Here's what happened. Sometime around last September or October I received a packet in the mail encouraging me to apply for the "Making Your Home Affordable" plan. Under this program, the letter explained, I was told that if accepted the plan would substantially lower my mortgage payment and allow me to keep my home. I was, of course, eager to accept an offer to substantially lower my $1780 monthly mortgage payment, and therefore, submitted the application.After applying, I was accepted into the initial program on a trial basis (which lowered my monthly payment from $1780 to $725 for a trial period of three months).
At this time I was led to believe that the initial approval (while not official) almost assured acceptance. It would "take 3 months" in order receive full approval; and in addition, I was told that during the trial period the payment amount (although not official) would most likely change very little from the final approved payment plan.
My first payment under this plan was made in January of 2010 (by this time I was already two months behind on my mortgage payment (since I was told not to make any additional payments while awaiting to be approved into the trial program).
Three months later I was still waiting for approval!
The reason for the delay in my approval was that they were "backlogged" with so many applications under the plan that they had not been able to complete my application in the required three months. I was told to, "just continue make the $725 payment."
After four months - the answer was the same!
The same scenario repeated in May - five months into the program. All the time I believed that I would eventually receive approval and therefore the delay did not greatly concern me. Once approved, I was told, the back payments would be tacked onto the end of the loan.
When I tried to make my June payment, they lowered the "boom".
I was told that they would not accept any payment and further added, "That I would need to reapply for the "Making Your Home Affordable" program since it has gone on for six months without my receiving approval (And whose fault is that?)
I reapplied and was told that in the meantime I could not make any mortgage payment, but (again) if approved, the payments would be tacked on to the end of the loan. Seeing no reason to doubt that I would eventually be approved, I didn't care (foolish me).
On the 25 of August I called PNC Bank to find out the status of my "Making Your Home Affordable" plan and was "shocked" to hear that my application had been declined. I was told that I had one additional form (not initially required on my original trial plan) that had not been received by the deadline date of August the 24th.
When I told them that I could send the remaining required document to them on that day (the 25th of August), they told me that it was too late! They added, that now my home was going into foreclosure on the 3rd of September unless I could payoff the entire eleven months of past due payments - a total $19,582.53!
They told me that I had been advised about the deadline in the body of one of the letters of correspondence and I have no reason to doubt that this was a true fact.
Although they could not complete my application (that was required to be completed in three months) within the three months, or even four months - five months, even six months; because I was ONE DAY late, I am out of the program and now in danger of losing my home.
The irony is that Barack Obama's plan to help struggling homeowners to save their home in these
difficult economic times might in cause me too, in fact - LOSE MY HOME!
Rex, Good luck. Hoping you find a way to work thru this. Chuck
ReplyDeleteGood to hear from you Chuck. Thanks for reading my blog and your well wishes.
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