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    Posted June 20, 2012 by
    Lou1952
    Location
    Lexington, Kentucky
    Assignment
    Assignment
    This iReport is part of an assignment:
    Economy: Are you better off?

    More from Lou1952

    Disappointed with Uncle Sam

     
    This is an update of where hard work can get you in America. I am an executive assistant earning less than $30,000 a year. I have been a home owner for 38 years. I will be 60 years old in about eight weeks. At this time in my life, I should be looking forward to retirement, but that is not the case. Now, with our current economy, I only have 1 job even though I have tried for nearly 3 years to find permanent part-time employment to supplement my income. Some of you may be asking why I work two jobs. I have two mortgages on my home. My first mortgage payment, financed with Bank of America at nine percent interest, is $660. My second mortgage, financed at 12% interest is $225, nearly $900 a month. On a secretary’s salary, that is simply more than I can afford to pay if I’m not working two jobs. Gradually, over the past six years, I have been unable to make all my payments timely due to reasons like putting a roof on my home. I also had to replace my vehicle after an uninsured driver make an illegal U-turn and totaled my car. Since I could not afford a car payment, I was lucky to find a reliable car $2,400 I was able to buy without financing, but as a result, once again I missed some house payments. If I had not been working two jobs, I would have used public transportation to get back and forth to work until I could have afforded to replace my car. That simply was not an option for me. I had to have personal transportation to be able to work two jobs, because if I was not working two jobs, I could not have paid nearly $900 in house payments at exorbitant interest rates. Now, Bank of America is foreclosing on my home. I do not qualify for a loan modification, because my first mortgage is not 31% of gross income. Never mind that the two mortgages together are 36% of my gross income. If my first mortgage was $750 rather than $660, and I didn’t have the second mortgage, I would qualify for assistance. It doesn’t seem to matter that I have $60,000 equity in my house and that the payoff on my two mortgages is only $30,000 or that I’ve been paying nearly $900 a month on my mortgages for at least 17-18 years of the past 19 years and a payment on a $30,000 refinanced mortgage would probably only be $250, I can’t refinance because I’m behind on my mortgage. As a last resort I decided to contact HUD. If it isn’t shocking enough that I can’t qualify for a loan modification or a refinance considering my 38 years of homeownership and my 67% equity in my home, the astonishment pales in comparison to the response I received after contacting HUD. The first representative with whom I spoke talked rapidly because she quickly wanted to let me know that HUD could not help me. She did inform me that I needed to be talking to the National Servicing Center. She spent a total of five minutes with me on the telephone. At her suggestion, I called the National Servicing Center. My astonishment after this call was so great, I had trouble comprehending what had just happened. After speaking with me for five minutes or less she transferred my call. At this point, I found myself on the phone with the debt collection department of Bank of America. After ten minutes or less, I was no longer speaking with a governmental agency, but with a debt collection agency who quickly informed me that the foreclosure was continuing. Now, my question is this: why are our tax dollars going to agencies like HUD and the National Servicing Center if their only purpose is to get callers off the phone in five minutes or less so they can transfer your call to a debt collection agency? If this happened to me, this can happen to you and possibly millions of people. And for each you in a similar circumstance, I encourage you to record and upload your video as well, so that we, as a group, can let the politicians and incumbents in Washington, D.C., know that all is NOT well in America. This is why I am Disappointed with Uncle Sam! - Robbie Salyers i-reporting from Lexington, Kentucky

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