As you pass local homes going through foreclosure,
be charitable in your thoughts; as each home lost through foreclosure has a story. It's usually not about overspending, or being personally irresponsible. It's about a family's dreams, loss, and being caught in the recession.
There is a social and legal contract between Big Banks, and all Americans.
In the beginning of our nation's economic challenge, we trusted that home loans in default would be handled quickly, fairly, and honestly by the same banks Congress had worked hard to bail out. Instead, most of us have now heard of local real estate property being repossesed through a mysterious, "paperwork catastrophe", usually discovered just before their redemption date.
Loan modifications are the pipe dream of our time. We've watched helplessly as neighbors move, leaving another empty home in your neighborhood. You knew families just like them. How did this happen?
Please read this Fairfield County, Connecticut, family's story. The details of this family's home mortgage crisis resemble that of many Americans. You see, Bank of America claims to have never recieved certain needed documents. Signed documents often appear to go into a "black hole"; even when sent repeatedly. Even so, this Connecticut family continues to deal with Bank of America in good faith, despite going through a devastating health crisis.
Now, they have only our prayers to rely upon.
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After three years of filling out loan modification paperwork and sending it in, I was informed via a phone call today from Bank of America that my loan modification was declined on 2/1/13 as I didn't submit all the documents. Bank of America continues to state this as a reason for declining my loan modifications, but I give them everything they ask for and then have my HUD counselor review it for completeness. Anyone who knows me knows how organized and detail-oriented I am. I have a Ph.D. from Columbia University and that required an incredible attention to detail. I know I submitted all the documents required as I carefully reviewed every request and my HUD counselor, Michael Haynes, of the Neighborhood Housing Services of New Haven reviewed them.
This seems to me to be a bogus excuse. I think they just don't want to do a loan modification. Although why BOA would want one more foreclosure in Bridgeport, Connecticut is beyond me. They aren't going to sell the home for more money than I would pay for it. I bought this home at the peak of the market in 2005 and paid $400,000. It is now worth no more than $250,000. I'm earning a good income now, my income tanked when my husband became ill with pancreatic cancer three years ago and our expenses have been high due to the cost of medications, travel, and treatment. We also lost his income when he became ill. We were both in real estate and the market downturn left us with less money at a time when we needed more.
As you know, my husband has Stage IV Pancreatic Cancer and he is getting hospice care in our home. I haven't told him yet that our home is going into foreclosure. BOA says to consider a Deed in Lieu of Foreclosure or a short sale and just leave, but my husband wants to spend his final days in his own home. Is that too much to ask of a big heartless organization? Probably. But don't you wonder where all that Mortgage Settlement money went to? Weren't the lenders supposed to be doing more loan modifications instead of allowing homes to go into foreclosure? What the heck are they doing with that money anyways???
It makes no sense at all to me, but my hope is that if you would reblog this post that BOA will notice it on social media, reconsider their decision to foreclose, so that I don't have to tell my husband that our home is going into foreclosure. He's been going through a tough time over the past few weeks and my fear is this will cause him enough stress to push him over the edge emotionally and physically.
I trust in the power of AR to get the word out and in your love and kindness to support me at this time as I try to be strong for my husband. Thank you.
6 PM 2/9/13 UPDATE: Two Social Media managers from BOA contacted me today and my case will be sent to their Escalation Team. I will know more on Monday and will post an update in a new post. Thank you all for taking the time and effort to reblog, Tweet, share on FB, post on Google+, and for your comments/calls/e-mails. AR may not be a face-to-face group, but we are a community in the true sense of the word - a group of people who care for one another and help each other in their time of need. Thank you my AR family from the bottom of my heart.
Three calls today from BOA and I now have one point of contact for dealing with them. I haven't anything to report yet, except that this time it seems like my loan modification has been fast tracked for priority review. I will report back as I know more. I really appreciate your help. I should know more by the end of the week. I'll keep you informed. Thank you so much! This wouldn't have happened without your efforts. I'm very grateful to my AR friends! Thank you!