Banks and lenders won’t work with Hope for Homeowners program

Editor,

Hi! Saw the article written re: the new Hope for Homeowners program (http://www.floridarealtors.org/NewsAndEvents/n3-110408.cfm) and the disappointing response to it. I wanted to let you know that not all banks and lenders are cooperating in this program.

My husband and I moved to Citrus County from Broward County in November of 2005 and purchased the home we are currently trying to save. We put a substantial amount down (we thought). Prior to moving to Citrus, we both took the real estate course and obtained our licenses. I work in resales and my husband works with a builder (new construction). Since we both work on commission, we took an equity line in order to pay bills and live until we could make a go of our new profession.

Lucky us on the timing … We have both taken second jobs (I had a third for a while but just couldn’t keep it up) trying to make ends meet, but our mortgage payments and equity line payment were just too much. We obtained extensions on both, put our home on the market (trying to avoid losing it) but had only four lookers in the six months it was on the market. The listing just expired.

I read an article about free legal help and contacted that organization for assistance – NOTHING... they kept assuring me someone would get back with me, but they had so many requests for assistance, they could not keep up. We STILL have not received a response.

We have tried to renegotiate the mortgage with the bank, but they claim they cannot help us because we don’t make enough money. We contacted the bank when the Hope for Homeowners program came out, hoping we could get assistance that way. No, Bank of America does not participate in that program.

So, when you say people are not responding to the program, it may be that they are, but their lenders won’t let them. So, rather than let us try to save our home and maintain it, they will go ahead and foreclose on it and let it deteriorate.

Bravo!

Vicki Shedd
ERA, Key 1 Realty Inc.
Homosassa

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