Yesterday I ran into one of the residents here who, like so many others, has been struggling with her mortgage. She had a lot of venting to do & I just happen to be there at the right time to get the full onslaught. I suggested that she wright out her thoughts to help her vent & she decided to email it to me this morning. I was so moved by the emotion that I decided (with her permission) to share it with all of you unedited to get your feedback on what you are seeing in your areas.
"Our wonderful government comes up with all these loan modification programs to “help out” those in need in today economic crisis…..right??? WRONG!! First you have to apply for a loan modification...which includes filling out their form for some along with sending your entire financial information to them. So you graciously go ahead and get all your information and send it to them thinking… ok they have these programs to help and you have some hope that you might actually qualify for the program…which helps make your situation just a touch lighter to deal with. So you then play the waiting game… usually a couple weeks go by and you’ve heard nothing and this is after you have faithfully followed up to make sure they did in fact receive your information. You talk to the general area after going thru phone hoops to get to speak to a “live” human to find out the only thing they can tell you is that your information has been received and someone will contact you by mail…usually. So you think GREAT…got thru the first step. Couple weeks go by and nothing in the mail no phone call. So you call again and get the next response of they are reviewing it and someone is assigned to your case, but they usually don’t tell you any information about the person until you get aggressive. Then things change and they give you the person handling your case and suddenly they call you within the next 24 hours to let you know all about them and how you can reach them and how they’re here to “help” you. And then you finally receive a letter in the mail welcoming you to the program and introducing themselves to you and give you their phone numbers and extensions, etc. again now you feel like you’re getting somewhere.. don’t get too excited. They inform you it usually takes a couple weeks to hear an answer and then some say well once they’re done it then goes to the underwriters and/or investors. Again you now call weekly to check just to keep them on your toes and find out that the person that is assigned to your case doesn’t return your calls, then their voicemail message actually tells you it’s full and try later. Well that won’t work you want answers…. So you call and get the operator and ask for them to find that persons supervisor. But you don’t get to talk to them they will send them (the supervisor) an email to try and find out where your advisor is, meanwhile putting you on hold only to come back with the supervisor now has your name and numbers yes numbers cause they want more than one and only give you one to contact them and they tell you they will call you back… soo let’s wait some more…the next day you get a call from another advisor saying they’ve taken over your case and now need updated information…apparently your information is only good for 60 days, but they want updated paystubs every 30 days. Now they never told you this in the beginning. So basically you have to start from scratch since it’s been now 60 some days since you first sent your stuff. So you update all your information and send it to them with any changes that may have occurred… now that you’ve got the idea of how this works you call them back a few hours after you faxed it to make sure it was received. This time you get the yes we have it and they take some time to review it with you. Then tell you it’ll take about 2-3 weeks…some can take 30 – 90 days for an answer… but call anytime you have a question and they promise to get back to you in 24-48 hours…. Well that rarely happened. So you feel your moving forward, your new advisor is on the case and seems competent and you again have a glimps of the light at the end of the tunnel. So you wait patiently and realize you haven’t heard anything call and check and well you’re still in review…another week or so and they will have an answer… ok you wait and wander and you have to call again… this time you only get to leave a message. You get a call back relatively quick because you start leaving a somewhat desperate message that you would really like to know what’s going on. You get a call not from your advisor but someone else who is reading your case file on the computer, because they tend not to a name with the message they leave you on your voicemail and a generic number. So this “middle” person does their best to help you and apparently are able to tell you the reason they called. So after jumping thru hoops and I mean jumping and keeping after them like they’re children to make sure they are not shuffling your file to the bottom, you find out your denied! You literally come crashing down… they tell you there is no program to help you because of your debt to income ratio. Why do you think we applied for the modification program in the first place????? The whole idea is…ah we are having trouble making the payments… income has either been decreased due to job loss or hours cut back or if you’re self employed….you REALLY have issues since your income is usually sporadic paychecks. So you have to give the brief details of WHY you’re in this mess and applying for the modification in hopes that his person may have another suggestion. Instead you get told that because of your debt to income ratio is a problem… they can’t take the risk to help you. And unless you have either had a change in income increase or somehow decreased your debt…usually credit card and second mortgage debt…then they will take another look…but right now there’s nothing they can do to help you and won’t EVEN take a second look. So now you try to remain with some dignanty and ask if there is someone else you can speak with since this person….clearly not directly involved in your case and they insist on telling you in a nice way….sorry…there’s nothing we can do unless you increase your income and decrease your debt……to that you politely respond that you just jumped thru hoops for months now and ask you really having nothing you can do to help me??? You really mean to tell me that you have NO OTHER PROGRAM to help me??? So instead of taking a risk to lower my mortgage payment…you’re telling me that I’m stuck with it and that there are options of deed in leu, shortsale, etc. so basically all this time you encouraged me to do the best to make my payments (in which some may fall behind and miss a few payments and then get “acceleration letters” about your loan unless you settle up by a certain date and then they’re going to want ALL of it at once –again – hello---I’m struggling as it is - but that’s another story in itself) and you still won’t help me. They say the investors don’t want to take this risk because they’re thinking is that we help you once and then you’ll come back and tell them you can’t make these less payments and then you’ll want help again. To my response is this….don’t you think you should lessen my payment as a one time offer to give me a chance to get out of the financial hole I’m in and then if I still can’t make this work then I’m at the understanding that they gave me a chance and if it still doesn’t work…then I should think about shortsale, and deed in lue. Although they say they aren’t trying to put you out of your home…..they’re not doing anything to help you keep it! And our wonderful president who set these programs in place to help Americans…well….i can’t EVEn finish that thought!"