Posted on 06/23/2010 11:14:21 PM PDT by The Magical Mischief Tour
NASHVILLE, Tenn. - Tameka Russell is one of the countless homeowners who celebrated last March when her monthly mortgage was drastically reduced. Now, she said she feels misled and fears losing her home entirely.
"I put my head in my hands and I just started crying," Russell told NewsChannel 5 Wednesday afternoon, referring to the news that her lender, Wells Fargo, had agreed to restructure her home loan, at least on a three-month, trial basis, to a more affordable rate. "(The lending representative) handed me a box of Kleenexes..."
The 30 year-old mother of four and accountant for the State of Tennessee, found herself on the brink of tears once again. On Wednesday, Russell opened a letter from Wells Fargo informing her of an overdue balance: $1,756.83, that must be paid in full by July 13, or risk her home going into foreclosure.
"I'm like, 'How can you foreclose on my house and I did what you told me to do?'" Russell thought aloud, reacting to the form letter.
Russell insisted that a Wells Fargo representative, who was present at NACA's "Save the Dream Tour" in Nashville in March, told her that she'd been approved to lower her monthly mortgage payments from $1,347 to $977.45.
Russell admitted it was only a 90-day guarantee, while Wells Fargo reviewed her case. But Russell claimed the attendant that fateful day went so far as to say the new rate had been locked in the remaining 30 years of her home loan.
Suffice it to say, Russell found this reneged offer as disconcerting. She was quick to point out that, not only does her monthly mortgage revert to its initial figure, but she now has to pay the outstanding $1,756.83 bill coupled with an upcoming July 1 mortgage payment of $1,347.
"I get a call saying, 'Well you've been denied for the program,'" Russell said.
The TSU graduate, with an unemployed husband, spent much of her day at home trying to fix the situation; or at least get answers.
The self proclaimed hard worker, who bought her first house at the age of 26, said she does see potential help in NACA, the Neighborhood Assistance Corporation of America. The nonprofit group, that made Nashville's Gaylord Opryland area a productive stop this past spring, prides itself on fighting for the little guy: the group that brings homeowner, face to face, with lender to restructure monthly mortgage payments down to more affordable rates.
"She definitely has gotten a pullback ... that NACA can," said Teen Holmes, a NACA mortgage consultant with the Nashville office.
Holmes told NewsChannel 5 she's eager to get her hands on Tameka Russell's file and get her immediate help or at least try to.
Russell felt blindsided by the news, and somewhat betrayed by her lending company.
"I've heard so much from Wells Fargo that I don't know what to believe anymore," she said.
NewsChannel 5 was unsuccessful in its attempts to reach Wells Fargo for comment.
Loan modification's are almost nonexistent. Seems got your loan mod because of the few years owed.
Well by all means Yes yes yes! Let’s just wipe out 30% of the balance off ALL loans, we are a nation of laws I believe and no individual has more property rights than the next (except banks and business in general...those bad guys who employ!).
And we all know that a 90 day loan modification is good for 30 years! To hell with the both parties agree thingy...if a borrower cannot pay, make the banks give up their property. No due process, just a “legal” taking or rather confiscation.
We are progressing very quickly into our communist nirvana, how proud we must all be.
I have never heard of a “temporary” 90 day loan modification?
“Wells Fargo did modify my loan. I went from 10 years remaining to 17, and from a payment of 1400 to 800; the first 5 years they dropped the rate to 2%, then it heads up as high as 5%. I had a 5 5/8 rate fixed for 15 yrs when I got the note. The RV industry which I was with for 15 years has gone bust and most retail sales jobs are in the tank right now. Happy to get the mod!”
Now that sounds like a true loan modification program, they gave you what you need (lower payments) but rather than just take a loss, they extended your term and gave you a two year very low interest rate. Something, hopefully you both can survive successfully with. You make much more sense to me than the article...something is missing there. The perception that banks should give up property for nothing in return is abhorable to me.
I have always had an affinity for the RV industry. When I was young, my father wrote articles for RV’s in a RV specific magazine. We got to use various RV’s for free and he would write about how they did. Our claim to fame was being the first people to drive a motor home up Pikes Peak...in a Winnebago! My mother and sister were scared to death, we made it up and back without incident. Sometime in the near future I think it will be a very good time to invest in good RV company stock. But, it may be another couple years yet.
I have almost always had some kind of RV, tent trailer and now a very nice motor home, which we don’t use enough. RV’s are wonderful for bringing your “cabin” with you when you travel...so you can go to new destinations whenever you want.
if she got shafted on an ARM with interest that skyrocketed, then reducing her to a low fixed rate *could* account for most of that change. also, if her property taxes happened to get lowered at the same time, that could make a huge difference.
Wells Fargo didn’t give anything. It was nothing more than gubmint taxpayer handouts, redistributing the wealth, that brought about this ‘sad’ story.
Foreclose on Tameka? YES WE CAN!
Said "accountant" is a state employee. Maybe there's a bit of title inflation here, and she is really a data entry clerk in an accounting department, or a very low level book-keeper.
“Said “accountant” is a state employee. Maybe there’s a bit of title inflation here, and she is really a data entry clerk in an accounting department, or a very low level book-keeper.”
Bet you are correct...good thinking!
LOL!
:-)
LLS
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