Class Action Law Suit – IBM Lender – Caution – False Hope?

I have posted Sherry’s comments regarding a class action lawsuit  against IBM  – but I have serious concerns about this.

A class action lawsuit seems to me like sucking up the oil in the gulf with a straw.

Comment from a blogger:

I have trying to get my loan modified since 2008. This weekend I will be compiling information to try and get a lawyer to take the case against IBM LBPS in a class action lawsuit. I will also be contacting local, state and federal agencies along with nationally syndicated news broadcast and newspapers to make this known. I am asking for everybody to send me a 1 page word document with your story with timeline and crucial details, but I don’t need personal loan information or anything like that, just your name and maybe your e-mail address or some way of being contacted. Any and all information will hopefully help us. I can be reached by phone at 208-584-3170, I am a stay at home mom so no calls after 10pm. My e-mail is
Thank you,
Sherry England

What first comes to mind is  – If you have having difficulties making your mortgage payment now – where will the money come from to initiate this class action lawsuit?

Why IBM – since they have only been involved since April 1, 2010?  It seems to me that the bad guys are MetLife and First Horizon Home Loan.

While I appreciate your enthusiasm – we on this blog have been at this for quite some time.  I think that this is false hope.   People need action today – do not waste precious time in a class action lawsuit that may never get off the ground.

So unless you give more concrete data and details – count me out.  I’ve been making progress.

This blog is about my plight with foreclosure and providing concrete data and useful ideas  for homeowners in a similar situation to use. 

What you do not understand it that NO lender has to modify your loan- Obama has now given them more reason to modify – with cash incentives.  Still it’s not a sure thing.

My best advice is to get a lawyer – continue to contact those elected officials – keep hounding then with letters, emails and phone calls.  Use facebook, start your own blog, send to local TV and newspapers dont’ forget the big guys on TV like Fox Business, CNN Money and CNBC they are the ones to get riled up – not the lazy networks with a 30 second soundbite.

I have received a followup from my Senator Scott Brown and  Congresswoman Nikki Tsongas just yesterday. Plug and chug everyone. Chip away send  letter or eMail a day and you won’t get frustrated.  

Sherry – flooding my inbox is not helping your cause.



8 Responses to Class Action Law Suit – IBM Lender – Caution – False Hope?

  1. L.T. says:

    I agree, this is false hope and false blame as well. First Horizon/Met Life was screwing up loans for months before LBPS acquired them. There’s no reason a mod should take 2 YEARS – FH/ML should have had that done long before.

    Of course now that LBPS owns it, there’s no way it’ll get sorted because they don’t have a clue either.

    You want to blame someone, blame the CDO swappers who ruined the housing market and the economy. Blame the “too big to fail” gang who failed so hard. Blame the mindsets of cronyism, greed, outsourcing and “it’s someone else’s problem now.”

    But don’t blame the poor agents on the phone. They have to do what they’re told, and what they’re told often runs counter to logic and sanity.

  2. Arthur says:

    Potentially ‘Thousands’ Of Homeowners Improperly Denied Obama Mortgage Modifications, Administration Admits:

  3. john says:

    What is the latest on this?? I have some real issues and could probably assist.

  4. Barry says:

    The class action lawsuit referred to above is not against the “poor receptionists” at LBPS. It would be a suit filed against the corporation responsible for the modification process. However, the real issue is not LBPS, it is the owner of the mortgage notes. In my case, Fannie Mae owns my mortgage, they just use LBPS to service the loan. Fannie Mae does this intentionally so all the blame goes to LBPS and Fannie Mae works hard in the background to ensure that loan modifications are “NOT” approved. A class action lawsuit is only “false hope” if the people participating in it only half heartedly participate. If you want results, you have to dedicate your resources to getting results. Of course class action lawsuits take time, but those that are dedicated to the suit get the best results. Your other options are to put all your effort into talking to “service reps” who are simply spouting the company line and aren’t really trying to help.

    I have been going through this process myself since MAR 2009. My sale date is today (11 MAR 2011) at noon. I just sent certified funds in the amount of $10,000 to JP Morgan Chase account set up on behalf of LBPS to cover back payments due on my mortgage from the time I started this mod process. It seems to me, based on all the comments I’ve read, this is not a problem where LBPS doesn’t know what it is doing. On the contrary, LBPS knows exactly what it is doing. It is backing people up to a foreclosure sale date in the hopes that “suckers” like me will fork over the money to save their homes. Where does the money go? I guess I’ll know, or not, over the coming weeks. It just seems strange that LBPS has an account set up at another bank to accept payments. That is what “COLLECTION AGENCIES” do. Mortgage companies have their own accounts and you can make payments directly to them. Not wire funds to a bank account at a different bank. I probably would have taken a different course of action if I weren’t currently deployed to Afghanistan. If I were home, I may have went ahead with the foreclosure and let the bank have the house. But, I can’t see putting the responsibility of moving squarely on my wife’s shoulders while she is trying to care for three children in school. So, I get to be the sucker who forks over the cash to maintain some stability for my family until I can return home. I have a feeling that my $10,000 will mysteriously “disappear” as did the $5,000 I sent CitiMortgage on the temporary payment plan I was on before my loan was transferred to IBM LBPS. Just remember, although you’re talking to the poor sap on the phone who “represents” LBPS, LBPS is a corporation interested in only one thing, its bottom line.

  5. Parz says:

    it sounds to me like they are all to blame. chase bank pretended to modify my home and turned it over to LBPS. you want me to believe that LBPS had no idea that they were taking on hundreds of loans that were not in default or imminent default? they knew and they act stupid and play dumb. What on earth are they doing with all these loans that people cant pay? We had a modification in place for seven months they took money and then all of a sudden they were not able to accept any more payments. 3 months later they say we have your modification!! its only 1000 dollars more than you were originally paying! Its downright criminal.

    I too have contacted many government offices and a couple newspapers. I will take that advice and contact the other news stations too.

    I will take any advice and help I can get, against Chase and LBPS.

    SherryC I have tried to contact you through email and you never get back to me, I want to know about your class action.

  6. David says:

    Got behind two payments, contacted First horizon on where to send past due payments and what was the best way to catch up on arears. Wife took ill, lost income, and she passed away suddenly, and unexspectedly several months later. Daughter moved in unexspectedly with two grandchildren, and commited herself. Electric bill was running $400 a month, due to several problems that need to be corrected. Told a Presidential program was available, do not make payments, that they would apply for a package and start the process to refinance, and all payments would be put to the end of loan, and it would be just like starting loan anew. I ws told First Horizon would process new loan packages in the order which they received them and, would notify me when they would start the loan process. I continued to inquire as to package process for loan and ws assured package had not yet arrived, and that was normal. About 18 months later thet received pkg and I was told to make a certain payment for 6 months while pkg processed. Made all payments, none late, and then told I didn’t qualify for that loan program, but they would process a modified loan, and to start making a new payment for the next 6 months, did so, none late. The new modified loan payment was quoted, I agreed to the new payment, I enquired if escrow was included, I was assured the payment did, or they would have not quoted my new payment. I asked paperwork to be sent, they did, I made first payment, and 8 days later received a phone call that informed me escrow wasn’t included, and I had to send $340 additional payment for the first payment I made and each payment there after. This brought an original $ 700 a month morgage payment to over $1000.00. I informed them tge numbers didn’t make sense as explained to me, asked for info in writing, and they informed me they would foreclose if I didn’t agree to new payments in next 7 days. I refused to except thier repayment plan without more details, and they told me ” you are over 20 months behind, no one will deal with you but First Horizon, theres nothing else I could do”, so pay up or we’ll proceed with foreclosure. In the meantime my basement filled with 8′ of water, severe mold damage, furnace, well pump and hot water heater damaged as well as circuit board. Foundation moved 1 1/2″ off foundation and Nationwide Insurance said, ” I didn’t have ground water damage (thats when rivers, puddles and streams evaporate and come back down as rain, I was informed)”. Can’t sell house, mold damage, $30,00 – $50,000 foundation and drainage work needs to be done, and First horizon wants $40,000 by Nov 1, 2011.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: