I wrote a post a while back on mortgage modifications and the problems people are running into (Post here, new window). Whether you agree, or not, with the government getting involved and paying banks to modify these loans is not the issue. The government put this loan modification program out there to help people, or so the people thought. The real issue is whether the banks are using the money given to them to actually help people. When you look at the numbers of people who have successfully qualified for the HAMP program, versus the numbers who have gone through the HAMP gauntlet, only to lose the home they were trying to save, it becomes obvious that the HAMP plan does not work. As of January 1, 2010, out of 1,008,216 HAMP trial plans started, only 116,297 loans had reached permanent modification status. I have heard horror stories from people who tried to get a modification only to lose their home. Most of the personal stories I know about are not people with high interest loans, or even sub prime loans, they are people with a good payment history that have either lost their job, or had a huge reduction in income.

I have personally dealt with some of these banks on short sales. The pure ineptness of their loss mitigation departments speaks volumes about them. I have sent in short sale packages in, only to be told they never received it, I fax it again and receive confirmation, only to be told they “lost” the package, please fax it again. This has gone on for six months on some of our short sales. If not for pure tenacity and man hours of paperwork, we would have never gotten these short sales approved. It sounds like their HAMP divisions work in the same manner.

I want to be clear, it’s not just one bank causing the problems, and it’s not all banks. The main reason I am writing this post is because of a comment I received  on the  post I referenced above in the first sentence.  The comment came from one man that has been fighting his bank for over a year. He decided to take legal action and turn it into a class action suit. I am posting his comment word for word. If anyone else would like to join him, his contact information is included in the comment below. His words are entirely his own.

“IT HAS BEEN NEARLY NINE MONTHS! WHERE IS MY LOAN MODIFICATION?

If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

What these banks are doing reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their ties with all their backing
They don’t care what goes on around
In their eyes there’s something lacking
What they need’s a damn good whacking.

Everywhere there’s lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.

You can read more about my lawsuit against the bank at:
News Article at PRWeb (opens in a new window)

http://www.unitedlawgroup.com/news_ULG_files_suit_bofa_behalf_john_wright.html

When I filed my lawsuit , myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

Please stand with me and United Law Group and send an email to the CEO that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods. I can not tell you here which bank it is, but I can tell you that it is a Bank in America…..ha..ha

So please hit me up with an email at [email protected] and I will be happy to provide you with the CEO of my banks email.

Divided we might have fell America, but united we must stand!”