Mortgage "deferment" plans NO HELP - from evacuee

[funkybutt]

We spoke with Regions Mortgage b/c they had gotten the word out to the media about how they are so willing to help hurricane victims. After 30 minutes on hold, we find out that the mortgage can be "deferred" for 90 days but after that we have to pay the whole 3 months!!!

HOW THE FUCK DOES THAT HELP ANYTHING???

We're not sure if we have work AND we'll soon be paying rent somewhere since we can't get to our home. What a scam. I really would like to see the media get a hold of this one.


FEMA can blow me too.

:(

[DBoon]

1. now when does that new bankruptcy law come into effect?

nt

[Lars39]

3. Oct 17, but a lot of bankruptcy lawyers aren't taking on new clients

after Oct 1.

[RebelOne]

4. Even if you declare bankruptcy, you still have

to make your house payments.

[DBoon]

6. I assumed that

I was wondering what will happen to the folks who have to go through foreclosure over this.

[bullimiami]

2. hey regions. its your house, go get it.

[Nickster]

5. That sucks, but make sure to call back and talk to someone else

you may have just gotten someone who wasn't clear on the details. If that is truly the bottom line, then they suck majorly.

[jwirr]

7. This may be an issue that congress will need to deal with

but I doubt that this repug congress has any idea what a mess it is for the low-income homeowner to lose everything.

[Generic Other]

8. It's like the Okies in the Dust Bowl. Banks ended up owning the land

As Woody Guthrie once sang of the bankers: "Some will rob you with a six-gun, some with a fountain pen..."

In these times, all Americans are one disaster away from catastrophe.

It's heartbreaking to see folks being hit with so many worries all at once!

[demobabe]

9. did the house get flooded?

a 3 month deferment might help... enough to get insurance in place and FEMA loan going.

if you had flood damage, the insurance company comes into play, and i'm wondering if any insurance company will insure houses in NO after this.

i knew of a person who lived near a hillside that became unstable to where the bank decided the property wasn't worth anything/uninsurable and killed the loan and signed the deed over to the owner.

search for options - ask around.

[funkybutt]

10. we don't know...can't get in

but i'm assuming SOME water is in the house...whether it be 5 inches or 2 feet...something along those lines..

HOPEFULLY