Home Loan Modification

Okay everyone I am mad.  I just wrote this on a site called Loan Modification Hell and thought I would share it with everyone, with an addition or two..

Loan modification hell...I think it is worse than hell.  A year ago in April I applied for the Making Homes Affordable Program.  My ARM (which was sold to us by and unscrupulous broker with country wide) was going to adjust in August of 2009.  I thought with interest rates going down that it would be fine but was told that it would only adjust up, and up it was going from 3400 a month to over $8,000.  There was no way I could pay that even if my husband's business wasn't floundering which it was.  I applied sent all, of the paper work, and kept paying the $3400 a month.  I called about every two weeks and they said everything was going well.  In August of last year my payment went up to over $8,000 a month I called to make a payment telling them that I could only pay the $3400, but that I had paper work in for the modification.  I was told "We don't take partial payments" and "Your modification was denied you didn't send in the paper work".  So they refused a partial payment I didn't have a spare $4600 on me so no payment.  I reapplied for the program and was told that I would have trial payments but not to make a payment until I heard back from them.  I called weekly and was told "we are behind"  In November I reached someone who said that I was supposed to be making a payment of 2,300+ for three months and that I should start right away, I sent all additional paperwork requested and continued to make the "trial" payment. I  called  every week  and was told every thing was fine just keep making those payments "we are really behind but everything is fine"

On March 23, 2010 after making 5 "trial" payments, I received a Fed X package... I thought this was it my modification but No.  It was a packet telling me that I should start my trial payment right away that I was eligible for the Making home affordable program and I needed to send in the documents yet again.  So I did and started my new trial payment in April.

I received another FedX packet in May with a new IRS form to fill out.  They wanted my husbands name on it first because his name is on the loan first.  I explained that the instructions for filling out the form clearly state that the person whose name comes first on the tax return is the name that has to appear first.  I downloaded and printed the form properly and sent it back to them.  I received another form a month later saying it needed to have his name first.  I again explained that if they did that the IRS would send it back.  I finally got a person who said "Oh, that was just sent back because you forgot to put your phone number on it"

Two weeks ago I received a call from underwriting asking for my bank statements which hadn't been requested prior to this and for a couple of things they already had.  She said she would send a Fed X envelope to me.  After a week nothing came,  I called the number she gave me and was told by a man that I hadn't called the number I had called.  I told him "I can see what number I called and it is the one she gave me."  he said "no you didn't call that number"  "she must be in another state and it must be later there".  Ummm it was 1:00 p.m. .  If she was in this country it wasn't closed.  He says I was supposed to fax it to the number she gave me. I say "NO she didn't give me a fax number and said I could send it fed x."  The next day I call again and the person is able to contact the person who had allegedly sent me the fed x package.  It was too late for that but I could fax it from the local B of A for free.  Gosh that saves me hundreds of dollars.  She even gave me the direct fax number not the 800 number.  I tell her how frustrated I am and I don't know what I am supposed to do and she says "neither do we, it changes every day, none of us know what is going on"  An honest answer in this hell...

Today I went to B of A to fax the requested docs.  The bank manager assisted me and called to make sure the fax number was correct.  I received a call in less than an hour telling me that I had left off a page of a bank statement.  So I faxed it too them.  She said it would go to underwriting tomorrow.  We will see..I don't trust anyone.  I am at the point where I don't care if I keep this house.  I have given the bank $350,000 including my 10% down payment.  The house is now worth about $60,000 less than I owe on it. I put a new roof central air and a new kitchen in this house just a year before the mortgage went up.   I understand the frustration of the guy who bulldozed his house.   I can't pay $8,000.00 a month, and I really don't want the mortgage company to benefit from the upgrades I made while my payment was still affordable.

Renting is beginning to sound very very nice.

I've been a homeowner for 22 years I was NEVER late with a payment until B of A refused a partial payment.  I had good credit until then.

Wouldn't you like to see CEO's of B of A, Chase, Wells Fargo and Aurora doing a perp walk? I'm not a vindictive person but  I would love to see justice...  This has pushed me way beyond my limits...

It's way past the time for a revolution...it's time for us to RISE UP....But they have us so busy re-sending documents that have already been sent, calling them and being put on hold for over and hour after being told "I will be back in a sec", and making new rules that we don't have time to rise up.  I don't know what to do.   I think we are all to stunned to do anything. Yes the legal system, but it is so slow.  Perhaps it is time for some non violent civil disobedience...  Any ideas on how to start?

Learning

I don't know about anyone else but there are times when I think that I have read and heard so much about a topic that there is nothing left for me to learn.  I don't know why I think that because I'm always wrong, it is good though that I know I am wrong because I keep reading and listening to what others have to share.

Today I went to a retreat on contemplative prayer...  I am not a person who likes to sit still so I don't really like the practice of contemplative prayer.  I try to practice daily... begrudgingly sometimes... I know that when I do I am different.  I see things differently.  Today I learned so much, I learned things that will make it easier for me to practice.