I have been "working" on a modification for over three years. I was laid of a few years ago and struggle in my current employment to recover from that lost income. I have initiated the HAMP process at least three times. My mortgage company continues to invent more and more paperwork that i need to have done "Immediately" and "time is of the essence". My last go around they denied a modification based purely on the allegation that some arbitrary piece of paperwork was not submitted in a timely manner. Not only had I been checking in with them weekly for over two months during that period to make sure I had all required documents, I had proof showing it was submitted in the proper time frame.

This process is a joke. I think that mortgage companies are overwhelmed and trying to find any excuse possible not to modify loans. I have heard that there is a less than 1 percent modification rate.

The process got so out of hand I had to file bankruptcy. One side of the mortgage company is (supposedly) trying to modify my loan and keep me in my home, the other side is vehemently trying to get me out of my home. There were so many loopholes and delays.

It benefits us all to NOT foreclose on all these properties. Right now mortgage companies are losing case flow. There are few eligible home buyers, so while someone may get a deal on a home, someone else is out.

My mortgage company will lose on the value of their loan if they foreclose on me. I suspect that mortgage companies are more interested in large lump sums of cash even if they are losing relative to the loan value so they can pay off foreign investors. Much in the way I have been selling off property at a loss so I can get some cash to help with all of this.

We need a real fix before we are all living in tent camps and standing in line for bread.

http://www.dylanratigan.com/2011/03/08/america-fights-back-against-foreclosure/

Very well done Jamie.

Thank you for bringing this to light.

It's a problem that needs to be addressed and it will be with us for years, I fear.

"We need a real fix before we are all living in tent camps and standing in line for bread."

Who…is the real victim here? The most skin in the game was lost by the actual investor.

Some could consider the home owner as...collateral damage.

Either way…if the victims come together and realize they have a common enemy,
sleazy business practices…allowed so far…by law…they may just find relief by changing the law.

The day of the 'nimby' is over...take a stand...or get run over.

Sign the petition/ Share the petition

Hello Again, there seems to be a great deal of people finally standing up against this deceptive business practice. I ask that all of you sign this petition and help get the movement needed to allow this to grow into a full pledged campaign, we need your help!

( http://www.change.org/petitions/one-million-loan-revolt---loan-modification-foreclosure-deception#signatures )

It'll just take a minute! Once you're done, please ask your friends to sign the petition as well.

Grassroots movements succeed because people like you are willing to spread the word!

One Million Loan Revolt- Share, follow & Fight back!

If the link is broken, go to www.change.org and look for (One-Million-Loan-Revolt), please help this grow!

Homeowner for Now, if you borrow money and use something as security (say a house, a car or jewelry), then the lender has the right to take the security away from you if you don't pay. I hope that's not a newsflash. Taxpayers pay to subsidize public housing and section 8...Should they also be expected to subsidize a home that you arguably don't need?

Yes banks are "bad," but imagine if you lent someone money to buy shoes, then they bought the shoes and wore them, and DIDN'T paid you back. You would be seeing red...especially if the person promised to pay you back, and you had plans for the money!

In other countries, the borrower would be put in Prison, but in the US we have things like bankruptcy and foreclosure to protect borrowers.

I never understood that foreclosure would make anyone "homeless." You can't afford a house, so do what the other people who can't afford houses do: live in an inexpensive apartment.

Are you too "good" to live in an apartment?

As far as the forgeries go, I liken that to someone's being guilty of murder per CCTV video footage and eye-witnesses, but being set free because the police didn't read the Miranda warning. It's a technicality.

I also read the story about the veteran, Jamie. I'm sorry he had a medical emergency and couldn't pay, but what's the bank supposed to do? They're running a business, not a charity. Should they lay off all their employees to keep "homeowners" in their large, comfortable homes ad infinitum?

I know that mishaps can happen to everyone, but the answer is not to avoid paying our debts. Maybe we all need to try to come up with contingency plans in case we lose our jobs etc. How easy would it be to get a room-mate? Can you try to do a short-sale? Do you have the skills, education and experience to get another job? Are you near a center of employment? Do you have adequate insurance in case of an accident that makes you unable to work? Do you have relationships with friends and relatives so that you have someone who may help if you're down on your luck?

I can't say yes to all of those, but I think I need to think about that stuff a little more.

Hi, Juanita -- the veteran's testimony notes that he asked, among other options, whether the servicer would accept the deed in lieu of foreclosure, and he said he was jerked around on that request as well. Take a look at it, if you haven't already. The link is on the post.

Several contingency plans are a good idea for everyone, especially at a time of high unemployment. Probably not ideal to consider short sale a key one, though -- many have tried without success to make that work.