That important story is lenders who are treating their borrowers like crap! Those that seemingly WANT their customers to fail! Do some investigating, you will see. Behind in payments, have a payment to make to try and come current? What if the lender WON'T accept the payment?! Read My story below.
To whoever may be interested, and those willing to help:
My wife and I are struggling with our mortgage and are wondering where to turn?! We have struggled for well over a year and have not missed a mortgage payment until this past october. After struggling to put that payment together and offering it online and by phone by our lender, they told us that THEY WOULD NOT ACCEPT THE PAYMENT!!!
Since November is now due, they called making the October payment a partial payment and that they don't accept partial payments! Do they WANT us to fail?
They also recently turned us down for a workout of our mortgage. After following their procedure submitting a bunch of paperwork and promising a decision within 14 days, we never heard from them. When we called to see what the status was, we were told almost as an aside that we had been turned down. When asked why the "phone rep" of course had no reason and no authority to speak on this subject.
They cannot be reached by phone, 30-40 minute waits are common. No one that can provide any information or initiate a serious dialogue about our situation is ever available. They cannot (or will not), disclose who actually holds our mortgage, and of course any dialogue at this level is impossible.
I was in the Financial Services industry and left my job in March 2008 as the market sunk and making a living was virtually impossible. I was unemployed and my wife shouldered the mortage for months. I am now employed and we can afford, through a workout to keep our home, however our "lender" which is really a mortgage servicing company, will not work with us. What are homeowners to do? We work everyday, we send our 2 teens to school, and we work to pay our bills... but given the circumstances where do we turn when our creditors seem bent on seeing us fail. Afterall, a rework is beneicial to both us AND the lender.
I have called my congressman, sent a complaint to HUD, again tried to contact the lender, told my story to the media, and yet here we sit with a mortgage payment that our lender puts stipulations on how they will accept it.
Advocacy agencies are powerless, can reveal little and are ovewhelmed in terms of the complexity of the housing crisis. They aren't empowered with the tools to even begin to offer real help, real solutions. We have been let down by our elected officials, regulatory agencies, and the private sector of the banking industry.
In a country like ours, with multi-billion dollar corporations getting billions more to stay afloat, it's obvious that the middle class has been abandoned. My wife and I both work, collectively we make just short of a 6-figure income, have 2 teenagers to support, we are solid middle class voting responsible people.
PLEASE INVESTIGATE AND REPORT on these mortage holders that are still taking a hard line, an even a predatory and suicical posture. My lender would rather lose $250K by foreclosing than rework our mortgage and yes, $150K, but have a viable customer for decades to come....
A Tax paying working citizen
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