Your stories, your neighbor's stories, your family's stories. Stories from homeowners and anyone who has been a victim of mortgage and foreclosure fraud.
We are parents and grandparents. My husband is a combat veteran of the Vietnam War who fought for this country to provide us with the freedoms we enjoy and take for granted. He has been working at the same company for over 35 years now and is old enough to retire. I work two jobs, seven days a week to help keep us afloat.
We are a loving family that was placed in a predatory loan (30-year, adjustable rate, caps at 14%, designed to default) and we have been trying, unsuccessfully, to get a permanent, fixed rate, affordable loan modification since August 2007.
I purchased my house in Fort Myers, FL in March 2004. In December 2005 I lost my job. I was not able to find employment in my career area in the location and needed to relocate to Minneapolis, MN in June 2006. We put the house up for sale and my family soon joined me in August 2006.
By January 2007, my husband still had not found a new job and we entered into a deferrement program with Chase. We were eligible to be in the program for 6 months due to the house still on the market and my husband was currently looking for employment. July 2007, we needed to pay the amount from the deferrment program or take the house off the market and refinance or face foreclosure. We could not afford amount due, we could not rent the place due to the increase in the association fee and insurance and our son was having some medical issue.
In August 2007, we were served foreclosure papers. We were scheduled to go to court in February 2008. During this time frame, I attempted to work with Chase and filed for a deed in lieu of foreclosure. We were denied because we had a second mortgage. The court date in February was canceled due to Chase not sending all the required paper work to their attorney.
In the spring of 2008, we had listed the house as a short sale and we had an offer. However, Chase refused the offer due to the fact the offer was $60K less that the mortgage and second mortgage and what they appraised the house.
After 6 months of jumping through the Wells Fargo hoops, I was notified that I qualified for their 3-month moratorium on monthly payments. The representative stated that this was a necessary step in the process. After confirming that I would not be responsible for any extra accumulated interest, I agreed. A Wells Fargo representative proposed that I not repay the three month deficit and cease my monthly payments, as this would 'accelerate' the loan-modification process. I chose not to do this, as I had read many accounts of people in this situation having their homes foreclosed upon. At the end of the three month period, I repaid the full amount and resumed monthly payments. As soon as I signed up for the moratorium, Wells Fargo tossed my account to a loan collection agency.
My house is situated one block from the ocean's edge in Jacksonville, Florida. Does anyone else think that the bank is simply stalling in order to foreclose? I am absolutely positive that, if my house were located in a more economically-challenged area, the bank would be jumping to help me stay in my home. Has anyone looked in to the stats on this? Location vs. HAMP?
If I were to find one word that encapsulates my experience with HAMP and Wells Fargo, it would be 'kafkaesque'.
I called our mortgage company and tried to see if my wife and I can qualify for a simple principal reduction modification. I was told no on several occasions, and each time that I asked why, it was the same answer, "You don't qualify, because your debt to income ratio is below the percentage to qualify". I asked why does the debt to income percentage matter, we just want to have our mortgage be the value of the house. They keep saying, because those are the rules.
I followed up with GMAC weekly, only to be advised they never received any of my offers or documentation from me or my listing Realtor. Amazing since I received written correspondence from GMAC stating they were reviewing the offers. GMAC sent me letters weekly announcing they were going to change the locks and weatherproof the vacant home. Weekly I contacted GMAC via phone and advised them the property was not vacant and it was weatherproofed. Mind you time progressed and still no acceptance or rejection from GMAC on any of the 4 offers on the property, and it is now February 2010.
Back in May 2009, I worked for the Department of Corrections when I received a layoff notice. Concerned about whether I would be able to pay my home loan, I applied for a loan modification through my bank (WAMU). I didn't hear back from them for months until finally I got a letter that said that they needed more information. I faxed the requested information for the second time (it was the same information I had sent in the original fax), and didn't hear from them for a long time again.
Now at the age of 61 I am working in Dawsonville Georgia while my wife and son are living in the house in Florida. It's been over a year now and I can't buy a house here untill I sell the one in Florida...can't even get a Realtor to list it because of the backlog on thier books.
After hurricane Ike, Wells Fargo delayed the start and completion of and created additional stress to the rebuilding process. One employee even referred to the home we lived in as “ours” [Wells Fargo’s.] At every juncture when we were due another check for the contractor, the bank would employ a new rule or expectation that delayed the process, a process that eventually would necessitate the sale of the property.