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Man, you would think the banks would have their act together by now! Think again. With so many Sacramentans (13% unemployment and rising) out of work and those whose income has been severely cut to a 1/3 of what they use to make but still want to pay their bills, the banks are NOT listening.
False hope is being given by the banks with modified house payments for a few months and then suddenly the homeowner is told they do not qualify for a loan modification. It’s a numbers game and if the bank has an IQ of over 60 they should know if a homeowner qualifies long before months worth of false hope is given to homeowners.
Just the other day, as I was leaving to show homes to a West Sacramento home buyer I received a call from a young mother who needed someone to listen and care. She had been dealing with Citi Bank and did as they requested, sent all income information and was told to send monthly payments substantially lower than their mortgage payment, which she did.
Then out of the blue, Citi Bank after receiving months worth of payments pulled the plug and said, “you don’t qualify for a loan modification.” Now, folks this is a primary residence, the husband is a contractor and we all know there isn’t a lot of building going on right now. Not qualify? Hmmm. They made the requested payments and they want to do the right thing.
Citi Bank is cold, calculating and dishonest! Are you just going through the motions because the Federal Government told you, you had to first try to do a Loan Modifications and now you can say YOU TRIED?
This isn’t the 1st time I’ve heard this scenario and it’s not the only bank. Bank of America is just as guilty and I’m sure there are more. This is why people tear up their homes. Homeowners become frustrated and the voice at the other end of the phone at the bank has no compassion, offers no real help and strings the homeowner along giving false hope that the bank will work with the homeowner. And all of this is after being on hold with the bank for long periods of time and shuffled from one person to another.
As a Sacramento Realtor, I am not advocating tearing up a house since the bank really doesn’t care and the only one it hurts is your pride and the new home buyer who buys your house but I do understand and as more time goes by and more heartfelt phone calls come my way, the better I do understand. It seems it’s the only way the ignored homeowner sometimes gets back at the bank. So sad, when there are so many who truly want to work with the banks.
I could hear the babies in the background while talking to this young mother who broke down in tears. She is one of many living a stressful existence trying to do the right thing, pay her bills the best she can and be responsible instead of just moving out and ignoring the fact she can’t pay her mortgage.
I’m damn mad at Citi Bank and any Bank who refuses to work with honest hard working people who want to pay their bills but need a little help. SHAME on YOU!
This will take a heavy toll on her health, her husband’s health and the health and well being of these children.
Good Lord, when the banks have homeowners who are willing to play their little game and pay for a home that is far less than what it is worth and will not be worth the mortgage amount for many years to come, why in the world do they want to treat them this way. Especially, when they turn around and sell it for less.
No wonder there are homeowners who don’t bother to call the banks. Would you call the bank if you were treated like S**T? Banks need to get with the program. There are good people out there who do not want to walk away, that want to pay what they can pay and who deserve just a little bit of respect and help along the way. Times are tough and unemployment is at an all time high, so let’s start showing a little compassion.
My heart goes out to all homeowners who are in this stressful position.
Other Related Articles:
Sacramento Homeowners Need Help
Want to Know How To Get A Loan Modification?
Loan Modification Scams Coming to Sacramento
