Report: #551630


  • Submitted: Sat, January 09, 2010
  • Updated: Sat, January 09, 2010
  • Reported By: jim — lansing Michigan United States of America
    14523 S, MILLIKAN WAY STE-200
    BEAVERTON, Oregon
    United States of America


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Mortgage Company: Wilshire Credit Corporation

Re: Loan Modification

Dear Sir/Madam:

I am writing this letter as a plea to you to help me with a Hardship Loan Modification or inclusion into the 'Make Your Home Affordable' program on my home mortgage loan. As you know, my Adjustable Rate Mortgage (ARM) with added escrow for tax and insurance has changed the amount I now have to pay as my monthly mortgage payment. I am unable to pay this increased amount(over 60%) with my current income and will lose my house if you do not help adjust my mortgage.

In September of 2007 I requested and received a modification to my mortgage due to a substantial change in my income. The change in my income is due to the fact that I have a chronic illness (Crohns Disease) and after working for over 20 years with a Fortune 500 company, had to leave my job and go on disability effective November 2007. I was granted a hardship modification effective October 2007 for a 2-year period.

My medical history goes back over 30 years. I have had two bowel resections and am scheduled for a third surgery within the next 6-8 weeks, if not sooner. I will have a positive date after my appointment with my surgeon on January 8th. I have also dealt

with over 10 years of complications with diverticulitis, colon fistula, and gall bladder

problems which will also be addressed in the surgery. I also suffer from major depression and anxiety which is monitored very closely by my psychiatrist and counselor. Also since being on SSD, I suffered a heart attack on October 16, 2008, and the cardiologist placed 2 stents in my artery (coronary artery disease). I am on Social Security Disability(SSD) not by choice, but due to the fact that with my health problems I had to leave my job with Auto Owners Insurance as a Commercial Lines Underwriter and handler of Commercial Business Audit disputes and am currently unable to work due to those health problems

My plan when I bought my house in 2004 (with the ARM Mortgage) was to refinance within 2 years to a fixed rate and add my escrow to my mortgage. However, due to my medical problems that placed me on SSD, I have been placed into a situation that may cause me to lose my home.

Since the purchase my home in 2004 I have spent over $25,000 to update and improve my home, planning to live in it for the rest of my life. My home is a simple 2-bedroom, 900 square foot house, built in 1954 in what is now a lower middle class neighborhood. Since the purchase of my house in 2004 and prior to going on SSD, I have built a 2-car garage with complete cement work on the driveway, I have replaced all the windows, I have replaced both entrance doors, built a 12x16 foot deck, remodeled the bathroom, bedrooms, and basement. I recently started work on the kitchen with new flooring, and am hoping to install new cabinets. These updates substantially increased the value of my home to over $140,000(per appraisal done in 2007), now with the economy in such a poor state(especially in Michigan) the BPOS from April 2009 stated my home value at less than $90,000. I do believe this country will make a comeback and house values will began to increase back to the prior values before this downfall. Keeping me in my home(which I will continue remodeling) is both beneficial to Wilshire and myself since the home will increase in value and not decrease if left vacant by a foreclosure.

Knowing that my ARM was up in November 2009 and that I would be unable to pay the increased mortgage rate on my current income, I was proactive and contacted Wilshire in April 2009 to request that my current mortgage rate be extended and for any help with a modification before November when my ARM increases and my taxes and insurance are applied to my monthly mortgage payment. After a few months of contact, Wilshire denied my request. I still believe, I should be eligible per the requirements for the Making Home Affordable Program, due to my mortgage payment being more than 31% of my gross monthly income and now have a payment that is not affordable due to a significant change to my income.

After being denied,(like a fool and who should of known better) I looked for a Mortgage help website and was contacted by Lincoln National Group who stated they can help with a mortgage modification, after debating this option over and over I decided in September 2009 to retain there services and paid them a $2000 retainer. I am now in the process of trying to recover my money due to the deception and promises made by Lincoln that they could obtain a modification for me.

I am a Disabled American, not someone who refuses to work. I am a 54 year old divorced father who is trying to provide a decent home for my daughter to come to on her weekday and weekend visits with me. I have a chronic, incurable illness. I am hoping to return at least part time to the work force after surgery(this will increase my income and not effect my SSD payment due to only working part-time). I am simply asking that you keep my mortgage payments at or near the same I have been paying so that I do not lose my home.

I am begging you for a loan modification on my mortgage. I need to keep my house payment with escrow in the $750.00 range. I would hope that my situation would allow this review and possible lowering of my interest rate down to 2% due to incentives now being provided by the Treasury Department to help get mortgage to a payment that I can afford based on my income. This can be a 3 5 year fixed plan that can be reviewed again at that time. I have been proactive and tried to get this resolved before my ARM was up. I need someone to work with me and not ignore my plea for help.



Office of President Barack Obama Washington D.C.

Office of Governor Jennifer Granholm State of Michigan Lansing, Michigan

Office of Attorney General Mike Cox State of Michigan Lansing, Michigan

Office of Financial & Insurance Service State of Michigan

Office of Congressman Mike Rodgers State of Michigan Lansing, Michigan

Office of Representative Joan Bauer State of Michigan Lansing, Michigan

Office of Hope for Homeowners Program

Office of Social Security Disability Administration

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