Rep. Nye to host foreclosure workshop on Saturday

Posted to: Business Realty News Virginia Beach
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The Virginian-Pilot
© March 12, 2010

VIRGINIA BEACH

U.S. Rep. Glenn Nye will host a foreclosure prevention workshop on Saturday in Virginia Beach, his office said.

Homeowners will be able to talk to real estate and mortgage experts. The workshop is free and will be held from 3 p.m. to 4:30 p.m. in classroom No. 1 of the Sandler Center, 201 Market St., at Town Center.

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Uh. Quit paying. Figure out

Submitted by Ethan on Fri, 03/12/2010 at 11:10 pm.

Uh. Quit paying. Figure out how to delay it as long as possible. Live free for 2 years stringing along the mortgage company.

Other tricks I've heard. Before you get behind or anything, buy a 2nd house in the same nighborhood for $100K less and let the first one you bought in 2005 go into default (Might not work in all states.)

I've heard of people getting a deal from their lender where they don't have to pay a payment for 4 years. I think the lender is tacking those 4 years onto the end of the loan and booking it as profit to the investors. Even though the borrower is likely to walk in 4 years.

Too much overpriced housing inventory, no way to really pay for it all.

Too bad the people at the top won't admit this, but they are making billions off of it all.

Sure if you never want credit again

Submitted by sdougan on Sat, 03/13/2010 at 10:12 am.

Sure, be a dead beat for some short term gain but don't expect any credit in the future. It can also cut your job opportunities as you're less likely to get a security clearance and probably won't be bondable.

where does he stand?

Submitted by Pazgun on Fri, 03/12/2010 at 9:07 pm.

It would be much more useful if he would hold a healthcare reform townhall meeting, something he was apparently afraid to do last summer.

Where does he stand on the Obama care bill and why aren't the local TV and newspaper folks asking him the probing questions about how he intends to vote and why?

This legislation could have the most dramatic impact of any legislation in the last fifty years and no one in the press is asking him where he stands. Amazing.

Reporting on Nye and his votes

Submitted by Moderator (staffer) on Fri, 03/12/2010 at 10:03 pm.

Nye voted 'no' on the health care bill passed by the House. On March 2, The Pilot reported that Nye was among nine House Democrats who would consider switching their vote to 'yes.' Nye's spokesman said Nye had not yet decided.

Below are links to some of The Pilot's stories about Nye's votes:

http://hamptonroads.com/2009/07/rep-glenn-nye-not-walking-party-line

http://hamptonroads.com/2009/08/rep-nye-expresses-doubts-health-care-plans?page=6

http://hamptonroads.com/2009/11/glenn-nye-says-hell-vote-no-health-care-reform-bill

http://hamptonroads.com/2009/11/house-passes-health-care-bill-senate-begin-debate-soon?page=8

thanks

Submitted by Pazgun on Fri, 03/12/2010 at 11:06 pm.

Thanks for the links, I did not catch the March story. It's very inportant because the passage of this bill could come down to a vote or two in the house and Glenn Nye's position could have significant impact. I wonder if 20 years from now I'll be explaining to my kids that the make up of the nationwide healthcare system came down decisions made in our little congressional district.

Wrong audience

Submitted by sdougan on Fri, 03/12/2010 at 6:28 pm.

I read one article where the majority of foreclosures are initiated no contact. This is because people avoid calls and letters and any chance of working out a deal. People that will show up at a workshop aren't the people that need advice. Banks lose a lot of money when they have to foreclose, so you have bargaining power.

Disagree

Submitted by vabeach757 on Fri, 03/12/2010 at 9:00 pm.

I have a friend who has received a foreclosure letter - she tried to call the mortgage company - called the number on the letter - after being transferred FOUR TIMES she got no where. She tried calling before this also - for MONTHS - NOTHING. They do not and are not modifying loans so people can stay in their houses. I use to think the people who got the loans were at fault - they aren't. I have since learned about the THREE mortgages Countrywide etc. had these people get - because they told them "this is how it is done." These people were scammed and the banks/mortgage companies deserve to lose the money and get stuck with the houses. This workshop will do nothing - it is the BANKS AND MORTGAGE companies who need the workshop.

To vabeach757, I understand

Submitted by scammedbymylender on Sat, 03/13/2010 at 11:40 am.

To vabeach757, I understand what your friend went though. We've spent the last 18 months trying to get a loan mod from our mortgage company to be turned down the first week in March of 2010 and receiving a foreclosure letter last week. We've followed all of the advice of the reps from our lender and has gotten so far behind on our payments the there is no way that we can get caught up. Now that aren't trying to do any thing to help us and we don't have anywhere to turn. We've been in our home for ten years and don't want to loose it. We lost income in 2008 and got a few months behind and they advised us to do a loan mod(they are not real)and with there advice wy got futher in the rears. At the time that we started to get behind, we could have gotten help from family members to have gotten caught up, but we trusted our mortgage company("SAXON"). After reading other blogs, we found that other people had written our story with different names and dates. We've done all that we know to do and don't know what else to do. They've set a sells date for April the 8th and time is running out. We've even called our congressman looking for options, with promises that they will get back with us,

Anecdote

Submitted by sdougan on Sat, 03/13/2010 at 10:09 am.

Anecdotes are meaningless. And people aren't stupid either and can do basic math so the "scam" thing makes no sense. People wanted the big house and ignored the debt they were creating for themselves.

Maybe....

Submitted by trouble00 on Sat, 03/13/2010 at 5:01 pm.

Anecdotes are meaningless, but the problem being exemplified here is but a drop in what is about to hit. I read that nationwide 4.5 to 7 million mortages are past due anywhere from 3 to 6 months. The disturbing thing about this is the data stated that about 80% of these mortgages are traditional ones in which the home owners had good credit at the time of the mortage issuance. These folks have lost income, ran afoul of high healthcare bills, etc. If these homes all fall into the auction market it will flood an already over flooded stock of unsold homes causing home values to plummet even further and likely worse than the last drop. New housing would stall, more jobs would be lost, less money would be spent in the economy, and that is the beginning. Now is no time to get preachy about anything. It is time to do whatever is needed to fix the situation or it will get worse for all but the wealthiest amongst us whose wealth is largely determined by non-real estate assets. For most of us our wealth is mostly in our homes. Think about that.