I like so many others, found myself without a job. I was let go in August 2008. I fell into a bit of a depression I’m sure, before finally finding employment and attempting to get my financial situation back in order. A brief history about me
Shortly after moving to Sacramento I left employment at the hospital that has given me my great job back and hopefully saved me from loss of my home. I had been recently licensed as a Real Estate Agent and my plan was to educate others how they can get an affordable mortgage, explaining options and not over charge people simply because I can. Yes I understand the back end of lending and have seen how corrupt it could be and how driven by the dollar people were. It was ugly, needless to say I was a poor agent. I found out quickly people were not trusting and were easily swayed by “the fast talkers” I was not a sales person I was and am not into convincing anyone I am honest. So when the market crashed I got into trouble with my own mortgage and needed to return to work which I did. Things were looking good. Then I was let go.
Here is my timeline of trying to work out a loan modification starting with Wilshire Credit Corp. a loan servicer. My lender is Quality Loan Service Corp. of San Diego Ca.
While on unemployment I struggled with mailing in whatever I could afford knowing as long as payment was accepted foreclosure was halted. But the threatening loss of lights, heating, and the loss of my vehicle were rearing its ugly head I had to choose family first. I do have two children at home, if it were only me I would have fell to darkness and probably more depression.
5/30/2009 I typed up a letter of explanation and faxed it to Wilshire Loan Workout Dept. This letter explained that I now had two jobs, went in detail of my income from both jobs. Explained how I got into the financial situation in detail that I was currently in. I included both Managers names and phone numbers for verification. I described the loan I was in (a 2 yr ARM principal and interest only) I asked that I be considered for an affordable fixed mortgage with taxes and insurance included(impounds). I added that I missed place my W2’s and would fax them when found. I faxed a total of 43 pages including, all tax documents except mentioned w2’s (but my known income was included), my financial statement, 1 month current check stubs, front and back all pages of 3 months bank statements. I am told this could take as many as three months for review.
7/1/2009 I receive a certified packet, it is my loan modification offer from Wilshire. I am initially excited to see an affordable payment but then am immediately afraid because I do not see how I can get the down payment up in 20 days. I know it’s not a lot that the lender is asking but I didn’t have it. No loan terms are mentioned only that there will be a 5 month trial period. I do not sign it or mail the documents back.
8/7/2009 I received a letter with this date at top. It is a request for income verification documents. The letter told me I am in review for “The Federal Governments Home Affordable Modification Program.
8/19/2009Spoke to Hector at Wilshire, I am told my account is still in review to expect a packet from The Home Affordable Program by the end of August or July and follow the directions in the packet.
9/28/2009 Spoke with Sara at Home Affordable, Sara verified there is no scheduled sale date, but there were no updates noted in my account yet and to call back in two weeks.
10/17/2009 received a call from Wilshire I spoke with Beverly. I was informed there was no sale date. Beverly said I needed to request a VPO to have someone at Wilshire do a Property Value In comparative housing. Beverly spoke with a “Hope Officer” and said call Monday for status.
10/19/2009 I missed Customer Service by 9 minutes when I finally got home to call.
10/20/2009 Spoke to Sara at Wilshire.
11/02/2009 Spoke with Leo who said I have a sale date of 11/12/09 to submit for postponement of sale date 7 days before and that he could not make a request yet. To call back every Monday or at least before 11/19/09.
11/2/2009 I am not really sure what dept. I was speaking with here at one point My lender had to add home owners insurance fees onto my loan because I could no longer keep up with my policy. So When I returned to work I faxed my policy in and thought all was great turns out there are different dept.s that do not communicate with each other and I was charged for several months for homeowners insurance when I had paid coverage. This was a mess. On this date I had my State Farm Agent fax verification to My lender this of coarse took several days to get it right and I finally am told any overage will be refunded to my account, it will take 35 to 45 days to change. Of coarse I have not heard anything and to be honest can’t even think about this.
11/03/2009 Spoke with Jean at Home Affordable who told me I was denied on 10/18/09, I was shocked no one had called me. It turned out that the wrong income was noted in my account. I was told there was no Officer assigned yet to call back on Friday 11/06/2009.
11/16/2009 Spoke with Mike at Wilshire am told sale date is extended to 1/19/2009 and to keep calling every week for status.
11/25/2009 Spoke with Davia at Home Affordable I am told I am in review which started the beginning of Nov. And it takes 45 to 60 days for each review. But that no Officer was assigned yet to my account. Davia said she will try to get an Officer assigned and to call back the middle of
December like the 18th.
12/23/2009 Per Isaac at Home Affordable am told I was denied I never received a call even though they show in the account that someone left a message on 12/21/09. So I was back at Wilshire for review I faxed 2 mo. Bank statements, 2 most recent bank statements front and back, 2 most current check stubs, 2007 tax returns and 2008 tax returns with a letter of explanation. I am told the sale date now is set for 1/19/09 and I must request a postponement not sooner than 1/11/09 but that I should call every two weeks for a postponement date. And after faxing all the docs to wait a week to verify they were received and in the system. I did this. I am told this could take 10 weeks and it started on 12/21/09.
1/05/2010 Tasha at Home Affordable said review time is 6 to 10 weeks, keep sending in all updated documents. I was told the mortgage offered cannot be more than 31% of my income.
1/07/2010 I call the property tax line to assure they are not due. I have been worrying that my modification will not be complete before these are due as I cannot pay until I know what my lender wants each month. First installment will be due 4/10/2010 I pray this is complete before then.
1/11/2010 Spoke with Robert to request a sale date extension and was told to refax my bank statements. Robert informed me that my complaint of no contact( not even on my recorder) was due to the computerized system taking the home number in it’s automation. That it does not recognize any other number in the account even though all letters and calls request contact via cell phone. Robert kindly removed my home number from record.
1/11/2010 Faxed to Wilshire front and back of my 2 mo. most recent bank statements and 3 most recent check stub’s. To both the rush fax line and the regular in house fax line. A total of 37 pages.
1/12/2010 I return a message to Wilshire there is no Home owners insurance on file. Again I rush fax verification.
1/13/2010 Spoke to Laray there is no verification of insurance in file. Can’t request postponement of sale till this is verified! UGH Laray takes the time to clear this up for me and puts in a request for postponement. I am told it will take another 30 days for review, call back on the 18th to verify all faxes received and postponement of sale.
1/20/2010 Spoke to Crystal at Wilshire, updated account info. Postponed till March 8th I am told I can call 7 days before sale date for another postponement request. But to call again at least by Feb. 25th to check status. Crytal confirmed the review usually takes 40 to 60 days I am told I am in 20 days review time which started on 12/21/09.
1/21/2010 most recent check stub faxed to Wilshire.
1/24/2010 faxed most recent bank statements and check stub to Wilshire.
2/12/2010 I received a letter of notice of assignment, sale, or transfer of service to BAC Bank of America.
2/08/2010 – I Spoke with Kevin at Wilshire a Customer Service Rep. I was told my loan was sold to Bank of America for servicing and not to worry that I am with the same lender it’s just the servicing. Like I ever deal with the lender… but I guess that was a good thing. Kevin said that by March first I would be dealing with Bank of America and that I would need to contact B of A 3/1/10 for follow up and that my loan remains in review. Kevin confirmed all my financial documents were received and up to date in the file. Any financials sent in would be forwarded to the new servicer. Kevin kindly commented maybe B of A will have more programs to offer.
2/24/2010 I spoke with Tasha a Customer Service Rep. at Wilshire I was told my loan was sold and the sale date of 3/8/10 would “most likely” be postponed automatically on transfer to the new servicer but she could not guarantee this. The transfer date was 3/1/10 and to contact the new servicer for follow up. It is still in review.
3/2/2010 I spoke with Myra at Bank of America who tells me there is still no record of me in the system and confirms what I was told the day before that access to the Wilshire loans will not be until the 8th. Myra also could not verify if my sale date would be extended. Myra does tell me when I question if it’s common for Banks to by bad loans. Myra says “when batches of loans are sold to B of A, B of A is not told if that lender is making any modifications of those loans or anything else”. Unable to verify if there is an automatic postponement of sale Myra used my social security number to try to find my loan but had no success. I am told to call everyday to see if I may have got into the system earlier. Myra informs me I am not the only one that several people with Wilshire have been calling trying to get more information on their loans. She does her best to console me as I explain the stress and anxiety I am having since being denied twice by the “HOME AFFORDABLE” program Myra explains that B of A has many programs and if I qualify I will go on a short trial period of maybe 3 to 4 months. I feel lost but the kind words helped a little for about two hours. After the call by two hours I am remembering the farce of what I went through with Obamas HOME AFFORDABLE program. A computer system that allows for depersonalization of home owners and attempts to put a round peg in a square hole.
I am now brain dead reliving this, there are no words. Can you say anxiety?
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