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A. Antonia Barry
June 21, 2009
Non-Modification & Foreclosure Initiation
LOSS OF RENTAL & PROMOTIONAL INCOME:
Regarding payment status, I contacted my creditors, including ASC, in July of 2008 before I missed any payments because my tenants at both the primary and investment properties were withholding rent and moved owing money. Because I was not behind yet in my payments, both ASC and SPS advised they could not help me. Then when the winter set in, oil, transportation, operations and maintenance expenses, and continued loss of income made it impossible for me to satisfy my mortgage obligations. My salary has also been retarded for the past decade due to reasons that I shall not discuss herein.
COMPLAINT AGAINST LOAN MODIFICATION COMPANIES, PARTICULARLY FIRST UNIVERSAL LENDING:
Despite being behind in my payments, ASC never sent my paperwork to an attorney to initiate foreclosure proceedings until March 2009. I believe this is attributed to the fact that First Universal Lending -- the second company I signed an agreement with in order to assist me in obtaining a loan mod from ASC -- effectively cancelled their negotiations with ASC after I cancelled a fourth payment of $499.95 since our agreement was only for three such payments for a total of approximately $1, 500.
ASC INITIATING FORECLOSURE PROCESS DESPITE FIFTH ATTEMPT AT MODIFICATION:
Shortly thereafter, I received a Demand Notice and then a Summons Server named Mike hand-delivered a Summons & Complaint to me on Thursday night (June 18, 2009). Said document had been filed on June 10th, 2009. Now, I and/or my attorney have to file an Answer with the Court and ASC's attorneyby or before July 6, 2009 to ensure that ASC does not regain the property via default judgment.
Needless to say, I am very much alarmed at the way ASC has moved to advance foreclosure proceedings despite the fact we have been working to negotiate a modification for approximately a year now! Each time I submitted information, they issued a denial letter that contained expenses that were grossly above any information I provided.
I also submitted information showing how affordable the mortgage would be if the interest rate were dropped from 10% to 2%; my monthly payment would be approximately $1, 500 per month; I also advised I would be willing to pay the mortgage for 40 years to compensate for the adjustment!
I am not trying to discharge my fiduciary responsibilities. I do, however, need help and have learned a great lesson -- never enter into deals when you have to depend on gross and/or rental income to make the deal. Both are bogus assumptions. Net income is the only reliable indicator of a person's ability to pay, as long as that income continues.
I am a victim of the sub-prime predatory lending crisis and have been paying loans that average 10%. When the tenants were paying their rent, I could afford the payments, which I made from April 2006 to July or August 2008. When they stopped, my financials changed accordingly.
HOPE NOW: FAITH WITHOUT WORKS IS DEAD...
I do not want to lose my home and believe I qualify for President Obama's Home Affordable Program. I received counseling from HOPE NOW already. I am Client #106. What I, indeed WE ALL, need now is an affordable modification so we can move on.
Respectfully speaking, homeowners need more than Hope; we need modifications, NOW.
HAMP MODIFICATION GUIDELINES:
According to the HAMP Calculator, with a monthly mortgage of $3, 248 and a gross income of 6, 324, I am paying 51% of my gross income for the first mortgage. More realistically, however, is that I only bring home $4, 200 as my net income, the debt to income is a whopping 77%!!! when you add one rent totaling 900 or $650 (75% allowance), the debt to income is about 60%.
SUMMATION:
Despite the denials, I have submitted a fifth modification request to ASC, and respectfully request that all Foreclosure actions be ceased. I called the company on 6/17/09 and they advised that they received my fifth hardship letter and that they were effectively canceling the short sale. Nevertheless, on the very next day, Mike served me a Summons & Complaint. Failure to provide an Answer within 20 days (before July 6, 2009) could be problematic!
I would appreciate any assistance you can provide.
P.S.: The following business opportunity, can help to provide the government, all homeowners, the unemployed and/or underemployed with the assistance we need to get their lives back on track financially and otherwise. What we all need for success is to support and work together, not in opposition. 25% of a pie is clearly better than no pie at all!
If the opportunity is so good, why are you headed for foreclosure, you might say? Well, it like everything else in life depends on teamwork and people coming together for the common good of one another.
I hope you would consider coming on board and/or purchasing products at a 30-80% savings and or just transferring your local and long distance over to ACN, the World's Largest Direct Seller of Telecommunications Services, so that I, indeed, we, can begin to generate residual income from the products and services we use every day while helping people to save money, and begin to improve their lives .
Thank you for providing this forum to express my concerns; God bless...
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A. Antonia Barry, CEO
Community Empowerment Organization
P.O. Box 32208, Newark, New Jersey 07102
(347) 526-6232
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