Can Anyone Tell Me Why Congress Procrastinates On Toxic Mortgages/Mortgage Investors? PLEASE!
By: Elaine VonCannon, ABR, SRES, REALTOR, NOTARY, PROPERTY MANAGER, TEAM LEADER, AWARD WINNER, RE/MAX Hall of Fame
I have a client who has a mortgage with America's Servicing Company, which I might add is owned by Wells Fargo. America's Servicing Company has the 1st mortgage on the property. My client has been trying to get a refie since April 2009. America's Servicing Company has lost or requested the same information 4 times. It has been provided and today my client got another letter rquesting the same info again.
My client cannot find who owns the loan as it was sold 3 times that my client knows of. America's Servicing Company refuses to say who holds the loan. Isn't this in violation of the Freedom of Information Act. Does not the mortgage companies have to follow the FCC laws as well because they trade across state lines?
My client even had her lawyer who is her friend work on this and the lawyer cannot get anywhere as you cannot deal with one person. They call each week and get nowhere. So my client is now 3 months behind in the mortgage and has no one at America's Servicing Company that can help this client.
I think if this affected the members of congress or their families they would do something. If the President does not do anything he will be a one term lame duck. There are a lot of voters who fall into this category. The cannot get a refie due to their loans are not an FHA loan or Va loan and they are self employed.
The second mortgage that my client has is serviced by Litton Loans. Same thing is happening. So my client has not paid them in 9 months. They only have a 15% equity stake in the property. Litton Loans will not revel who is the holder of the 2nd. They also have requested the info for the refie 4 times. They are doing nothing.
My client is self employed. The spouse is self employed. Their income has gone down at least ½ in the past 3 years. The value of the home has gone down 20% in the past 3 years. Why is there no law or agency that will make Litton Loans and America's Servicing Company help the client? Do they want toxic loans? They must. If you Google these 2 companies on the internet you will find nothing good written about them.
I even broached this subject at the VAR leadership conference in Charlottesville, Virginia, the 1st week of December. One of the lobbyist was speaking to at the conference. So far nothing in the works for this subject. You will see a big wave of toxic assets in the next 6 months if this is not dealt with. You do not have to be an analysis to see this. This will affect both the residential and commercial sector of lending.
I ask you what will be done on the matter? Who will step up to the plate and do something. I hate to say this but the only time you hear noise on it if it is an election year for someone! This is not a good thing!
Elaine is a published author on real estate both commercial, residential and property management. Her articles are on her web sites for you to read and enjoy.
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