I received a letter from Wells Fargo Home Mortgage today denying my request for a loan modification, thus moving my case into foreclosure. The denial letter I received this morning was dated July 25th. I Faxed over the documents WFHM requested for reconsideration, some 40 pages, on Sunday, July 22 to be available for review on Monday, July 23. Thus, this complicated decision seemed to have been made in a day or two. My read on this: no review was made and the decision was a foregone conclusion. That’s how unregulated banks do business these days. Congresswoman Pelosi's office graciously offered to advocate for me in this process. Congresswoman Pelosi's office was ignored and Wells Fargo didn't copy her on this decision. What do they have to fear from a congresswoman when the Administration backs their activities? Joey my spouse and I are in shock right now. We have no alternative but to fight to the end. We have no financial resources and WFHM will force us to liquidate the only remaining asset we have at a loss. We are not underwater. I’m not sure what my next steps will be but I strongly believe other Americans need to understand what these rapacious banks and the investor agencies, Fannie Mae and Freddie Mac, now owned by the government, are doing to their friends and neighbors. I so wish I didn't have to fight the battle, but this cup isn't going to pass.
I didn't reach this terrible place through living beyond my means. I was disabled by meningitis in 2007, and the banks stole a big chunk of my savings, and the savings of other Americans, in 2008. All I requested of Wells was five years at a reduced monthly payment so we could sell in a better market, liquidate our stuff instead of throwing it on the street, and find some reasonable living space for those on a fixed income. I suspect I'm not going to live another five years so at least I could die looking at the sea:) But, no, that's too tough for Wells. Throw two disabled guys to the wolves.
The foreclosure machine grinds on. One of my neighbors attempted suicide recently. I discovered my ex-wife's home is up for auction this week. My grandchildren live/ed there. A woman with two boys not more than 10 years of age lives in a rusty van near my house. I've reached out to San Francisco officials like Phil Ting (Mr. ReSet SF), the City Attorney and the mayor for help with my own foreclosure battle with Wells Fargo and have been completely ignored. The media brushes all this under the political rug, even though foreclosures are up 6% nationally. It's a nightmare.The homeowner stands alone against the awesome power of the banks and their political supporters, including Obama. It is a killing, horrific experience designed to tear apart the homeowner's body and soul. Those in foreclosure generally do not have meaningful financial resources so you might have to eat "Ramin noodles" to pay for all the copying and faxing of documents. Unfortunately, the message I got from a few friends was to call when it's over:) Many neighbors stop talking to you. Their property values are affected. Isolating, chilling, humiliating experience.
There was once another land, not long ago, where neighbors disappeared and citizens turned the other way. We have been trained to avoid "unpleasantness," like sickness, poverty, and death, by immersing ourselves in games and shopping. This would never have happened in my home town. The local savings and loan often provided forbearance to blue collar workers who were on strike or disabled. That institution required no bailout and is still healthy. That's good business. Neighbors sat on front porches and talked to each other. Food was provided collectively to those who were in a rough spot. Community. Family. Compassion. Then builders got rid of the porches and stoops and people enclosed their lives and minds in fences and gated prisons.
We (who is we?) give money to failed banks while we leave citizens hanging on meat hooks while the banks saved from "foreclosure" pick at their bones. No punishment for fraudulent behavior in the financial services industry; no real oversight to prevent more predatory, destructive behavior. On the other hand nothing...nada...for the distressed homeowner who committed no crimes against his neighbor or country.