Mortgage Forebearance – BEWARE
It’s my understanding that a mortgage forebearance offer came to William and Esperanza Casco, owners of a grocery store, and they were earning enough money to make their mortgage payments on time and they kept their mortgage current.
However, JPMorgan Chase & Co. offered the couple a mortgage forebearance plan that reduced their mortgage payments, so the couple thought they could use the extra money and signed up.
The Cascos say their payments were always on time and they never missed a payment. When the bank decided the smaller payments, which were the result of the mortgage forebearance, were not enough and foreclosed on them, it shocked and horrified them.
Unfortunately, the Cascos mortgage forebearance story is far too often happening across our great country by homeowners who claim that banks didn’t follow through with the agreement made with them.
Too many struggling homeowners say that they’re receiving little help from the U.S. government’s $700 billion rescue that was supposedly aimed to help the homeowner directly.
According the Treasury Dept stats, approx one-third of the 1.4 million homeowners that were accepted into the mortgage modification program this last year have actually had their mortgage payment reductions made permanent.
A Mortgage Forebearance Nightmare
“It is extremely unfair that someone like me and my wife who have owned our home for 17 years and never missed a payment could end up in foreclosure,” said Mr. Casco, through a Spanish interpreter, as he talked about the mortgage forebearance nightmare he’s experiencing.
Mr. Kishner mentioned “We worked with the borrower to give him as many opportunities as possible to qualify for a modification,” and also said “However, they were not able to do so and therefore we were forced to foreclose on the property.”
Mortgage Forebearance – Be Smart
“I think that banks are playing games with us,” William Casco said.
Mr. Casco stated when he refinanced his home in 2006, to pay for a new a meat counter at his store in the industrial Los Angeles suburb of South Gate, that his monthly mortgage payments to Washington Mutual Inc. went up to $2,765.
Chase had begun to acquire Washington Mutual in January 2009 when Casco stated it sent a letter telling him he qualified for a lower forbearance rate. So, Casco sent the business paperwork and tax returns the bank was requested. His mortgage payment was then reduced – due to the mortgage forebearance – to $1,250, where it stayed for many months, then Chase told him to apply for a trial loan modification.
So, Casco sent Chase the necessary paperwork that was requested. His monthly mortgage payment rose to $2,363 in June, then went back to the mortgage forbearance rate in October. Casco said he continually made the payments that he was asked of him until August 2010, when Chase informed he and his wife that they were $50,000 behind on their mortgage payments and placed them in foreclosure. Mortgage Forebearance – BEWARE!!
The home has been sold and the Cascos are fighting eviction. He is considering whether to join an existing lawsuit or to persue a lawsuit on his own.
“I’m determined to do whatever it takes in order to keep my house,” said Casco. “I feel that a great injustice has been done to my family.”
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Mortgage Forebearance may sound nice but in reality it can be a nice NIGHTMARE!