- Report: #540875
Complaint Review: K. Hovnanian - KHOV - Internet
Reported By:
bewildered -
Stetson Ranch, California, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
K. Hovnanian - KHOV
Internet, United States of America
Phone:
Web:
www.khov.com
Categories:
Business Rating:
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K. Hovnanian - KHOV K. Hovnanaian They can't sell the homes at 500K, yet they would rather foreclose on my 600K mortgage then modify it. Internet
December 2009,
I have the notice of default in my hand. I am sitting inside my home built by KHOV, in the community of Stetson Ranch in Santa Clarita, California, in Los Angeles County.
I am staring at the paper. I am not crying.
We moved in to this brand new KHOV home on 7-20-07 the midst of the calamity. We are sad. We love our KHOV home, but everywhere we look signs are going up. The papers are lying. Its getting worse. I see it all around me now, and my eyes have been wide open for almost three years.
We have decided to walk. My husband is elderly. We lost our retirement on the down payment. We have nothing, we cannot risk this any longer. We did not think it was a risk in 2006 when we picked out the K. Hovnanian home.
We have asked for modification. The KHOV servicer has refused to do anything except a forbearance on the $604K owed, and a temporary $500.00 reduction, which is actually null, as the taxes have dropped so much, that it's almost the same as it would be anyway if they made a correct escrow adjustment.
So, The mystery is this. KHOV, is still building here. They have the homes at $500 K, and they are not selling!
But they would rather foreclose on this home, and get less then $400 in a foreclosure sale, instead of letting us keep the home for the amount they are asking for the others. We would qualify, we just cannot take this risk any longer.
2 Updates & Rebuttals
bewildered
United States of Americaerror
#2Author of original report
Thu, February 11, 2010
apparently the lender is chase not KHOV, so it is Chase that does not care.
konatina
mukilteo,Washington,
USA
Lender Will Make Almost Double when they Foreclose on You
#3Consumer Comment
Tue, February 09, 2010
Watch this video:
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1014789
The lenders that are foreclosing are getting Stimulus money when they foreclose on you. They get the difference between what the house sells for (and often the lender bids on the house at foreclosure) and your Orignial loan amount + costs. Often its a new lender that is performing the foreclosure, not your original lender, because your loan was sold to a new lender at 50 to 70 cents on the dollar (that means that if your loan amount is $400,000, the new lender only bought it for $200,000. When they foreclose on you, and sell your house for $250,000 at foreclosure sale, they get $150,000 from Stimulus money, AND the $250000 from the foreclosure sale, thus making the whole $400,000 that they only paid $200,000 for in the first place. they have profited $200,000! Then they get to go after you (in some states) for the difference between what they sold the house for and what you owe, too!
All the people getting foreclosed on need to unite! Why should the rich benefit from the Stimulus funds when it's our childrens future tax monies they are stealing now. What is all this "Obama modify plan" that is BUNK.
We need to begin a class action suit against Indymac and Onewest Bank.
Anyone care to join? email (((REDACTED)))
