My Foreclosure Story
I started this blog as a way to help and support homeowners going through foreclosure. You see I to am facing foreclosure though I am more than financially able to pay my mortgage the bank will not give me a chance. They would rather foreclose on me than work with me.
19 months ago Indymac Bank gave me a Loan Modification that reduced my 113/4% ARM down to a 6% fixed. They also took the 2 months that I had fallen behind due to an unexpected decrease in my husbands business and put it to the back of my loan. They told me NOT to pay any payments until my new Loan Modification payment was due 3 months later. I did as they said and began paying my new payments on schedule. Then a month into my new payment schedule Indymac was taken over by One West Bank, who by the way does not participate in the HAMP program, and my Loan Modification was revoked leaving me 5 months in arrears at 11 3/4%.
After trying 4 times to get One West to give me back my Loan Modification I was told that because of the contractual agreement that One West has with the Investors that own my loan (now George Soros and Michael Dell) they WILL NOT. This contractual agreement states that they do not participate in the HAMP program which I find odd considering that they are listed on the Making Homes Affordable list of program members list of servicers.
So here I am losing my home of 11 years because of the greed of Billionaires who would rather foreclose on my home and make a profit from their “Shared Loss Agreement” that they have in place with the FDIC (see “Is the FDIC killing short sales” on the side bar of this blog) than to give me back was is rightfully mine, my Loan Modification.
Sadly there are so many stories like mine of people who are losing their homes because of the banks unwillingness to work with them. Many of these homeowners are able and willing to pay their mortgage at a reduced rate and keep their home. However the banks are letting tens of thousands of homes foreclose without even giving the homeowner a chance to save it.
This practice is stripping Americans of their homes and their dreams and MUST BE STOPPED! I believe if homeowners unite and fight back we will save thousands of homes.
Please take the time to share your story and join the “Voices of 100,000 homeowners” in the right side bar. Together we can be heard!
Thank You,
Carol Stinson