Hello All,
Here is a summary of my experiences with NACA and HOPE. Through both of these advocacy groups I was told that the foreclosure on my house did not present enough of a loss to them or the bank. I was told that the banks have a "formula" and my foreclosure wasn't enough of a loss according to their "formula". This is where I get angry. The banks will try to keep the burden on a borrower who is heavily underwater, but not assume any responsibility for a borrower who is not such a loss. From the borrowers side their is only one matter, and that is losing their house.
I will lose my downpayment and hard work in restoring my house just like a person who is further underwater than I. My wife lost her job and is affecting our ability to pay just like any other hardship. I have the worst of the predatory loans. 40year Option ARM with Neg Am. This shows me that the banks feel they have no responsibility for this crooked loan. The banks will take credit for burying a borrower in a huge loan as if they saved the day. The advocacy groups are taking credit (and money)for providing a service that is essentially already available.
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