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Connie J. Haynes (no hometown provided) writes:

Have you heard the latest from the powers that be? It seems that Governor Ritter is wanting to remove all homeless people from the Denver area for the Democratic National Committee Convention in order that the delegates do not have to deal with them and so they will not be an embarrassment to him as governor of our great state.
Now mind you, I am not pretending to ignore the fact that most of those who are homeless are not homeless because of Mr. Ritter’s doing.
Mr. Owens was intrinsic in the cause for many of the homeless he and Mr. Suther have made sure that many of those people are out there by not addressing the mortgage fraud issues that have plagued many Colorado families, 18,000 or more now. Colorado is number 1 in foreclosures at this writing again, and all of the help resources are to no avail without Mr. Suther’s assistance in fending off the predatory lenders, at least that’s what I’ve been told by everyone of them that I have tried to contact .
The judicial system has been absolutely deaf to any evidence we have attempted to give on our behalf. I am sure that you can tell by my vocabulary that I am not a slouch in the I.Q. department, and I am also educated. I am a third generation native of the state and a house I inherited free and clear was mortgaged to a predatory lender. We did’nt get in over our heads with the loan either; leaving about $40,000 in our equity. That was our mistake you see the lender saw that they could force a foreclosure and gain $40,000 in equity. After not posting our timely payments, they raised our mortgage payment twice in 2 yrs., then stopped accepting our payments. We have our records and Colorado’s injustice system didn’t even want to see them.
I guess what I am getting at is that I am not sorry at all for any politician who has to deal with the unsightly aspect of looking at a wretched homeless person or even many of them. After all I may be joining their ranks myself if someone doesn’t do what they should to stem this predatory lending scam that so many of us have had to deal with. This is why the people of our nation are angry and the law makers and politicians and the corporations need to wear their shame. They have perpetuated the situation so why make the homeless move? Shouldn’t those who are supposed to be taking responsibility for running the country deal with reality?

This letter has not been edited.

READER COMMENTS

I sure do feel badly for Ms. Haynes. It MUST be the home loan industries fault that people take out loans that they can't afford, and don't bother to take the time to budget for their needs and wants.

While the homelessness in Colorado is appalling, it is not the home loan industry's fault. Personal responsibility. No more, no less. If you need help, ask for it. Don't expect it, and don't take it thanklessly. As the mentally ill and addicts make up the majority of the homeless (by one survey over 80%), this letter is embarrassing that yet again "someone else is to blame" (the government, the lending industry...)

I mean look at what Ms. Haynes actually had the audacity to write!

"nd a house I inherited free and clear was mortgaged to a predatory lender. We did’nt get in over our heads with the loan either; leaving about $40,000 in our equity. That was our mistake you see the lender saw that they could force a foreclosure and gain $40,000 in equity. After not posting our timely payments, they raised our mortgage payment twice in 2 yrs., then stopped accepting our payments"

So, a house that was had no lean, was mortgaged by the owner. According to her, the payments were made on time but not posted correctly. Raised the mortgage payment twice in two years (probably had nothing to do with the property tax levy increases at all, but I am assuming that), and then, those greedy people, want to foreclose for that HUGE SUM OF $40,000!!! WOW!

I am not a lender, have no banking background, but do have contacts in the industry. The only way that payments will stop being accepted, as is my understanding, is if foreclosure is started because of non-compliance. If someone in the lending industry has better information, please add it here.

How terribly sad I feel for poor Ms. Haynes, who had a house free and clear, yet still is managing to loose it.

Dan2, I agre with you. People who buy homes or take out 2nd mortgages and home equity loans,have no idea how to read the documents and often get in way over their heads.My husband and I bought our 1st home when I was 21.We were new at this so we hired a real estate attorney to look after our interest. It was $200 well spent.
My husband used to be a real estate agent back east.So now we know alot more about buying,refinancing and home equity loans and how to read the documents. He is also a math genius so he takes a calculator with him to make sure there are no mistakes on the document, He has found many mistakes and of course there is no closing until the documents are corrected.
One bank wanted us to sign the document and said they would fix the misakes,we declined and said give us a call when you have the correct figures.

Our latest loan is a 4,8% fixed 15 year fixed loan.It was offered to us by Wells Fargo with 0 closing costs and there was nothing tacked on the backside.We had to pay a $3 notary fee and that was it.

I have told friends and family in the past if you don't understand the complicated process of buying a home. Hire a real estate attorney. It will save you more money in the long run.I advised my brother to let my husband go to closing with him.He disregarded my advise and ended up with a adjustable interest rate and a back end loan.Of course he was in foreclosure in 3 months.

People who don't listen to advice from people who know get what the get,ripped off.

There is a sucker born every minute.

AMEN!

Putting a mortgage on a free and clear house was the mistake irregardless of anything else.

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