The Obama Homeowner program cost me my home

[cmorrell]

I was laid off in June 2008 from a local mortgage company where I was the Post Closing Manager for 10 years. As post closing manager I sold wholesale loans to many lenders including the lender on my home. After my layoff we had several life and death family crisis issues that depleted my entire savings. In March of 2009 when I couldn't make my mortgage payment I applied for the Obama homeowner assistance program with my lender. Each month I called my lender to touch base and check on the progress of my application. Each month I was told my application was still in the review process and to call back next month if I still hadn't received a response. In August of 2009 I called the lender to bring my loan current so I could sleep at night instead lying awake worrying about foreclosure. I was told by my lender if my loan was current I would no longer be eligible for any assistance and as long as I stayed in contact with them and continued to occupy my home I had nothing to worry about. This went on until my call in October of 2009 when I was told my lender no longer existed because it had been purchased by my current lender. The new lender requested updated paper work needed to review my application. Then in March of 2010 I received notice my home was going to be sold at foreclosure auction April 10th. When I called my new lender I was told I had been assigned to a Loss Mitigation counselor and my call was transferred to her. I was told I now needed to prove I could afford my home (at the original monthly amount). I had only found part time employment as a retail merchandiser with 2 different companies. Both of the companies take taxes and provide W2's for yearly tax reporting. The counselor stated since my hours varied week to week as well as my take home pay she could not calculate my income. It was then that I was informed I now needed to prove if I could even afford to stay in my home. Since I also do 1099 contract work to supplement my income the counselor needed me to immediately fax her a Profit and Loss statement for the last year. I informed her I did not have a P & L and that I had never prepared one so was not clear on what exactly was needed. I stayed up all night and faxed in my P & L attempt as requested. After reviewing my fax she called me to say I had not prepared it correctly and included figures that shouldn't have been included so it wouldn't stop the sale. Of course this is the point I could no longer hold back my tears. When the counselor heard my sniffles she told me I had nothing to cry about and she would have to end the call if I continued to cry for no reason. She then inquired if I still had 7000 in the bank and if so to send her my current bank statement as proof. She stated this was her last call requesting a P & L because I had already agreed to fax it to her but since I had money in the bank she would stop the sale then scheduled for the next day. I was to receive a forbearance agreement giving me 6 months to a year to bring my loan current. I just received notice that my home is again up for auction July 6th. My 20 yr old epileptic son has a installment settlement from due to the death of his father from a doctor prescribing a lethal dose of medication. My son is willing to sell the final payments to a settlement company loosing almost 50% but the funds will not be received by him for 8-12 weeks. Through this entire process I still have no answer regarding my original application for the Obama homeowner assistance program. Had I not ever applied and followed the advice of my lender we would not be facing the reality of eviction and living on the streets in just a few short weeks.

[Admin]

Sorry to hear that on the Obama plan. You do have other options for mortgage help though. Many states offer programs, foreclosure mediation programs, and even get foreclosure and mortgage help directly from your bank or lender. Here is a link for more information on options and solutions that you need to explore.
http://www.needhelppayingbills.com/html ... tgage.html