Even after more than three months, the program outlined by the Obama administration which was aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, many homeowners are serious discouraged by the performance of the program thus far.
It is not an uncommon experience for American homeowners to have a mixture of confusion and frustration regarding the limited assistance being offered by the government program.
Despite the billions of taxpayer dollars that were distributed in other bailouts, homeowners are still worried about fate of their mortgages as well as the state of housing market. Efforts varied, but the big selling point that seemed to indicate real assistance on the way involved the modification of subprime and Alt-A mortgages.
Treasury spokesperson, Jenni Engebretsen, did confirm that for many homeowners-especially those that have kept their mortgage payments current despite serious financial hardships like unemployment-the opportunity for loan modification was available. Engebretsen added that mortgage servicers had offered to modify more than 100,000 loans since the department announced the program.
When pressed for exact numbers of loans that were being modified, Ms. Engebretsen declined further comment, but did noted that the Treasury department would be working in concert with mortgage companies to “fine-tune reporting systems.”
It is no secret that delinquency rates have been on the rise among homeowners across the country. At the same time, the markets have experienced such drops in some areas that others owe more on their homes that they are currently worth.
Perhaps, the real difficulty comes into focus when you consider the fact that the source of aid that is being offered is the same one responsible for the mortgage crisis in the first place: the banks. Financial institutions responsible for the crisis are getting the government money to attempt to fix it, but are doing very little to actually provide relief.
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My foreclosure started before OBAMA came up with SAVE THE DREAM,MSHDA councling,advice how to avoid foreclosure or scams, but there is no info or help for people/victims already in foreclosure or in redemption stage no one will help us and are letting these fraudulent companys continue to lie,delay,operate with decietful practices and lending and then they refuse modifications or forberence agreements nothing they just delay people being decietful so they can serprise no time left and take people’s homes and evict them.I will be evicted and homeless 1/28/2010 what can I do?case summons case number09-8384LT STATE OF MICHIGAN 34TH DIST COURT DATE 12/29/2009 Original Lender Castlepoint mortgage inc closed by federal RESERVE right after the loan. The equity loan came from thier company and Royal settlement services also closed down BY FEDERAL RESERVE DUE TO DIRECT RESPA VIOLATION.I went from Castlepoint to loan servicers SPS then to GRP then to DLJ then back to SPS.Tryed work out agreements with GRP MS.WARSHAW 914-397-7500 LOAN #22372 when I found out info about original lender Castlepoint and federal reserve and found out nothing original lender promiced and what we agreed on was not going to happen GRP’s way to working out repayment was make double payments each month which was impossable on my income they knew that,SPS 800-258-8602 MS.ALLISION L LOAN#0012110847,DLJ MORTGAGE CAPITAL INC SAID THEY BOUGHT LOAN 212-325-2000(DLJ don’t exsist it’s SPS Ombudsman office now Allision told me BUT SPS SERVICES LOAN AS OF 11/13/2009 She told me forget about the fraud and what can I pay monthly if SPS lets me stayI said 550.Then she says SPS WON’T AGREE ON MODIFY OR ME TO STAY AND GIVE ME A AMOUNT TO PAY I WAS JUST TOYED AND TEASED AND WASTED TIME.MY NAME KATHLEEN BADWAN 734 795 0092 I’M DISABLED BAD HEALTH HEART PROBLEMS,DIABETIES,HI BLOOD PRESSURE,ANXIETY, POSSABLE CANCER I have more issues with my health and take 13 pills a day.I HAVE NO FAMILY OR ANY WHERE TO GO IF THEY EVICT IN MIDDLE OF WINTER.I AM A VICTIM OF FRAUDULENT DECIETFULL LENDING PRACTICES A LOAN I NOR MY SON I BEEN TOLD SHOULD OF NEVER BEEN ABLE TO GET THEN AND THEY ARE SO FAR GETTING AWAY WITH MAKING US VICTIMS DOING WHAT EVER THEY WANT TO DISABLED PEOPLE WHO KNEW NOTHING AT THE TIME ABOUT LOANS REDEMPTION WAS OVER 10/29/2009 AND I BEEN IN THE DARK LED TO BELIEVE I MIGHT GET A BREAK SINCE I AM A VICTIM OF ORIGINAL LENDER (IN 2007)UNTILL 12/20/2009 WHEN I RECIEVE A SUMMONS FROM GRP WHEN MY LOAN IS WITH SPS AS OF 10/26/2009.I CAN’T GET ANY HELP IN OUR SITUATION TO HELP ME STAY IN MY HOME OR GET A LOAN FOR ANOTHER HOME OR TIME ATLEAST SO I’M NOT HOMELESS IN MIDDLE OF WINTER.MY STORY BELOW.
My son BRIAN J WALTON paid for this house in full 12/05/2009 for 167000 cash from a settlement Geoff Fieger got for him (my son and attorney sued a Detroit mental health agency for over 725000.00 my son got lil over 300000.00)and my son his name was only one on the deed he bought this house paid 167000.00 cash so home was paid in full didn’t owe anything , he has a mental disability and was on ssi for 13 yrs as a child.As soon as my son reached age 18 and before the settlement ssi said he had different criteria to continue ssi as a adult on ssi disability,even though he was worse mentally ssi denied him as a disabled adult.I couldn’t control his spending of his settlement money I just try ed advise and try help him and hope he listened.In 2006 his Mexican buddy talked him into starting a small business masonry my son knew nothing about masonry did not even complete 9th grade was kicked out public schools even learning disability classes he was baned from any public schools because of his disability.My son and his buddy and he had couple guys to help him try be a mason.The capital/money of settlement he had left and any money he made in the business he started was being sucked down by the new business and the friend and guys who used my son for them to make money not my son.We found out later they was all illegals.In 2007 my son tried make company legit completely legal licensed and insured,not knowing yet the guys was illegal immigrants the money then gone my son searched for a loan to try and make company legal so he got hold of Castlepoint mortg and asked if he could get a equity loan on the house for the new business he started he needed money to make money. My son told Castlepoint he was a new business owner and in 2006 occurred/claimed a loss when he filed taxes no profit he had no credit score or history Castlepoint knew all that,and still Castlepoint said yes it’s ok and he still qualified for a equity loan and they took him through the process,told him word for word what to say in application to get underwriters to except his request for the equity loan and they collected 400 for appraisal fees.On day of close he was denied because lack of credit score even though he was told he qualified and underwriters excepted to give him a loan they knew he had no credit history and score when they started loan application.When he was denied he was asked could anyone co-sign for him so he could still get the loan.I also live here and I am disabled and on ssi disability since 2002 and have no knowledge of banks loans real estate and my score and history was very bad in 2007 when they asked my son for a cosigner.He came to me and said he wanted make his business legal and get cash out lil capital to keep business running a 55000 equity loan and since I live here could I co-sign.I said I’d try help but was 99% sure they’d turn him down so I wouldnt have issue with house because my only income is ssi disability 634 a mo in 2007,and that my score and credit history was bad.They basically said a low score is like a faint pulse true but alive(Castlepoint said any kind of score is all they need because my son had no score)so I would be excepted.I was shocked but still didn’t think it would go through.My son and myself filed another application I was also told what to say word for word underwriters excepted for me to cosign cost close to 5000 to close and cashout was sent to me to give to my son and I did.I told the lady at Castlepoint I live here and if my son couldnt make the monthly payments what my income was and that I could afford 400 a month if I had to make payment or payments because I knew at very least that masonry is a seasonal job so I may have to pay payments in winter they agreed on amount of 55000 barrowed and 400 a month payments and before we went to close Castlepoint tried get my son barrow 80-85000 and my son said no he just wanted 55000 thinking 5000 for closing he’d get 50000 but they said they had pay some of my issues ,debts on my credit report so he got aprox 44000 and I have no proof that any debts was even paid on my score or if taxes owed on my sons house was even paid like they said.We closed I called Castlepoint told lady we was first time home owners and first time getting a equity loan Castlepoint knew that from day one and explained stuff to us decietfully(I didn’t know till later).I tried understand a ton papers we signed but figured that people loaning out 55000 would be honest and the papers we signed Castlepoint told us decietfully basically it’s that we agree on getting loan and paying it off me nor my son was explained each paper and we didn’t have whole day nor did hurried paturbed notary have all day for us to read each of many many papers there was lots of terms and big words we had no clue what the meaning was I told the notary lady that was in a hurry and she just pointed to the places for me and my son to sign we really didn’t understand what we signed no one from Castlepoint was here at close and the notary was just there to notarize our signitures she said she did not know what we was signing could not explain papers and the lender is sapose tell us everything and I thought they did so we signed.About 2 months after close I found out we was tricked because of the first payment amount due and I got in the mail a copy of a quick claim deed in my name something that wasn’t sapose to happen I was just sapose to be a cosigner the loan and house was sapose be in my son’s name as that is what was agreed between myself my son and Castlepoint,also my name is not on the loan as co-signer I’m the actual owner of the loan and home (serprise) and I’m the only one responsible for the loan.I checked city of Romulus who told me I was added to the deed but my son was,is still listed as the owner of this home in thier records.When I recieved payment amount due 550 monthly when my income is 634 and agreement was 400 a month payments and deed and loan I was told was soley in my name I called Castlepoint for answers.I was told by Castlepoint that the reason that happened was not thier fault it’s because of my bad score and my son not having one and if I payed 550 for 1 yr Castlepoint would refi my loan and make payments 400 a month and put loan and home back in soley in my sons name(but Romulus says my son is still listed as owner)I found out just recently. Castlepoint then sold us right away to loan servicer SPS another serprise I again call Castlepoint asking why does another company servicing my loan and I was told after the fact that’s what mortgage companys usually do but Castlepoint never told me till after closing and having SPS service the loan but Castlpoint will still refi in 1 yr with same conditions 400 a mo payments and home put in my sons name since the cashout was put in my sons bank account and he used the money for his buissness.Since day one with Castlepoint I believe I and my son became victims of a fraudulent preditory lender who I believe knew niether me nor my son could ever refi since the loan is in my name soley only on my credit report and my income ratio was to low to afford my sons loan with payments 550 a month plus taxes and insuranceOne year if I had to take over paying that I would not be able to afford payments.In 2007 my son actually did make a lil profit from buissness and made payments of 550 a month for 1 yr.Then in one year the loan was transfered to another servicer GRP and they Castlepoint lied to us right after we was transfered to another servicer in 2008 I tried contact Castlepoint to refi and phones disconected so I search internet and found this; http://ml-implode.com/imploded/lender_CastlePointMortgage_2007-08-31.html My son did get a llc and liabilty insurance after loan 2007 my son hired different guys who turned out to be worse they stold equipment ,and lied about milked hours and was illigal also I told him he can’t do that and has to make sure workers are legal before hiring so he could file taxes corectly and claim hours and amount paid out to workers or he’d be paying alot money taxes on money he can prove he made but not prove how much he paid out to workers out of the money he made.He did aprox 6 jobs in 2007 well mostly his guys did the jobs under his name llc and insurance used him to rip him off and make them money not my son this happened in early 2008 when the ressesion hit and my son was broke again.He did pay all equity payments in 2007 nothing late. When GRP became servicer in 2008 and original lender was closed by federal goverment since the loan is soley in my name I had to try and refi the loan to a fixed smaller payment and less intrest because it’s at 11.25% now very hi,my sons buisness had folded/closed was used because I couldnt do anything about his mental illness or control what he did with his money because ssi denied him as a disabled adult.I tried refi and because of my income and my son with no income I couldn’t do all bills taxes equity payments food everything everyone denied me my score was bad because late bill payments deciding which I can pay and how and when and I couldnt afford 550 a month so with no refi tHAT cASTLEPOINT PROMICED to refi the loan bringing down the payment what we agreed on 400 a month and put loan and house back in my son’s name .My health is getting really bad with the stress of it all I finally went into department human services they payed a water and dte bill and gave my daughter medicaid and the both of us food assistance.We fell behind with GRP in 2008 and a acceleration letter came march 6 2009.April 09 2009 I faxed GRP a request for time to repay past due and sent them proof that I rented out a room to get extra income and I had little extra income myself and are working on getting my son back on SSI he is mentally ill and a outlined way I could do repayment on what was behind if the loan could be modified or agree on a foreberence agreement but GRP denied everything and refused take any payments I tried to reinstate loan when I only was behind 1700 I had 1000 to send with the request western union,but was denied and they refused the 1000.Then Forclosure started 4/29/2009 I had 6 mo’s redemption I can’t refi and GRP won’t work with me on anything . I thought because OBAMA’S SAVE THE DREAM CAME TO LATE FOR ME I REMAIN A VICTIM OF A LOAN I BEEN TOLD BY MANY LEGIT COMPANYS RECENTLY WE SHOULDNT OF NEVER QUILIFIED FOR AND GOT A LOAN AND CASTLEPOINT THEY HAD TO OF COMMITED FRAUD TO GET THE LOAN ONLY THING THAT COULDA HAPPENED BECAUSE NO ONE ELSE WOULD HAVE EXCEPTED US FOR A LOAN BUT I’M TOLD TO LATE AND FOUND OUT TO LATE CASTLEPOINT WAS FRAUDULENT THAT’S WHY FEDERAL GOVT CLOSED THEM DOWN! I have equity still.When all else failed I tried listing the home for sale try get some of the 167000 my son paid for home so we could pay loan off and buy another home and not have us loose home for free and be broke and homeless I started asking price at 130000 and I got a bad company who wasnt scheduling showings etc because I had people saying they get no answer from the company I hired to sell or being steered towards other propertys or not getting info or pics of home.After people coming to my door telling me of the agents behavior and no showings at all for 3 months I have bad luck and got bad company and reported him to bbb and attourney generals office .I then asked the loan holder’s lawyers(at the time was GRP) because GRP would not deal with me if I could have lil extra time to try and sell the home because I’m disabled my son is mentally ill and he’s trying get back on ssi and being un-lucky to find a real estate agent who did’nt do his job which caused me to waste three months of my redemption with remax.The lawyers replied in July that the holder then GRP said no extensions I have untill 10/29/2009 THAT’S IT!I fired the bad real estate agent and my info was off thier site as of 8/5/09.With historical low housing values and the recession I was scared I won’t even be able to sell my home in three months even for rediculous price like 74000 I had listed with metro reality for 3 months for that price had over 20 showings but no takers and I needed atleast pay loan and 10000 to put down on a smaller cheeper house.I am broke not a penny or family or any where to go if we are kicked out.I’m currently trying to get my son back on ssi disability and we also get food assistance now for him and if my son gets on ssi our monthly budget will go from 900 to aprox 1700.The original lender tricked us when my son got the loan and the servicers they all knew from day one we couldnt sell in these bad times payments was really hard starting 2008 .My income at that time in 2008 and not having enough to pay them or money to go somewhere else and I can never refi because of our scores and income ratio.So we remain victims with no help.During redemption which was up 10/29/2009 on 9/08/2009 I recieve a letter from GRP and a check with my loan # saying they never excepted past due arangement and was sending my check back but it’s made out to someone else not me or my son’s name the 800 check I found out was a different clients check they sent to GRP and GRP was returning the check but they typed a letter to me and in my name the letter also had my loan number on the letter they just returned that check to me the wrong person so I contacted GRP Ms.Warshaw and she said please send it back so I took a copy and sent letter and check back,then 10/27/2009 2 days before redemption is over I recieve another letter(notice of assignment,sale,or transfer of servicing rights the letter says on 11/13/2009 the loan was going back to SPS the first servicer and I’d be paying them now.Thinking because of fraudulent original lender and all the crazyness and knowing they wont be able to sell the home any better then I could I was thinking that I was getting a second chance and we could stay in our home and GRP was no longer involved.I get SPS letter 11/11/2009 saying all payments go to SPS now starting 11/13/2009 and a payment coupon with my loan number on it.I call SPS to inquire what my payments would be and when do I start sending to them and I was told by SPS everything hasn’t been transfered yet no info on loan or amount payment due nothing SPS instructed me to call them back in 2 weeks they’d know more then and not to send any payments yet.Before I could call SPS back about info on the loan transfered to them (SPS) I then 11/23/2009 I get another letter of notification of transfer of my mortgage loan saying effective 10/26/2009 3 days before my redemption was sapose be over that DLJ MORTGAGE CAPITAL INC has ownership of the loan but the servicer and people I will be dealing with and paying will be SPS.Since SPS has no info on loan I called the new loan owner DLJ.The guy who answers says theres no DLJ COMPANY SINCE 2000!I said well let me read this to you (the letter of transfer of loan to DLJ)I told him I need info on the status of my loan because SPS don’t have any info yet maybe they did since I recieved the letter from DLJ and a phone number from them and he says hmm let me find someone to help me a lady named Allison gets on I explain letter and give my loan number I’m thinking I’m talking with DLJ and she says well if she contacts SPS and they except me to stay in the home how much can I pay a month and desperatly trying not be homeless and If I can stay I told her I have a renter of a room and more income now so I could pay 600 a month then she says it may work if I agree to forget and drop claim of any fraud that I feel we are victims of.I then ask why am I getting a letter from a DLJ that your receptionist said don’t exsist she says well DLJ is now SPS ombudsman office again confused thinking if she’s SPS ombudsman then why did I get letter from DLJ and they are SPS and why does she need request from SPS a agreement if she is with SPS that If I pay 600 a month and I forget fraud but says she will request and call me in couple days LEAVES ME CONFUSED.She calls me back and says SPS won’t agree and they will offer me 2000 rediculous offer my son paid 167000 cash and they want give me 2000 and 30 days to vacate do cash for keys the trick is to even find a rental I’d need the 2000 to rent a house or storage to vacate but SPS wants me to sign a agreement to 2000 for keys and 30 days Allison from SPS says sign I’m in agreement now then vacate clean home out and at end of 30 days and house cleaned out and vacated that’s when they will come trade 2000 for keys thats crazy and lots confusing weired stuff is going on that doesnt make sence and why wont the federal gov help if we are victims of Castlepoint that the federal government found deceptive fraudulent activity and closed them down? I also seen lots info on SPS on the internet Rate or Comment on this Organization comments on sps http://www.afscanhelp.com/contact.cfm 18665440990 after seeing and reading lots of comments on SPS all bad I’m scared agree on keys for cash or sign anything from SPS.THEN I GET FROM SPS 12/3/2009 I AM WRITING TO INFORM YOU THAT EVICTION PROCEEDINGS MAY BE INITIATED IF IT IS NOT VACATED AND THEY WILL COMMENCE FORMAL EVICTION PROCEEDINGS FORECLOSURE ON THIS PROPERTY which they said IS COMPLETE. I’m so confused!I do have papers saying the loan was transfered to SPS from GRP before redemption was sapose be over 10/29/2009,and then loan transfered to DLJ that is actually SPS ombudsman office now and far as I know I thought GRP no longer had anything do with the loan because I have papers saying the loan was transfered to SPS AND DLJ untill I get summons 12/19/2009 in the mail(SUDDENLY ADDRESSED TO BOTH ME AND MY SON WHICH EVERYTHING HAS only BEEN ADDRESSED TO JUST MYSELF)the summons say’s GRP the plantiff’s lawyers has filed a complaint against us and wants to evict us and has a court date 12/29/2009.The loan was not transfered I did not recieve any paper work saying SPS transfered the loan back to GRP.Then I recieved 12/20/2009 SUNDAY someone came up to the front door no knock and opens screen and leaves 2 more of the same summons we recieved in the mail that GRP lawyers made a complaint and wants to evict us.Again very confused because with summons is a paper saying GRP auctioned off my home to highest bid 54000 4/29/2009 and I wonder if house was sold how did I get transfered around to SPS,DLJ and a agent working with SPS gave me offer of possably staying in my home and keeping it or keys for cash how can SPS offer me anything or try get a agreement between me and SPS if GRP had already sold my home in auction 4/29/2009,and why is GRP getting back involved suddenly and are summoning us to court so quickly and during christmas/holidays when I am having hard time getting legal aid because of the holiday vacations and people being off work they did this the way they did I feel to get me into court alone and without legal aid.From start Original lender was Castlepoint Mortgage who transfered our loan to loan servicer SPS then Castlepoint gets closed by federal gov’t then SPS transfers loan to servicer GRP who transfers the loan back to SPS AND DLJ and I have not recieved no more loan transfer papers that the loan went from SPS back to GRP but GRP comes back in picture somehow and suddenly and wants to evict us.Why is GRP trying to evict when loan was recently transfered to SPS AND DLJ and why did SPS offer me a possable agreement and Allison from SPS says to me if I forget about the fraud I think happened maybe I can stay but how much can I pay if SPS agrees.Then SPS 2 days later says sorry no deal best they can do is cash for keys $2000 and 30 days to vacate but I don’t get the money now but I need sign agreement with SPS now.Then suddenly GRP pops up serprise and is trying to evict us.This should not be going on me and my son are victims and we are still getting yanked around and getting lots of deciet and them just wasting time so I have hard time taking action and getting legal aid.None of this would be happening if we did not become victims of the fraudulent decietfull company original lender CASTLEPOINT which is now closed down by the federal goverment and would not have these problems if the federal government that closed them down offered help to the victims even when the victims contact the government themselves no help.Also why is Wayne county allowing this kind of activity to happen to us with no help and not stopping these companys that was involved with thier own decietful abusive practices and involved with Castlepoint and are going to let GRP evict us and get away with everything they been doing these companys involved with us something is not right!I sought help with MSHDA,HUD,FHA AND CAN’T GET ANY HELP AND THESE COMPANYS ARE PULLING THE WOOL OVER WAYNE COUNTY’S EYES AND ARE GETTING AWAY WITH IT AND ARE ALLOWING THIER RESIDENTS TO BE VICTIMS AND EVICTED.WHAT CAN I DO?Can I get more time to go to court instead of a 10 day notice?To retain info and legal aid if so how?
KATHLEEN BADWAN & ACTUAL OWNER MY SON BRIAN WALTON 11503 OLIVE ST ROMULUS MI 48174 email:wh1te_diamond08@yahoo.com
Recent update went to court SPS has servicing rights to my loan was transfered to them by GRP 10/26/2009 4 days before redemption over but Grp is one who took me to court I have a 10 day apeal otherwise My self and 2 family members must be out and home vacated by 1/28/2010 I have no where to go and no money to go what do we do?WE ARE VICTIMS WITH NO WAY OUT OR HELP!My score is poor and I need atleast 10000 to put down I have 2000 and can’t find any lenders or bailouts or plans.I don’t have any idea what we are going to do unsure if there’s anything I can do any advice?I need a 10000 loan to put down payment on a lease to own a home before I’m evicted 1/28/2010 to the streets and I have no idea who or where to apply for a loan with not much time left can you help or refer me to someone who may be able to help with knowing my story of being a victim which effected my score?