Comments on: Democrats Press Treasury to Use its Leverage to Help Struggling Homeowners http://loanworkout.org/2009/07/democrats-press-treasury-to-use-its-leverage-to-help-struggling-homeowners/ Loan Modification & Home Loan News Sat, 20 Mar 2010 15:31:56 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Struggling Homeowner with American Servicing-they are a JOKE!!! http://loanworkout.org/2009/07/democrats-press-treasury-to-use-its-leverage-to-help-struggling-homeowners/#comment-15574 Struggling Homeowner with American Servicing-they are a JOKE!!! Sat, 04 Jul 2009 18:26:52 +0000 http://loanworkout.org/?p=4743#comment-15574 A recent report from the National Foreclosure Mitigation Counseling Program indicates that homeowners are waiting, on average, 45-60 days for responses to requests for help. Other homeowners have found servicers reluctant to make meaningful changes to the terms of their mortgages despite advertised participation in the Administration’s foreclosure prevention initiatives. Finally the government and treasury are finding out that banks are not cooperating, and 45-60 days? i've gone through a modification specialist/lawyer it took me approximately 6 months, $1,800 dollars later that instead of lowering my monthly mortgage they had increased it. Since i did not agree with the modification i refused to sign, of course the lawyer was furious and according to him not all modifications are approved and i should sign the offer, Yeap!!! been there done that the first time with this ARM loan, like i say "live and learn". Why, for the life of me and my family would i agree to a higher mortage payment without taxes and insurance only to see myself a couple of months down the row struggling to make the payments. Is it me? or doesn't the bank acknowledges that the housing crisis and houses in foreclosure is because homeowners are unable to make their current payment, so why would i agree to a band-aide a quick fix, i want a long term mortgage, not to be set-up for failure again. Treasury Secretary Timothy Geithner should investigate, a desk audit as to why loans are not being modified, as to why foreclosure is increasing. Homeowners like myself have been trying, but banks are not cooperating, they are hostile, do not provide you with any options other than foreclose or short sale. There are a million of homeowners out there with similar stories like mines. Let me reassure you that for me foreclosure or short sale is not an option, because i have my elderly mom and grandmother, 3 year old son that depend on me to provide for them a home. It's been 9 years since i purchased this home, more than $50,000 invested in upgrades, neighbors complement me on my well-kept lawn and how beautiful my house always looks, so not only do i contribute in paying my property taxes every year in full, but by maintaining my property in excellent conditions, my neighborhood doesn't decrease it's value and new homeowners are willing to invest in this well kept area. To all those who call us irresponsible - let me remind you what irresponsibility is...i can easily give up and foreclose, do not need the headache or the aggravations with these lenders, do not need to pay my yearly $4,000 property taxes nor my $3,000 a year homeowners insurance, plus my monthly mortgage to American Serivicing/Wells Fargo for the amount of $2,100 ARM, homes have gone done in value at least 20% in my area, SO TO say that every homeowner trying to modify is because they want to get something for free, this is not True, As i SAY, do the math,..who is losing? is it the bank or the homeowner? The easy way out is...hey!!!, i have two elderly's living with me with no income but my own, let me apply for section 8, wow!!! now i have my house paid by government, nice DEAL, and with a 3 year old, let me apply for aid and food stamps....let me see whatelse i can get for FREE from the government!, so as i said before, anyone can take this easy route, homeowners willing to fight and to stay in their homes working with banks are the true Foreclosure HEROES!!!!! Giving up is easy.....fighting separates us from the rest. TO ALL, DO NOT GIVE UP, I WILL NOT. Happy 4th of July. A recent report from the National Foreclosure Mitigation Counseling Program indicates that homeowners are waiting, on average, 45-60 days for responses to requests for help. Other homeowners have found servicers reluctant to make meaningful changes to the terms of their mortgages despite advertised participation in the Administration’s foreclosure prevention initiatives.

Finally the government and treasury are finding out that banks are not cooperating, and 45-60 days? i’ve gone through a modification specialist/lawyer it took me approximately 6 months, $1,800 dollars later that instead of lowering my monthly mortgage they had increased it. Since i did not agree with the modification i refused to sign, of course the lawyer was furious and according to him not all modifications are approved and i should sign the offer, Yeap!!! been there done that the first time with this ARM loan, like i say “live and learn”.

Why, for the life of me and my family would i agree to a higher mortage payment without taxes and insurance only to see myself a couple of months down the row struggling to make the payments. Is it me? or doesn’t the bank acknowledges that the housing crisis and houses in foreclosure is because homeowners are unable to make their current payment, so why would i agree to a band-aide a quick fix, i want a long term mortgage, not to be set-up for failure again.

Treasury Secretary Timothy Geithner should investigate, a desk audit as to why loans are not being modified, as to why foreclosure is increasing. Homeowners like myself have been trying, but banks are not cooperating, they are hostile, do not provide you with any options other than foreclose or short sale. There are a million of homeowners out there with similar stories like mines.

Let me reassure you that for me foreclosure or short sale is not an option, because i have my elderly mom and grandmother, 3 year old son that depend on me to provide for them a home. It’s been 9 years since i purchased this home, more than $50,000 invested in upgrades, neighbors complement me on my well-kept lawn and how beautiful my house always looks, so not only do i contribute in paying my property taxes every year in full, but by maintaining my property in excellent conditions, my neighborhood doesn’t decrease it’s value and new homeowners are willing to invest in this well kept area.

To all those who call us irresponsible – let me remind you what irresponsibility is…i can easily give up and foreclose, do not need the headache or the aggravations with these lenders, do not need to pay my yearly $4,000 property taxes nor my $3,000 a year homeowners insurance, plus my monthly mortgage to American Serivicing/Wells Fargo for the amount of $2,100 ARM, homes have gone done in value at least 20% in my area, SO TO say that every homeowner trying to modify is because they want to get something for free, this is not True, As i SAY, do the math,..who is losing? is it the bank or the homeowner?

The easy way out is…hey!!!, i have two elderly’s living with me with no income but my own, let me apply for section 8, wow!!! now i have my house paid by government, nice DEAL, and with a 3 year old, let me apply for aid and food stamps….let me see whatelse i can get for FREE from the government!, so as i said before, anyone can take this easy route, homeowners willing to fight and to stay in their homes working with banks are the true Foreclosure HEROES!!!!!

Giving up is easy…..fighting separates us from the rest. TO ALL, DO NOT GIVE UP, I WILL NOT. Happy 4th of July.

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