a “typical” day in the mortgage business
Posted by admin on November 5th, 2009
Through Marin Family Action, I’ve been working with a group of homeowners from Marin, Napa and Sonoma Counties . . . most are in danger of losing their homes, some with obvious charlantry on behalf of the mortgage lenders, some with obvious incompetence on behalf of the lenders. I don’t know the background of the following or who really said what to whom, but I would think it quite impossible for an individual to be this far off in the understanding of a home loan, so one can only think that something is amiss (again) in the lenders’ paperwork.
I am a licensed real estate agent, and I do not understand much of what I’m being told is or is not true on behalf of the lenders. How does someone elderly (actually, I guess I’m elderly — is 66 elderly?), or ill, or with a low IQ understand all this. (That is not a slur; the average American has an IQ around 98 and mine, for example, is 143, and I don’t understand much of what the lenders are doing.)
The following was sent to Marin Family Action:
I spoke to you a few weeks ago. I could not make it to your office because I was sick. I live in San Rafael and my home loan was remodified in May of this year, with Washington Mutual which is now Chase or J.P. MORGAN CHASE.
The remodification terms in May were that I would pay $2348.51 for three years and
then would gradually increase. They also told me that they would include my taxes which they new they were two years delinquent. Anyway they sent me a letter on October 26th that my Mortgage would increase to $3700.00 by December 1st 2009 and then I received another letter dated October 28th that my mortgage payments would increase to $4700.00 on December 1st 2009.At this point I know that usually anytime you refinance title knows about your taxes, etc., and they were aware of it and they told me because of the economy, etc. they would take care of it. I hope your office can help me.I am a single parent and have two daughters that I took care after my wife Diana past away in a Car accident. The last one just graduated and is started attending College.
I will not be able to make these payments and they would most likely take my home.
Please tell me what my option are. I know you have helped a lot of people in this stressful situation. Thank you.
Many people are going to try to pick that story apart . . . How could anyone have mis-read a note to that extent? Have you actually read your mortgage papers? Every word? Do you actually understand what you have agreed to and do you know — actually know — who holds your note? I’m quite sure that you do not. As for the changes in terms from Chase, I promise you that there IS, in fact, that much confusion in the world of mortgage lending. My own examples are proof of that; a letter one day saying a modification proposal is underway; another letter within days saying the holder of the note does not want to negotiate; followed by yet another lender saying that a modification proposal is underway.
WHAT is in our water? WHAT are the lenders drinking?
Tags: unclear mortgage papers
