Monday, July 30, 2012
Foreclosure, Greed but our God Reigns
I never thought that are house of nine years would be foreclosed on. I had heard many say, "the bank doesn't want your house, they will work with you on keeping it." It started out with small things, part of Saxon's Mortgage mantra was, "We are a debt collector." I thought, "Oh, I believed you were my mortgage company. " We did not choose Saxon Mortgage, they bought our mortgage because our mortgage company was going out of business.
Saxon was not giving full disclosure. For instance, I had read about the Obama Modification program, so I called Saxon. They sent me a form which I filled out. They told me you make too much money to qualify. Later, I filled out more forms and then Saxon told me, You don't make enough money.
I started to think that they were part of the greed of Wall street; so I asked them, Did you profit from the bail out? Their customer service (which isn't really customer service) person said, No, we didn't at least not directly.
Later I found out my hunch was right. I recently read, the government released data showing that there's a big problem at Saxon Mortgage, a subsidiary of Morgan Stanley. Of all the mortgage companies participating in the administration's mortgage modification program, Saxon has the largest proportion of homeowners caught in modification limbo.
Source - http://www.huffingtonpost.com/2010/05/28/Saxon-mortgage-subsidiary_n_593856.html
And Saxon had profited from the bailout. They are a subsidiary of Morgan Stanley. How crooked is Morgan Stanley? According to Taibi, Those kinds of deals were the essence of the bailout — and the vast mountains of near-zero government cash turned companies facing bankruptcy into monstrous profit machines. In 2008 and 2009, while Christy Mack was busy getting her little TALF loans for $220 million, her husband's bank hauled in $2 trillion in emergency Fed loans. During the same period, Goldman borrowed nearly $800 billion. Shortly afterward, the two banks reported a combined annual profit of $14.5 billion
When we bought our house, ten years ago, we put down one hundred thousands dollars. This money came from a wrongful death suit, money that was given to us by the insurance company of the Mother whose son killed our daughter Lindsay and granddaughter, Emily Hope. He was a drugged driver who was shooting up with heroin while driving.
We as so many others were referred to a HUD specialist by our congressman. They advised us to send Saxon a letter of hardship. Saxon was unmoved. Some said we qualified for the Obama Modification, others from Saxon said we were not. Finally, they denied the loan. We found out that they had over charged us about $6,000. We had no money to pay for a lawyer. We went to legal aid. Our assigned lawyer took a history, said we had been cheated but he declined to do anything legally. Robyn and I had to sell our house in a buyer's market for just over one hundred thousand dollars. We were at least able to pay our taxes, our bills etc. We loved that beautiful spacious house. It was suppose to be an inheritance for our three sons and their children.
We decided to move to Florida. We had no house, our possessions were put in storage, We had no job and we did not know what to do.
Now where is God in all this? After all this is a Christian blog. When I was in college (Grand Rapids Baptist College), I was asked to preach in our Senior chapel, May 1978. The text I chose was Psalm 115:1-3. It states,
"Not to us, O LORD, not to us, But to Your name give glory Because of Your loving-kindness, because of Your truth. Why should the nations say, Where, now, is their God ? But our God is in the heavens ; He does whatever He pleases..
I still believe it and so does my wife of thirty-three years. God answered the prayers of His people
We still grieve the loss of the house and the injustice that was done to us but we are now house parents in a beautiful house, (Joann's Cottage, Place of Hope) an additional ministry and a good paying job. Heartfelt Counseling Ministries is stronger than ever.
We need good and godly Christian lawyers who will help fight organizations who are greedy and dishonest and unfeeling.
We need to also realize that we are bound for a heavenly city and those we loved who in Christ are there. Christ Jesus will not fail us.Trust in Him at all times, pour out your heart before Him for He is our refuge. Selah (Psalm 62:8)
Please check out our book, Broken Minds http://www.amazon.com/Broken-Minds-Healing-Youre-Losing/dp/0825421187