Petition

[shuladore]

Hi All:

I have found a good online petition site http://www.thepetitionsite.com/
Here is my question how do we phrase our petition? What do we want to petition for? My thoughts are for a "stick" to beat our lenders/servicers with when they leave us in the lurch like this but would that be cramdown legislation? Or perhaps legislation that would allow a BK judge to grant a HAMP modification? Other thoughts??? Other sticks?

[shuladore]

Hi All:

As I was brainstorming for our letter to Ms Bair a theme became clear and this petition idea:

I believe we should petition that the government take over the qualification and trial period of the HAMP program. I beleive that this would elminate many of the problems that we are all experiencing lost paperwork, denials without cause, lack of following guidelines etc. Thoughts?? The petition idea really needs to be one that is broad based that all in this situation could support

[so-cal-gal]

Another PETITION WE NEED:

A problem that is occurring with a few deceitful lenders is that THEY never sign the modification contracts. They then, months down the line, tell you the mod never occurred and want you to pony up the 'difference' and go back to paying the original amount. A variation is the sale of the note just prior to implementing the final mod that has YOUR notarized signature, but not THEIRS. Both are cases of breach of basic contract law that is currently leading to multiple lawsuits against CW/BofA and Litton.

I predict this ploy will spread to other lenders before it is ended. Noone typically foresees that the lender would do this currently but they ARE and it will be MORE LUCRATIVE for them to do this a few years hence, when people may not have THEIR copies anymore!

This one will best be dealt with by at least a PAIR of changes:
1) Petition the FEDERAL Government for an add-on to RESPA that states outright that loans can not be traded while any modification contract is 'in process' and that the borrower has to be approached during the transaction to verify that the note being traded correctly reflects the 'current' note with any existing modifications. Any report of an "In progress" modification OR APPLICATION would halt the 'assignment' until the borrower signs off. (Err on the side of power to the little guy for once.)

2) This part might fit within the auspices of FTC and banking but certainly should be a HUD policy:
For MODIFICATION CONTRACTS PRODUCED BY LENDER OR SERVICERS: Require that servicers/lenders sign any modification contract IMMEDIATELY after they verify the package contents that they offered have been complied with by the borrower. If left in any unsigned state by soley the servicer for more than 5 days after receipt of said package by servicer, said contract would be FULLY recognised as an agreed contract without need for litigation to enforce recognition of said modification contract under basic contract law.