Posted on: 19th Jun, 2010 03:42 pm
I refinanced my home 8 years ago on a 15 yr note (for 80k). approx value of my home is 150k - I owe approx 50k. I was in a trial modification. I made 6 payments. the 6th payment was returned stating it was not for the amount due (meaning my usual mortgage payment). After not getting any real answer, I receive notification of "transfer of servicer". so... I presume that is why I was booted out and no one wanted to give me an answer as to why. The new servicer - First contact was made 13 days (on a thurs.) after new servicer took over. The conversation lasted approx 1.5 hrs. I verbally gave all my credit info along with my intention to KEEP my home. I would follow up with documentation. On the 17th (Monday) the attorney drafted a foreclosure (with substitute trustee). My home is to go up for acution on the 21st of June. I have since sent a QWR and the Hardship letter with requested info. It appears that having positive equity is to my detriment. I have also discovered that a servicers fiduciary responsibility is to the creditor and investors. Is HAMP really there to assist homeowners stay in there home? or is it just another tool for banks to use so they don't take such a huge hit with borrowers owing more than the value? My creditor changed along with the servicer? (my loan was guaranteed by fannie mae, now it is owned by fannie mae) Fannie Mae was appointed by our Treasury dept to handle/enforce HAMP. who monitors them? I thought the moto was "foreclosure as a last resort". I was totally misled all along. I would have been be crazy to let my home go into foreclosure!! because of the series of events. They (the banks/lender/servicers etc) pushed me to a place that foreclosure can occur. I take ownership, and understand I was in default of my loan agreement. I believe I've entered into "the twilight zone" Help! I will be financially ruined and me and my dogs will be homeless. Is this legal?
When you switch servicer your mortgage company should send you a goodbye letter, and the new servicer sends your a hello letter within 15 of each action. And once you and with the new servicer you have up to 60 days to be late with your payments, which they show no payment history for those 60 days if you choose not to pay or if the confusion messed you up with getting the payment to the right place.. Why were you put into foreclosure, did you miss severallll payments. And if you did miss payments you can get on a repayment plan to get out of foreclosure. Talk to your servicer and find out what your sale date is, and make payment arrangements to get caught up with your payments if your can. If you can't pay or make arrangements them find out how the HAMP can help your to get your loan modified. I know fannie Mae was having some issues with HAMP even though they are overseeing it.