Audio-Facing foreclosure? First, talk to your lender

February 20, 2008

faith-schwartz-photo.jpgOne problem in trying to stem the tide of home foreclosures is simply that too few borrowers and lenders are talking to each other to work out new terms.

The Hope Now Alliance, a coalition of nationwide lenders, investors, counselors and other mortgage market participants, counts improving communication as one of its stated goals.

Hope Now’s executive director Faith Schwartz told the Reuters Housing Summit why some borrowers are reluctant to talk to their lender.


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We pleaded with our lender HomEq – they approved me to list the home at $130k (we owed $140k), we had 2 approved buyers in 6 months – they turned it down and called me the day before forclosure asking me to call the buyers (3 months after we told them the lender said no). They sold the home at the forclosure for $114k. We were loaned too much on the house. The mortgage company’s appraiser wanted us to get a $187k loan on a house that obviously wasn’t worth even what we owed on it. I begged and pleaded with them for over 6 months when I lost my job and my husband was out of work. They did NOTHING to work with us to sell the home. now my credit is really bad and I am living in a single wide trailer (at least I have a roof over my head – without our “vacation” place I would be homeless). These lenders knew what they were doing and now no one is winning. Is there anything I can do at this point? The home was appraised for tax purposes at $157k and now I understand I have to claim the difference of what we owed HomEq versus the tax appraisal and take another hit on our taxes.

Posted by Michelle | Report as abusive

This is an interest that many Family’s are looking for assistance with
the well published HOPE NOW PROGAM and Homeowner Preservation .Every
major new station has carried this story simply because the Federal
Government has stated that this Program would help distressed Homeowners
throughout the country.

Here is what I know first hand , as I have been working with this “HOAX”

I contacted Hope Now in need of some assistance with my Mortgage, do to
the fact that my husbands pay has been cut by more than Half in order to
still be employed, he had to agree to the pay cuts.Jan 2nd I called and
spoke with a person at Hope Now , I answered all the questions as they
started a file. They then said they were going to transfer me to a
credit counsellor, when transferred I was told no one was available and
they directed me to the CCCS web site to start the process of providing
my information. Once I completed that I was told someone would contact
me. I waited for 3 business days and then decided to call Hope Now back.
Again I was greeted nicely and after sharing my information was
transferred again, the person to whom I was transferred said that they
had no one available and the first appointment open would be 10:15 am 21
January. I excepted the appointment and the very next day I received an
email stating that I should once again contact my lender to explain what
steps I was taking to stay in my home. I called my lender and spoke with
Sharon, she entered all the information into my account and said for me
to call back once I spoke to Hope Now. Monday 19 January I received a
call from my lender Saxon – John Thompson Texas – I explained that I
had already spoken with someone in his office and that my account should
be noted. He advised me that it was documented , however that Hope Now
nor the Government had no programs to help. Hence the reason I asked for
his first and last name. I asked him why then was Saxon advertised on
the Hope Now” web site and vise versa he said that Saxon has the final
say and the answer would be no for a Stream Lined Loan Modification. I
asked him again why they would advertise to be a participate in this
program if in fact they are not actively seeking to help others. He
restated that Hope Now nor the Government has any programs to assist
Saxon. I called Hope Now back this evening and finally was given a
number to CCCS and was advise to call them. I spoke with Lynn she said
that my assigned
counsellor (Jessica Arias) was not available and that she would send her
an email for her to contact me .
21st Jan at 10:15 am I received a call from Mrs .Martin (CCCS) for Hope
Now. I explained to her the above information and she asked me to hold
so that she could look up my information (now mind you she called me ,
when I call my clients I certainly do not put them on hold to get their
information I have it in hand when I place the call). While holding I
was disconnected. I tried several times to get her back on the phone and
was unable to reach her. I then decided to speak to anyone that would
answer the phone. I spoke with Mary which said all she could do would be
to send an email to Mrs Martin and Jessica Arias and one of them would
have to call me back. 22 Jan 6pm I still had not received a call back so
once again I called Hope Now which transferred me to CCCS. I spoke with
Emma she again stated that she would send and email to both Mrs. Martin
and Mrs. Arias at this point I told her I really needed to speak to
someone this evening she advised she would also copy the request over
to her Supervisor and that some would call me back.

Conclusion- to the amazing Hoax that our delightful Elected Officials
have instilled false hope for distressed Homeowners.

9:37 pm 22 Jan. I received a call back from (CCCS)HOPE NOW. I spoke
with a Supervisor TK Johnson located in the Atlanta, Georgia office
(404-527-7630) He advised me that the Homeowner Streamlined Loan
Moderation Program that the Government enacted was not being backed by
the Mortgage Holders. He stated that on Monday the 19th of January they
received a mass email stating that this program was not valid and that
the Mortgage Holders would not wright down or modify the loans.
Therefore this was no more than a Hoax and a lot of false Hope that was
driven by our Elected Officials so that they may appear to be truly
concerned with the people who elected them.However they can see the need
and urgency to provide Billions of Taxpayer monies to large corporation.

Here are some links to promote this program: 64.htm 64.htm ns/Default.aspx hp PropertyMgrReport11609.pdf

Posted by Karen | Report as abusive