NOLA Mortgage Co. tells residents: Send payments as you normally would

[CoffeeCat]

I found this on the NOLA blog.

Simply unbelievable!

New Orleans-based Standard Mortgage Company, on their Web Site, advises its customers: "WE ASK THAT ALL PAYMENTS BE SENT TO US, AS YOU WOULD NORMALLY DO, TO THE FOLLOWING ADDRESS:

STANDARD MORTGAGE CORPORATION
P.O. BOX 53426
NEW ORLEANS , LA 70153-3426

http://www.stanmor.com/

This company also offers prayers and encouraging words to their customers. That seems a bit hollow and hypocritical as they urge people from a decimated city--that will probably be bulldozed down to the dirt--to make those mortgage payments on time.

Most of these people don't have homes any more! Many are dead or severely wounded. While they're looking for lost loved ones, I guess they should be looking for their checkbooks too. I seriously doubt that people who are desperately looking for water have had a chance to make a trip to the bank for a money order.

http://www.stanmor.com/

[Pallas180]

1. You're making a joke right?

.

[Pallas180]

4. LOLOL what's the bank going to do? repossess the house that isnt there any

more?

[elehhhhna]

7. sell a bag o' mud at auction? gotta FIND it , first.

"I don't see no 1600 square foot house there, do you?

Follow the debris.

[flyarm]

48. NO THE MORTGAGE COMPANY DEMANDS PAYMENT HOUSE OR NO

HOUSE!

i know in the 94 northridge earthquake ..i lost my home..and so did many of my neighbors..you first get told to make the payment, then they demand you to pay off the loan..in full..its called ..calling your loan!!
many of my neighbors left in the middle of the night..like runaways!!
then a little over a month later..they sell off the property in the streets in auctions..

its usually valuable property..and they sell it to wealthy whores who buy the property for pennies to the dollar!

and the person who left in the middle of the night are then financially ruined for the rest of their lives!@

if i were those people down there and if i knew a good lawyer ..or if there are any good lawyers out there ..i would go declare bankruptcy for many of those people before the new laws take place in oct...seems to me the government has this well planned out..to make that law change in the middle of the hurricane season!

and do not think fema helps the little guy...

if you work..or have worked..you get peanuts!!

on a 2 million dollar house..we got $1,300.00

you read that right!!

$1,300.00

and because my husband worked and made some money./ we did not qualify for a small business loan to rebuild!

remember this is alot of beach properties..it may be depressed property for a bit..but believe me the values will go up again..and businesses corps will buy up that property from the banks!!

i hate these whores!!

fly

[CoffeeCat]

12. No, this is not a joke...

...this is real.

I spotted the original post from someone who hails from NOLA. I found it on the NOLA blog, right here...

http://www.nola.com/weblogs/nola/

I went to the company's Web Site myself. Like you, I thought that it must be a joke or a misunderstanding.

Nope. It's right there.

http://www.stanmor.com/

[The Velveteen Ocelot]

2. If I were one of those people, I'd tell the mortgage company to

eat shit. After all, what are they going to foreclose on?

[flamingyouth]

3. That post office is likely under water too.

This is just insane.

[elehhhhna]

5. LOL good luck with those pesky collection calls. GOOD. LUCK .

[justabob]

8. LOL nt

[girl gone mad]

6. And they'll probably be trying to..

collect insurance on those properties at the same time.

[elehhhhna]

10. like you escaped with your life and you're worried about your CREDIT SCORE

[candy]

9. Their customers are probably all over the US and they are

just saying the PO box and zip will remain the same.

[bluestateguy]

11. This is not a time for capitalist bullshit

n/t

[FloridaPat]

13. The mortgage company I have allowed people to pay later or whenever

after the storms last year. I find the payments going to a post office box in a city that's about to be closed a little interesting. They won't be able to collect the checks!

[Glenda]

14. I was listening to wwltv live link earlier this evening...

http://www.wwltv.com/

and several banks (can't remember names except Chase) were giving people 3 month leeway on mortgage payments. I'll look at the site and see if I can find the info

[Glenda]

32. A lot of banks are waiving ATM fees, deferring payment due dates

http://msnbc.msn.com/id/9146146/

Personal banking help for hurricane victims

A few examples from this article

AmSouth
- ATM Fee Waivers: AmSouth will waive its ATM fee for customers using other banks’ ATMs in the affected areas.
- Skip-A-Payment: Customers with an AmSouth home equity line of credit in an affected area who qualify will receive a message on their next statement that no minimum payment is due.

Compass Bank
- Penalty-free CD withdrawals.
- 60-day deferred payments on existing consumer loans:
- Replacement debit and credit cards: Cards can be replaced and sent via overnight express. Compass will waive the usual express fee and card replacement fee.
- Waived late fees: Notify the bank if your payment was delayed because of disruption in the mail service or because you were evacuated or suffered a loss.

[Secular Agent Man]

15. The check is in the...floodwaters

:crazy:

[MellowOne]

16. Where are the people who just lost everything

Including jobs suppose to get the money? How does the mortgage company send them a late notice? No mail box.

[magnolia]

33. Mortgage 101

Mortgage companies lend money to people so they can buy a house. If something happens to the house does it cancel the loan? No...why would it? If you lend a friend $5,000. to buy a car and the car gets stolen...does that mean they no longer owe you the money???

This is why you have insurance. In fact, you can't get a mortgage without insurance. The mortgage people will get there money from the insurance people.

[KerryOn]

37. Humm....

I heard on the news that less than half the people of NO had flood insurance. So was their property destroyed by the hurricane or the flood that followed?

[KerryOn]

40. Found tis interesting article....

http://www.boston.com/business/articles/2005/09/03/home_insurers_may_face_no_win_quandary_on_flood/?rss_id=Boston+Globe+--+Business+News

{snip}
With insurance losses in New Orleans adding up to billions, a battle is brewing over who is responsible for assisting people flooded out of homes.

More than 37 percent of southern Louisiana homeowners do not have any flood insurance, leaving them with little recourse if they want to rebuild. In some areas of southern Louisiana, just 2 percent of residents have flood insurance, according to the Insurance Information Institute, an industry trade association.

Flood insurance is excluded from typical homeowners' insurance policies and is sold separately through the federal government. Because the coverage is voluntary, many choose not to buy it.

[mountainvue]

42. You only need homeowner's insurance to obtain a

mortgage unless you live in a designated flood zone. Then you must carry flood insurance. Homeowner's insurance does not cover flood.

[Pithy Cherub]

17. Who is the CEO of this joint? Visions of NYC's Canter Fitzgerald

and that CEO who finally came through...

[Minstrel Boy]

18. They want payments sent to a PO Box in New Orleans?

That's about as deep in denial as you can get.

[Redstone]

19. Let's not be too quick to judge. They may have mortgages on houses

that are outside the damaged areas, and if this is the case, of course they should still be getting payments from those people.

Maybe they just weren't making themselves clear. Try to put yourselves in theri place, with all that's going on where they are and tell me if you might not make a badly-worded temporary website.

For Christ's sake, how about a bit of benefit of the doubt before you condemn them?

Redstone

[CoffeeCat]

30. Redstone, I understand your point...

I just edited this message, because I thought the Standard Mortgage site said that most of the CUSTOMERS were from NOLA.

I read the Web site incorrectly.

Most of the customers could be from NOLA...then again, maybe many aren't.

You made a good point. Thanks for bringing that to my attention.

[idiosyncratic]

31. You make a very good point.

It is possible the company is only based in NO.

[proud2BlibKansan]

20. I heard today that car loan companies

are not requiring payments from hurricane victims in September.

Now if you have lost everything you own, including your car, do you really think you are going to worry about making the payment on time? :eyes:

[MadisonProgressive]

21. This is how they will take all the property

so they can build their New New Orleans.

[NYC Liberal]

25. Ding ding ding!

You got it! I bet they can't wait to build their McMansions.

[Razorback22]

27. I really don't think...

any reasonable person wants that property. NO will probably not be rebuilt on the current site, I don't think. Insurers will be reluctant to reinsure houses on these sites, builders will be incapable of building there for the forseeable future, mortgage lenders will be reluctant to invest in the area, and residents may decide that they just don't want to do it again.

[flyarm]

49. YES IT IS !! i saw it over and over in Sherman Oaks calif

and studio city calif, and reseda calif, and northridge, and north hollywood, and valley village calif! in the northridge earthquake!

i experienced it as well!
fly

[Razorback22]

22. Really insane

People should send them a picture of their middle finger and the keys to the front door. These people will be so devastated on so many fronts, not the least of which will be financially. I wonder how many people will actually send payments. How many people remembered to take their check books?

[fishwax]

23. that's un-fucking-real

which means it's par for the course these days ...

[ordinaryaveragegirl]

24. For WHAT???

Talk about $$$ grubbing.

[kitkat65]

26. Gee, too bad they don't have a contact link

Wouldn't be pretty at all . . .

[PatriotGames]

28. Ya think maybe thye thought people would assume the office

is underwater? Just a guess.

[Don Claybrook]

29. Let them foreclose!

Imagine that: Uh, yeah, hi Mr. Standard Mortgage Company person. I'm just not going to be able to make that payment. But I understand you have to do what you have to do. Go ahead and foreclose on the house. A good part of the house is still at the original address on Elm St. But you'll need to go to Magnolia St., 2 streets over, if you want to repo the upstairs, because that's where it ended up. And don't forget to take a gun. I'm sure the poor desperates in the city will take a liking to your shiny new boat. Good luck with that.

[mcscajun]

34. I'm sorry...but I really, really have to laugh at this one.

The Ford Motor Company's "Disaster Relief" of two-months grace on payments was bad enough...but This takes the cake AND the icing!

Yo! Standard Mortgage Corp! Put yourself in the evacuees' shoes for just a moment. Right after your remember you once owned a car, and that you really need to register for Ford's "relief", you'll jump on over to the nearest Internet Cafe (surely there's one in every 'refugee camp', isn't there?) and check on what you need to do about your mortgage payment..on that drowned house that you may never see again.

Oh..and did I mention that many of these evacuees' didn't have any Internet Access BEFORE Katrina hit?

This one's for you, Standard Mortgage: :wtf: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :puke:

[KerryOn]

38. So why should the mortgage company....

... take a loss? A loans a loan.

But people will be forced to foreclose if they did not have flood insurance.

What happens if the mortgage company goes belly up and you have money invested that bank?

[nolabels]

41. Then there is that other possibility, which I would bet on....

This, the non-action (lIHOP) of the government leaving people swinging in the wind will separate the chafe from the kernel (in their eyes). The rich who can front the storm will make windfall when they suck N.O. dry again. The poor destitute who couldn't make the payments will be left high and dry without a pot to pee in. John Q. Public (that's us taxpayers) will be footing the bill for the whole deadly boondoggle.

When even the perception of reality can be controlled you better watch out for the ones controlling it. In the end they will always find a way to screw everybody regardless if the news is good or bad. Think the worst about these corporate crooks and then think about ten levels lower and that's were you find them. Profiting off your death if you were a worker of theirs. Doing this trough insurance they have on you that you don't even know about, should give you a clue of how much they value if your dead or alive.

[KerryOn]

43. Good post nolabels...

And after they do what you said they will probably divert the 10.5 Billion to the war in Iraq.

[mcscajun]

55. I'm not saying they shouldn't get their payments...

...I just think their timing and actions right now are Hysterical. And in fact, they may never get those payments, because the folks who borrowed the money are wiped out. Too bad, then they have to take the loss. Risk is one of factors you recognize when you make a loan, and when you make investments.

[allalone]

35. unbe-fucking-lievable

hope the people have those pens that write underwater.

[KerryOn]

36. There is no way these people can pay off these loans....

Most did not have flood insurance. Sure they can get a low interest loan from the government, and then they will have two mortgage payments. Most of these people will probably foreclose.

Let the bank have the flooded piece of dirt thats left. This disaster will effect a lot of things in all of our lives. Everything will cost us more, not just gas. Some mortgage companies could be in big trouble. The high oil prices will increase transportation costs for goods that are delivered, by truck, rail, ship and air. The cotton crops have probably been destroyed. Natural gas supply is also effected, fuel oil etc.

[flyarm]

50. and when the people let them forclose those people will never get another

mortgage again...

and believe me after losing my home in the northridge earthquake and only collecting 135,000 on a 2 mil home..we can hardly get insurance now..11 years after the fact!!

even though they paid out only 135,000 the claim remains a 2 million$$ claim!!

and that is held against you it seems forever!!

and we paid off the mortgage company...most could not!!


and please do not think that it is easy to get those low interest loans from the government..if you work and make a decent income..well i can say..we could not get one of those loans to rebuild!

[WHAT]

39. It's a land grab...

uh-huh, uh-huh...

the new Louisiana Purchase...

personally, I'd go with the voodoo and expect consequences for foreclosing those mortgages...

[flyarm]

51. don't joke..it does become a land grab, by big corps!! n/t

[Stinky The Clown]

44. And from this will follow indentured servitude ........

...... the safety net of bankruptcy having been taken from us by bushco and their enablers. The people will having nothing ... nothing but crushing debt and no hope of ever again owning so much as a shopping cart purchased at usurious interest rates from Carmax.

[LibertyorDeath]

45. Yeah good luck with that.

[peacebuzzard]

46. You have got to be fricking kidding.

Business as usual? go burn in hell Standard Moragage.

[smartvoter]

47. JHC!!! I'm not even going to start on this. nt

[xultar]

52. The VM is full but call on Mon 2253365668

Also send this to...

[e-mail]
[e-mail]
[e-mail]
[e-mail]
[e-mail]
[e-mail]

[Behind the Aegis]

53. And this will happen how?

There will likely be no mail service for quite awhile...especially to a NOLA address. I can appreciate a business not wanting to go under, but this is absurd! This is what emergency FEDERAL funding should be for!

[nonconformist]

54. Send this to Bill O'Reily

He'll have a field day.