UPDATE: Gary Snyder has posted the following statement at Indiana Talks from Don Bates' campaign in response to the mortgage foreclosure filed on their family home in which Bates claims that the bank filed the foreclosure action in error while he and his wife were in the process of refinancing their mortgage:
“Recently, when Amy and I found out we were going to have twins we decided to refinance our mortgage and started the loan modification process. Sadly, the loan modification process has been fraught with errors for millions of Americans, which is why every responsible homeowner has to vigilantly follow this process so they can fix problems when they pop up.”
“The filing is nothing more than a clerical error from a large bureaucratic national bank that has already apologized for the mistake and is taking steps to remedy the situation quickly.”
“It is unfortunate that my political opponents would resort to backroom gossip without all the facts in an effort to impugn my integrity. They should be ashamed of themselves.”For the record, this blog has not endorsed any of the Republican candidates for State Treasurer. Readers will note that I posted information about a collections suit filed early last month against Wayne Seybold on an alleged amount due on his American Express card, which was subsequently dismissed after the debt disputed by Seybold was resolved with the bank card issuer.
UPDATE (2-3-14): Don Bates has provided to Indiana Talks' Gary Snyder a letter from the local Chase bank branch manager, Ryan Chalfant, indicating that "all documents have been received and are in good order" regarding a "loan modification" that is "currently under review" . . . We apologize for any inconveniences this may have caused and are working to complete this process as soon as possible." Am I missing something? I don't see an admission of a bank error in filing the foreclosure action; only that the bank has now received the documents it needs to modify Bates' original mortgage.
Gary, Good catch..How does one explain this ? Do you know what the other case was about? Its a pay wall so I can't see it. Good
ReplyDeleteThe other case was a civil plenary case. Not sure what it concerned. I believe it was quickly closed after it was opened.
ReplyDeleteHow about you pull his FEC reports and start digging...I would love to hear what Dr. Hunt has to say about not being paid for the 10k "Women for Bates" affair he hosted. Oh. Wait. A friend can give you 10k for a party??!! I thought there were limits on contributions. And then there's the matter of buddy Tom Sproles buying 10+k $$$ worth of campaign signs for his cash strapped buddy. No, it's not legal either. Are we seeing a pattern here? And then there's the Senate campaign FEC reports. .more of the same.
DeleteThis is not the first time DBJ has been in the paper for financial issues. During his run for US Senate Don was behind on his property taxes and just like today it was not his fault. Imagine that!
ReplyDeleteThere are several steps that are taken by a financial institution prior to a court ordering this type of thing. Mr. Bates had to know for a long time that this was going to happen. There are even plans that will help people like him keep his home. This just not happen overnight..He had to have known,,,but it look alike he wil try and make this all about his opponents.
ReplyDeleterefinancing your house, and seeking a loan modification are 2 unique things that aren't normally associated with each other. A Loan mod is just that, modifying your existing loan to change any of the terms (int rate, term, etc...). A refi is a new loan. Nice way to lie Mr. Bates and spin this as a JP Morgan issue when if you were refi'ing JP Morgan wouldn't have had anything to do with it. If you were seeking a loan mod, it was up to JP Morgan to approve it, and if they didn't, then you get foreclosed on.
ReplyDeleteThis is a good move on Kelly Mitchels part, good move if she started this whole thing and make it look like someone else did it…..very smart on her part. This has Richard Mourdock written all over it
ReplyDeleteI highly doubt that Mourdock has the clout to get a bank like JP Morgan Chase to file a foreclosure action against a homeowner for purely political reasons. Banks have been known to file questionable foreclosure actions at untimely times against politicians. The best local example is the foreclosure filing Fifth Third Bank filed against Eric Dickerson's Buick dealership during his 2006 congressional race against Julia Carson because he supposedly hadn't furnished a copy of his latest tax return.
ReplyDeleteChase was cited for student lending fraud at Butler in Spring of 06...Remember those Senate hearings with Butler fined. Quomo found it rampant in universitities. New laws created around this fraud. I suspect there is a leak...Tit for tat may be the case here, but the story RE: Marion's mayor shouldn't die..
ReplyDeleteAlso, remember this happened to Pence's and family oil bus. too in '06 and Daniels appointed his Brother..That lasted two months...Where's the real news...
Except that you typically only apply for a loan modification if you are behind on your mortgage. Bank doesn't approve the loan mod because you don't qualify and boom files for foreclosure.
ReplyDeleteAgain the key here is he said loan modification. Probably could not qualify for a refinance.
Bottom line is that Bates didn't make his payments. Everything else is mute. Is he in bad financial trouble.? It turns out the FEC (Federal Election Commission) is investigating him for negative cash balances and improper paper work…these are federal issues ,not state. Missing bank payments, having the FEC on your butt? Is Bates in financial trouble?
ReplyDeleteHello from Evansville...One thing that I have noticed from watching all of Don Bates campaigns…He is always right and everyone else is wrong. He's blaming another candidate for his own financial troubles? I love guys LIke Bates, they wear their religious convictions their sleeves,but yet won't pay their bills…funny that he sought out a government bailout isn't it…….It al comes down to who can beat the Democrats in November,,,Im sure they are praying that it's Bates.
ReplyDeleteNot only did Bates have two reports with overdrafts on his campaign reports, he also just closed that committee and left almost 20 thousand dollars as "forgiven". I'm SURE those vendors are very happy. He pretty much filed campaign bankruptcy. How are you a "business man/ financial adviser" and overspend without a reasonable plan to pay??!! The FEC has not given him the clear sign. Pretty Sure We Are Only Seeing the small tip of a very large problem. There will be much more to come.
ReplyDeleteHow do you forgive $20,000 in campaign bills. Where can we find this information? Thats a lot of money to screw folks out of..has he done this in the past?
ReplyDeleteGo to FEC.gov. under candidate electronic filings. It's under Bates for Congress committee. Also, his Senate race is there. The overdrafts were on July 2012 filings and on end of year for 2012. Look at the pdf files. Has everything there.
ReplyDeleteMore at clerk.house.gov. Not adding two deposits correctly. Link will take you directly to the letter from the US House committee on ethics. Another "situation - someone else fault" not taking care of business nonsense. If you want to be our Treasure, you need to add correctly and "take care of situations" on time..shees... This is the link. clerk.house.gov/public_disc/financial-pdfs/2011/8206763.pdf
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