Mortgage/modification update. It's more absurd and bizarre.............

[Joanne]

Careful with this. A good friend and her husband here was given a similar offer, but for six months (CITIBANK). Soon after the fifth trial payment, they were told they didn't qualify after all and were strongly advised not to send in their last trial payment, so they wouldn't "waste their money." A month later they were told they didn't qualify *because* they missed their last payment. :glare: They eventually did get a modification, but the terms weren't nearly so good as those that had been floated at the beginning of the process.

 

Did you read the rest of the post? The "Forebearance" was offered, and recinded after I already qualified for a modification that they never executed.

 

Being "Careful" is an understatement. :001_smile:

[Heatherwith4]

:grouphug:

[Murphy101]

Frankly I think it is full out govt endorsed fraud.

 

The govt gave the banks this money just to help people such as yourself and then the govt looks the other way when these companies screw citizens.

 

Yeah they are in senate. Woohoo. Bet not a dang thing is done to make those companies regret it or give meaningful justice to taxpayers.

[cjbeach]

It's a long, outrageous story. When I first posted about it, I was "scared" that people wouldn't believe it. Fortunately, there were enough people here familiar with the insanity of the system.

 

Most recently, I got a call from my mortgage holder last week that I qualified for a "Forebearance" program. I could make payments Dec. 1, Jan. 1 and Feb 1 and after that, I would qualify for a program to move forward.

 

I asked the person who called me, from my bank, about the foreclosure date that was on my account. She said there wasn't one. I asked her repeatedly, because I had just talked to my bank the day before and there was one. She assured me there wasn't one and that I'd be getting a confirmation about the program I qualified for.

 

I didn't get that letter, but I did get a foreclosure letter from my bank's attorney.

 

I faxed 81 pages of material to my bank Sunday and followed with return receipt requested mail on Monday. I called the employee who offered the Forebearnance. She claimed to have "misinformed me" and she "apologizes". :001_huh:

 

I kept discussing it and she referred me to her supervisor. Her supervisor called and told me I don't qualify for a modification because my income is too low. I mentioned my husband (of 3 years!) and she said since he wasn't on the mortgage, he can't count. Funny, he "counted" on the original modification - the one they underwrote in full disclosure and granted me. She then tried to tell me that the original modification was "null and void" because the xh didn't sign it. :lol: In all these months, with me calling every week, they NEVER SAID ANYTHING ABOUT THAT. They "mis-executed" paperwork, but never mentioned needing xh's signature.

 

I contacted the Texas Attorney General. He told me flat up that he would not be surpirsed at any tale I told him; he has dozens of similar stories. I called a local attorney I have known for years (I used to work for his brother when I lived in Orlando). I called for a referral - but it turns out that this attorney/friend is working 4 similar to my cases!

 

The Senate is meeting about it:

 

http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_ID=df8cb685-c1bf-4eea-941d-cf9d5173873a

 

It's amazing to me. All I want to do is have a viable loan and start sending them $1228 a month. Surely that's a better alternative for everyone than th foreclosure on December 7? Yes?

 

Wow.

 

PS: If you don't believe in modifications, don't believe in homeowner help, or have made assumptions about how I got behind in the first place, or are certain I had an outrageous loan to begin with, feel free to skip my thread. I am simply trying to do the right thing, pay the mortgage and keep my kids in this house.

I live in FL in a town with a ridiculous amount of foreclosures.

We will be part of a class action suit against HSBC because of our transaction.

Crazy stuff here. Nothing shocks me anymore.

 

I hope everything resolves for you VERY swiftly.

[nmoira]

Did you read the rest of the post? The "Forebearance" was offered, and recinded after I already qualified for a modification that they never executed.

 

Being "Careful" is an understatement. :001_smile:

No kidding. I probably should have said (in the words of my littlest): "Super, extra, duper, special careful."

 

It's beyond shameful that they're being allowed to get away with this.

[delaney]

I wish I could say we don't relate at all but this month they got payment for our second and not the first. We just don't have the cash. it is either pay the other bills or them. We filed for a loan mod and have been waiting to hear. DH makes too much money so I am sure we will have issues. Last Jan DH did not get a bonus and that is the money we use for the mortgage. Wouldn't have been SUCH a big deal except that the year before he was down in pay as well as the year before that. So for 3 years we have robbed Peter to pay Paul, lived on credit cards, and this year finally had to take money off his 401K to pay the freakin mortgage! If he gets the normal bonus this Jan we will float through another TIGHT year. If not then we have to go through the debt reduction/lawyer/forced modification route. That will kill our credit and DHs pride but it will be that or lose the house. SOMEONE will not get paid. Either the credit cards or the house. It will be ugly.

I am so sorry that you have been through the ridiculousness. It seems crazy to me that they just can't rewrite our mortgage on different terms and rates. We WANT to pay and are not asking for a loan reduction or forgiveness program. Just work with people! GEEESH:glare:

[Melissa in NC]

I believe anything you tell me about Wells Fargo.