Homeowners with upside-down mortgages exhibit Dorothy tendencies…hoping to find solace in the Emerald City…if they could just get an audience with the loan modification wizard.
Yes boys and girls, there is a loan modification wizard…and just like in the children’s tale…he is a fake, fraud and a phony.
Which leads us to come up with an alternative ending. But first let’s follow Dorothy and her homeowner alter-egos…fuzzy thinking, faint of heart and lacking courage as she attempts to get back to Kansas and keep her home.
Fuzzy thinking Dorothy…calls her lender and pleads for a loan modification without first doing a title search to confirm if pretender lender really represents the actual entity who has legal title to her property.
Homeowner Dorothy is perfectly happy to send off her mortgage payment each month to the address on the payment booklet…hoping that somehow, someway…the lender will get the money into the real owners hands.
Never mind, boys and girls…the lender by now…has no way of knowing who the real owner is because the lender split the note into a million zillion parts, called tranches, and ownership just magically disappeared into celestial number-land.
Homeowner Dorothy dutifully deals with the myriad of munchkins as she faxes and mails her loan modification paperwork to mysterious number offices, only to be told as others have experienced…’your papers are not in order.’
If homeowner Dorothy took her vitamins, boys and girls…to clear her ‘fuzzy thinking’…she’d realize after the 4th or 5th time of this…’please resend your paperwork,’ she was being conned. Whatever.
But let’s get back to our story. Seeking a loan modification is not for the faint of heart. You must slay the dragon of the telephone q. You must speak 10,000 languages to the legions of ‘nice people’…who answer your phone from the four corners of the world. You must multitask… faxing papers and talking on the phone and answering the other phone, as you never know which person is the right person to talk to. All to reach the 1% land, the land of those do get a loan modification.
And boys and girls…you must develop courage. As a little kitten practices swatting woolen balls to someday as a full grown cat…it will snatch birds out of the air. A’hem…back to our loan modification story.
You must develop courage to speak truth to power. Having done a title search, you realize the pretender-lender…aha…has no legal standing to issue a foreclosure on your home.
And just like that little ones…you are back…safe and sound in your home. But this is just a children’s tale. To find out how this story ends in the adult world…
By the way, do you need to learn more about stopping foreclosure strategies and my own in depth observations
Tags: boys and girls, egos, emerald city, faint of heart, faxes, four corners, fuzzy thinking, lacking courage, legions, loan modification, mortgage payment, munchkins, mysterious number, payment booklet, phon, phony, solace, title search, tranches, zillion