Hope this will help us

[foldem]

Your Letter to Congressfficeffice" />>>
Ken, thanks for taking action on behalf of Petition2Congress. Your emails are on the way to Capitol Hill. >>
An individual copy of your letter will be sent to each official:

December 26, 2009

Dear Representative McGovern,
Dear Senator Kerry,
Dear Senator Kirk, Jr.,

We the undersigned strongly advocate that the Federal Government create immediate, transparent and more equitable regulations for the banking industry regarding loan modifications and pending foreclosures, particularly in regards to HAMP and 2MP. Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.

We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31% of the borrower’s gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at Making Home Affordable - Home in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for write-downs of principal when homes are severely underwater .

We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.

There is documented evidence that the current system is not working, as reflected in the rising foreclosure rates across the nation and the thousands of people who attend NACA “Save the Dream” events in an attempt to get their loans modified. There is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks.

Mr. Bryan Bolton, SVP of CitiMortgage, has stated that “modifying within HAMP guidelines is in the best interests of our borrowers, our country and our company. With or without fees, it’s almost always in the best interests of the servicers to modify.” Unfortunately, these are empty words. Mr. Bolton, like so many other CEO’s, tells Congress one thing, while he and they continue to do quite the opposite.

Tougher mandates need to be placed on these banks that are simply not modifying loans at the rate they could or have been perpetuating to Congress and the media.

Homeowners are not the ones not complying with the rules. The banks are creating their own set of rules and regulations and are consistently “losing” paperwork during the application process, denying modifications for unjustifiable reasons after the trial payments have been successfully completed, and proceeding with the foreclosure process. This is often happening unbeknownst to the homeowners who are still faxing, mailing and e-mailing reams of duplicated documentation as requested by their lenders.

The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time.

We urge your swift and immediate action

What a mess this program is let me say banks don’t know what to do let me start with this, When the Obama making home affordable plan came out in march I applied for a refinance at chase bank for a modification they told me to download and send the paper work that was on there web site. I got the entire paperwork submitted hardship affidavit, pay stubs, tax return, 4506T-EZ forms proof of residency. After all that I had to call chase about 60 times in a period of 25 days to go over everything with them and send out more pay stubs another hardship affidavit and another bank statement every time I called I got a different person that had no idea what they were doing. Then after all that I got a letter saying dear sir your application is cancelled we are unable to offer a loss mitigation workout at this time because of your income you can afford this mortgage payment go figure!!! If my income was in line for this refinance why didn’t I qualify? Then a week later I got a letter saying you insist that we help you so were going to offer you a forbearance for 6 months then after this trial period we will see if we can work out a permanent modification if you make your payments on time. Well then I called and was told wow that’s strange most of our trial periods are for 3 months? I replied is this the Obama plan making home affordable they said I don’t know I think so we normally give 3 month trial plan but in your case they gave you a 6 month plan at this point I’m getting very frustrated after talking for about a half hour chase said just follow this plan and we will work out a modification at the end of this plan keep in mind I was never late on my mortgage in the first place when I started this plan the letter said you are current on your mortgage as of April send no money for May then start this forbearance plan in June 1st well I signed the contract and sent the 1st payment. After the 6 month plan was completed I called and asked what should I do for Decembers payment my trial period is up they told me to continue making the same payment and send more paper work, I asked them what paper work they said pay stubs, hardship affidavit, tax return, proof or residency, 4506T-EZ form I said I already sent all that paper work in twice I was told I needed to send it in again so I did for the third time meanwhile I started to receive letters from chase saying your house is your home we want to keep it that way call us we’ll discuss your current situation but we cannot stress enough that the longer you delay calling us the fewer chances you have to keep your home another letter stating mortgage acceleration WHAT THE HECK!!! Is this all about so I called chase and asked what is this all about then I was told I owed 6,800 dollars I said what I thought I was offered the plan from the government making home affordable they said no you were offered a forbearance plan then I said I was told this was the presidents plan you guys told me it’s a 6 month plan the

Sincerely,

Ken>>

Thanks again for taking action, and keep this email for your records.>>
You can track the progress of the petition, and help encourage others to sign it, with your unique action link:>>
http://www.petition2congress.com/2/act/petition/2564/f43d0fdf9ba11f367d449d73b78a539d>>
Also, be sure to visit http://www.petition2congress.com/2/ for more important action items.>>
>>