from the bottom… not the top. Why Politics MUST be Localized http://culturalengineer.blogspot.com/2010/10/why-politics-must-be-localized.html Richard Shuster October 19, 2010 at 11:32 pm The banks want homeowners to believe they can’t afford to fight back. It is another bank lie. The best foreclosure defense lawyer in Florida is April Charney, who works for Jacksonville Legal Aid. Most private foreclosure defense firm’s, including ours, offer free consultation. We have clients who are millionaires and clients on unemployment. If a homeowner beats the bank the bank has to pay the homeowner’s reasonable legal expenses. Moral Default October 16, 2010 at 10:40 pm Told to become deliquent, by BOA? That doesn’t sound likely. Well it could have been, by someone at BOA, who happened to be on the phone with her. Brent T White asked why people are still paying. Once you’ve let the bank know you don’t care that your credit is going to get trashed, and you’ll just as soon let the house go – it’s up to them. Stop paying them. She sent the bank 10 grand while waiting for them to work with her? Wow! attempter October 17, 2010 at 12:17 am White himself said that’s a common bank trick – say they can’t consider you for a mod until you’re delinquent, and implicitly or explicitly say that’s what you should do. Then once you’ve done that, they say they refuse to modify, counting on you to resume payment since you can’t afford the credit score hit if you walk away. That’s why White said that even if you don’t really want to do so, you have to credibly threaten to walk right at the start of the negotiation, and make up your mind that if they don’t respond right away, you’ll walk right away. Doing it that way may actually result in less of a crdeit score hit, when you do it all at once and don’t let any more missed payments than necessary pile up. It’s a rule that they’ll only ever seriously negotiate when they’re convinced you are about to walk away, but that you could keep paying with a reasonable mod. (The HAMP was meant to scam more payments out of people who the banks and government felt couldn’t keep paying for long anyway at any rate which would be acceptable to the banks.) Burn 'er Down October 16, 2010 at 10:44 pm Doesn’t sound like she sought counsel, ever. which is reasonable, lawyers are very expensive. To try to litigate some kind of title issue takes many 1000s of dollars, folks who can’t afford their mortgages cannot afford a decent defense. Which is another indication of how fucked up justice is in the US. She could have contacted some of the nearly worthless non-profits, or some that actually seem to have succees, like NACA. Hopefully she isn’t in her car or the shelter. Psychoanalystus October 16, 2010 at 11:24 pm Excellent video. She’s got talent, in my opinion! And, it’s great to see she’s kept her sense of humor, considering what she’s been through. Psychoanalystus Loxy Bagel October 16, 2010 at 11:39 pm That was great, Yves. I’m glad to see people like her reacting to what’s happening. There used to be a time when people from different backgrounds got together to fight injustice. They succeeded often, and moved the opinion football many yards. (Hell, I’d vote for Nixon if he were running now!) 500,000 of her in the wild could absolutely rule this country. F. Beard October 17, 2010 at 12:08 am Yep, that was pretty good and she is kinda cute too. If just a few folks like her get the ear of the Lord, well, I would not want to be a banker (not that I ever would). Łeba October 17, 2010 at 6:52 am Hi, nice read. Enjoy a lot. Thanks. Eric L. Prentis October 17, 2010 at 2:33 pm The politicians force us to bailout the banks, and this is how the bankstas screw us. We need a national politician who cares about the people, rather than the banks. Love ForeclosureMom’s Rap lyrics, tells her story well and uses financial terms correctly. I wish her, and her family, all the best! Comments are closed. Tip Jar Please Donate or Subscribe!