i would like to be lead lemming, if you please . . .
Posted by admin on December 7th, 2009
Large migrating groups of lemmings mindlessly jump off cliffs into the ocean and swim beyond exhaustion and into death. While it is not intentional suicide, the effect is the same, and I can’t help but liken our current foreclosure nightmare to the lemmings.
A new “plan” is presented to “save” us from foreclosure every few months; thousands of us rush in that direction to no avail.
Along with those other families, I’ve been rushing hither and yon for one year only to be told “no” to loan modification by Wells Fargo – who does not hold the note in any case – they are servicers and have no right to decide anything.
(A word of caution here: If/when your lender offers a temporary modification indicating that you might be approved for permanent modification at the end of a three-month trial period, QUESTION THAT and get it in writing if you intend to go along with it. If your lender is merely the servicer of the loan (which is true in thousands of instances), they have no authority to offer any type of modification plan; that must come from the investor — many loans have been sold in batches to investors. Odds are good that your original lender does NOT own your note. If you are fortunate, they will have lost the note and, technically, no one owns your home but you.)
How efficient are these lenders? On November 27, 2009 — after almost one year of “negotiations” with Wells Fargo, they declined any loan modification by stating that the investor does not want to modify the loan. On December 3, 2009, I received a “Making Home Affordable” piece of paper from Wells Fargo offering to discuss modification programs to help me stay in my home. On December 8, I received an automated call from Wells saying that more paperwork is due in order to consider modification. After a call to Crystal at Wells, I learned that I’m still in some loop; they are resubmitted some type of modification request to whomever the lender might be. Foreclosure has not been activated. I have somewhere between 30 and 90 days or something . . .
I’m starting to feel insane.
And I can’t help but wonder what they did with the investors that already indicated that they don’t want to modify the loan? Perhaps they threw them off the cliff with the lemmings.
Which brings up another question: Why aren’t the investors suing the banks that sold them these loans? My loan was sold by Wells Fargo to HSBC AFTER I filed for bankruptcy. Doesn’t HSBC have some say in this? Actually, now that I think of this, I’m going to call HSBC and ASK THEM JUST THAT!
We are collectively heading for another endless chasm with our current directions and I am SO tired of this game. I would like to be Lead Lemming, and here’s my proposal:
Get mortgage lenders out of this picture. The lenders have clearly proven they are inept and perhaps unethical; why does the charade continue?
Spend those federal billions on establishing a fund that will buy about-to-be-foreclosed homes from lenders and sell them BACK to the current owners? What is the point of weakening our communities by displacing millions of people?
No one will win this current battle by continuing the established course . . . we will tread water until we reach exhaustion and expire from exertion.
Tags: foreclosure solution, lead lemming, new lending method
