Loan Modification Forum - LoanSafe.org - View Single Post - HOPE not helping...berates me like the lender!

yeswecan · 12-05-2008, 01:09 PM

We are mom and pop landlords and we need help. We are not rich and cannot afford high priced attorneys to get on board with this.

We have 4 units, in 2 small duplexes and live as a family of 3 in a 1250 sf home. We are not greedy. We don't buy new cars. We volunteer. We were not expecting to get rich with real estate. Just support ourselves into our old age and possibly pay for some college for our kid. And not have to go into bankruptcy or foreclosure after spending years and hundreds of thousands of dollars and tens of thousands of hours on our properties.

The guy from HOPE told me "you AGREED to pay the loan so you owe them the money. They have no OBLIGATION to modify your loan!"

So I wrote to him in an email: Well, yes we did agree to pay the loan. So did millions of other people. Our intention was always to pay our debt. We invested in our properties slowly and methodically, over a period of 11 years. We lived in the properties and fixed them up ourselves. We rely on the rental income to pay these mortgages. Then, the rental market collapsed, the housing market collapsed, the world economy collapsed. This tragedy was mostly caused by the predatory lending that these companies engaged in. The churn they created in the mortgage market created this mess in the first place. People got into loans they had no chance of paying back, and this caused the real estate markets to crash. And affected all of the homeowners, investors, and renters, not just the irresponsible and fraudulent! Aurora, Lehman Brothers, Chase, etc.

This is not a game, as I said yesterday on my conference call with HOPE and AURORA. I really wish the lenders would quit acting as if it were all a game.

AURORA loss mit dept told me 6 months ago that unless I stopped making payments they could not offer me a modification. Now, I'm 5 months behind and they want 3 months of payments before they will submit the application for the modification. That's not an offer of a modification! That's an attempt to collect a debt. What should we do? Our loans are huge as we are in So. Cal., and the attorney's fees are based upon the loan amounts!

The guy from HOPE just gets on the phone and calls Aurora with me on the line and just takes their standard line of "make 3 payments and then we will talk" without offering any help or solution. When I challenged him he told me I should get a lawyer. So? Hope just calls the same people I call? Allegedly they had some sway with this situation, I thought. What's up with this?????

I am so frustrated as this drags on, there seems to be no help at all, except this forum. Who do I call? I have 6 loans and 3 properties. I'm calling Loansafe right now. Maybe they will take pity on us.

12-05-2008, 01:09 PM	#3 (permalink)
yeswecan Senior Member Join Date: Feb 2008 Location: so cal Posts: 47 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HOPE not helping...berates me like the lender! We are mom and pop landlords and we need help. We are not rich and cannot afford high priced attorneys to get on board with this. We have 4 units, in 2 small duplexes and live as a family of 3 in a 1250 sf home. We are not greedy. We don't buy new cars. We volunteer. We were not expecting to get rich with real estate. Just support ourselves into our old age and possibly pay for some college for our kid. And not have to go into bankruptcy or foreclosure after spending years and hundreds of thousands of dollars and tens of thousands of hours on our properties. The guy from HOPE told me "you AGREED to pay the loan so you owe them the money. They have no OBLIGATION to modify your loan!" So I wrote to him in an email: Well, yes we did agree to pay the loan. So did millions of other people. Our intention was always to pay our debt. We invested in our properties slowly and methodically, over a period of 11 years. We lived in the properties and fixed them up ourselves. We rely on the rental income to pay these mortgages. Then, the rental market collapsed, the housing market collapsed, the world economy collapsed. This tragedy was mostly caused by the predatory lending that these companies engaged in. The churn they created in the mortgage market created this mess in the first place. People got into loans they had no chance of paying back, and this caused the real estate markets to crash. And affected all of the homeowners, investors, and renters, not just the irresponsible and fraudulent! Aurora, Lehman Brothers, Chase, etc. This is not a game, as I said yesterday on my conference call with HOPE and AURORA. I really wish the lenders would quit acting as if it were all a game. AURORA loss mit dept told me 6 months ago that unless I stopped making payments they could not offer me a modification. Now, I'm 5 months behind and they want 3 months of payments before they will submit the application for the modification. That's not an offer of a modification! That's an attempt to collect a debt. What should we do? Our loans are huge as we are in So. Cal., and the attorney's fees are based upon the loan amounts! The guy from HOPE just gets on the phone and calls Aurora with me on the line and just takes their standard line of "make 3 payments and then we will talk" without offering any help or solution. When I challenged him he told me I should get a lawyer. So? Hope just calls the same people I call? Allegedly they had some sway with this situation, I thought. What's up with this????? I am so frustrated as this drags on, there seems to be no help at all, except this forum. Who do I call? I have 6 loans and 3 properties. I'm calling Loansafe right now. Maybe they will take pity on us.