Emeryville, CA (PRWEB) August ten, 2010
U.S. Sen. Barbara Boxer has supplied to help an Oakland homeowner in attempting to stop an Aug. 19 scheduled foreclosure auction of her property. Its the last option in an 18-month good faith battle longtime Oakland homeowner Odilla Sidime has waged to get her mortgage modified only to have Etrade, an affiliate of GMAC apparently drop documents, misplace documents and stall her as the mortgage company proceeded with foreclosure plans.

I am committed to maintaining people from losing their properties.If your monetary institution is federally regulated, my workplace would be content to assist you individually by drafting a Congressional inquiry on your behalf and submitting it to the economic agency that regulates your lender, U.S. Senator Barbara Boxer wrote in a recent e-mail to Sidime. If your lender is regulated by a state agency, your correspondence will be forwarded to the proper state regulatory agency.

Its a lengthy shot but all Sidime has left. She has attempted to resolve the matter by following the loan modification suggestions and submitting full loan modification applications several times only to have Etrade reject the applications with unsubstantiated and vague explanations.

The lenders claim home owners are ignoring their communications and failing to offer comprehensive documentation but I am a living witness that, even though Ive followed their requirements precisely, their loan processing technique is dysfunctional or else they are not negotiating with property owners in very good faith, Sidime mentioned. If my mortgage were modified to reflect my residences present value, I could afford to preserve this home I really like and have invested in for several years. But Etrade would rather collect payments from private mortgage insurance coverage, reap the tax positive aspects, then auction my property off to the highest bidder. Lenders claim property owners arent getting truthful but in my case Etrade has been untruthful. The heartbreaking factor is theres really nowhere else I can turn considering that Etrade does not have to comply with the federal governments loan modification plan. Its all voluntary on their element so they have no incentive to perform with homeowners.

Because April 2009, Sidime has been sending documents to Etrade and GMAC – after she started to expect her revenue would fall brief. After becoming denied modifications twice, an Etrade representative told her she would not be deemed for a modification till she missed 3 mortgage payments. So following Etrades directions, she stopped paying on her mortgage at the end of 2009. On April 2, 2010, Etrade notified Sidime her property was getting foreclosed on for nonpayment.

Etrade continues to misdirect and stall her. They have notified her that documents were not received regardless of getting confirmation of certified mail deliveries and faxes. Etrade officials also noted that occasionally documents are misfiled in the incorrect clients files and instructed Sidime to consist of her name and account quantity on each and every single web page submitted which she did, only to have Etrade once again claim failure to obtain enough documentation.

In the fifth round, Sidime was told her account had been put on hold for evaluation on July 20 and that all necessary documentation had been received as of July 7, only to obtain a letter dated July 22 stating the modification was denied a fifth time because Etrade had not received all the requested documents.

Most lately, four days soon after Sidime repeatedly faxed and emailed over 125 pages like a modification application and supporting documents, Etrade notified her that her request had been denied since Etrade in not a participant in the Property Cost-effective Mortgage Program (HAMP) and she earned insufficient income to qualify for a standard modification.

For far more specifics of her fruitless interactions with Etrade, go to her weblog at countdown2foreclosure.com.

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