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Mortgage modification madness
Mortgage troubles
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Tess Vigeland: While would-be homeowners are deciding whether to get off the sidelines, lots of current homeowners are trying to figure out what to do about their mortgages. The government's fix-it programs and the banks that are supposed to implement them appear to be generating more madness than modifications. Here are a few stories that came through our inbox.
Ann Cornwell: My name is Ann Cornwell. I live in Gastonia, North Carolina. My experiences with Wells Fargo, where not just once but twice, they closed my file after the 45 day deadline to complete documentation because of quote unquote lack of documentation. In both cases, the lack of documentation was 100 percent due to their not telling me that there was a deficiency in the documents. I had had over 20 phone conversation with various reps and now a rep was telling me she could send me a packet and I could start all over again.
Anne Hars: My name is Anne Hars and I'm from Los Angeles, California. Chase bank claims that it takes 30 to 60 days to process a making homes affordable loan modification. However, the application process with Chase has seemed more like something out of Kafka's novel, The Castle. A saga of a frustrating bureaucratic maze. On Chase bank statements, the last page always reads, "left intentionally blank." But they do not number this last page. For example, a Chase account may have six pages and all the pages say, "one of six, two of six, etc." But page six, the blank one, is not numbered six of six. We have been continually turned down for a mortgage modification because we are not sending them, Chase, complete bank statements. Even though we send them the sixth page. Since it doesn't say "six of six" they claim our application isn't complete, and make us start all over from the very beginning.
Anita Senkowski: Hi, this is Anita Senkowski and I'm from Essexville, Michigan. In May 2007, I began the process of working toward a deed in lieu of foreclosure. My original servicer had been acquired by Citimortgage and after nearly finishing the process I was told I would have to start all over. As you can understand, I couldn't face beginning the whole process again so I researched Citimortgage sucks on Google. From there, I was able to learn the name of the then CEO and using local property records, I found his home address and discovered his home phone number. I wrote a very tense but business-like letter, and sent it by FedEx for delivery at his home on Saturday morning. After spending most of the weekend ducking the cops I thought he dispatched to arrest me, I heard from a member of his staff on the following Monday. So it pays to start at the top.
wells fargo has kept us in a review status for what seems is for ever.We have to sent financial information on a monthly basis,but we can not get a modification even though the numbers support being approved for a modification.Nobody knows what is going on or who is responsible for making wells fargo accountable to follow the rules.they have all the power and no fear to keep people in a modification limbo (14 months and counting)
For those of you that are in or going in to foreclosure and are interested in getting help from a non-profit organization that will fight for you, I highly recommend going to: http://www.consumercrime.com (the organization is Financial Integrity Foundation). They have a lot of really good information on the website that can help. Scott @ Financial Integrity Foundation does a great job. If you contact him, let him know Alicia recommended you. He'll definitely take good care of you.
Good luck!!!!
Alicia
My experience is with First Franklin out of PA....and my story is not unlike any of the above.
My wife and I were relocated to Colorado at the very start of the Real Estate crisis. We were unable to sale our house in Florida, which went into foreclosure about a year later. Well in the mean time we had to purchase a home in Colorado, and at that time we still qualified for a mortgage. Although the bank used some interesting accounting to prop up my income and the interest rate is very high on a very modest home.
We have applied for mortgage modification 4 times now, each time First Franklin sits on the information until the 60 day dead line has passed and then they request me to re-file. The last time they ask for this information I requested that they send me copies of what they have on file, that was over 2 months ago, they have not sent anything.
Due to the banks behavior I do not believe they are interested in modifying our loan, they want the home to go into foreclosure or a short sale. They have more to loss by this process then they do if they modify our loan. This is the only home my grandson knows, my youngest daughter has all her friends in the neighborhood and will hopefully go to college here.
The banks need to hold their leadership accountable and responsible for past actions. They got bailed out without any re-file requirements and now I am being forced to put up with their inadequacies? Why?
Back in the 80's the refi boom was going strong and we applied for a home mtg. refi that was several points lower than our existing loan. I learned very quickly to document, document - always get a name and number and mail everything certified receipt requested or fedex with signature required. It's amazing how fast lost documents become found when you can prove delivery.
