“TERMINALLY ILL MOTHER DEEMED “UNINSURABLE” YET GIVEN A FIFTEEN YEAR PREDATORY LOAN”
The Jackson Family has been fighting to keep their family home for 2000 days. I am a divorced mother of two and fully aware of how important it is for our family to keep the home that it has taken many generations to earn. Like many families in Los Angeles, our ancestors laid their lives down so our children could have a hope of a better life.
Why is this important?
My Mother was an Educator, Counselor, Teacher and Vice Principal within the Los Angeles Unified School District for over 45 years. She proudly dedicated her life to helping others, yet was too proud to ask for help herself.
When I found out my mother was ill, we spoke about her home. She told me she was sorry as she cried in my arms. I told her it was not her fault and that she did the best she could. I made a promise to her that I would work this out... within two weeks she was dead. The Lender knew she would not live to pay the refinance off as she was deemed uninsurable after suffering two previous strokes. She died blaming herself, not understanding that she was purposely targeted and preyed upon by predatory loans. I did not understand how a 78-year old terminally ill woman was given a loan for fifteen years.
It boggles the mind of the reasonable person. My only option at that time was to manage the situation by refinancing and attempt to pay off her mortgage.
The death of my mother and the stress of fighting for my family's home has been a nightmare. During April of 2008, I had a six-inch tumor removed that was interfering with the function of my kidneys and liver. I have also had a series of medical conditions causing high medical bills and loss of income. My family has suffered so very much during this 2000day process. We have been disrespected, insulted, lied too, misled. I was laughed at and told, “You people think it's okay not to pay your Mortgage” by a Wells Fargo Home Preservation Specialist. I was willing to pay an affordable mortgage and keep my promise to my mother's dying wish for her grandchildren and unborn great grandchildren to be able to own and keep our home. I was promised by, Wachovia, I would have a modification within 120 days if I stopped paying the mortgage that was the only way they could modify my loan. To date, I have submitted paperwork repeatedly for the past 2000 days.
In the 30+ years I have lived in the Crenshaw area, I have witnessed my community suffer so many injustices from racial profiling, the “Cash Cow” attitudes of the Banks and their auto insurance companies, I witnessed my neighbors being slowly priced out of our community through “gentrification” and the vicious trick bag that is the “Pick-a-Pay” option offered by Wells Fargo Bank, who claims to “stand by our community” yet proven by these actions and exploiting practices that they are NOT. I have seen so many people lose there homes. Not knowing which way to go like a deer caught in headlights as ruthless sharks try to “flip the property” within 60 days and steal that family's future (equity) knowingly providing loans that are toxic to the homeowner yet very profitable vertically and horizontally for the banks.
The state of the modification process is like asking a fox inside of a chicken coop, “What should he do with the chickens?” Unfortunately history has already shown us the answer to that. I love my community. It is important for us not to be invisible. Many have just walked away from their futures in silence and without hope, and conditioned to simply “put up with it”.
I am so thankful to NACA I would have been a dear in headlights. It has been over 2000 days and they are still fighting for me. Every step of the way they have not giving up on the people and it is so important. Even when they could not make the Banks give me a modification they took Action and Now with the new programs available the banks no longer have a monopoly. I am so excited about this new of NACA offering 3% fixed rates 30 years which mean for me an affordable The lender has turned me down over and over but NACA Did Not Abandon Me my counselor keep working my case to have my Mothers House. This 3% fixed 30year mortgage is an answer to my prayers.
The NACA has shown me through it's actions and support that Economic Justice is our right and we do not have to just accept sub-standard business practices. By being the leader to not only identify Predatory lending but found a solution and implement it. Talk is talk NACA is ACTION IN MOTION. NACA IS A GRASSROOTS ORGANIZATION DEDICATED TO “THE AMERICAN DREAM” I AM SO THANKFUL THEY ARE HELPING ME AND MILLIONS OF FAMILIES CAUGHT UP IN PREDATORY LENDING PRACTICES.
NACA IS HELPING TO PROTECT AND RESTORE THE AMERICAN DREAM OF HOME OWNERSHIP.
In 2009 I went to NACA for help to get a solution of an affordable Mortgage from Wells Fargo (Wachovia World Savings loan) the demand for help was so great in Los Angeles after three days in line of the weekend my case had to be continued in Las Vegas the next Stop I was so excited to finally get some help. I slept outside in line in Las Vegas the people were so nice to me I was unprepared for the cold night freezing weather, people in line gave me blankets to help keep me warm.
The lender Wachovia had promised me a modification within 120 days this was within that time frame. I went through NACA counseling sessions. They were so supportive I did not know anything I just needed help and an affordable Mortgage. I sat down with the lender and was told that I did not qualify for the present program but a new program was coming and that I would qualify for that one, in the mean time the $500 partial payment fore-forbearance payment I had made to WELLS FARGO (Wachovia) was refused and they demanded the full payment of $6,000.00. WELLS FARGO (Wachovia) had promised to put on the back end of my loan.
I look into the face of NACA and they told me not to give up and they would help me. NACA present ten modification packages so many I lost count even when the lender told me they would approve me if I would close my NACA file. NACA held my hand and encouraged me not to give up and fight for my Mothers house.
I am so thankful to NACA I would have been a Dear in Headlights completely destroyed and homeless if NACA had not helped me. It has been over 2000 days and NACA are still fighting for me. Every step of the way they have not giving up on the people and it is so important.
Even when they could not make the Banks give me a modification they took Action and Now with The New Programs available the banks no longer have a Monopoly. I am so excited about this new of NACA offering 3% fixed rates 30 years which mean for me an affordable mortgage. The lender has turned me down over and over but NACA did Not Abandon me my counselor keeps working my case to Save my Mothers House. This 3% fixed 30 year mortgage is an answer to my prayers.
NACA’s continues the fight against predatory lending
NACA continues its fierce battle against predatory lenders who are foreclosing on thousands of homeowners, and threaten to push millions more Americans to the brink of losing their homes. NACA has sounded the call to action, and is putting lenders on notice. We are pushing lenders to renegotiate predatory subprime loans and we have committed a billion dollars to refinancing. We encourage people to participate in our Predator Watch to guard against unscrupulous lenders. Our Predatory Lending Forum is an active community of advocates and victims sharing information and strategies. We are moving toward Predatory Lending Legislation to work to prevent victimization, and we are also establishing a Report Card for Politicians to expose their stands on the issue of predatory lending and economic justice issues.
Currently By the lender refusing to modify I am in Bankruptcy Court.
I am a true example of why NACA continue to fight this fierce battle against predatory lenders. The lender is demanding full payment they have been allowed for the last 2000 days to write themselves a check at a predatory rate instead of the $6000.00 being put on the back end of the loan with in the 120 that was promised.. WELLS FARGO HAS MILKED THE SYSTEM Now I am faced with $150,000.00 at the predatory rate added to my note (the modify rate would be $75,000.00 for the same period. But if Wells Fargo had done the right thing and modify the toxic loan it would have been only $6000.00 so another $144,000 is added which has to be paid in 5 years at a rate of 2500.00 per month plus the predatory rate (negative arm adjustable rate(7%) that goes up often) $2600 which equals 5100.00 verse a workout plan of $2000.00 per month including( taxes and insurance) which also includes the 150,000 check they have been able to included 300% mortgage payment higher than an affordable mortgage rate of 3%. Not to mention WELLS FARGO WAS PAID $425,OOO 120 DAYS FOR THE LOAN BEING IN DEFAULT.
As Thomas Jefferson stated 200 years ago
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around (these banks) will deprive the people of all property until their children wake up homeless on the continent their fathers conquered”. - Thomas Jefferson
“The “Economic Tapeworm” behavior must STOP! Right here, right now!"-Athena Jackson "Homeowner Economic Justice Advocate"
Foreclosure Fannie Mae Homeless People with Disabilities Senior Citizens
Sincerely,
{Edited to remove personal information}
