Hi Opus, yes, HSBC confirmed to me on the telephone that Hong Kong Shanghai Bank Corporation is both the servicer and owner of my loan. I called them to find out if my loan was backed by Fannie or Freddie. The representative explained to me that they own all the loans they service.
Are lenders backing out of modifications? Article says yes
Are lenders backing out of modifications?!
Posted in Mortgage Rates by DealMaven
October 1, 2009
Holden Lewis, the mortgage expert at Bankrate.com, just published a very disturbing post on his blog. It questions whether mortgage servicing companies that agree to modify unaffordable loans are arbitrarily canceling those deals after the borrower has successfully completed the trial period.
Mortgage modifications prevent foreclosuresLewis tells the story of a woman who signed a modification agreement and not only made the required three-months worth of trial payments at the new lower amount, but a fourth payment as well.
Imagine her relief. She had proven her ability to make the modified payments and saved her home from foreclosure.
Then the lender said the deal was off and her payments were reverting back to the original, unaffordable amount.
Weâ€™ve all heard how lenders participating in President Obamaâ€™s Home Affordable Modification program are supposed to maintain the new lower payments for at least five years if borrowers successfully complete the three-month trial.
So whatâ€™s going on here?
This is not only unfair and dishonest. Itâ€™s downright cruel to allow someone to think they have saved their house, only to find out that the bank is nailing the door shut.
Lewis has heard this might not be an insolated incident. If youâ€™ve had a mortgage modification yanked out from under you, weâ€™d like to hear about it.
She also does YouTube video updates on the issue. Her handle name is "rockerchic." As of yesterday, I saw 2 YouTube updates, as well as, others there who have responded to her video by posting their own debt revolt feelings/actions. There's an ex BofA (asst mgr?) guy that BofA tried to rip off, too. And, I really like the one where an old guy (forget his name) that just rants about the banks, fraud, etc. on behalf of Americans. His anger is raw and palpable. He's just livid in gen'l. Great video. Rockerchic is great because she really dispels the myths that the banks and their mainstream media puppets like to keep pushing: that only the "deadbeats" who "over lived," "over spent" and "bought a home they couldn't afford, so they should SUFFER NOW" are the main players in all this, and deserve the crappy treatment they get by banks today. She's fired up. And, aint going away any time soon. By the way, she mixed up Ken Lewis (CEO BofA) w/ Ken Lay (Enron CEO crook) on the video. But, one in the same! Now, Kenny Lewis is off to a life of luxurious retirement w/ his mils in a few mos. Other than SEC lawsuit, he made out quite well in all this predatory, fraudulent, money laundering biz that we like to call "banking" in America. Such a "talent," as bankers like to call themselves. Bye bye, Kenny. Let's see what the next, CEO banking dope does w/ this ugly beast called BofA.
Moe you can count me in for anything you need. I love to dig up facts and information, but am not as eloquent in creating the responses many people here are. I have been battling here in MD for close to two years and have found some of the best people within the system to contact.
I my appeal for help with the OCC, I referred to this forum and responses within ripoffreport.com as examples, that as crazy as my case may seem, I am not the only one who is making these claims against my bank. I encouraged them to look at the sites, but who knows. If we could do something using Senators etc. is one of the only ways to get to these banks.
I even contacted the legislation division of my Senator requesting that I be put on a list that is willing to speak at a congressional hearing, nothing so far.
I may not be able to win, but if I can help one homeowner save their home I would love to be involved
I'm going to send another round of faxes this week to congressman, senator and OCC. It's one of the things on my list to create today. I have found that it's faxing and not e-mailing that gets their attention (not that any real difference has come yet), cuz the e-mail boxes on their websites don't allow too many words. One thing my Senator needs to know is that after she sent my letter to Chase (and also to the OCC), Chase "closed my case" when the Exec Team asked me if I was still working with NACA. I continue to be incensed about that. I never signed away my rights to talk with the Exec Team at Chase in order to work with ANYONE who might help me. Not that NACA has come through yet, but like so much here it just isn't right.
I'm going to see the Michael Moore movie because I have to find out for myself what relevance it has. I'll admit I'd prefer to go to "escapist" movies (saw one yesterday - matinee of course), but this movie of his comes at a time when its more relevant than ever for me to be educated.
One question among many on my mind since I've written my QWR and am waiting for their response is what is the thinking about why the homes values got so inflated just before the crash? How does value get created? It can't be inflation. It's gotta be market-driven. But is it the banks or the real estate brokers or a collusion amongst them? Is it demand? Is it numbers of houses on the market? Is it all of the above?
This is the text of the letter I am faxing to Senator Boxer tomorrow with cc to Feinstein, Obama and my congressman (there were paragraph breaks, but I still haven't figured out the "you have included xx images in your message...)
On August 10th I sent you a fax regarding my situation with trying to get a loan modification from JPMorgan Chase. I sent you another fax on September 7<SUP>th</SUP> detailing my ongoing struggle with them, and their denial based on my hardship not being of a permanent nature. You kindly forwarded my correspondence to Mr. John Hardage, the Acting Congressional Liaison Director for the Comptroller of the Currency. You also apparently sent my letter to JPMorgan Chase. On September 25<SUP> </SUP>I received a call from a Jackie at the JPMorgan Chase Executive Team telling me she had received my letter from you. We talked for awhile, and she asked if I was still also working through a HUD authorized nonprofit, NACA (Neighborhood Assistance Association of America) to get a modification through Chase. I said that I was. She said she would not talk with me because I am also working with NACA, and that they have a team at Chase that only works with people working with NACA. I asked if I could talk with someone from that team and she said “No.” she also said that since I was also working with NACA she was “closing my file.” I have NEVER signed away my rights to work with Chase. Working with NACA, or any other authorized non-profit should not preclude my being able to work with the Chase Executive Team, but that is how this bank is interpreting this. Since September 7<SUP>th</SUP> I have had more than 20 calls from Chase. Calls from collections, the imminent default team, loss mitigation and missing docs. I have complied with every request they have made (other than paying my mortgage, which is now unfortunately in default). After nine months of “working with them” I still have NO one person to talk to. Each and every person is new. Each and every person has to read my file on the computer and ask me the same questions and is totally unclear as to what to do next. I SHOULD be able to call the Executive Team, but they have shut me out. In the meantime the NACA case is still in limbo. I could close that case, but since JPMorgan Chase is so unresponsive to my needs I hesitate to do so in the off chance that that might be successful. I feel like I have two full time jobs right now, and I am tired and stressed but still struggling. I am paid by my day job, and have the ability to pay the proposed new mortgage that NACA has submitted. I believe I have a predatory loan, and just last week I sent in a Qualified Written Request (QWR), per RESPA law. My loan was originated by Long Beach Mortgage, sold to Washington Mutual, and is now owned by Deutsche Bank and serviced by Chase. When I go to the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-comffice:smarttags" /><st1lace w:st="on"><st1laceType w:st="on">County</st1laceType> <st1laceName w:st="on">Recorders</st1laceName></st1lace> office the only transaction (other than title designation) I see is that Long Beach Mortgage owns my loan. Nothing about <st1:State w:st="on"><st1lace w:st="on">Washington</st1lace></st1:State> Mutual. Nothing About Deutsche. And there are other issues. I do not like being combative, but I will if I need to. I am currently awaiting their response to my QWR. As my Senator’s representative I ask you to let her and the OCC and anyone else in your circle know that this homeowner is one of thousands who are being treated dreadfully by the banks. The banks are not following guidelines. I started this in January, and struggled to keep my mortgage current in the hope that Chase would follow government guidelines and modify my loan before I had to default. That does not seem to be in their plan, however, and I am mad. I do not ask for my home for free. I ask for the bank to follow the guidelines the government has established and modify my loan. My hardship is a direct result of the market collapse, and I am not alone. I/we need your help. Thank you.
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>
If you didn't see my Phoenix report I asked in the massive orientation meeting the good speaker about the issue about being shut out by servicers if start working with NACA.
He was very infantic that this should NOT happen. They encourage onging contact direct with the servicer. If this is happening he wants us to call NACA since this should not happen.
Of course its like all the HAMP directives not being followed and its very hard to contact folks at NACA. But clearly NACA wants ongoing direct contact with servicers while working with NACA just as before.
Your letter is great and hits the issues most of us are all facing with servicers
I have watched this video before. I LOVE IT! After I saw it, I started talking to my congressman's office. Asked them if they saw the video. Okay, so maybe I was trying to play the popularity card. I figured if my congressman saw it he might think there is a chance he could get on Nightline. I will keep trying. Everything I can.