My wife wrote the following letter to our U.S. Representative this evening and is in the process of sending it to our Senator and our Representative and Senators in California (where we are being stationed soon) We spent all day being treated horribly by our mortgage company USAA First Mortgage (but GMAC is the actual holder of the mortgage) We were hung up on, asked for supervisors and told there weren't any available, and when we asked for their first/last names so that we could include them in the letters to everyone they told us that they weren't allowed to do that.
Follow after the break and we welcome ideas on making it known how inflexible banks are being through this mortgage crisis.
Dear Representative,
I am writing as a concerned constituent regarding the recent rash of bail outs given to financial institutions. As both a tax payer and home owner, I, and millions of other Americans, have a tremendous stake in the bail out effort. My primary concern is that there is little to no accountability for the institutions that are receiving hefty sums of tax payer money. I am asking that you, along with other Representatives, demand accountability.
My husband and I own a modest home, and we have faithfully paid our mortgage. We do not live beyond our means and our mortgage payment has not been a financial burden, until now. My husband is in the Navy and proudly serves his country. He is being transferred to San Diego and we have no choice but to leave our home. With the housing market in shambles, we cannot sell our home and cannot refinance as we owe more than it is now worth. Our options are to rent, or foreclose.
We have been trying to work with our bank, USAA First Mortgage, but they acknowledge that they have no reason to work with us because they are not accountable. I spoke with eight representatives in one day, and not one person would work with us or even give us a name. We were not allowed to speak to a supervisor and were denied any loan modification because we pay all of our bills on time. We were informed that they would not be able to work with us until we stop paying our bills.
We asked for a $100-$200 reduction in our monthly payment during the next three years that we are in San Diego so that a renter could afford payments. We explained that we would like to return to the home and would work with them to avoid foreclosure, and they denied us. They would rather have a foreclosure than work with reliable customers. When asked for a name or a supervisor, we were again denied. When I asked if they were not giving names in order to avoid accountability for anything said or any decisions made, I was told "That is what I'm telling you". It is blatantly clear that this institution is not willing to work with mortgage holders in order to avoid further economic collapse, and I am sure that they are not alone.
I am asking you to please demand accountability of financial institutions during this crisis. If a mortgage holder is willing to work with the bank and make payments, banks should demonstrate equal willingness to avoid foreclosure. If a customer has been reliable and trustworthy, they should be given the opportunity to keep their home when conditions warrant.
It seems that we are being penalized for my husband’s military service and I wonder how many military families are in this same position. We are trying to meet my husband’s duty to the country without defaulting on our financial obligations.
I am just now getting calm after talking to these people... We really just want to spread the word on how crappy banks are treating people. Please don't grade on grammar :)