Barack Obama administration will have to deny that homeowners were forced to fall behind 3 months on their mortgage before they could apply for HAMP.

I have spent a good deal amount of energy posting that Barack Obama has committed an impeachable act by forcing homeowners to fall behind on their mortgage payments before they can apply for HAMP (Home Affordable Mortgage Program).

The Federal Hobbs Act has an extortion clause that makes it illegal to use the "color of right" to evict a homeowner. This means that using falsified foreclosure paperwork, including running up unethical penalties and fees to make it impossible for the homeowner to catch up, would be a violation of the Federal Hobbs Act.

It would also be a violation of the Federal Hobbs Act to lure people into a taxpayer funded program by forcing them to first trigger parallel foreclosure before the homeowner can even apply for the HAMP program.

However, what if the Barack Obama administration simply denied that homeowners were forced to get behind in their mortgage payments before they could apply for HAMP? HAMP actually states that banks cannot continue with the foreclosure process while the HAMP evaluation is going on, yet we know banks violated this part of the HAMP program as well by practicing Parallel Foreclosure.

Parallel Foreclosure is another smoking gun that is still not being called parallel foreclosure. Although last night I read that in Arizona they are calling Parallel Foreclosure, "Simultaneous Foreclosure".

So what if the white house and the (do I even need that second the?) banking industry denied that mortgage payments had to be missed, triggering parallel foreclosure, before a homeowner could apply for HAMP? Could home foreclosure lawyers prove otherwise? If a homeowner is being told over the phone that they cannot apply for HAMP until they are three months behind on their mortgage, is phone conversation proof enough that homeowners were forced to miss payments before becoming HAMP eligible?

Barack Obama and his 2008 campaign were notorious for changing or removing items on their website if the issue became controversial. The HAMP, HARP and UP combined website page seems to tap dance around the issue of falling behind before becoming eligible.

Also, when Barack Obama promoted HAMP, I don't recall him ever mentioning HARP. HARP does not require homeowners to fall behind on their payments!

HARP simply tries to refinance a homeowners home loan to a lower interest rate and better terms for those who feel they are in danger of defaulting in the near future.

Why was HARP not mentioned more often? Worse still, those who fail HAMP cannot then apply for HARP. There seems to have been an agenda in place to prematurely encourage homeowners into HAMP when HARP may have been all that they needed.

So my question is, has Barack Obama, his administration, the banksters, note holders, mortgage servicers and investors pulled a fast one by not officially putting in writing that a home owner has to fall three months behind on their mortgage before being able to apply for a HAMP loan, even though this appears to be have been a requirement for a homeowner to eligible to apply for HAMP?

I suggest you lawyers collect as many of the three months behind demands that were put in writing that you can find. Otherwise one of the biggest violations involving HAMP, the three months behind on mortgage payments before being eligible to apply for HAMP that resulted in Parallel Foreclosure actions, (which could lead to a HUGE class action lawsuit), could go away.

Why Banks appear to be so eager to foreclose on as many homes as fast as possible, perhaps its the Fifteen revenue streams that are created.

Why do Banks want to foreclose on so many homes so quickly?

I have come up with a list of possible foreclosure income streams that get generated when a bank forecloses on a homeowner. This list could explain why the banks are in such a rush to foreclose on a homeowner and not so interested in helping the homeowner.

1. The banks keep the original down payment once a home is foreclosed, which can be anywhere from 5% to 20% of the possibly over inflated value of the home when the foreclosure victim first purchased the home.

2. Home Equity lines, yes, there still are PLENTY of homes that have home equity value in them, which gets forfeited back to the banks as well. Think of it as filling up a piggy bank, and once full, it's all yours, but instead, its broken into and all of the contents go back to the big pig. In many instances, the piggy bank, (the home), is not broken and can be resold again.

3. Fees - lol, I know they exist because they are mentioned in practically every article I read about home foreclosures. The mortgage servicer may try and tack on an additional home insurance policy or pay for legally suspended property taxes then demand payment, which may include additional fees for creating the unnecessary charges.

4. Penalties - such as losing a home because a monthly payment was fourteen cents short and the resulting penalties equaled over 2,000 dollars, when this penalty cannot be paid, future mortgage payments are refused and foreclosure actions are initiated.

5. Accruing Interest charges on fees and penalties. If a fee or penalty is too much to pay, the fee/penalty debt begins accruing interest rate charges and possibly additional penalties as well.

6. Assessing charges for reselling the foreclosed home, such as the ads that are required to resell the foreclosed home and all ensuing paperwork.

7. Professional service fees that can range from attorneys & accountants, to appraisers and home improvement services.

8. MORTGAGE INSURANCE claims on the foreclosed home by the bank, called PMI's, can pay out 20% of the value of the home when originally purchased.

9. Banks can claim Income tax deductions from alleged losses from a foreclosed home.

10. Possibly an infusion of money from the government to the banks that we don't know about that replaces the "lost income" from the foreclosed upon home,

11. A new homeowner's down payment,

12. Monthly payments from the new homeowner,

13. Collecting money from the foreclosed upon homeowner and soon to be indentured debtor since they still owe the difference from the sale price of the house (many times less than 50% of what the foreclosed upon homeowner purchased the home for), plus accruing penalties and fees, and the original mortgage,

14. The foreclosed upon homeowner now has to rent, creating an income stream for some other bank owned property.

15. The foreclosed upon homeowner's credit is ruined and any future credit they do get will be with the worst possible terms, meaning the highest possible interest rates.

By foreclosing on the homeowner, the mortgage servicing company, the holder of the note, and the banks appear to be able to generate 15 income streams!

When Barack Obama helped pioneer HAMP (home affordable mortgage protection) the banks were offered 1,000 dollars to help homeowners reduce their home loans.

If you were either a note holder, investor, or bank, which would you prefer, fifteen income streams for foreclosing on a home, or a shiny 1,000 dollar bill from our government?

If anybody out there has additional forms of income from foreclosure actions that I am unaware of, please contribute them in the comments section.

Foreclosures: Homeowners who get loan modifications still losing to (parallel) foreclosure - South Florida Sun-Sentinel.com

Foreclosures: Homeowners who get loan modifications still losing to (Parallel) foreclosure - South Florida Sun-Sentinel.com

Sigh, I have actually had to resort to inserting the word "parallel"(in parenthesis) in front of foreclosure in the above title link because I just don't know how to get the word out, or phrase out, about the destructive power of parallel foreclosure and how I believe it could and should lead to Barack Obama's impeachment.

A president just can't use taxpayer money to create a taxpayer funded program supposedly for that same taxpayer, such as HAMP, but then expose that taxpayer to the actual risk of LOSING THEIR HOME just so they can take advantage of this federal program.

And even if one were to say, "oh, parallel foreclosure was a mistake and Barack Obama fixed it", the answer would be, "No, Barack Obama has not fixed the mistake and he has had 18 months to find the parallel foreclosure "mistake" and fix it".

"Parallel Foreclosure exists" and there may be anywhere from 250,000 to a million victims of this process, and that surely has caused enough devastation to warrant an impeachment.

Aussies Get the American Deal of the Century, American foreclosure victims pick up the tab, Barack Obama and the Republicans pretend everything is ok.

CLICK ON IMAGE TO ENLARGE.

The Aussie couple pictured above is very very happy.

The Australian dollar is at an all time high and they've just gone shopping for American Homes for 15-20 cents on the dollar! And the news gets even gooder!

The foreclosure victims will be hit with the loss of their original down payment and any built up equity, additional foreclosure debts such as paying for the ads to sell their foreclosed upon home, additional filings and paperwork and late fees piled on top of all kinds of penalties as well.

Rumor has it the american foreclosure victims may even get to serve as butlers and maids for the Aussies so they can pay down their foreclosure debt in 19 years, rather than 20.

Cashed up Aussies buy up big in the States!

When Barack Obama was asked what he thought of the foreclosed upon, displaced americans who may need decades to pay off their own foreclosure debt while the Aussies get such a great deal. Mr. Obama was rumored to have replied, "Shucks, we offered the banks A THOUSAND DOLLARS for every HAMP deal they could complete, who would have thunk that investors holding the note would not want to cooperate over such a generous offering to the bank!" (the bank and the note holder are not necessarily the same entity)

When Mr. Obama was then asked if perhaps the note holders would rather foreclose on the homeowner so they can keep the initial down payment, any accrued equity, charge fees and penalties including all the real estate ads needed to resell the home, plus resell the home so they can collect another down payment, Mr. Obama paused for a long moment and allegedly said "hmmph, maybe we should have offered the banks 1,500 dollars for every HAMPSTER, er, for every HAMP deal they made."

Thanks to ABC Australia for the report and Matt Weidner for getting the word out.

NACA Los Angeles Convention Center "Save the Dream" draws 30,000 people and was extended to a sixth day, but what does that mean exactly?

(Edit update: Dec. 26, 2010 The NACA event below happened in early Oct. of 2010. Since that time, there have been repeat NACA events in Los Angeles and other parts of the country.)

(Edit update: January 21, 2011, apparently there is another home foreclosure prevention event at the Sports arena - if you go and want to report your experience in the comments section, it would probably be appreciated by other readers as well as myself.)

(Edit update: January 22, 2011, When you google for these events, I think you need to use the phrase "Save the Dream", in quotes, then add the city you think the event is in. You can click here for this current event.

The NACA Los Angeles Convention Center "Save the Dream" Home Foreclosure prevention, Home Loan Modification event apparently drew 30,000 people and was extended from a five day, 24 hour a day event, to an additional sixth day because of overflow demand.

However, is this high level of demand a good thing, or a bad thing?

A NACA attendee could have spent as much as 12 hours going through the seminar and Home Loan Modification interview process. One person interviewed by channel 2 News says they would rather try and deal with all of it in one day then have the process stretched out over a year or two.

However, not all will be helped. Actually, no one knows what percentage of homeowners got actual help, and there in lies the problem. Are 10%, 20%, 50% of the NACA event being helped? We may never know, and there in lies the problem. I spoke with someone (not from the event), who said their relatives went to a prior event, were told they could be helped, but then ended up waiting for homes for relief that never came.

It would be really helpful if a college filmmaker or two DOCUMENTED one of these NACA events and polled the people LEAVING to see how many were actually being helped. Are the tens of thousands of film school students so self absorbed they don't see the biggest story of the decade right there in front of their faces?

Imagine the irony of a college film student whose very own parents are struggling to put them through college discovering their own parents in line at the NACA event. Parents who were too embarrassed to tell them how tough they are having it making ends meet and paying for their own college tuition.

The local news reported that a "mortgage investor" was actually present at the NACA event. This was briefly explained by the local news as being the actual entity that agrees to "fund" the home loan modification. Why would any "mortgage investor" be interested in lowering their profit margin when they can just foreclose on the home? The lost down payment, plus all the fees that will be taken from the resale of the home, plus the reselling of the home might prove more profitable than actually helping the homeowne in the home, no?

An additional question that needs to be asked about the NACA "Save the Dream" event is just what are the banks. and the mortgage investor looking for above and beyond monthly income verification and proof of insurance?

What if these homeowners also have tens of thousands of dollars in credit card debt at high interest rates? Would it not make sense to also offer CREDIT CARD PAYDOWN DEBT INCENTIVES to homeowners who are trying to get a lower monthly home loan mortgage payment?

When homeowners attempt a home loan modification might the banks be thinking, "Why should I reduce this homeowner's mortgage payment even one cent if they are hopelessly in credit card debt that is growing by the month"?

Perhaps the home loan modification program has not been fully thought out and as a result HUNDREDS OF THOUSANDS OF HOMEOWNERS, perhaps more, are not getting the actual benefit that the HAMP program was supposed to bring.

Until homeowners are offered real incentives to PAY DOWN their credit card debt via LOW LOW interest rate charges on EXISTING credit card debt, The HAMP Program may be a SHELL of what it could AND SHOULD be.