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.
I am really discouraged at this point. What do I do? The house is very small, and with our growing family know it's not big enough. 4 people in a 2 bedroom, 1 bath house. Its not worth the $110K. I am truly scared to loose our home for fear that I will never be able to buy another one, and that my credit is royally messed up for the next 10years. I really don't know how to proceed. I feel like I failed. My husband thinks we should wait, save our money and deed in lieu of foreclosure; but after working at a bank know that any which way we will have to pay. And the worst thing is that if we do foreclose and move I'll have to find homes for my 3cats and dog; since I know most don't look kindly on pets. But this is where I stand for now...
This has been a nightmare and we will NEVER work with Chitimortgage again. We wrote to the President and told him what an awful experience this has been, what has done to our credit, the endless hours on the phone and that the ARRA funds to banks are a scam.
Only 30% of the ARRA funds available to banks for mortgage holders in good standing has been applied for, where are the rest of the funds??? Shame on the bank.
The most recent episode in this nightmare occurred in December, 2009, when I called to make our regular mortgage payment. HLS informed me that instead of the $2365 monthly payment, the new payment amount was $4,200, because HLS had established an escrow account without my or my bankruptcy attorney’s knowledge. I was threatened with sale of my home if I did not comply with this new payment. Based on our research and our newly-found understanding of our rights and the law, we believe HLS initially attempted to coerce us into taking out a larger loan than we needed; they continued this pattern in 2006, when the loan was restructured. HLS did not disclose all the elements of their transaction before it was finished, and the acts of their representatives included persistently attempting to and sometimes succeeding in persuading us to borrow more money than we needed.
I am not naive, but somehow I did think that "Making Housing Affordable" was really what this was all about. When a prior representative at Chase told me in December that their job was not to give people "A Good Deal" the light went on and I figured out that at least in the minds of the employees of Chase the program was to give the company “A Good Deal". So I recommend we change the name of the program from "Making Home Affordable" to "Making Lending Profitable". At least that would help the truth in advertising for the current Administration. Note that the last negotiator “Jennifer” told us that there would be no guarantee of a final modification at the end of the trial period and that if we did receive a final mod it might actually go up. Some incentive….
They denied me a permanent mod citing "insufficient income" based on info from my "credit report." They also wrote that I did not qualify for an "in-house" modification. I could only determine that they were making assumptions based on a lack of documentation. I had not made the requested (and extra and outside of my trial payment agreement) Dec. 1 payment, because I wanted to go over the figures with my counselor at NACA. It takes about two weeks for an appointment to happen...if they call at all. I called Chase to tell them that they denied me without having my updated income docs. But my lender refused to discuss my account with me at all "because you're with NACA." Remember that NACA did not rep me at the time of the application and that Chase never sent me anything asking for more documents. They sent it to NACA.
We have two little boys at home, and this is destroying our family. If it wasn't for them, my wife and I would just walk away from the home. With me being so sick, they have been through so much and are just starting to get over there insecurties about me possibly dying or something. We don't want to uproot them from there home, friends or school.
I hope by giving you this infomation it helps you either help us or someone else. Washington needs to know what these banks are doing to people.
“Hey Mom, why don’t we buy a house?” Those were the words spoken by my then 24 year old son as I faced the imminent sale of the rental I had been living in for 16 years. I was at first, of course hesitant, but then when I realized he also needed the tax break, we went for it.
In late 2005 we worked with Long Beach Mortgage (through Washington Mutual) to apply together for a loan. We were approved for $350,000. After weeks of looking, we found a home for less than $300,000. We thought we were being frugal.
Meanwhile, Robyn (my ex) got laid off from her teaching position and had to move to California. I moved back into the house in July, and my father donated time and money to help me fix up the house… because by then, the loan mod company told us we qualified for a loan mod and that they saw no problem with it going through. Our first shock came when GMAC sent us an in-house mod, $385,000 at 6.00% for FORTY years. Why? Because the loan mod company failed to check the boxes on the form that said the house was OWNER OCCUPIED! I sent in all-new paperwork and we were approved for a trial MHA mod with payments of about $2,373. I did the numbers and realized they had based this payment on our 2007 taxes and not the pay stubs and P&L statement we sent them.
After calling for the past two weeks to find someone at the bank who knows what "failed gross eligibility" means and spending hours on the phone I am now being told they are going to review my package again since everyone I have talked to cannot see why we were denied. Back at square one 8 months later all the while getting no help and slowly racking up credit card bills the whole time just trying to stay afloat and not wanting to walk away.
Bank of America shame on you! Since you took over my loan from the failed Taylor Bean & Whitaker my life has been in loan mod hell. Even though you tell us that you are here to help I honestly think that all you have done is stall, lose paper work and as of yesterday I was informed that you updated your computer system, losing all my information.