Mr. President: Millions Face Eviction

By
Mortgage and Lending NMLS #94045

My congressional representatives are home and hosed after a few late nights voting on the latest version of the Healthcare Bill. Good for them. We pay them to sweat the details of the thousands of pages of legalese they have before them that will affect us all when they become law. I implore every citizen to please write your elected officials over the holidays about issues of concern to you.

Go to http://www.congress.org  and type in your zip code and a list of your state and national representatives will pop up with instructions on how to contact them.

It's vitally important to write our officials because they are very removed from what is going on in our industry and locales. They think if they hand over another billion or two to the Biggest Banks, Freddie, Fannie and AIG and set up an appraisal firewall that they have done their days work. For example, the PR around the HAMP (hype) loan modification program is completely miselading.

People are simply not being helped by this program. FHA, VA, USDA and private lenders skip the responsibility to help if they have not received TARP funds! If anything, banks are using these guidelines to deny many people. We hear these words of hope mouthed by our representatives but WE are the only ones who can complete the feedback loop as to what is really happening for our buyers and home owners. I'm not saying they don't care. They just don't know. It's our job to tell them.

I began my Christmas message to my elected officials:

"Dear Mr. President,

I hope as you enjoy your holiday break you will reflect for a moment upon the millions of Americans axiously waiting to find out if they will be evicted from their homes in the New Year...."


read more: www.http://equitytalks.blogspot.com/2009/12/holiday-reflections-write-your.html

Later, I contacted some distressed homeowners to suggest they send their stories to their congressional representatives. After all I'm in the business of mortgages and easy to ignore. Actual case histories are not so easy to forget. Their stories make compelling reading. Some folks have been attempting loan modification for over a year. Many are stuck in 'trial workout periods' for six months and counting. All this ongoing agony after a year or more of financial distress.

As I signed off my computer, I thought out loud:

Dear Mr. President, May you never experience the loss of your job, your dignity, your spouse's health, your business, a loved one, or your home, as many of your constituents are losing as I write. We need you up to the job of protecting them.

To prosperity and joy in 2010

Posted by

 

 

SUSAN TEMPLETON IS A LICENSED LOAN ADVISER IN WASHINGTON

NMLS# 94045

                 

 

Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. Loannetter is a private brand owned and copyrighted by Susan Templeton.

 

 © 2005-2015 susan templeton copyright

 

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Topic:
Mortgage / Finance
Location:
Washington Whatcom County
Groups:
Mortgages
The FHA Mortgage Group
Loan Modification Program
VA Loan Group
Short Sale and Loan Modification Nightmares
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Rainmaker
66,965
Susan Templeton
Bellingham, WA

JP,

You are correct in that loan modification is not the best solution to a very complex mess. Modification is a tool we use to buy time and in many cases we DO get longer term fixed rates up to 40 and 50 years.

You might enjoy the comments on my follow up post: http://activerain.com/blogsview/1404610/why-are-loan-modifications-failing-

Dec 29, 2009 04:40 PM #13
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jay-Paul:  How nice of you to bring your holier-than-thou Tea Party tone to this post.  I liked it so much, I thought I would use it myself.  It appears you are pretty much a glass-half-empty kinda guy.  So... have faith... things'll get worse.  :)

Dec 29, 2009 08:03 PM #14
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Susan:  Have you actually run the numbers on 40 and 50 year loans ?  There is VERY LITLE difference between them and the 30 year payments.  Forties and Fifties are, in my opinion, a real scam... and take advantage of borrowers.  It'll never happen.

Dec 29, 2009 08:06 PM #15
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Karen Anne,

To clarify, once you reduce a loan interest rate to say 2% and ease it back up over 5 years to 5% a a 40 year term reduces the payments but the lender is happy to get the intereest eventually. It's a win win and does buy time. The goal is to lower payments and allow a person to recover financially. Once you recover you can pay your principal down faster or refinance/sell/whatever works.

Dec 30, 2009 03:57 AM #16
Rainer
67,579
Jay-Paul Lowry
Riverside, CA

Loannetter - Apologies for debating on your blog. I saw your other post, as usual most people who commented are emotional and not rational.

 

Karen Anne - So what you are telling me is you cant debate the fact that Obama is tightening lending from the top (fannie mae) and than blaming private industry for less loans? I noticed you focused on my tones and still did not provide a non-self serving politician per your statement. I believe that is tantamount to admitting defeat on the topic.

 

 

 

JP

Dec 30, 2009 04:34 AM #17
Rainmaker
66,965
Susan Templeton
Bellingham, WA

JP

There is nothing wrong with healthy debate. Facts help. I doubt Obama realizes fully why the Treasury funding of Fannie, Freddie, AIG and ALL the big Box Banks is backfiring in stalled lending. Its a complex game of hide the money. That's because we don't have watchdogs with TEETH. We need to be the watchdogs. I hope you are pestering YOUR politicfians, governor, mayor, city council, bank examiners, etcetera!

Dec 30, 2009 05:00 AM #18
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Susan:  So much of the oversight disappeared when Cheney and his friends pushed through all the deregulation earlier in his term as President.  I doubt Bush had much of a clue as to what was going on... since Cheney was really the one in charge.  So... teeth in the watchdog ?  Noper... Cheney played dentist, and helped pull them out.

Dec 30, 2009 05:58 AM #19
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jay-Paul:  No defeat here.  I just refuse to play your silly Tea Bagging game.  That's all.  You folks are typically all fully convinced of your viewpoints... and rarely listen to anyone who contradicts you with facts and reason.  So... bye bye now.

Dec 30, 2009 06:01 AM #20
Rainmaker
1,742,578
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

There is SO much media attention on the government run health care during a time when the focus should be on increasing employment.  If more people were employed we would not be facing nearly the number of foreclosures and evictions.

Dec 30, 2009 06:06 AM #21
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Karen Anne,

I believe the real culprit was the dissolution of the separation between Banks and Brokers so the likes of Goldman Sachs could dictate to their supply side what 'kind of toys' to put in their Christmas stockings. I.e., the creation so many subprime and exotic loans in cahoots with our own AIG, Fannie, Freddie and pals to 'promote home ownership' as the smokescreen. Our own Alan Greenspan feigned he 'never heard of' subprime!  If the Fed Chairman is kept in the dark (if you believe that) then things have really gotten out of hand in the darkened back rooms of power. 

Thomas Wolfe wrote in Look Homeward Angel: "LET THERE BE LIGHT! Even if it is only forty watts. "

Dec 30, 2009 06:58 AM #22
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Sam,

You are so right. Let's ask ourselves squarely: what happened to job opportunities in America? Has outsourcing to India funded by our tax dollars as incentives to big corporations played a part? Have you called your JPM Chase bank lately and gotten an operator in Mumbai or Bombay who could barely speak English?

Dec 30, 2009 07:00 AM #23
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Susan:  As far as Chase is concerned... I had my checking account at Washington Mutual... which got gobbled up by Chase.  I went to the branch yesterday... just for a little thing... and they screwed it up.  Grrrr.

Well... whenever I happen to call anyone... Chase or whoever... and end up with a "customer service" person in Mumbai or Bangalore... I ask them where they are speaking to me from.  Some lie, some are very evasive, but when I finally do get an answer... I demand to speak with someone in America.  If you ask... they WILL switch you.  That happened with Macy's last week.  The operator was in India... and I insisted... just outright insisted on speaking to someone in the US.  I finally got transferred to a customer service rep in Arizona.

It just ticks me off.  Sending all those jobs overseas... and then pissing and moaning because their OWN business is down... cuz they have fewer customers.  They don't seem to realize that when they put their own employees out of work... they are screwing their own economy... and their own customer base.  Dummies.

Dec 30, 2009 12:13 PM #24
Rainer
67,579
Jay-Paul Lowry
Riverside, CA

Karen Anne - You have yet to offer a contradictory view point to my assessment of Fannie Mae tightening guidelines, its easy to say i dont listen to different view points when none are offered. Run away now, run away.

 

JP (Jay-Paul)

Dec 30, 2009 03:55 PM #25
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Karen Anne,

Yes, you can also call your bank manager and let them know you want their company to keep jobs at home. That message gets through. I complained to an AE of a large division of Chase about their servicers and the next time I called I was actually able to communicate in English.

Dec 30, 2009 04:03 PM #26
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Hey JP,

Fannie Mae IS the official poster child for a failed financial system. They will get their just deserts eventually.

What do you say we succeed in spite of the rigging and just try to become better leaders by example?

 

Dec 30, 2009 04:05 PM #27
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Susan:  I do that every time I am in a telephone "customer service" situation.  I believe that if a person is not a part of the solution, they are part of the problem.  So... I don't believe I have the right to complain about sending jobs overseas unless I take an active hand in complaining about it, and doing what I can to combat it.

Dec 30, 2009 04:11 PM #28
Rainmaker
1,007,713
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Jay-Paul:  Sorry to have been calling you John-Paul rather than Jay-Paul.  I guess that subconsciously I may have thought you sounded so sure of yourself that you somehow thought you were the Pope.  You know... with that silly infallibility thing the Popes are all wrapped up in.  And sure, I am "running away" from you.  Uh huh.  You are such a silly goose.

I told you... I am "done" with you.  It is close to impossible to debate with someone who has a closed mind... so I have chosen not to.  Have a great New Year.

Dec 30, 2009 04:15 PM #29
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Karen Anne,

Strong feedback helps a corporation get it they are not serving their brand if they push bad service on their consumer. The customer, after all, is always RIGHT!

Dec 30, 2009 04:16 PM #30
Rainmaker
2,520,821
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Good suggestions and regardless of ones opinion you should voice it to your rep. Now getting them to listen may be a problem. I called mine during the health care debate and his phone was off the hook. You can call the phone company BTW and they can tell you if it is off the hook or has a problem with the line.

Dec 31, 2009 12:09 PM #31
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Agreed Charles!

http://www.congress.org also offers 'impact emails, letter and mailing options. A friend who was a Senator's aide says they DO tally pro and con calls and emails on hot topics.

Happy New Year!

Dec 31, 2009 01:03 PM #32
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