November 12, 2011 in Finance
About every two weeks, I either receive a call from or I call our mortgage servicing company. The conversation is the same.
They want to know when we’ll make a payment. I explain that we will as soon as they approve our modification. They explain they can’t give us one until a point in the future.
I ask when that point will be and they say they don’t know.
I wrote a letter to my mortgage servicing company a couple of weeks ago. I reminded them of the negative equity in the property and described how giving us a loan modification was in their best interest.
They haven’t responded and I don’t expect them to do so. I just wanted the letter to be in our file.
I’ve chatted with our attorney friend and she has explained that since we have a previous government modification, the mortgage servicing company isn’t motivated to give us a new one. Apparently, they were motivated to give the first one because government paid them several thousand dollars to do so.
In addition, since the mortgage servicing company doesn’t own the note, they have no motivation or ability to negotiate with us.
This means the foreclosure process will start.
During the foreclosure process, we will be able to require them to provide a copy of the note. At that point, we can negotiate directly with the note-holder. Until then, we should just hang on and keep doing what we’re doing, not paying.
She said there is a chance they won’t be able to find the note. Things will get very interesting at that point.
Straw Man Bond
I also chatted with my attorney friend about the straw man situation. She understands the legal side. I grasp the accounting issues.
We determined she may have completed the paperwork incorrectly when she attempted to pay her property taxes so she is going to redo the paperwork and submit it again.
I have attempted to access my bond for five different debts. Two of my credit cards, a credit card for two of my sons and, at the last minute, I decided to do it for my mortgage. That wasn’t my original plan. However, the mortgage statement was on my desk as I was working on the credit cards, so I decided to give it a shot.
Those documents went into the mail on October 24. That means I can start looking to see if anything happened on the accounts around Christmas Eve at the sixty-day mark
Both of these situations will take time to evolve so we’ll wait patiently while remaining in the moment of now.