Housing

Dear President Barack Obama:

I'm writing in hopes to save my house from foreclosure this Friday, May 11, 2012. I have struggled since I first was laid off in June 2008. I've had many set backs, including the collapse of my basement wall after an unusual rain storm in 2009, and a roof that was leaking.

I am a single dad, and am not just a good parent but a great one, yet I'd still be considered by most in the domestic relations world as a dead beat dad. Even though I've struggled I was fortunate enough to get my job back, making a little more than I was when I left. I can make my house payments, but I need a break in that my mortgage company will allow me to delay the sheriff's sale. I believe I am one of the ones this program was designed to help. I'm looking for a miracle sir. I'd hate to see my kids homeless after we have come so far!!

Wish me luck.

Thank you
Tony Read more about Making Homes Affordable

Dear President Barack Obama:

In September 2008 my husband fell twelve feet from a ladder and burst open his foot, broke his femur and basically did a lot of damage. He has had a HVAC business for 27 years. I did what I could to keep his business open while he was down. He was drawing worker's comp, but it wasn't enough. He was 60 at the time. He was in a wheel chair and I had to give him shots and he was on a pick line for a long time.

I tried to keep the mortgage up but I was under a lot of stress. In 2009 I started dealing with Bank of America and submitted four or five Making Home Affordable applications on my own. They found excuse after excuse to turn them down. Lost paperwork, new people on the file, mismanagement of files--you name it, they said it. Finally in May 2011 I hired an attorney and paid up front, even though it was a struggle. They told me that they couldn't tell me not to make payments, but it is what they would do. They told me to try to save as much as I could to make payments later because if I wasn't behind, Bank of America wouldn't look at my application. When you don't have enough coming in, that's hard to do.

The attorney has also placed about four or five applications and we have sent everything Bank of America has asked for. However, we are in yet another application. Bank of America is asking for the same paperwork I have sent in to them at least ten times. My husband is permanently disabled but can run the office and tell his few employees what to do. If Bank of America will do what they should do and lower our interest rate, we will be able to keep our home. I really feel that Bank of America is doing all it can to foreclose on homes and ignore the mandate to help folks like us keep our homes.

My husband is a diabetic and has high blood pressure. He served during the Vietnam war. We were born in 1947, baby boomers. We are good citizens, registered voters and help our neighbors. Bank of America recently foreclosed on the home of an acquaintance after a two year fight. I have retained the application files dating back to 2009 and they are very thick. I wrote the many names of the people I dealt with in the Bank of America loan department in those files. Because of the stress, I have developed health problems, including high blood pressure. Read more about Bank of America, Making Homes Affordable

Dear President Barack Obama:

With utmost respect and sincerity, I beg your mercy and indulgence to extend our FED-ED Extension after May 12, 2012 for another time until we fully recover from this unemployment mess in our economy. We are in dire need including my family of four of your assistance and I am hoping for your gracious consideration. Read more about FED-ED Extension that ends on May 12, 2012

Dear President Barack Obama,

In the wake of the recent real estate meltdown, the borrower of a nonperforming loan called his lender with promising news: "I have a buyer looking to make an all-cash offer for my Florida property. Will you meet with us tomorrow?" The lender's answer: "No."

Disturbingly, this implausible response is not uncharacteristic of lenders who exploit FDIC loss-share agreements by seeking to foreclose on nonperforming loans, even when prudent business judgment calls for short sale or loan modification solutions. By perverting the terms and spirit of loss-share agreements, these lenders are reaping windfalls while prolonging the foreclosure crisis, depressing real-estate values and sticking taxpayers with the bill. FDIC Sponsored Fraud

Rather than comment directly, I asked Patrick Pulatie at LFI Analytics to chime in. Pulatie writes ....I wrote an article about IndyMac and the Shared Loss Agreement (SLA) two years ago, before I quit working with most homeowners. Essentially, here is what is going on:

Shared Loss Agreements were executed by the FDIC with the banks that took over failed institutions. Some had the terms that the author describes. Others did not have the same terms, and were much more restrictive. The author is referring to the Shared Loss Agreements similar to OneWest Bank/IndyMac, which I wrote about.

The SLA for OneWest Bank worked in the following manner:

• It only applied to the Portfolio Loans being purchased. It did not apply to servicing rights. 1st Mortgage Loans were purchased for 70% of the original balance. Second Mortgage Loans were purchased at a much lower rate, at 55% or lower at times. I shall only mention First's from here on out, but Seconds apply as well.

IndyMac had a large portfolio of Neg Am loans, so the 70% purchase price of individual loans might be "lower" if the loan had accrued a Neg Am balance above the original loan amount. If there were a large number of 30 year fully amortized loans, then there might be a greater than 70% purchase price. There is no way to break down the proportion of each.

• The first 20% of losses on the "Total Portfolio" purchase would be absorbed by OneWest Bank. There would be no reimbursement on those losses.

• The next 10% of losses, up to 30%, are reimbursed at 80%. So to begin to make claims, the 20% level must be reached.

• From 30% on, the reimbursement rate is 95%. But the 30% loss level must be reached before the 95% can be claimed.

• The total purchase of Portfolio loans was approximately $12.5 billion, so a 20% loss would be $2.5 billion before claims could begin.

• If every single loan (first mortgage) had defaulted on the first day of purchase, and after reimbursement, the agreement, every $.70 spent would have resulted in $.778 being returned. Not bad! But that is not all.

Most of the loans were not in default. Therefore, interest would continue to be earned until the loan refinanced, or defaulted, so they were making a profit, and as their filings have shown, they made very good profits on these loans. As you can see, it is always in the best interests of OneWest Bank to foreclose on defaulted properties. The sooner that the 20% loss is reached, then the quicker that they can make claims for reimbursement.

Has OneWest Bank reached the 20% threshold? That has not been announced. However, it has been 2.75 years since the Shared Loss Agreement went into effect in March 09. One would think that the 20% level has been reached.

Here is the”dirty little secret” regarding Indymac and the Pooling and Servicing Agreement. The parties involved in the Agreement are:
• The Sponsor for the Trust was…………Indymac
• The Seller for the Trust was……………Indymac
• The Depositor for the Trust was………..you guessed it………….Indymac
• The Issuing Entity for the Trust was……………….(drumroll)……………….Indymac
• The Master Servicer for the Trust was……..once again………Indymac

In other words, Indymac was the only party involved in the Pooling and Servicing Agreement other than the Ratings Agency who rated these loans as `AAA’ products. To make matters worse, Indymac wrote the Agreement in order to protect itself from liability for these garbage loans. By creating separate Indymac Corporations — which the Depositor, Sponsor, and other entities were — Indymac created a bankruptcy-remote vehicle that could not come back to them in terms of liability. However, they did not count on certain MBS securities and portfolio loans coming back to bite them and force them under. Now, the questions become:
• If Indymac was responsible for Securitization at every step in the Process, and was responsible for writing the Pooling and Servicing Agreement, can they be held accountable for the loans that they are foreclosing on?
• Since Indymac was the Issuing Entity, can they actually modify loans, but refuse to do so because they can make money for OneWest Bank by refusing to do so?
• Does Indymac have to “buy back” the loan from the Indymac Trust in order to do a loan modification?

These are questions that I have no answer for. All I know is that at every step of the way, Indymac was involved in the process, and have taken steps to protect themselves from liability for loans that should never have been made.

Conclusion
I have presented the story of Indymac/OneWest and what is happening today. But the story does not end with OneWest. There are over 50 different lenders and servicers who have Shared-Loss Agreements executed with the FDIC. Each Agreement offers essentially the same terms. Though other Lenders do not appear to be acting as flagrantly as OneWest, they are all still engaging in the same actions.
What is the solution for this problem?
• For homeowners individually, the most successes are being achieved by borrowers who are getting knowledgeable attorneys who will not just threaten litigation, but are also willing to act and file the necessary lawsuits. That tends to bring OneWest Bank to the table.
• For the country as a whole, and homeowners in mass, the problem must be brought to the attention of your local Congress Critters. You must hold their feet to the fire. They must know that if they do not respond to what OneWest and other lenders are doing, then they are subject to being voted out of their nice and cushy Congressional Offices.

Will this be easy? No way. After all, the lenders have the money and the ears of Congress. But if we do not draw the line here, then in 10-15 years, the Banks will devise another plan to “loot” the economy, as they do every 10-15 years.

Oh President Obama, where are you? Your "Making Home Affordable" is not working and IndyMac/OneWest Bank has found ways to legally avoid having to follow the guidelines. Mr. President your administration's Michael Barr stated the other day " most of the banks were not doing enough to modify loans and should be embarrassed and we should shame them". Public humiliation? Scorn? Is that the answer Mr. Obama? Read more about Goverment Sold out to Greed..No Modification's at Indy Mac

Dear President Barack Obama:

I am writing from Texas about the loan modification program, my loan is with Chase Home Finance.

My husband and I lost our jobs 3 yrs ago and fell behind on our mortgage. A year ago my husband found a job, but I still have not. My husband is 65 yrs old and I am 56 yrs old. We have tried for three years to get this modification done. We send all the package and then we are told it is in underwriters and then 90 days later we are told we are missing papers and have to submit all forms again.

We have had 7 different customer service representatives. Chase just keeps us going around and around. I pay a payment every month but we are twp payments behind and the late fees just keep adding up and we also have other fees that they cant tell us what they are for.

Is this what the President had in mind when the loan modification program was set up? I don't know what else to do I don't want to lose our home. Read more about Loan Modifiction Program

Dear President Barack Obama:

I pay my taxes. I pay my mortgage. I am triple upside down on my note. My house is now 200% undervalued. I do not qualify for any bailout programs to help homeowners stay in their home. I live in an OLD house (fixer-upper) that needs plumbing, electrical, and flooring just to live in but cannot afford to make any improvements. I have had twp loan modifications but no reduction in principal. The cherry on top is that LITTON sold my loan to OCWEN who immediately increased my monthly payment since taking over my loan. I can not afford the monthly mortgage and am MAD AS HELL I do not "qualify" for a loan modification. I was told that OCWEN doesn't "do principal reductions" they only process foreclosures.

I have always tried to do the right thing. Now I'm ready to walk away and let my neighborhood go to hell. Who is there for me when I am paying for bailouts for the banks, for the bad loan, and NOBODY is helping me?

You can have my house. I did my best to hang on. I did my best to help the California economy reverse the downward spiral and to keep my neighborhood from going to hell. The house next door recently sold for less than $100k. I owe almost $300k. I will borrow from my family to get into another house that is already completely remodeled for 1/3 of the cost of my house which most people would not live in.

OCWEN is not helping its customers stay in their homes. The only people I spoke to at OCWEN were citizens of India not the US. They are not accepting any short sales. They are only in business to process foreclosing.

There are websites dedicated to fighting OCWEN. We need YOUR help.

The Better Business Bureau is not helping. Will you? I voted for you. I plan to again. But I'm getting screwed coming and going here.

Thank you!

JoAnna Read more about No Bailout Help For OCWEN Customers

Dear President Barack Obama:

At this time I'm desperate, and seem to be running out of time, with no solution to our situation. We went to the Home Save Program with Naca, on Mar.15, 2012, and after going through the process there, was given A Repayment proposal From Chase Bank of $2,404.68. We disagreed with the offer, and asked for Naca to negotiate for an affordable restructure amount, in which their input was $1,416.00, and this we could have worked with, but after sending all the necessary information requested by Chase, and getting back to them, we where told, there is no change, the proposal still stands as is. I don't understand why
the Presidents home save program is not being used to the fullest extent possible, for those in need. PLEASE HELP

Thank You Read more about Mortgage Modification Needed

Dear President Barack Obama:

Hello. I just wanted to write to you to see if there are any other programs out there to help people facing foreclosure. I've been trying for a whole year to save my home after my fiance passed away. I am elderly and disabled. I am the original owner of my home. I bought it in 1975. Evidently, your program can't help me even though I'm qualified. I don't have a Freddie Mac or a Fannie Mae. My mortgage lender doesn't take your program. Is there any other program you can tell me of? There are so many scams out there and I need honest and real help at this time.

Thank you for listening. Read more about Modification Programs

Dear President Barack Obama,

I am writing this letter because I am so upset on how Chase is conducting their business concerning Loan Modifications. I have honestly applied for the modification 11 times each time completing a whole new application along with all the documents verifying my request for modification. This is so time consuming and so much work. It is also expensive with all that overnight mail and faxing. I have paid up to 45.00 on fax along each time it is requested as an emergency on the loan process. I am told it must be in immediately or else. There I am rushing to the office store to send a fax--after a hard days work!

Please help me. My loan officer tells me not to worry, as my loan is in the processes of modification. While in the mean time, I am receiving threatening letters from Chase, and Chase attorneys letting me know my home is in foreclosure unless I pay the total amount of the loan $100,000. Now where will I come up with that amount. I don't even have the $20,000.00 that I am behind in.

They also did a forbearance of a 200.00 difference in my monthly installment. After 1 year they decided to bill me the 200.00 month I was relieved of during the temporary forbearance only to turn around and bill me that amount plus large fees.

I will provide all information that is required if you let me know you can help please.

Elizabeth Read more about Chase Modifications

Dear Mr. President,

I, along with millions of other Americans am finding the economic changes that are occuring very detremental to my family. I wake up in the morning with worries of surviving and I go to sleep at night wondering what I could do different to make the next day less stressful. I am a hard working hairstylist and a in contact with people who are also struggling. I have lost many clients do to the loss of jobs.
I am raising my grandson and worry every month if I will have enough money to pay for rent. I am 50 years old and never thought I would be living like I am now. I walk my dog everyday at a park here in town, I come across many homeless people living in the brush with no where else to go. My grandson asks why these people do not have a home. I read an article yesterday on how foreclosures are affecting children. And how these children do not understand. I find this extremely sad. I don't know what will become of my grandson if I should find myself in the same place of having no home. My grandson is my only saving grace in this life I am living now. I have contemplated suicide so many times over the past year and a half, because I can't seem to cope with the stress of no money. I am scared for myself and all the million other people feeling like I do. I wonder how much the suicide rate has increased?

Another issue I would like to bring up to you is public assistance. I feel people receiveing assistance should be required to be on some form of birth control other than the pill to recieve assistance. Excluding those of religious birth control issues. I find if you are unemployed and have children, and continue to have children, it is easier to receive help through these programs. If you have no children, you don't get any help. I receive food stamps now that I have my grandson with me, but they always run out before the end of the month and I stress to figure out what to feed him and to make sure he is getting the nutritional values he needs to grow. These young teens getting pregnant now a days know they will be helped by the "system". They are not dealing properly with the importance and reality of having a child. My daughter was 16 when she became pregnant with my grandson. One of my questions to her was, "how are you going to take care of this baby? With what money?" Her response to me was, "I can get food stamps like so and so and you can also get money each month." Now, can you tell me what is wrong with this picture? This is how are teens are taught to think regarding pregnancy. What is this teaching them? Should there not be some mandatory requirements which need to be met before receiving assistance? Make it a little tough love on these babies having babies? Classes, birth control, parenting skills, etc. I believe this would save a lot of money in the long run. Kids will think twice about so readily having a baby if they had some kind of consequence or actions to face, while realizing that you cant just "get money" for having a baby. I understand the "system" is there to help those in need, and am grateful for the help most families receive. What I'm saying is it should not be such a readily available option to" fix things" or to be taken so lightly in the view of some of our teens or young adults in society. Any way, I am a nobody, just wanting to have a say, and dreaming of a better and happier life in my future. It's sad that the American Dream is now about staying alive and making a living just to survive on a day to day basis.

Best regards Mr. President and may God bless you and yours.
Sincerely,
Jill Read more about Just some insight