5 Main Points to Saving Your HOME!
1) The first thing I have to say to anyone who has been unsuccessful in saving their home is this:
"DO NOT BLAME YOURSELF!!!"
The reason that I say this is twofold; the first reason is this. Our economy in America is in bad shape. The reason for this is because of the irresponsible financial decisions that the banks have made in America. How could that be your fault? Well, it's not! Your lifestyle and life decisions could not have had enough of an impact to drive the financial crisis of 2008, unless you hold a top position in a top financial institution. I doubt you would be reading this if that was you!! The second reason is this. The government GAVE the banks 787 billion US dollars to bail people out of a foreclosure situation, and to date all that has been used to help people in a foreclosure situation is 5 billion. That leaves 782 billion dollars that has not yet been used. How is that your fault?
So, first thing is first. Please take the time to watch (in a private and quiet area of your home or office) the CSPAN links to the right of this page, with the heading "Useful Links." These 2 hour plus meetings will give you a much more educated perspective on the Government's role in the home loan/foreclosure bailout. You have a lot more support on your side then you may realize, nor have you been told so by anyone, including and especially by your bank. I for one, was shocked, surprised and happily settled after watching them.
My own situation started back in December of 2006, when my family and I purchased our home in Mendocino County, California. We bought a 2500 square foot home for 345 thousand dollars, and at the time that was a great deal! We were so happy to be first time buyers, and as new parents/newlyweds, we were very proud as well. Little did we know our Mortgage Broker qualified us for a loan that didn't make much sense and at the same time was presented to us as a problem free solution. Our loan was a 7.99 fixed rate for 2 years, increasing to an adjustable rate in January of 2009. When we signed for our home loan, we were clearly told that it would not be difficult to modify our loan to a fixed rate that we could afford in January of '09. So, just as we planned, we called our bank and requested a new fixed rate that we could afford in January of 2009. We did not anticipate any problems, since we were totally current on all payments that were paid, on time.
A persistent two and a half years later, I have finally received an offer for a loan modification with an affordable fixed rate. It was not a short road, obviously. It did not include two telephone calls, and the past 2 and a half years also were not free of threats to take my home away from me, including photographers showing up at my front door, as a form of proof that we live here. This did not effect my now 4 and a half year old's idea of this being her home, because we took pictures of the photographer and she finally left with her camera left after my husband told her that she was violating his civil rights. Sad, but true. Too many foreclosure notices to count arrived week after week. None of them meant anything more than, keep working on your modification. They are obviously computer generated if you are late on your payments. However most banks will not even consider you for a modification until you are 3 months or more delinquent on your home loan.
Bank representatives can include those who are in India and barely speak English and those who actually have access to your situation. There are representatives in the loss and mitigation department who understand they are there to help you, although the helpful are few and far between. If you call twenty times and explain your situation, which will take at least 15 minutes each time, you might be on the phone with someone who is willing to read the notes and help you move on to the next step in the process. The real people who are there to help you work for our government. There is a non for profit organization that the government set up to help you, called Hope Now. This is the third link to our right. Again, it is not a two minute phone call. I spent on average 5 to 10 hours a month on this over the past 2 and a half years. Some of the representatives who work for this not for profit organization are helpful and some are not. Although I would say that I learned a new piece of helpful information with each of my phone calls. Some would talk and talk for hours at length of how I should proceed, and what the bank's role in this would be. Finding an extremely helpful counselor was like digging through an enormous pile of hay for your diamond. Well, I found a few counselors thru this organization and kept them close at hand. After I learned that taking the time to talk to the bank on my own was like talking to a dog about their next cat chase (me being the cat getting ready to get attacked or tricked into something new) I made sure to do a "conference call" with a counselor from Hope Now, who really cared about my house and my family's well being. God Bless those who really care about our well being. I would like to do everything I can to help people to stay in their homes, and that is why I am taking the time to help anyone who wants to read this.
2. My second piece of advice is this:
DO NOT GIVE UP!
TENACITY TENACITY TENACITY!!!!!!!
Two months ago I was told very plainly by my bank to GIVE UP! My negotiator, as she called herself continued by saying "sorry but you do not qualify for a modification, and there is nothing else you can do and definitely not to try again." I hung up the phone in tears. I went to bed that night convinced that all of the work I had completed over the previous 2 and a half years (two complete modification packages) was completely fruitless. What a complete let down. I awoke the next morning re-energized to try again and again if I had to. I mean, what did I have to lose at this point. So, I called Hope Now, Again and reached our friends who were willing to listen to me explain everything. They said, "Kristina, You qualify to try again." Extremely thankful and pleased I pulled out my files and modification notebook, and started over for the third time (in the back of my head saying "the third time is the charm"). Well, after many many hours on the phone with my favorite counseling team, I was ready to try as many times as I had to. It must be the way I presented my package and I was going to learn to do it their way if it was the last thing I did.
3. Stay Organized and Optimistic
Each time I would call and talk to the team of counselors I would be ready with a handful of questions, as well as my "modification notebook" to jot down the answers. And after I got all of my questions answered I would nicely ask them if we could call the bank together on a conference call to see where my account stood and what else I needed to complete to have my package completed. It seemed like every time I turned in new paperwork that they requested from me, they would send me a notice that part of it had not been received (even thou it had been sent or faxed, or both). So, after months and months of resending the same documents, I became quite organized, so they could easily be sent again and again. At times it seems like a game of who has the most patience, because it is.
4. Purchase your own fax machine and LAN line
At any point in time on this journey purchasing a personal fax machine and LAN line will save you a lot of time and money.
5. Do not believe everything you read.
There are so many pseudo organizations/individuals trying to profit from your potential lose, and it is just sad to say but very true. Many of them are attorneys who will charge you 4 thousand to 10 thousand dollars up front to do exactly what you can do on your own. All you are doing is paying them to do exactly what I have explained above. If you do not have the time, I understand, but a half day every weekend could save you that money and that would certainly make a nice family vacation when this is all resolved and your home is saved.
Another scam is the foreclosure notice. It will look official, but if you read the fine print you will see that it is from yet another Law Firm looking to get you to settle out of what is technically yours. It may even read that you must be out of your own home within a certain period of time, and may even have a court date for an auction of YOUR HOME. Every foreclosure notice that you receive needs to be thrown aside and as long as you are in a modification status at the bank, it is illegal for any bank to foreclose on you. If you feel that you need to discuss any foreclosure notice, or short sale offer, call your counselor, assigned to you by Hope Now, and they will be happy to call the bank and get to the bottom of the current threat.
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