First Federal Bank of California Nears $1 Billion in Home-Loan Modifications
LOS ANGELES–(BUSINESS WIRE)–May figures show that First Federal Bank of California, a wholly owned subsidiary of FirstFed Financial Corp. (Pink Sheets:FFED), has now modified nearly $1 billion worth of home mortgages, enabling more than 2,000 California families to avert foreclosure. Such workouts are a pillar of President Obama’s housing plan, and First Federal Bank of California has achieved a significantly higher success rate than lenders nationally: whereas more than half of modified loans nationally are delinquent, four out of five of the Bank’s modified loans are current and performing.
OWNED HOUSE 81 YRS-I LOAN=BYE | Aug 8, 2009 | Reply
AND THEN THERE ARE THOSE OF US, ONE OF TWO FROM WHAT I HEARD THAT WERE TOLD “NO TERMS OF THE LOAN CAN BE ALTERED”, SORRY YOU BELIEVED THE BROKER WHO SECURED YOUR LOAN WITH US- BUT THE “RE-CASTING”, NOT “ARM ADJUSTMENT” WILL BEGIN IN 30 DAYS. THIS WAS BEFORE THE TERM “LOAN MODIFICATION” WAS KNOWN. SO WE PAID THE TRIPLED AMOUNT FOR 14 MONTHS AS WE TRIED TO REFINANCE WITH ANOTHER YEAR HELD TO A PRE-PAYMENT PENALTY. THEN CAME THE “FREEZE” BY THE GOVT. WE HOPED THAT WOULD HELP-INSTEAD IT PREVENTED US FROM REFINANCING THE LOAN WE SHOULD HAVE NEVER BEEN GIVEN, BECAUSE WE DON’T QUALIFY. OH WELL. FORGET THAT HAD WE NOT GOTTEN A LOAN TO MAKE A SETTLEMENT AND END A LAWSUIT THAT HELD OUR HOME AND TITLE TO WHAT COULD BE LOST TO LEGAL FEES AND COURT COSTS ARGUING THE MATTER IN A PROBABTE MATTER OVER DISINHERITANCE THAT WAS OBJECTED TO, WE WOULD HAVE HAD TO SELL THE HOUSE. NOW WE ARE IN DEBT FOR THE WHOLE AMOUNT, HAVE PAID THREE YEARS ON THE LOAN, (14 MONTHS AT TRIPLE THE AMOUNT WE BELIEVED WAS SET FOR FIVE YEARS, NOT RECAST AT THE END OF THE SECOND YEAR) PLUS OWE MORE THAN WE BORROWED ON TOP OF THAT. WE WERE TOLD IF WE SUBMITTED OUR LOAN MODIFICATION PACKAGE THAT THEY WOULD STOP THE FORECLOSURE, WE DID AND THEY SAID THEY WILL KNOW IF WE ARE ACCEPTED IN 1-3 WEEKS. HOWEVER, THEY WILL PROCEED WITH THE AUCTION AS SCHEDULED FOR THE 18TH OF AUGUST, AND THAT THEY NEVER TOLD US THAT! HAVING HAD THIS PROPERTY OWNED BY MY FAMILY FOR 81 YEARS, I WILL HAVE NEEDED TO START PACKING A MONTH AGO IN ORDER TO LEAVE WITH WHAT IS HERE, AND THAT IS ALL WE HAVE- WHAT IS IN THIS HOUSE. THE IDEA OF RECOVERY IS NOT A POSSIBILITY FOR THE OWNER WHO IS 68 AND DISABLED, READY THOUGH TO GO BACK INTO WORK AFTER AN ILLNESS I WOULDN’T DOUBT CAUSED BY THIS VERY SITUATION. WE WERE NOT OFFERED ANY LOAN MODIFICATION UNTIL WE HEARD A FEW WEEKS AFTER THEY FILED THE FORECLOSURE THAT THEY HAD TRIED TO REACH US DURING THAT TIME PERIOD AND FELT WE HAD IGNORED PICKING UP A REGISTERED LETTER AND TWO MESSAGES LEFT ON OUR ANSWERING MACHINE. I AM SORRY I WAS OUT OF TOWN BURYING MY FATHER AND THE BANK DOESN’T HAVE MY MOTHERS NUMBER AS I WAS TOLD BY HER DOCTOR TO SHIELD HER FROM TOO MUCH STRESS OR I WOULD BE BURYING HER. INSTEAD WE LOSE MORE THAN WE STARTED WITH AND THOUGHT TO FIX THE HOUSE UP BEFORE OUR SITUATION THAT BEGAN WITH A LITTLE DEBT AND A LOT OF EQUITY TURNED INTO HELL THREE YEARS AHEAD OF TIME AND WITH ALL OF IT HAPPENING AT ONCE. THEN COULDN’T GET OUT OF BEING AT THEIR MERCY. FOR EVERY 2000 THEY HELPED, HOW MANY OF THOSE 2000 OWNED THEIR HOUSE FOR 81 YEARS, THROUGH 4 GENERATIONS LIVING THERE, AND PASSING THE HOUSE DOWN TO THE NEXT GENERATION WHO LIVED THERE. HOSPICE SAW THREE OF THE GENERATIONS ALONG WITH MY LITTLE BROTHER DYING IN THE HOUSE, SO IF POWERS MAY BE- HOPEFULLY IT WON’T SELL DURING THE AUCTION- OH WAIT, OF COURSE IT WILL, FIRST FEDERAL IS AUCTIONING IT AT BELOW FAIR MARKET VALUE AND 50K BELOW WHAT THEY WILL ACCEPT FROM US TO BUY OUR HOUSE BACK FROM THE LOAN THAT IS LESS THAN THE FAIR MARKET VALUE TOO. JUSTICE COSTS TOO MUCH AND WE WENT BROKE ON A LOAN THEY WERE SITED BY THE GOVT. TO CEASE AND DESIST OFFERING ANY LONGER. THIS AND COMPLYING WITH THE LOAN MODIFICATION IN PLACE, THEY SKIP AND NOW APPEAR AS “OH SO WONDERFUL-TO SEE HOW THEY ARE AND HAVE BEEN TO THE CLIENTS AND AMERICA IN SUPPORT DURING THE CRISIS THAT WOULDNT HAVE BEEN HAD HOMEOWNERS UNDERSTOOD THE LOAN SHARK CONTRACTS THEY ARE LOSING THEIR HOMES OVER WHEN REFINANCING ISN’T POSSIBLE. I’M SURE MY SITUATION IS ONE IN THE MILLION- IT IS ALSO THE STORY OF A FAMILY LOSING ITS LEGACY AND HERITAGE AS IT IS SOLD OFF WITH NO CARE OR ALTERNATIVE BY THIS OBAMA SUPPORTED LOAN MODIFICATION PLAN- MY MY I NEVER SEEN SUCH COVER-UP BY A BIG BAD BANK WHO STAMPED US OUT LIKE A BUG WITH NOBODY KNOWING- THIS IS IT- WHAT A GREAT BANK? HARDLY. GREAT COVER UP HOWEVER IF I HAVE NOTHING BETTER TO DO THAN TO SPEND THE REST OF MY LIFE TELLING THIS STORY IN ANY WAY AND EVERY BLOG I CAN- I AM- THIS WAS MY GREAT GRANDMOTHER’S HOUSE WHOSE DECENDENTS THEY TREATED AS AN AMOUNT AND MADE NO OFFER TO MODIFY ANYTHING UNTIL THEY RECEIVED THEIR CEAST AND DESIST AND WANTED TO STAY AFLOAT AFTER BEING A BANK FOR THE SAME AMOUNT OF TIME WE HAVE CALLED THIS OUR FAMILY HOME. HOWEVER WE AREN’T WITH THE FUNDS OBVIOUSLY, NOR DO WE GET DEALS FROM THE GOVT. THAT ALLOW THEM TO STOP FROM DOING WHAT THEY DID anymore- AND SWEEP A FEW UNDER THE CARPET- BECAUSE THEY CAN. WELL WHO CAN HELP ME- CAN SOMEBODY TELL ME THAT?