Dispatches From The Displaced

Dispatches from the Displaced is a HuffPost Eyes&Ears series on the real-life effects of the housing crisis. We're collecting stories from HuffPost readers across America who are facing foreclosure or have already lost their homes. To paint a comprehensive picture of the foreclosure crisis, we've profiled homeowners who have faced the pitfalls and frustrations of dealing with unresponsive banks, navigating short sales and negotiating loan modifications.

According to the Center for Responsible Lending, there are 6,600 new foreclosures in the US each day -- one every 13 seconds. So far in 2009 alone there have been over one million foreclosures and counting.

Right now, we're focusing on the pros and cons of Obama's Making Home Affordable program -- read about it here. Have you applied for or received a Making Home Affordable loan modification? We're eager to hear whether this "homeowners' bailout" has affected you for better or for worse.

To share your foreclosure story, email a brief account of your experience (preferably under 500 words!) to [e-mail].

And sign up here to receive updates about our continuing coverage of the housing crisis.

Find all of our Dispatches from the Displaced stories here. Or use our interactive map below to navigate: click on an icon for a link to the story.

View Dispatches from the Displaced -- Foreclosure Stories in a larger map

BEST OF DISPATCHES FROM THE DISPLACED:

"I can't say if the Making Home Affordable plan is 'working' per se, but it isn't a total failure so far," says a homeowner from Salt Lake City. We featured his story of (relative) success with getting a loan modification through the government program.

Story continues below

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Multiple informed readers wrote in about a fraudulent loan negotiating service that did business as 2nd Chance Legal Services. These homeowners and real estate agents helped tell this story of the housing crisis' mortgage vultures.

After their bank denied short sale offers, there was no way out of foreclosure for one Indiana couple -- so they agreed to a last-ditch effort, a deed In lieu of foreclosure.

HuffPost readers responded with their stories about how Obama's Making Home Affordable program is affecting them -- for many, negotiating with overloaded and underinformed banks was a frustrating experience.

After a loss of income pointed towards foreclosure, Stephanie and Bob Walker decided to short sale their Los Angeles home and start fresh -- and blogged their experience.

A short sale realtor describes her experiences with the housing crisis.

Pamela and Richard Zombeck were unable to afford their mortgage payments after their interest rate increased drastically.

How one military family found themselves headed for foreclosure.

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Comments

[libgrrl]

De-regulation is the direct cause of the financial industry collapse. Mortgage companies can now charge whatever they want in late fees, attorney fees, etc. The answer lies in the balance sheet. The stock value of a company is directly determined by a companies net worth. To put it simply, Assets-Liabilities= Net Worth. The higher the net worth, the higher the stock value. Included in receivables is your payment - an asset which increases a companies net worth, and in turn, it's stock value. This is why mortgage companies will not negotiate. Lowering interest rates and eliminating late/attorney fees will directly, negatively affect receivables, and in turn, net worth, and in turn, a drop in stock value.

A friend was laid off, could not make all of her house payment. Countrywide refused to accept a partial payment and added an additionl $600 in late/attorney fees. Had made her payment, on time for 7 years. If they had accepted partial payment and not tacked on the additional fees, their receivables (a current asset) would have decreased, as would net worth, and in turn their stock value. This has been a systematic industry practice to inflate stock value. De-regulation is directly the source of this problem. Charging whatever a mortgage company wants highly inflates their stock value by creating higher receivables - their assets. Eventually auditors will deem these receivables uncollectable and mortgagers are forced to remove them from the balance sheet - this is what caused the collapse.

[dnpvd51]

The last thing people need facing foreclosure is government programs keeping overpriced housing too high.

The government should stay out of the housing market and let prices come down so people can afford homes.

[timeforachangenow]

am I mistaken or was the catalyst to recover from the 30's depression...

programs such as the TVA and other govt run programs...

that gave people JOBS....HELLO...is ANYONE listening...???

me thinks it IS again...

TimeforachangeNOW!

[MikeT]

WWII ended the great depression - not government social spending

[babaann]

WWII was a huge government spending program.

[AuntiepoppyCock]

This is awful. There are so many families out in the streets. Today I spoke to 6 women who were out in the streets or living in hotel rooms. The worse aspect is I couldn't offer them any services unsure if our program will continue to be funded. There are families in America unsure about what, where, how to proceed. Many of these families no nothing about surviving in the streets and every predator known to man is waiting to pounce. I hope something happens for these people, because it could be any one of us.

[jsgaetano]

At long last, it's the Bush Boom!

[rock42]

Any one facing foreclosure knows that very few institutions will modify the loans and virtually none will adjust the principal of loan to reflect the market. They view us as moral hazards and still want to show who the boss is thru foreclosure. The financial institutions are the moral hazard and the government has loaned them money at rates below 1%. If the public would get that rate there would be no foreclosures at all.

[sueinmn]

By legal definition, we are in a depression but the country is in denial! WHY- truth hurts! We can fix the banks to make them whole, we cant fix the corruption to correct what went wrong. We can print money to give away to corporations, financial sectors, we cant print money to help people who lose their jobs and homes. This simply is not the American way to help the people. We can continue to rob them of what was the American dream yet we cannot begin to get a handle on the corruptions, the lobbying to buy legislation to continue what some call capitolism yet again by definition it is corporatism. Corporations CONTROL our government regardless of party, they are nothing but a bbunch of corrupt spinelss excuses for representation of the people for the people. Hell we might as well be in Chna, or Iran! Raxation with out representation has a history that has been long lost. YES I AM A DEMOCRAT AND BELIEVED IN OBAMA AND CHANGE, He has more concern with bringing the two parties together than real change. This is sad, very sad!

[Asmodeus]

I agree wholeheartedly on all but the point about bringing the parties together. They've been the same party for some time now, really. Why do you think the Dems are handling the Repugnicans with such kid gloves and selling us all out to a powerless minority that would have not just gone for the throat politically, were their positions reversed? They were actually throwing Dems in prison, remember.

It's because they have a good thing going. If we had a number of parties instead of just two, they'd actually have to do the peoples business effectively. GASP!! If they had numerous parties to compete with, why they'd have to do their jobs, and (SHUDDER) stop lining their pockets with money given to them by Robber Barons who pay them to look the other way as they rape America and it's people thoroughly, and with vigor.

[Beard]

Why is it necessary to have any parties? Our elected officials should only be aligned with their constituents. Now,you are probably going to tell me,that without party affilliations,our governmental system would be fragmented and never get anything done. Well how would that be any different than what we have now?

[dnpvd51]

I don't want the government printing money so people can stay in their homes.

If the government prints money this makes food more expensive.

It is a moral crime for the government to print money to keep people in their homes. It is taking from the very needy and giving to the homeowner class.

[blastocyst]

They can live in their foreign cars. (as an example)
Or, live in the boxes that their Flat Screens came in.

[forty8r]

Can anyone tell me why this country is not in a depression?

[Thundrdrum]

If we're not, we will be soon. Our elected representatives still aren't hearing or seeing us. I'm talking about repubs, not dems (though they haven't done much to help the middle-class, either).

[denny8844]

In case you missed the last 2 elections the Dems are in firm control of Congress and now the WH If things are not getting done you dont have the Repubs to kick around anymore Sorry to break that to you

[cordyc]

The official numbers aren't up to depression levels. That is if you believe the official numbers that for the most part are just based upon surveys.

This country is in big trouble if we don't start creating jobs. It's the one thing that you don't here much talk about--creating jobs. With out jobs we are doomed.