Capital One Another Result of Banks Bailout, Internet - Capital One
December 5, 2010, Anonymous
On September 2, 2010, just one day before the foreclosure, I was told that we are not qualified and we lost the house, unless we come up with $48.000 in cash (the total default was only $24,000, see attached paper). I responded that I do not have $48,000, but I could pay $16,000 that my wife was willing to take out of her retirement fund. The Capital One's answer was; No, it is too late.
1. We owe them about $450,000
2. Property worth, if you lucky $320,000
3. After Real Estate, Attorneys and other fees they will end up with $250,000
4. House, better than ours next to us for sale for $340,000 for nine month now and we don't see any traffic coming in or out.
5. We are not asking to reduce principal or monthly payments, just make a bundle (everything we owe) and we willing to start make payments, whatever it is.
6. Knowing all of that they said NO
I asked myself a question and started to analyze, why would anybody in the right mind to do this? This is absurd; dos not make any business sense. I came up with only one explanation to this nonsense; Bank will get they money from Fannie Mae or Freddie Mac or both, who has been bailed out with tax payers money. They drag time, I believed, purposely until last moment so we have no time for alternative action, for example file Chapter 13, so we can catch up with payments and stop foreclosure. I went to an attorney to discuss my options, he told me that it is too late now, sale has been made, this is the game Banks playing this days. To drag time until last moment, telling people Everything looks good no worry so consumer don't have time to explore other options. More houses they foreclose, more revenue they get.