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(HousingWire)   FYI: If your home is in a FEMA disaster area, you may be able to skip mortgage payments up to 90 days with no penalties, though it's all still due at the end of that 90 days. Other mortgage help may be available as well. Talk to your lender   ( housingwire.com) divider line
    More: PSA, Hurricane Harvey, disaster assistance HUD, Mortgage, HUD Secretary Ben, HUD loan program, relief - HUD, Houston area, HUD program  
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964 clicks; posted to Main » on 29 Aug 2017 at 8:35 PM (15 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



21 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-08-29 06:06:13 PM  
The Big Evil Bank™ I work for is waiving late fees, ATM fees, negative credit reporting and so on for people affected by Harvey, as are most other banks. Call your financial institutions to see what they can do for you/what you're eligible for.  Fair warning though- I've seen people take advantage of the 90 days without having to make payments, but find themselves facing foreclosure afterwards because those 90 days of payments all come due at once if you don't make arrangements in advance.
 
2017-08-29 06:16:15 PM  
Yeah, be careful all.  They have the same for widows, my mom took adavntage of that (PG&E, the mortgage and I believe, the phone, all waived late fees for 90 days) and was sticker shocked when the final bills came due :(
 
2017-08-29 06:32:53 PM  

TomFooolery: The Big Evil Bank™ I work for is waiving late fees, ATM fees, negative credit reporting and so on for people affected by Harvey, as are most other banks. Call your financial institutions to see what they can do for you/what you're eligible for.  Fair warning though- I've seen people take advantage of the 90 days without having to make payments, but find themselves facing foreclosure afterwards because those 90 days of payments all come due at once if you don't make arrangements in advance.


From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.
 
2017-08-29 06:47:28 PM  

wejash: From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.


The trap is unintentional - it's a HUD requirement if I'm not mistaken.  The problem is that it's rarely invoked on any large scale, so most employees on the serving side don't have experience with it.  It doesn't help that people seem to think that 90 day moratorium means they tack those 90 days of payments onto the end of the loan or that they don't have to repay it.  It CAN be helpful and in some cases people are allowed up to 18 months to pay it back, and if nothing else allows a little time to make insurance claims. You do have to stay on top of it, and on your lender though.

As to the software...I don't know that it's always been shiat. The system we use was state of the art in 1983.
 
2017-08-29 07:43:56 PM  

TomFooolery: wejash: From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.

The trap is unintentional - it's a HUD requirement if I'm not mistaken.  The problem is that it's rarely invoked on any large scale, so most employees on the serving side don't have experience with it.  It doesn't help that people seem to think that 90 day moratorium means they tack those 90 days of payments onto the end of the loan or that they don't have to repay it.  It CAN be helpful and in some cases people are allowed up to 18 months to pay it back, and if nothing else allows a little time to make insurance claims. You do have to stay on top of it, and on your lender though.

As to the software...I don't know that it's always been shiat. The system we use was state of the art in 1983.


To be precise though, the CSRs will almost certainly be telling Houston callers that the 3 payments will go to the back of the loan.  No sweat.

This was happening every day in our flood zones.

Because CSRs know they are often graded on number of calls handled, not accuracy of info.  So callers go away happy for simple lies.  Cha-ching!
 
2017-08-29 08:47:44 PM  
Fark 'em.  They are all always going on about the evils of socialism and that people should pick themselves up by their bootstraps, so let them deal with this on their own.
 
2017-08-29 08:53:43 PM  
What is a FEMA Disaster Area? Do they get to declare one too, like the governor or the president?
 
2017-08-29 08:54:24 PM  

wejash: TomFooolery: The Big Evil Bank™ I work for is waiving late fees, ATM fees, negative credit reporting and so on for people affected by Harvey, as are most other banks. Call your financial institutions to see what they can do for you/what you're eligible for.  Fair warning though- I've seen people take advantage of the 90 days without having to make payments, but find themselves facing foreclosure afterwards because those 90 days of payments all come due at once if you don't make arrangements in advance.

From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.


You're just pulling that out of your ass right?

Seriously, he/she is. No mortgage company does this.
 
2017-08-29 08:56:43 PM  
img.fark.netView Full Size

Let the bank have it
 
2017-08-29 08:59:02 PM  
So, what I am reading here is the banks are going to potentially have hundreds of abandoned and foreclosed properties, and it's going to be a financial hardship on the financial industry. Meanwhile, the people in those homes are going to deal with financial hardships that could affect them for years.

Guess which group the government is going to fully help recover.
 
2017-08-29 09:08:37 PM  
Did the people of Houston recover from the recession enough to get their houses out from underwater to accept this help for these same houses that are now underwater?
 
2017-08-29 09:19:41 PM  

joepennerlives: Did the people of Houston recover from the recession enough to get their houses out from underwater to accept this help for these same houses that are now underwater?


Getting dizzy
 
2017-08-29 09:27:38 PM  
I logged on to my student loan site today, and they're offering deferments, too.
 
2017-08-29 09:33:56 PM  
Thank you for the tip and thank you to the others who have made comments on here.  I've been passing it along to my family members.  Several of them were hit very hard here in Houston.  We got lucky being just west of the Adicks. So lucky.  Thank you guys.
 
2017-08-29 09:38:32 PM  

jmr61: wejash: TomFooolery: The Big Evil Bank™ I work for is waiving late fees, ATM fees, negative credit reporting and so on for people affected by Harvey, as are most other banks. Call your financial institutions to see what they can do for you/what you're eligible for.  Fair warning though- I've seen people take advantage of the 90 days without having to make payments, but find themselves facing foreclosure afterwards because those 90 days of payments all come due at once if you don't make arrangements in advance.

From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.

You're just pulling that out of your ass right?

Seriously, he/she is. No mortgage company does this.


I mean, they might until their next CFPB audit when they get fined into oblivion.
 
2017-08-29 09:55:43 PM  
Step-brother went through this when his area was hit with a tornado. The bank wouldn't accept any payments during that time. He was pretty pissed when he had to start his paymnts back up. It is a good thing he has a very good job with a large oil refinery.
 
2017-08-29 10:18:22 PM  
Is there one wierd trick?!?!
 
2017-08-29 10:44:37 PM  

BitwiseShift: What is a FEMA Disaster Area? Do they get to declare one too, like the governor or the president?


The governor requests the president to make a disaster declaration.  The president does so, and FEMA is the agency that handles it.
 
2017-08-29 11:27:40 PM  
Work as a csr for a mortgage servicing company, I noticed it ONLY mentioned FHA loans

We are waiving all late fees, service fees, credit reporting, and making a repayment plan easier to get,
But right now we are just reassuring them that the fees are waived, and to call us back next month if they really need the help
 
2017-08-29 11:51:50 PM  
I I think I would just walk away if I were underwater on my mortgage.
 
2017-08-30 09:24:07 PM  

meanmutton: jmr61: wejash: TomFooolery: The Big Evil Bank™ I work for is waiving late fees, ATM fees, negative credit reporting and so on for people affected by Harvey, as are most other banks. Call your financial institutions to see what they can do for you/what you're eligible for.  Fair warning though- I've seen people take advantage of the 90 days without having to make payments, but find themselves facing foreclosure afterwards because those 90 days of payments all come due at once if you don't make arrangements in advance.

From a consumer advocate perspective the whole thing is a (perhaps unintentional) trap designed to throw more folks into foreclosure where bank servicers make the most money on servicing the pool.

 Sure the late fee on your mortgage may be waived - in theory.

In practice the software (or operator) rarely does this properly and there will be mystery charges accruing that just show up on payoff statements.

Mortgage servicing software is shiat.  Always has been.  The most common used to be stuff written by Alltel....a phone company.

You're just pulling that out of your ass right?

Seriously, he/she is. No mortgage company does this.

I mean, they might until their next CFPB audit when they get fined into oblivion.


Lol.

This stuff is routine in bankruptcy.

At the end of a 13 plan, mortgage co will file paperwork swearing my client is current and owes no undisclosed fees.

Three months later, we file a request for payoffs and other disclosures...and there is the stack of mystery charges and disallowed late fees.  Alnost every time.  I have a colleague, Max Gardner in NC, who makes a fine living suing on this sort of thing.

The CFPB is aware of it.  They have tried to eliminate the two-tracking of fees so you see everything clearly.  And they have fined them.  The industry is waiting for Cordry to leave so a Trumper will stop annoying them.

They have no intention to truly stop because most people don't catch it and they swear they are getting better.

Some are.  If it is a new loan.  In the new software only.  But they buy legacy portfolios on old software and they often have no idea where the weird numbers came from or why.  But they will defend it to the death hoping you go away.

Been playing this game with mortgage cos for decades myself.  Cashed some nice fee awards off them...nothing truly changes.
 
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