Thursday, February 12, 2009
Politics / Silverman / The Economy Faces of Foreclosure: Activist Molly Secours May Soon Be Homeless
Posted by Jack Silverman on Thu, Feb 12, 2009 at 12:10 PM
Dear Jim, As you may or may not know, a year-and-a-half ago I was diagnosed with uterine cancer. Ironic in a way, after having produced a 13-minute documentary about Tennessee's health care failure called "Faces Of TennCare," but that's another story. The long and short is that, due to the illness and loss of work during that time, I am probably losing my house and will be in foreclosure March 2nd. I have been trying to prevent this since June 2008, and only when I began to get behind did the lender (First Franklin) even enter into correspondence with me. Communicating with them has been impossible and now foreclosure is inevitable. I have done EVERYTHING that has been suggested to me and the bottom line is (as they said to me today), they've "got nothing for me." I had great credit before I got sick, tried negotiating with everyone and now I am about to be without a home. All of this talk about bailouts and helping "the homeowner" leaves me a little cold. I pretty much have resolved that on March 2nd I'm a statistic and thought maybe you could give me some hope. I've worked with nonprofit FHAs, etc., and even they can't get anyone on the phone to care. All of the talk of programs to help people is really just that, "talk." I, like millions of Americans, am not looking for a "bailout," just a helping hand. So, I am asking, is there any hope for someone who pays their taxes, has tried in earnest to avoid the situation and is willing to make good but can't afford a 9.8% loan? Thanks Jim, You're my last shot. Always a fan.UPDATE: Molly Secours tells Pith she won't accept any sort of financial help or fundraiser from friends regarding this situation. Concerned friends held two concert fundraisers at The Belcourt to help her with her medical expenses, and she is adamant that she wants no further help, as she's aware thousands of people around the state are struggling with the same looming fate. (For the record, she was reticent about Pith even posting her letter here for this very reason, though she agreed in order to draw attention to the crisis affecting homeowners nationwide.)
Comments (8)
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Seems time to boycott First Franklin. What kind of morons exchange a paying customer for an empty home in this economy?
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This seems a little strange to me. I know for a fact the bank does not want her property. There is no benefit to taking the house back. They will bend over backwards before they would take a property back. Banks have so many foreclosures they don't want another one added to their portfolio. Banks are now willing to reduce interest rates and work out payment arrangements. If you are willing to work with the banks they are more than happy to work with you.
Can you get that in writing? Apparently Molly can't.
Just curious: If the government creates a "bad bank" to buy up the failed assets of other banks, would banks be more or less willing to help homeowners who have fallen behind?
Check out these blog entries we've stubled across about First Franklin bank, and then tell us that this is a bank "more than happy to work with" WHO?
hello!
Thanks for the forum; I am hoping I can get some info as I really feel like I am drifting throughout this process.
Last July we refinanced a first and a second with First Franklin.
Of course our broker did not tell us the truth, our course I felt tricked and betrayed when I realized the full extent of this loan, but we tried for almost a year to pay it.
We have a 2/50 loan, I think that is correct.
2 years fixed on a 50 year loan, with a balloon payment of like 198,000 due at the end of 30 years.
Our monthly payment with no taxes and insurance escrowed is 1458
I think $26.00 of that goes to principal.
Our fixed rate of 8.1% I guess expires this July of 2009 and God knows what will happen then!
We started the modification process through the Hope Foundation back in June. they advised us to stop paying the mortgage and just catch up on all our other bills, which were all behind.
We did not stop paying, to scared, we had two last payments that year and were trying to fix our credit for the upcoming refinance we thought we had to do.
So, First Franklin then tells us that we can not apply for a modification unless we are at least 30-60 days behind.
So we stopped paying for the summer and sent all the paperwork in that they requested as well as the budget the Hope foundation sent in.
So nothing, all summer, they don't have this, they did not get that, faxes take 2 months to be applied to our account.
So in September we discover NACA.
We went to the work shop, sent the paperwork they needed ad had a phone counseling appointment.
Everything was sent through NACA to FF/Home Loan Services on October 21st.
A week later I get a call from my modification officer from Home Loan Services, he has nothing from NACA, he was just assigned becase I had started this whole process back in June.
I call NACA to send the stuff directly to this guys direct fax #.
He calls back, says he does not have it, NACA is impossible to get in touch with, at that point I still had no idea who my counselor was or anything.
Home Loan Services/FF , once they FINALLY have the NACA info say they will not ever give me a fixed 30 from my 50 year ARM, and that as far as they know NACA does not negotiate, just submits proposals.
So I call NACA again to make sure I am doing it right, they say yes they will work directly with them for me.
So, they re-sent all info again on November 18th, I still have major communication issues with my NACA counselor, very difficult to get a reply from, no phone number and slow to reply to emails.
The guy from Home Loan services says that he has not talked to or received any info from anyone at NACA other than the faxed packet and he is going to close my file.
My children have Autism, the main reason for me not working now and the reduction in household income as well as the desperate need to refinance.
We have medical expenses. but still enough income to be able to afford about 1250 a month including taxes and insurance.
NACA proposed 1229 moving our loan into a fixed 30 year.
Home Loan services basically said that will nver happen and I am feeling a little pressured to take whatever they offer on the modification as I have no idea what NACA is doing.
I am just worried that in a year from now, with a temporary fix, we will be worse off. Our mortgage is 211,000 and we have a pre-payment penalty that equates to about 9,000 should we refinance before July of 2009.
We are now 4 months past due, so far no foreclosure has started on us, not sure why, but not sure if we should even start trying to make payments again.
based on our income we do not qualify for a re-payment plan, nor could we afford one.
I would love some advice, encouragment, success stories?
I can not even imagine having to move, not just with the fact my boys would have to much difficulty navigating the transition of environments, but also our credit is shot, so who would rent to us? and in the last 2 years our neighborhood has skyrocketed with housing prices and we actually have about 100,000 in equitty in this house and really could not afford to live here now at the current values.
My family is close, having all grown up here and their help with the boys is invaluable,
basically, moving is not an option, but we just do not know what to do,,
Does anyone have any experience working with First Franklin and NACA/
Any success stories?
What is the difference between First Franklin and Home Loan Services, I know Bank of Amercia bought First Franklin, do they own Home Loan Services as well?
If I were to write to someone about encouraging this modification and the proposals of NACA I would not even know where to begin!
Any help would be greatly appreciated
Warmest Regards,
Michelle
Re: Any experience with First Franklin Modifications and NACA?
#2 (permalink) IP: 12.188.105.98
12-03-2008, 12:43 PM
TRAZFUN TRAZFUN is offline
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Join Date: Dec 2008
Posts: 9
Re: Any experience with First Franklin Modifications and NACA?
I really feel for your situation. I started in June of 2008 trying to do a modification with First Franklin because I was contacted by the loss mitigation department. Within a week I had faxed all the requested paperwork over to FF. I didn't hear anything back from them until after I met with a Hud approved housing counselor in November. I called FF twice a month every month for an update, the news that came back brought me to my knees. I was told that they would modify my loan which would include my taxes to $1697.36 this payment is $484.36 more than what I'm paying currently. I'm so hurt and afraid that I'm going to lose my home and that my three girls and I will have to move out. I really wish that I had some good news and or advise for you, but I think First Franklin is in the business of foreclosure not helping. Good luck.
Re: Any experience with First Franklin Modifications and NACA?
#3 (permalink) IP: 68.81.31.193
12-03-2008, 12:48 PM
MichelleLynn MichelleLynn is offline
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Join Date: Dec 2008
Posts: 26
Re: Any experience with First Franklin Modifications and NACA?
Have you worked with NACA before?
Re: Any experience with First Franklin Modifications and NACA?
#4 (permalink) IP: 12.188.105.98
12-03-2008, 12:59 PM
TRAZFUN TRAZFUN is offline
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Join Date: Dec 2008
Posts: 9
Re: Any experience with First Franklin Modifications and NACA?
No, I've not. I'm not sure who to work with now because I've done everything that FF has asked and everything that's posted on the FDIC, and FHA sites.
Re: Any experience with First Franklin Modifications and NACA?
#5 (permalink) IP: 68.81.31.193
12-03-2008, 07:04 PM
MichelleLynn MichelleLynn is offline
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Join Date: Dec 2008
Posts: 26
Re: Any experience with First Franklin Modifications and NACA?
Anyone else please?
Does anyone know who owns home loan services, is that Bank of America?
has anyone modified at all with First Franklin?
Re: Any experience with First Franklin Modifications and NACA?
#6 (permalink) IP: 71.198.228.76
12-03-2008, 09:01 PM
unomundo unomundo is offline
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Join Date: Nov 2008
Posts: 8
Re: Any experience with First Franklin Modifications and NACA?
I have an 80/20 with First Franklin and my ARM is adjusting up in January. Same thing; faxes re-faxed, etc and now I'm told that I have been assigned a negotiator. No one has mentioned that I need to go delinquent before they will talk. If they do, I'll probably refuse because I don't want to ruin my credit. Cat from this website suggested that I keep calling even though Home Loan Svs said that they would have the negotiator call me. In total limbo right now. Our house did recently appraise for more than we owe but not much (wouldn't cover taxes and realtor fees). I think FF was bought by Merrill Lynch; hadn't heard about BoA. Sorry that I don't have any advice; just wanted to let you know that you're not alone. We moved from NJ to CA 3 years ago and I don't want to pack up the kids again- even if it's just down the road...
Im currently working with Naca in regards to my FF/home loan services loan. I will keep you posted with the outcome. I just signed up with a Naca counselor on 3-15-09 while they were in columbia. I'm currently on a payment plan with home loan services, they agreed to put me on a payment plan but sent our loan to forclosure after the agreement. once i made my first payment on plan foreclosure was put on hold hopefully naca can help with this on if not I'll see what the congressman can do
I just want to say that Nationpoint sold my mortgage to Franklin and I just found out recently. I thought you were to be notified if your mortgage was sold. Anyway I am not behind in my mortgage payments. I have a 80/20 loan and I just want to combine these loans for a lower rate. When I called Loans Services all they offered me was a loan modification or quick sell. I told them I don't want to do either. They said they could not do anything until I got behind in my payment which is not going to happen. My home is no longer worth what I owe so I can't get refinanced.
An Alternative to Capitalism
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John Steinsvold
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