I'm GREAT at driving myself crazy over paperwork! First of all I HATE it...but then once I force myself to plow into it..I'm so anal about getting it all done perfectly it's beyond NUTS!
I could literally drive myself right to the padded room attired in that not so comfy white garment that has no arms!
I've done this over the modification request to OcWen on our 'save our house' fight for the past month or so.
First of all...it's SO CONVOLUTED...you have to be a Harvard grad to understand the darn thing!
They do that on purpose to discourage the faint at heart! The application is 14 pages long...but that's not the half of it...you have to supply PROOF of income on every single item...so you are rooting around for bank statements, compelling complex P&L statements and we have an annuity that took me FOREVER to find the source docs since I put them in a VERY safe place from the last time I had to root them out for the LAST modification I did about a year ago...that place was SO safe...I couldn't even find it!
Then being a practical person...I like to know WHAT they analyze and HOW they analyze it and have some idea of what I'm facing before I fill out the forms.
Turns out..they look at a crazy new formula called Net Present Value...meaning they might modify if they get more on their return with the NPV. Or they might not modify if they get more just foreclosing. They weigh this against what your house is worth today and what it might be worth next year and this is determined by the estimated market value...which can only be given by a Broker Price Option...which means that a broker drives by and ascertains how the outside of the house looks and then compares it to other houses in the neighborhood of similiar square footage and how many are for sale and what they are for sale for...against any that have recently sold and what they sold for.
But wait...after all of that they have what they call the Waterfall method which means that if you qualify for the Hamp program they might do that...nothing says they have to do anything.
Or if you don't qualify for the Hamp program because they have private investors they employ the next waterfall option tier number two. It's called waterfall because they have to exhaust all efforts on each tier before giving ANY kind of break to the lowly homeowner kinda like a waterfall.
More like a Niagara Falls DROP OFF if you ask me!
Talk about swimming against the current.....it's all stacked against us my friends!
We go in blind...we come out blind...we aren't allowed to know what criteria they measure us against and THEY are the criminals here. It's BEYOND disgusting...and this is my last ditch effort to go along with their crazy antics.
This is modification #3...did the other two work...apparently NOT...since we are still fighting the good fight in spite of perfect to the letter payments.
But after all of that straining of my pea brain to make sense of something that is truely senseless...I've done my best now it's in God's hands.
I've pretty well driven myself crazy...my lawyers crazy and it's just not worth it any more. We have another mediation...this is number 3 too...coming up on July 26th...which will again cost us money and time away from work. It's a joke as far as I'm concerned because the mediators can't weigh in with any opinion...they basically just get paid to let you grace their office space and check a box that says you showed up.
Do I sound dis-enchanted with this whole insane process...well you'd be right about that one!
The only reason I've held on as long as I possibly can is I thought some good decent person on Capital Hill would stand up and say "ENOUGH!"
Hasn't happened almost 5 years into this foreclosure housing crisis debacle...so call me a slow learner!
At least I can say I did absolutely EVERY THING I possibly could do to save our house and pay for it in the process.
That's more than any slime bucket wall streeter can say before they nod off at night!
I'm glad the packet is in to our lawyers...and I hope they can make something positive happen with it.
Won't you be SO glad when this is resolved one way or another so I won't have to blog/rant...about the insanity of the system....I'll be glad too my buds...I'm even boring me~self about this topic by now.
It stinks, it's NOT fair...but life goes on!