I sit here on a Sunday afternoon, afraid to open my blinds even though the sun is shining for the first time in weeks.
I sip my coffee as I snuggle beneath a blanket, listening to the hiss of the refrigerator, the
"ding a ling" of the windchime on my front porch and I wonder, how many more times will I sit in this same spot and relish in the sounds of my home? The reason I ask, our home is scheduled for auction in 5 days. For the past few months we have been told "approved for a mod, denied, fill out the paperwork again, we didn't get your paperwork, your home will be auctioned, your loan has been transferred from Wilshire to BAC, I'm sorry, here at BAC we can't find your loan, try back in a few weeks."
In a state of helplessness, I reached out to my politicians. They always promise to help when they are running for office, right? I live in New Hampshire. So I contacted Senator Judd Gregg's (R) office, Governor John Lynch(D) and Senator Jeanne Shaheen (D). When I wrote to my politicians, I did so without any particular expectation. However, I did expect and/or hope that they would respond quickly. I was sadly disappointed by both Senator Gregg's office and Governor Lynch's office. Senator Shaheens office....beat all of my expectations. A staff member immediately responded to my email, asked pertinent questions and helped me to develop an action plan. Because of their follow up, our hope was renewed. Regardless of the outcome, we finally feel like participants as opposed to helpless bystander.
I am writing this blog because I have to spread the word, news flash everyone..........we are in dire times. Now is as good a time as any to utilize the resources of our elected officials. Do your homework and share your experiences with others. Many Federal and State websites offer links and access to tools for homeowners in trouble.
To make a VERY long story short, my husband and I have been homeowners for the past 20 years. We currently live in the 2nd home we purchased. We did well the first time around. We moved to the opposite coast and slapped $80K down on a house. In the past 7 years of home ownership in New England, we have been the victims of circumstance. Now I use the word victim lightly, we chose to move across country, my husband decided to switch careers so we could provide our kids with a "better place to live." But, in the past 7 years, my husband has experienced two job losses, resulting in a combined total of 24 months of unemployment. Do the math, almost 1/3 of the time in the past 7 years, he has been unemployed.
We refinanced during his first period of unemployment, selecting an ARM so we could reduce our mortgage payment until he found a job. It took him longer then expected. By the time we were able to refinance without a penalty, we ended up with another ARM. I'll never forget the mortgage rep from AEGIS Lending telling us, "don't worry."
My husband lost his last job again last Spring, in the middle of an "internal modification program" with Wilshire Credit. They increased our payment by $1000/month and told us if we made our increased payment on time for 6 months....they would remodify. Bang! My husband was laid off again. Either way, we scrimped, dipped into savings and made the payment for 8 months because we want to stay in our home. In the fall, my husband applied for the Government sponsored "makehomeaffordable" program. After completing all of the necessary paperwork, we were told that we were "approved!" My husband, elated and in "shock and awe", actually put the representative from Wilshire Credit on speaker phone and asked her to repeat her words again...she laughed and said, "You have been approved." We asked about making our next mortgage payment at which point the rep told us, "don't make a payment, we are assigning you a new loan number, your docs will arrive in a few days." (Now, thanks to Pam Slack with Senator Shaheen's office, we have learned, if your mortgage company tells you, "don't send in a payment" red flags and warning bells should go off! We have also learned that the "check is in the mail" line is not used just by consumers avoiding paying a debt, real "legitimate" businesses use this line as well.)
After a few weeks, no package in the mail, my husband began his phone call campaign. (if his new job doesn't pan out I'm confident he can use his new phone skills to work for a "dial for dollars" campaign.) Finally, a month after we were told that we were approved, we finally got through to someone at Wilshire who said that we had actually been declined. (Note, they didn't call or contact us to let us know) Now, our mortgage payment is late again....and we are falling down the slippery slope, we believe victims of a predatory lender.
It's been 4 months, we have faxed and faxed and faxed paperwork to Wilshire Credit Corp. We have been told, over and over again, "We didn't get your fax. You used the wrong fax number, try this one. We can't find your paperwork. Oh, we have your paperwork, can you just send this doc...We don't have your paperwork." The end result, our home is scheduled for auction on 3/12/10. Five days from now.
I'm hoping to provide some tips for homeowners that are in trouble. I can't take credit for the information I share, as without Senator Shaheen's office, I wouldn't have the info. But, what I can do is spread the news that Senator Jeanne Shaheen's office understands the crisis that homeowners in New Hampshire and across the US are facing. Again, look to see what resources are available on your State website. Senator Jeanne Shaheen's office is working diligently to help my family by ensuring that her website has up to date information.
If you are in trouble, talk to your bank. Speak with a credit counselor. If necessary engage state or federal resources. My next post will outline the steps that we have taken in order to stop the sale of our home on 3/12/10. I'll keep you posted on the outcome.
