This is part of a larger narrative--most homeowners have reported that they were told the same story when they sought help. Banks are simply reluctant to work with struggling homeowners if they are still make payments, even with the Obama foreclosure prevention and mortgage reduction program. It is not too much of a leap to state that the billions given to the banking industry would likely go into foreclosing and short-selling rather than helping people keep their homes. We were willing to still pay the banks an inflated value for the house, just as long as we received a lower monthly payment rate that would still enable us to survive. Mom thought long and hard before skipping a payment. She knew that ruining her credit meant no law school for me next year because there is no way we could get a loan for my studies after she ruins her credit. As an undocumented young person with no SSN, I don't really have a credit line even though I have never defaulted in any payments to anyone. Saving our home was more important at the point and we thought it would just take some months before everything was fixed. To make a long story short, this small home mortgage crisis over reducing our monthly payment has inflated into a nine-month saga complete with threatening letters, harassing calls, lost papers, misappropriated funds, and major setbacks. At one point, Citibank sent a letter threatening to send someone to our home to ascertain if we were still living at this property. They stated we would have to pay them for the expense of their (frivolous) trip. We offered them hospitality and asked them to come for a nicely-cooked Indian meal but at their expense. In June, Indymac finally agreed to give us a balloon payment package where our monthly payment was reduced for 28 years, after which we would pay a huge lump sum. We were given a week to decide and even though it was a tough and unfair decision, we sought relief and signed the package. In late July, they cancelled the deal, saying that we had filed too late. When we proved, through our lawyer who had documentation, that everything was filed on time, they balked and stated that they had lost the paperwork. This is probably the 5th time that they have 'lost paperwork' from their system. Last week, after my mother had once again filed income/expense reports with them to prove that we needed help, Indymac called back and stated that they couldn't help us because their system didn't approve our ratio. When we asked what that meant, the service representative replied that they couldn't help us because our expenses exceeded our income. My parents have more than 20 years of experience in the banking industry and even they were puzzled. Of course our expenses exceeded our income; that is precisely why we were seeking help! If our income was more than our expenses, would they help us modify? No, they would be demanding payments. Additionally, these giant institutions refuse to recognize and negotiate with attorneys. Today, someone from Citibank who refused to give her last name, called my mother to harass her for money, much like the small-time mobsters and druglords on the streets of some ghetto. Sometimes I think we should foreclose the home and get away from this financial mess. We would lose next to nothing while the banks will lose half a million dollars. They would make up the half a million dollars from the Obama financial relief package for banks--more of our taxpayer dollars at work. What's the point of giving us the run around when we are willing to stay and pay only if they reduced the monthly payment rate by a couple thousand dollars? I hear my mother silently crying through closed doors when I am here and crying on the phone when I am away from home. Her tears and labor won't go in vain. We'll keep on fighting till these Goliaths are brought down to their knees. |
Receive information on the latest action items, media campaigns, and legislative initiatives from ProMigrant
No spam or press release dumps from DC advocacy groups, lobbyists, or politicos. No requests for donations, or re-directs to astroturf groups looking to harvest your e-mail information.
Just real action for real change from real grassroots activists.
