Sunday, May 3, 2009

Americans That Are Wrongly Being Forced Into Foreclosure

What you are about to read wasn't only shocking but appalling. Many everyday americans are being told that their home is either in a loan status default, preforeclosure or foreclosure status. We hear day in and day out the number of homes that are being reported to be going through foreclosure is increasing. What if I told you that those increasing foreclosure numbers could be possibly incorrect. Prime example....I know a couple that has been in their home for approximately eighteen months. This couple was informed that they were several months behind on their mortgage, due to unforeseen circumstances (job loss and wages) the couple constantly spoke with the bank about their circumstance. The couple was told that they were in a loan default status and that they were four months behind and foreclosure process was about to begin. The bank advised them to send in one payment and to send it via Western Union by the end of the month. This young couple told the representative that they would try and get the payment in by the end of the month, by the end of the month the young couple went to Western Union made the one payment that was requested of them...called the bank...spoke to the loan default counselor and gave the loan counselor the receipt code. Guess what, the loan counselor then proceeded to tell the couple that they were still four months behind and that they should have sent in two payments instead of one. The young couple wasn't only frustrated but distraught. They proceeded to ask the loan counselor how did the bank come up with them being four months behind and why were they told by another counselor that they could send in one payment. The loan counselor proceeded to tell them that they didn't show any documentation that they had spoken with a loan counselor the day the couple was being told to send the payment via Western Union. The couple then told the loan counselor who requested the extra payment, that they knew for a fact that they weren't four months behind and it wasn't their fault that the representative didn't document in their system that they had spoken with the couple. The couple then questioned the representative on the apparent discrepancies. Fortunately the couple went to their online banking and found out that "this bank" had received sixteen payment not including the Western Union payment for a total of seventeen payments that had been made. In reality this couple only owe for the month of May. When the couple found out they were very happy but also frustrated because of what all they have gone through. Once they found out that they shouldn't have been put in that foreclosure status they immediately called back the following day and requested to speak with a a supervisor who in return tried to state their case that the couple is four months behind...which infuriated the couple again...then the couple told "this bank", that they have positive proof and that they have bank documentation showing "this bank" was paid. The representative told them to fax over the information and they would have to review with management, but they would still have to make another payment. The couple then advised "this bank" that they were not late and in fact their payment isn't considered late until after the 15th of the month. The couple went to their personal bank to verify their findings which came out to be true. The couples' bank was able to print the findings and the couple has faxed over the information to "this bank". I am pretty sure that this couple will file a complaint with the BBB, contact their congressman and any and everybody else that will listen...including me! So now, I have to have ask the many americans are being forced out of their homes legitimately, what if they just go along with what someone is telling them because they are so depressed about their situation that they don't realize that their may be a glimmer of hope which is actually and rightfully so in their favor. How many of these so called banks, mortgage companies and other predatory lenders are reporting inaccurate numbers to the government so that they can show on their books that they are facing a tough time but in reality and in actuality they are making extra money on these individuals, which in turn allows them to justify receiving "government bailout money". Get the picture....maybe it isn't such a bad idea for the american taxpayers to be shareholders of some of these companies as long as we can reap the dividends. But on the flip side, once the government actually do a full investigation of this type of travesty it may not be so good for these type of companies. Interesting, if I know of one couple this has happened to, I wonder how many other people are facing this type of situation.......Can You Say Bank Fraud!