The other day I found out something very interesting about my mortgage. The "investor" is a securitized Lehman Brothers trust. The servicer of that trust, Aurora Loan Services, LLC, was a wholy owned subsidiary of Lehman Brothers that somehow managed to survive the bankruptcy in tact.
What does this mean? It means that the Lehman Trust and Aurora Loan Services benefited from the government bailout and because they benefited, they MUST modify my loan pursuant to HAMP.
This entire year of hell could have been avoided had IndyMac/OneWest done the right thing. But, no, they insist on playing games. Well, I have news for them. I am newly energized and up for the fight.
If it takes allowing my home to fall into foreclosure so I can contest in in court, then so be it. I am through playing their little games and I am through waiting.
Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts
Sunday, December 13, 2009
Thursday, October 15, 2009
NACA: My Last Hope
Since I've been denied by my servicer when I tried applying for a modification on my own, I have now enlisted the aid of the Neighborhood Assistance Corporation of America (or NACA for short.)
NACA's CEO is Bruce Marks, and he is known for taking the fight directly to the bank CEO's and their families...to make them realize how personal losing your home is and the costs to neighborhoods all across America that rampant foreclosures cause. He styles himself the "banking terrorist" because he will resort to rather interesting tactics to make his point. He will organize a group of homeowners and NACA representatives and dump a truckload of furniture on a bank CEO's lawn. He will organize protests outside the school where the CEO's kids attend. He is ruthless, and as far as I am concerned, the banks have it coming.
NACA has contracts with the major servicers, including IndyMac. I have a running appointment with one of the NACA counselors as I get my documentation together. I am hopeful that something can be done, even if the only thing that can be done right now is a forebearance to allow my husband and I to get back on our feet, and then do the restructure.
NACA works a little differently than HAMP or other modification programs. They start with figuring out how much of a house payment you can afford. There is no set interest rate that it has to be, or loan amount that it has to be. The only question is how much you can afford, after deducting all of your living expenses. Then NACA takes that number and says to the bank, find a way to get the payment down to that number. Whatever is done is a permanent change. No re-sets, no adjustments. The restructure is permanent.
If you're facing foreclosure, contact NACA as soon as possible. The sooner you start the process, the easier it will be for you. Go to www.naca.com
NACA's CEO is Bruce Marks, and he is known for taking the fight directly to the bank CEO's and their families...to make them realize how personal losing your home is and the costs to neighborhoods all across America that rampant foreclosures cause. He styles himself the "banking terrorist" because he will resort to rather interesting tactics to make his point. He will organize a group of homeowners and NACA representatives and dump a truckload of furniture on a bank CEO's lawn. He will organize protests outside the school where the CEO's kids attend. He is ruthless, and as far as I am concerned, the banks have it coming.
NACA has contracts with the major servicers, including IndyMac. I have a running appointment with one of the NACA counselors as I get my documentation together. I am hopeful that something can be done, even if the only thing that can be done right now is a forebearance to allow my husband and I to get back on our feet, and then do the restructure.
NACA works a little differently than HAMP or other modification programs. They start with figuring out how much of a house payment you can afford. There is no set interest rate that it has to be, or loan amount that it has to be. The only question is how much you can afford, after deducting all of your living expenses. Then NACA takes that number and says to the bank, find a way to get the payment down to that number. Whatever is done is a permanent change. No re-sets, no adjustments. The restructure is permanent.
If you're facing foreclosure, contact NACA as soon as possible. The sooner you start the process, the easier it will be for you. Go to www.naca.com
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