Originally Posted by CarrieAnne
It is scarry. My friend is behind two monthes on hers, and her bank wont work with her. I feel so bad, and she CNAT find a job........
She then needs to find legal aid. I have been reading a lot lately on the foreclosure mess. It is apparent that many banks that are trying to foreclose don't even have a right to because they no longer have "wet ink" paperwork (the original loan documents) due to all the reselling and bundling as securities involved. Also all the unscrupulous loans made. Even if your friend has a legtitimate fixed rate mortgage and was not a victim to a predatory lender if she has gotten new payment books because her bank sold the mortgage there is a good chance the bank trying to foreclose may not have the proper documentation. Too many of us don't know all our options and it is downright scarey how many banks are pursuing foreclosures illegally (via fraudulent and in some cases even forged paperwork). There is a blogger out there who writes extensively on it and all the other financial fraud that has been going on by the TBTF banks like BofA, WF and Citi. The site is
http://market-ticker.org/ You should have your friend spend a couple of hours going through Karl's tickers and comment blogs. The amount of posts of just this scenario is staggering.