I found out yesterday through a good source, the M.O of this outfit. You see, on some of these (in fact most) of these modification programs are specifically designed to fail, especially the President's "Affordable Home Program" has been viciously abused by the mortgage companies. These ppepople are "double dipping.
They do it by receiving $4000 a month from the government to pay the mortgage companies for our mortgage...this is their first "Dip". At the end of the year they have strung you along with al of the same complaints you see recorded on this site. By that time they have taken $48, 000 from the government (our bail out monies for them). After they have strung us along for that year with no intention of any permanent adjustment, I receive a notification that I did not qualify for the modification and that I owed them $10, 000 for the principal that was not paid in the temporary modified payment. So now they have the government's (our money) of 48, 000, they have now given us THREE WEEKS to come up with the 10, 000 or face "AN ACCELERATED FORECLOSURE". Their next move is to offer to "help" you out again by offering assistance on a "short sale", which is simply giving your home to them or their designated buyer. They have now made back on top of the 48, 000 and the 10, 000 (if you could come up with it) and the full balance of the mortgage
In essence, they used our bail out money to throw us out of our own homes.
The President's intention in giving the companies money was to allow us to keep our homes and paying them not to foreclose, giving us a chance to get back on our feet. ..instead, they are using his program to screw us and the government out of our monies and our home place. They have made more money with this scam than they would have being honest and simply doing the business of mortgage contracting. They are making BILLIONS, in not TRILLIONS throwing us out of our own homes with our own money. This simpy cannot be legal. A class action suit is most certainly in order here.and a congressonal investigation along with a criminal investigation should be initiated by the government. ..They are intentionally causing the President's program to fail.
I have found out about a law firm in Tennessee that is taking these cases to court and arranging a fair settlement. I still have to find out their names and address and I will post it as soon as I do. .