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feeling like a jerk..

momrandamomranda
in Single Parents

I work for a mortgage company, on a daily basis I have to tell people that after reviewing their loan, pulling my hair out, and submitting every possible option to the investor, I cannot modify their loan. In most cases I don't feel bad for the people I speak to, since I work a lot of prime loans. (for those not that familiar with mortgages etc, prime loans are totally fair loans lent to individuals that showed the ability to repay the loan, had a loan to income ratio of >35% and were given interest rates based off values at the time the loan was issued) Many of the people I work with are pretentious jerks that think they should be given assistance for their mortgage because their property lost value with the crash of the real estate market. A lot of the time, these individuals intentionally default on their loan to get a modification vs a refi, because they dont want to pay closing costs, and then threaten us with lawsuits when their file is denied. With that being said, for the most part I can find my job more frustrating than anything.

When I returned from maternity leave, I started to work sub-prime loans, which were the loans sold to people involved in the loan sharking scams. So most of the loans have very high interest rates, and payments that exceed half the persons income. Luckily I am able to modify about 85% of these loans, and have since had a more positive outlook on my job... That is until today. I had this file that was passed to me by another underwriter. The loan had both husband and wife on the mortgage. The wife applied for this loan because her husband not only beat the sh*t out of her, but had a history of being sexually abusive to her as well as her two young daughters. A lot of paperwork is required for these modifications, so this lady had submitted the court papers, police reports, divorce decree etc for this mod. Thankfully for her, this pig was put in the jail on a 35 year sentence, and she has finally been given the chance to live her life without constantly fearing for her and her daughters lives.  

Now this is why I feel like a jerk. This lady had fallen behind on her payments due to the fact that her household income was cut in half. She has the ability to now pay her mortgage, but cant pay the 10 payments she was behind. Her investor refused to approve a modification to simply put the past payment back into the balance, without me even adjusting her payments or interest. So now after all the hell this poor women and her young girls have been through, we are foreclosing on her home, because this investor part of a big bank with sh*t tons of money, doesn't want to extend her loan by 10 months to keep a roof over her head. And I was the one stuck delivering this news today. I would really hate to see this happen to someone I know personally. :(

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Re: feeling like a jerk..

  • TA4482TA4482
    Wow that's awful. But good for her for getting back on her feet and surviving. While it sucks her house is foreclosing but it's not your fault. You just had the unfortunate job of telling her. So don't feel too much like a jerk.
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  • katieisawesomekatieisawesome

    I work on another end of this situation - bankruptcy law.  If you are allowed to contact this woman again, do - and tell her that she still might be able to save her home and should talk to a bankruptcy attorney who deals with Chapter 13 bankruptcies.

    We keep people from going into foreclosure weekly here, and a lot of these people have already been turned down for a loan mod for various reasons.

    I hope it works out for her - that's a very sad story :( 

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  • Mrs.Keith2BMrs.Keith2B member
    Ugh, I wouldn't be able to do your job. That poor woman Sad But, at least her and her daughters are now safe from that evil man.
     
    On a side note, I'm actually writing a paper for my Composition II class about the foreclosure crisis in America. I'm taking the stance that people who are doing "strategic default" foreclosures need to be cracked down on. Would you be willing to do an email interview for me?
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  • achase123achase123
    Ugh, that sucks!  Unfortunately you are just the messenger.  You did all that you could!
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  • momrandamomranda
    imageMrs.Keith2B:
    Ugh, I wouldn't be able to do your job. That poor woman Sad But, at least her and her daughters are now safe from that evil man.
     
    On a side note, I'm actually writing a paper for my Composition II class about the foreclosure crisis in America. I'm taking the stance that people who are doing "strategic default" foreclosures need to be cracked down on. Would you be willing to do an email interview for me?

    Yeah not a problem.  

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  • haleyw458haleyw458 member
    imagekatieisawesome:

    I work on another end of this situation - bankruptcy law.  If you are allowed to contact this woman again, do - and tell her that she still might be able to save her home and should talk to a bankruptcy attorney who deals with Chapter 13 bankruptcies.

    We keep people from going into foreclosure weekly here, and a lot of these people have already been turned down for a loan mod for various reasons.

    I hope it works out for her - that's a very sad story :( 

    I agree with this. My parents just did a Chapter 13 bankruptcy and it helped them out a lot.

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