REGARDING LOAN #XXXXXXX
AND PENDING AUCTION ON 10/21
To whom it may concern,
I am writing in regards to the pending auction on our home in just a few short days from now. We have been working with NACA’s Homesave program since June to find a resolve and a loan modification that we can live with. We were driven to NACA out of concern in saving our home. Litton offered a loan modification at the end of 2007, but where is there a benefit in taking a 1986 dollar monthly interest only payment and offering to fix the loan at the same interest rate principle/interest with a new payment that is over 2400 dollars a month. Our crisis began in August/September when what was turning out to be a banner year suddenly came to an abrupt halt. Clients began losing financing for their construction projects as the credit markets started tightening as a result of the first signs of crashing securities.
I was brought to a screeching halt and for the first time ever, all my projects stopped or ones scheduled never materialized. It remained as such for several months. Fortunately, I am very busy these days and have no worries on that front. Ironic, seeing as the economy is in far worse shape. The modification was painted as a bargain because the rate will be fixed and after all we were soon to jump from our ‘teaser’ fixed rate to a the adjustable terms. I suppose 2400 dollars is a bargain compared to the 3400+ dollars that it was set to jump to, as we found out a few months later.
It was for these reasons that we sought the help of NACA to work with Litton on a modification that actually works for the life of the loan. With that we remained on the sidelines and let NACA be our voice. Unfortunately, for well over a month now it appears that NACA has not been heard by Litton, and we now find ourselves a few short days from auction. If I may give a brief history of this house and us and what it means not to lose this place.
I am an Architectural Designer by profession, and in 1997 we purchased a 10 acre parcel and performed all the necessary tasks that included a perk test and the drilling of a well, subsequently creating a partition that created two 5 acre parcels, selling one and keeping the other for ourselves. I designed the home and in conjunction with Michele’s company she was employed at, we acted as the general contractors for the construction phase. We moved a 40’ x 16’ trailer on site that we lived in while we were building the place, Michele being pregnant with Hunter making it rather miserable for her. We moved into the house 1 week after she was born, in February of 1999.
The point of that story is to convey that we are tied to this land and this home and have been for a good many years. This home was planned as being the one of establishing permanent roots, a home that we would raise our daughter in and grow old in. A home that was custom designed for us, no one else. I am aware that one of the many problems with sub-primes is that of speculation for profit whether by flipping or for use as rental property. This is not one of those cases. We are here to stay, that is to say, it is our strongest desire to remain.
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Life in foreclosure with a pending auction is terrifying. The closer the day gets the more tension there is. I have spent the past week writing and speaking with Congressman and Senators and anybody I can to find a way to postpone or stop what amounts to a needless auction. My daughter is acting up in school as she senses something very very wrong. How do you explain to a 9 year old that one morning she goes to school and comes home to find a sheriff evicting us from our home. How can it be quantified. It is extremely stressing emotionally.
The nature of this economic beast, the heart of the matter is all the foreclosures and how they have frozen the markets. Me, being the analytical one, delved into gaining an understanding of all of this. After hours and hours of pouring over material I found my way to the SEC filings, and made my way to Ownit Mortgage Trust Series 2005-4. It is no wonder markets are frozen and banks are failing. For the first time I had full disclosure of what sub-primes are all about, the selling of them, the retainage of them, the risk factoring but most of all the money that can be made on them at the expense of people who otherwise would not be able to get a conventional loan. It becomes a matter of how many times can a person be refinanced under interest only before all the equity is sucked dry and defaults, goes into foreclosure and than auctioned to MERS as the surrogate of Litton. Finally to be sold on the secondary market, while that poor schmuck, hundreds of thousands of poor schmucks left destitute. The greed of Merrill or maybe William Dallas or probably both ruined the perfect scheme and down came the cards. They get their ‘golden parachutes’ and Ownit gets protection under bankruptcy, a luxury that is not afforded us.
It is enraging both personally and morally. My anger is not directed towards Litton as I read all the pooling and service agreements, actually you have my condolences and now having to clean up the mess and fallout that only grows day by day. It is hard not to be enraged by all of this, because the public by and large has this impression that the ‘sub-primers’ are nothing more than people who got in over their heads with easy credit, that we deserve to fail. Although the sentiment is changing and a rescue is coming and hopefully soon a moratorium will be enacted to stop foreclosures and save peoples homes.
What I know is one thing, and that is that we have no desire to lose our home. We have fought to long for it to be taken away needlessly when NACA has been making efforts to open up a conversation for a modification that is affordable and that lasts the life of the loan. It is what is right and what is fair.
We have been told that Litton is in process of postponing the auction set for Tuesday 10/21, but the concern is that we have been told that a couple of times that Litton is talking and than a couple of days later NACA informs us that Litton now is not responding. Of course, I am sure that these days Litton is quite busy, but time is of consideration, and it is ours that is clicking away. I have a hard time understanding why it is that postponement would not automatic considering there is a line of communication open. Please, we beg of you to follow through with this postponement of auction and find a common ground from there.
I graciously and sincerely thank you for your time and expeditious efforts
The people that NACA had contact with in your office are:
Donna Marie Jendricza (apologize if spelling is incorrect)
Jesse Garner
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