I refinanced my 5% fixed rate mortgage and 7.25% fixed rate second mortgage into a 7.875% fixed rate with Freedom Mortgage Corp. Shame on me, shame on them. I, too, was quoted fees that varied tremendously from the final and was told by my loan officer that some fees would be refunded after closing. Well, after closing, the loan officer told me his manager would not approve the refunds because he had abused his discretion too many times. Ha-whatever. I knew better and should have run with my gut instinct. So, my monthly outlay increased, though I did "consolidate" some personal debt into the mortgage. Then... The economy took a turn and my salary, over a few steps, was reduced by 40% in a six month period. I applied for loan modification — repeatedly. I called on a regular basis to check status and was told sometimes that my file is under review, other times that they have no record of receiving my documentation... It went on an on from November '08 and is still going on. Finally, they sent paperwork for forebearance and told me permanent modification would follow after a 4-month trial payment period. I completed the trial period with all payments on time and, when I inquired about the permanent modification, was told that I have to re-apply. WHAT? I've applied three times already. My first application took over six months to review and foreclosure papers were filed in the mean time. They explained, and I do appreciate the frankness, that the process for modification is much slower than the foreclosure process — two different trains, two tracks, the foreclosure train running at a speed greater than that of the modification. Hmmm. What to do. So, after the payment trial period, I was "permitted", with a supervisor's approval, to make a mortgage payment in December, but was told no further payments would be accepted until they received yet another application/request for modification. Their application never arrived in the mail, though the flyers explaining options under FNMA came repeatedly. Finally, I received the application yesterday and it is the same as that which I have submitted several times. Loan modification is bogus — at least with this lender. I want my home. They do not. Why, then, are they not working with me? I've become so frustrated that I contacted my Congressman and his office told me they have no authority or control over lenders (even though FNMA is a quasi-governmental entity); however, they are willing to open a "Congressional Investigation". I'll work towards that end, but am very concerned about the speed of government and whether a resolution will be forthcoming before a foreclosure sale date. TARP is crap. Big bonuses, at the expense of the taxpayers, are rampant.
0 comments