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In January of this year I cashed in my I.R.A. in order to supplement my income this year a…

Customer Question
In January of this year...
In January of this year I cashed in my I.R.A. in order to supplement my income this year as my monthly income does not cover my expenses - do to the recession. In early March of this year the bank that holds the second mortgage on my
home appproved me as eligible to apply for a loan modification through the Federal Government. Now after supplying the bank with every document they requested, they are denying me the modification because I have a
savings account (the cashed I.R.A.) that is greater than three months of mortgage payments, combing my first & second mortgages. My Question is this: Once my savings account dips below the 'three month threshold' doesn't the bank have to reconsider my original application? They have all the documentation.
Thanks for your reply.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 11 minutes by:
6/19/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,150
Experience: Attorney and Real Estate broker -- Retired
Verified

The bank has no obligation to do anything. The ENTIRE Home Affordable Mortgage Program (HAMP), promoted by the Obama Adminsitration has ABSOLUTELY no enforcement mechanism. No bank is required to do anything for anyone.

 

Note: I don't have anything against the President. I am simply stating that, as a matter of law, HAMP is voluntary. Thus, no matter what you are told, and no matter what you do, you cannot force your lender to do anything, and whatever your lender tells you that it will do, is nothing more than an opportunity to keep you stringing along while the bank decides when (not if) it will foreclose.

 

I get questions like your at least once every day of the week, and out of the last 200, I'd say only one person actually received a loan modification. So, while this is just my anecdotal perspective, my view is that if you are expecting the lender to actually modify your loan so that you can avoid a foreclousre, then you are simply in for a real letdown.

 

Tere is only one sure way to stop a foreclosure, other than to sell the property and move on, and that is Chapter 13 bankruptcy -- which only works in cases where the debtor can actually catch up on the mortgage during the following 60 months, or where the debtor has a 2nd mortgage on the property, and the 1st mortgag is worth more than the property's fair market value -- because in that sole instance, the debtor can wipe out the 2nd entirely, and hopefully continue paying on the 1st.

 

Other than that, everything you are told, or read in the news or on TV or radio, is absolute and total BS.

 

In case you haven't notice, you've just pushed my hot button. I hate fraud, and the banks and the federal government are purpetrating a continuing fraud on the entire homeowner population of the USA. It's absolutely abominable, and unfortunately, no one in politics or the media is willing to do anything to expose this fraud.

 

Sorry for the rant -- but I'm hoping to help you understand your situation as fast as possible, so that you can no longer be misled by the BS floating around.

 

Hope this helps.

 

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Customer reply replied 8 years ago
Thanks for your reply. I am sure the information you gave is from an earnest and experienced place . I am declining to go further on this site because of concerns for privacy issues.
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