PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS

Sign the Petition : 7,951 Letters and Emails Sent So Far

We the undersigned strongly advocate that the Federal Government create immediate, transparent and more equitable regulations for the banking industry regarding loan modifications and pending foreclosures, particularly in regards to HAMP and 2MP. Tens of thousands of homeowners across this nation have spent hundreds of hours dealing with mortgage servicers who have little incentive to actually help them/us achieve permanent loan modifications; while in the process of obtaining a modification, many homeowners have been lied to, misled, foreclosed upon or threatened with foreclosure.

We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC. We also demand that these guidelines include not only a simple 31% of the borrower’s gross monthly income, but that the Net Present Value (NPV) test: (a) be created and administered by the government, not the banks, (b) have its data, assumptions and formula published so that they may be verified by the public, and (c) be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP. We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for write-downs of principal when homes are severely underwater .

We propose there be clear and enforceable guidelines regarding the time between the initial request for a modification and the achievement of a permanent modification, and that there be no reward to the bank for a trial modification. The rewards, if any, should be only for successful permanent modifications.

There is documented evidence that the current system is not working, as reflected in the rising foreclosure rates across the nation and the thousands of people who attend NACA “Save the Dream” events in an attempt to get their loans modified. There is ample evidence that the current HAMP and other modification guidelines are being interpreted differently by each bank, reflected in many places including the scenarios described by the 20,000+ members of the loansafe.org community. Additional evidence can be found in hundreds if not thousands of complaints and requests for assistance sent by struggling homeowners to their Senators and Congressmen across the country, as well as the Office of the Comptroller of the Currency and other agencies that have been instituted to regulate these banks.

Mr. Bryan Bolton, SVP of CitiMortgage, has stated that “modifying within HAMP guidelines is in the best interests of our borrowers, our country and our company. With or without fees, it’s almost always in the best interests of the servicers to modify.” Unfortunately, these are empty words. Mr. Bolton, like so many other CEO’s, tells Congress one thing, while he and they continue to do quite the opposite.

Tougher mandates need to be placed on these banks that are simply not modifying loans at the rate they could or have been perpetuating to Congress and the media.

Homeowners are not the ones not complying with the rules. The banks are creating their own set of rules and regulations and are consistently “losing” paperwork during the application process, denying modifications for unjustifiable reasons after the trial payments have been successfully completed, and proceeding with the foreclosure process. This is often happening unbeknownst to the homeowners who are still faxing, mailing and e-mailing reams of duplicated documentation as requested by their lenders.

The American Dream has now become the American Nightmare courtesy of the banking industry, which is taking a cavalier approach to the stress, heartache and despair caused by the current lack of oversight, transparency and enforcement of loan modifications. It is of the utmost importance that action be taken to correct this travesty in order to preserve home ownership for the thousands of Americans that are and will continue to be struggling in this economic time.

We urge your swift and immediate action		PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS

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People signing the "PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS" petition!

  1. Thu., Mar. 11, 2010 9:53 PM    link Name not displayed | Carrollton, VA

  2. Thu., Mar. 11, 2010 9:45 PM    link Name not displayed | Cleveland, TN

    We have been on waiting for a loan modification with chase since May of 2009. More than 7 times we had to resend all of our paper work. Last month we were told that our modification plan was sent to our trustee and he would have to approve and that would yake 30 days from jan7th2010 and were told would receive something in mail. then feb 7th came we heard nothing we called then were told it was sent to the courts. Hello it gets sent to our attorney-we are chapter 13, and they know this. We keep getting the runaround and nothing seems to be the truth. This is torture and cruel for people who are really in desparate need!!!

  3. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  4. Thu., Mar. 11, 2010 7:23 PM    link Amber A. | Gilbert, AZ

  5. Thu., Mar. 11, 2010 6:56 PM    link Erin S. | Milan, MI

  6. Thu., Mar. 11, 2010 6:54 PM    link Robert V. | Milan, MI

  7. Thu., Mar. 11, 2010 4:03 PM    link marilyn B. | Manteca, CA

  8. Thu., Mar. 11, 2010 2:45 PM    link Name not displayed | San Francisco, CA

    The public is no match for the banks' byzantine tactics. The purpose is to save homes. But they have just created layers of bureaucracy (e.g. "Executive Resolution office"). Our only hope is ACTION and oversight by our representatives in Congress. Require transparency in the process so that homeowners will know what step in the process they are in! So, everybody is on the same page - and I mean, all branches of each lender bank!

  9. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  10. Thu., Mar. 11, 2010 1:30 PM    link ASHNEEL R. | Tracy, CA

  11. Thu., Mar. 11, 2010 10:24 AM    link Name not displayed | Bridgeport, CT

    how are the banks. indymac one west bank getiing away with frauding the consumers . giving trial payment then foreclosing on familys they should be investigated,,

  12. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  13. Thu., Mar. 11, 2010 2:09 AM    link Clare D. | South Saint Paul, MN

    So much for Minnesota's energy credit. If you are upside down by 25,000, the lenders do not think your house is worth it. Gonna be a cold winter this year. OUR COUNTRY IS IN BIG TROUBLE FOLKS! Please quit favoring the big institutions. Think how much we could contribute to the economy if the banks would let us refinance at the going rate.

  14. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  15. Wed., Mar. 10, 2010 10:54 PM    link Cynthia B. | Oceanside, CA

    We have been trying to get a loan modification for over 6 months. Were told 5 months ago that we qualified for trial payments which we started making. We recently found out that we were supposed to get paperwork Fedex'd to us to confirm, which we didn't. Now we have to start over again, due to the uninformed and inept employees in the Home Retention Dept at B of A. We are now told it could be another 3-4 months before we will know if we are approved for the actual MHAP. In the meantime our back payments owed is getting larger and larger. If we are not approved I don't know how we will ever pay the total past due amount. Hence we could still lose our home after doing our part.

  16. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  17. Wed., Mar. 10, 2010 9:38 PM    link Helen T. | Phoenix, AZ

  18. Wed., Mar. 10, 2010 7:14 PM    link Laura D. | Syracuse, NY

    Banks do not follow the rules, this program need's a serious change, it's not working and lender's do not play by the rules

  19. This comment has been reported to the site manager. It will be reviewed and removed if inappropriate. Thank you!

  20. Wed., Mar. 10, 2010 6:59 PM    link Jade W. | Aurora, CO

  21. Wed., Mar. 10, 2010 6:43 PM    link Name not displayed | Tucson, AZ

  22. Wed., Mar. 10, 2010 6:14 PM    link tyler d. | Steep Falls, ME

  23. Wed., Mar. 10, 2010 6:06 PM    link tina m. | Crystal Lake, IL

  24. Wed., Mar. 10, 2010 5:35 PM    link Name not displayed | Big Bear Lake, CA

  25. Wed., Mar. 10, 2010 5:35 PM    link John B. | Big Bear Lake, CA

  26. Wed., Mar. 10, 2010 5:33 PM    link Susan T. | Big Bear City, CA

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