My first set of financial documents - the ones requested by my mortgage company and its law firm - was completed and sent in September, 2008. It included my previous year federal taxes, a pay stub, the completed hardship documents, and proof of the robbery, roof replacement, boiler replacement, gas leak, and all other relevant information related to my case.
This is now one of the critical components to my HUD case - the fact that I have proof that I provided all of the documents to my mortgage company - upon the date requested.
Whether you are just beginning a loan modification or are in the middle, do your best to keep track of the date/time of all documents and when they are sent. If you can, when sending by snail mail, get a return receipt so that you have a signature proving it was received. If by email, get a confirmation that it was received. If by fax, hold on to that confirmation page - staple it together with the originals!!
Foreclosure magistrates are well aware that there is "something" going on with mortgage companies and, if you get to the point of foreclosure, will be more than willing to work with you in mediation to come to a resolution if you can prove that you have been jerked around by the mortgage company :) Also, by keeping those documents, you will be able to get yourself in on the class action against the mortgage companies in the future.
DOCUMENT! DOCUMENT! DOCUMENT!
Showing posts with label lending discrimination. Show all posts
Showing posts with label lending discrimination. Show all posts
Friday, June 25, 2010
Friday, June 18, 2010
The HAMP Scam - You Can Survive It!
The newest scam mortgage lenders are perpetuating on unsuspecting buyers is costing buyers their homes. Home Affordable Modification Program, otherwise known as HAMP, is a US Treasury program designed to help at-risk homeowners. When done properly, HAMP is a fantastic program!
Unfortunately, lenders have found a way to screw homeowners - while lining their pockets with government funds.
Each homeowner that signs up for the HAMP program generates $1000.00 for the lender. The homeowner is required to make 3 [three] trial payments to satisfy the program requirements before the loan modification is approved. During this time, Lender "loses" the homeowner's paperwork which makes it impossible for the homeowner to complete the modification within the allotted time period. Therefore, an extension is granted, which is considered a new modification -- which means another $1000.00 for the lender!!!
SCAM, SCAM, SCAM.
The lenders are not discriminating based upon gender, race, disability, et-al. They will screw anyone over. It's like a mortgage orgy!
So, how do you avoid it? Keep a copy of every piece of paper you send your mortgage lender and when it is sent. By this I mean, don't send by regular mail. Send so that someone has to sign for it! Or, fax it and get the fax transmittal. Or, if you are emailing paperwork, request a confirmation email and save that email.
The best way to beat the Mortgage Monsters is to DOCUMENT, DOCUMENT, DOCUMENT. For three years I have been keeping a journal - a timeline, if you will - of every phone call to and from anyone having to do with my mortgage. You should, too.
YOU ARE NOT ALONE!!!
For more information on loan modifications, visit FinancialStability.gov
Unfortunately, lenders have found a way to screw homeowners - while lining their pockets with government funds.
Each homeowner that signs up for the HAMP program generates $1000.00 for the lender. The homeowner is required to make 3 [three] trial payments to satisfy the program requirements before the loan modification is approved. During this time, Lender "loses" the homeowner's paperwork which makes it impossible for the homeowner to complete the modification within the allotted time period. Therefore, an extension is granted, which is considered a new modification -- which means another $1000.00 for the lender!!!
SCAM, SCAM, SCAM.
The lenders are not discriminating based upon gender, race, disability, et-al. They will screw anyone over. It's like a mortgage orgy!
So, how do you avoid it? Keep a copy of every piece of paper you send your mortgage lender and when it is sent. By this I mean, don't send by regular mail. Send so that someone has to sign for it! Or, fax it and get the fax transmittal. Or, if you are emailing paperwork, request a confirmation email and save that email.
The best way to beat the Mortgage Monsters is to DOCUMENT, DOCUMENT, DOCUMENT. For three years I have been keeping a journal - a timeline, if you will - of every phone call to and from anyone having to do with my mortgage. You should, too.
YOU ARE NOT ALONE!!!
For more information on loan modifications, visit FinancialStability.gov
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