Let’s implement some new rules for the mortgage modification Three Card Monty game. If we put our cards on the table as we do, have done, time and time again to these banks demanding every single line item of our financial identity, why are we the only ones naked at the table? Why has the game been rigged for so long now without the turnabout of fair play? Unless of course you can afford an expensive lawyer to represent you in revealing our imaginary friend, PETE, aka Person Entitled To Enforce the “debt”, the note, the loan, the mortgage.

It’s time for a new conversation. Homeowners are no longer silent at the table, and we
no longer wish to be on the menu. It’s time to look at some out of the box ideas in
regard to the cards being stacked in favor of the casino banks. The homeowners need
to be a voice in this process, need to be heard and treated fairly as to the hands we’ve
been dealt.

Here are a few ideas as to the negotiations that we as citizens, homeowners, renters
from homeowners, and community members would like to see more action on in regard
to our rights, our investments and our homes.

We look to our law enforcement, Consumer advocates and the organizations/bureaus
in place to serve and enforce the truth of the law, to protect the rights of consumers,
individuals, and land records, not the will of the mega banks that have time and time
again admitted to wrong doing, consumer harm, fraudulent foreclosures, money laundering,
abusive lending practices, forgery, robo signing, incentivizing foreclosure with
gift cards for God’s sake and so much more – paying settlements in the high billions
with not even a slap on the wrist, let alone an arrest of a high ranking executive. Quite
the opposite in fact. Jamie Dimon of JP Morgan Chase was just given a 70% raise after
paying out billions of dollars in settlements of wrong doing last year!! John Stumpf,
CEO of Wells Fargo makes over $9,000.00/hour and as part of his 2013 compensation
received a one million dollar bonus. 21,702 shares of stock at $46.00 a share.

http://www.rollingstone.com/politics/blogs/taibblog/jamie-dimons-raise-proves-u-s
-regulatory-strategy-is-a-joke-20140130

Meanwhile lower and middle class homeowners are literally thrown into the street,
locked out of their homes, their belongings taken, stolen or destroyed. Where is PETE
and why is he of no real consequence in regard to those hired to serve and protect us?
Those of us that have found ourselves in this merciless maze begging for mercy have
come to know that the cards are stacked against us. We didn’t know that going in. We
innocently wandered in trying to refinance or modify what, due to hardships and an
economic depression everyone refers to still as a recession. Layoffs, catastrophic illness
– whatever it is, we were told we could call the HOPE hotline and HAMP or HARP
our way into a modification to save the day. A reset of our mortgage payments that
would make it affordable. We played fair. We put all of our chips on the table, heart
pounding, dice blowing lady luck looking on, we didn’t know that we didn’t stand a
chance cause she works for the casino.

Most of us were not flipping houses and buying boats. Most of us were and are just
trying to get by in this big bad new world we find ourselves in over the last five or six
years. We had faith because we were offered hope.

HOWEVER, the Intent of these banks has been NOT to Modify, but to Capitalize on the Loss
Mitigation, insurance, fees, short sales and foreclosures under the guise of document requests
to assist us in modifying our mortgages.

Georgetown Law professor Adam Levitin spelled this out in testimony before Congress
in 2010: “If mortgages were not properly transferred in the securitization process,
then mortgage-backed securities would in fact not be backed by any mortgages
whatsoever.”

That being said, the mortgage modification Three Card Monty game seems to be still
standing by like Vanna White all gussied up, beaming with the promise of the right
guess, the spin of the wheel, the flip of the card – Jackpot!!

The long shots are flattering – nothing personal but Vanna is getting old like the rest
of us and time is of the essence, so…..what if….

All servicing banks should be required to produce a NPV report when a loan mod is
denied. A homeowner cannot appeal a denial if they do not know the numbers that the
servicer used. The underwriter notes used to “decision” a denial must be produced.
No more than one SPOC assigned to a homeowner through out the thirty day process.
New homeowner protection laws in place need to be fortified and locked up – no wiggle
room and they need to be national, not just in specific states. New specifics need
to be in place in regard to what can be requested by the banks, so that the document
requests are more standardized across the board.

Strict time sensitivity given to a simplified across the board doc request. A decision
made within thirty days.

Homeowner must be supplied a clear concise Qualified Written Request of the nature
and history of the mortgage since it’s inception/transaction took place.
Any modification must be honored by any bank or entity that transfers or assumes
servicing duties on the mortgage.

No more monkey business. No more marked cards. No more homeowner strip poker!

1) We should have a right to know if our chain of title is accurate, so that we might
know who our true “investor” is. Since it is supposedly up to the investor
whether or not we are modified. Proof of ownership by the investor/or servicer
must be provided and forensically legitimate.

2) Hardship letter should not be a prerequisite, nor should we have to ‘qualify’, obviously,
we already have the loan. Their qualification is a form of extortion. In
other words….how much do you have so we can squeeze you for the maximum
amount. There should be a reduction in principle and interest. Period.

3) Modification should be mandatory, due to the the massive systemic fraud,
forgeries, billions in settlements and admitted wrong doing by the banks abuses
to consumers. Tho…some qualify and some do not….all were victims, not just
the investors and the ones who are still paying on time, juggling two or three
jobs to do it, should still benefit from the settlement with a modification. This
is not a two way contract with our signature. Why are we treated like its a one
way contract? We are the third party with so much to lose In regard to a bad
contract as well as all other parties involved in this negotiation.

If a homeowner is denied modification or refinance then –

The rules must be simplified, (eh hem,) “Modified” if you will.

No prolonged discovery fights. No more abuse of our courts and financial
wherewithal.

We are entitled to the entire record of phone recordings, emails, data entry,
express written denials from investor on modification requests, or
principal forbearance, to compare and contrast their entries with our
own paperwork – internal notes to see when the servicer collected on as
to the “servicer mortgage insurance” that will bring us back to the INTENT
not to modify. We are entitled to our Pooling and Servicing Agreement
and the Qualified Written Request, all notes, SPOC names and the PETE’s
ID.

We need and expect our land recordation departments, consumer protection
agencies, govt. offices, congressional representatives and officers of
the court system to acknowledge the fact that homeowners have a place
at this table, a tremendous financial, emotional, literal investment at
stake in the house we have made our home. We expect to be treated judiciously
and fairly and we will not accept anything less. We demand to
have a face to face meeting with PETE, not a suited up group of well fed
attorneys on Mr. Stumpf’s payroll.

Lainey Hashorva is a Social Media Activist, Advocate for homeowners fighting
foreclosure, Investigative Journalist, Artist and Solopreneur of The Magic Bean
Company since 1994. Her line of handcrafted one of a kind items and vintage
collectibles can be found via Etsy.com – Laineybean.
https://www.etsy.com/shop/Laineybean?ref=si_shop