The government's futile efforts to help our housing market definately is not showing up in my day to day experiences.
The banks have NOT been able to rectify their problem areas in "customer service". One department doesn't know what the other is doing. Files are getting lost and packages have to be resent. LIVE VOICES are a thing of the past because they will only accept information by email, fax, and or a customer service representative who has limited information.
People who have tried to modify their loans have been met with horrific conclusions to their dilemma's. After 6 months of waiting for an answer they are denied and left with confusion and devastation. I have one person who recently was told she was approved for a modification. On Christmas Eve. she receives what she thought were her confirmation papers but instead was a denial letter. In another envelope was a"Sheriff's sale notice" giving her 10 days to vacate her family from their home. When she went to the Sheriff's office to plead her case, she was met with "we only handle the foreclosures, we can't help you".
Preditory lending is STILL out their and getting away with UNBELIEVABLE deeds against homeowners. I have recently had a seller "short sale" who went to an attorney with all her paperwork from her mortgage. She was denied a modification AND the large cash offer on her home was also denied (the offer was only $10,000. less than the actual amount owed. Being suspicious about this "lender" for refusing such an offer and refusing to return phone calls, knowing that this person's foreclosure sale was coming up quickly, I advised her to seek an attorney's help. In reviewing her mortgage documents, it turned out that this "lender" had so many illegal things going on with this mortgage that the attorney took her case and with only 1 week left before Sheriff's sale, he is going to plead to the judge to postpone, THEN file a law suit against this "lender". He found the words "loan to own" in some paperwork. And when she remortgaged she took equity money out to consolidate credit cards, for which the lender was suppose to pay off.....and they never did...........OUT RIGHT THEFT!!!
I have an attorney friend of mine who is losing sleep because he has an 81 year old woman walk in his office last week who has just been foreclosed on. She has no family, no one to help her, and doesn't know where to go or what to do.
I have a friend who works at a credit counseling center. She called me the other day in tears, claiming that she is so depressed and overwhelmed with the hundreds of calls she has to take every day of people who's lives are falling apart and they don't know which way to turn.
And today an old client of mine who had bought and sold 3 homes from me over the last 15 years, called me crying. She said that her husbands hours were cut back and they had fallen behind on bills and started dipping into their savings....................and now the savings is gone, she can't make the mortgage payments, creditors are calling her and threatening her (with no sympathy whatsoever).
EVERY SINGLE DAY THESE ARE THE STORIES THAT ARE SURROUNDING US!!! People are suffering and don't know where to turn when the governments demands aren't being met by the lenders, court officials, credit companies, etc.
It's the Trickle down affect that is where the problems lie. It all sounds great when the bills are passed and the laws are put in place, but when it comes down to monitoring the implementation of these things................it gets lost.................................and everyone just keeps bleeding!!!!!!!!!!!!!!!!!