The temporary modification papers arrived on Friday. It started out, "As your loan servicer, we are committed to working with you to help make your payment more affordable." Translation: " We don't give a damn about you but we need some good PR." The second paragraph goes on to say, "At this point, however, it is important for you to understand that you have not yet met all of the qualifications for a Permanent Modification. In order to qualify, you must first comply with the provisions of this Trial Period Plan. We will then evaluate your qualifications for a Permanent Modification." Translation: "You're obviously a deadbeat, and we're going to see if you can pay on time for three months, even though you'd been making the real payment on time from 2006 until quite recently. Besides, it will give us time to get the foreclosure ready to switch into high gear when we eventually deny you the Permanent Modification, which we will do, based on the fact that a) you don't make enough money, or b) you make too much money, or c) whatever other reason we can come up with."
So the Trial Period payment will be $1493.91. This includes an impound for taxes and insurance, because impound accounts are a profit center for the servicer, as they get the use of your money for most of the year before they have to pay the property taxes or the insurance. And also, you know, us deadbeats can't be trusted to pay our own taxes. But whatever. It's certainly more do-able than $2600, which is the real payment. Of course, when eventually they deny the Permanent Modification, as I fully expect they will, they will immediately send a bill for the difference, plus an previous arrears, late fees, and any other fees they can think to tack on (The Annoying Deadbeat Fee? The How Dare You Call Us On The Phone Fee?), which will all be due and payable immediately. Since few people are able to pay all this at once, or they wouldn't need a freaking modification, they can then go on with the foreclosure they've wanted to do all along.
But I will play their little game. And save money for a lawyer.
Thanks to all who have sent donations- the response has been awesome. We're getting a lot of excellent donations for the silent auction, and hope to have that page up soon, as well as a list of supporters. It's going to be a very excellent party.
Also, the press coverage begins: http://www.insidebayarea.com/oakland-tribune/ci_19791304
So the Trial Period payment will be $1493.91. This includes an impound for taxes and insurance, because impound accounts are a profit center for the servicer, as they get the use of your money for most of the year before they have to pay the property taxes or the insurance. And also, you know, us deadbeats can't be trusted to pay our own taxes. But whatever. It's certainly more do-able than $2600, which is the real payment. Of course, when eventually they deny the Permanent Modification, as I fully expect they will, they will immediately send a bill for the difference, plus an previous arrears, late fees, and any other fees they can think to tack on (The Annoying Deadbeat Fee? The How Dare You Call Us On The Phone Fee?), which will all be due and payable immediately. Since few people are able to pay all this at once, or they wouldn't need a freaking modification, they can then go on with the foreclosure they've wanted to do all along.
But I will play their little game. And save money for a lawyer.
Thanks to all who have sent donations- the response has been awesome. We're getting a lot of excellent donations for the silent auction, and hope to have that page up soon, as well as a list of supporters. It's going to be a very excellent party.
Also, the press coverage begins: http://www.insidebayarea.com/oakland-tribune/ci_19791304
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