There was no offer for modification of the loan, even though I was current and still am. The loan now is in the hands of U.S. Bank out of Irvine, CA. I have attempted modification 4 times and have been denied 4 times for any assistance. Following in the footsteps of Downey Savings & Loan, U.S. Bank does not care about the borrower, the community or any thing but themselves.

Banks need to come around and figured out, those of us who are current need help on these loans. Maybe the Comptroller will be able to help settle, before the loan(s) recast and bounce out of control to foreclosure status. Lovely, Yes, I kick myself every chance I get for listening to our financial advisor and mortgage broker who brokered these deals. I worke hard to build positive equity and they took it all in a drop of the pen. Every one made money on the deal and I and others will be paying until we die. Thanks ever so much you bunch of bastards.

–R. Birkland

In fact when I called requesting a loan work out or some option on my loan, I was told they cannot help me.

This loan was SOLD to me by a broker who did LIE. He lied about the Interest Only payment to the tune of mroe than $1,000 less per month then it actually was. Plus the LOAN documents I signed also DID NOT STATE THE INTEREST ONLY PAYMENT, OR ANY PAYMENT AMOUNT OTHER THAN THE MINIMUM.

I was under the impression when signing this loan I would be able to make the Interest Onlt Payment, and from the very first Statement found that it was more than 1,000 more than I was told, so from the start was not able to make the payment.

When I called to ask if I could make a payment in between the minimum and the interest only, I was told I needed to pay one or the other not something in between. Since I have never had any type of loan but a standard 30 year fixed, I assumed this to be true.

Now I have only a few months before this loan recasts and there is NO WAY I can make the payment. I am so embarrased about being duped into this loan, I cannot even tell me family.

I’d like to know if there are any options to get Downey to renegocaite this loan with me. I looked at refinancing for about 8 months and could not find anything I could get , mainly due to th lowering of the market and having less then 10% equity left in the house.

Ledeen

look out below.

“Merrill, the nation\’e2\’80\’99s largest brokerage firm, posted a $9.8 billion fourth-quarter loss, almost matching the deficit reported for the period by Citigroup, a company three times Merrill\’e2\’80\’99s size. The loss at Merrill, which exceeded analysts\’e2\’80\’99 forecasts, reflected $16.7 billion of write-downs on mortgage-related investments and leveraged loans.”

http://www.nytimes.com/2008/01/18/business/18merill.html?_r=1&th&emc=th&oref=slogin