“Our elected officials have the power to reign in the big banks and to pass legislation to stop this insanity- but don’t. HAMP is one example of a program that was engineered to fail, and contributed to many detrimental mental health events.
A modification under the Home Affordable Modification Program is often more stressful than a foreclosure because there is no accountability or way to determine where you stand. Meanwhile the homeowner cannot proceed with plans to stay in the home or make arrangements to move- they are caught in a never-never land type scenario waiting for the bank to make their decision. A typical modification will put a homeowner through a process that is deliberately confusing, contradictory and set up to fail. As the homeowner chases their tail submitting the paperwork again and again- they go through an emotional roller-coaster of hope and fear, that typically ends with a temporary success and ultimate defeat.”
By William Hudson
The daily calls haunt Neil Garfield and his staff. Homeowners facing foreclosure vacillate through a predictable cycle of fear, helplessness, betrayal, confusion, powerlessness and sometimes the desire for retribution. Some callers display a pressured, almost manic-like urgency to correct their situation while some are so beaten down they are complacent. There are also the calls from homeowners who learn that they waited too long- and there is nothing else that can be done. The feeling of hopelessness and despair are palpable. Many homeowners will prevail against their loan servicers and many will lose, but all will come away from the experience emotionally altered.
The way people react to foreclosure varies depending on personal factors including resiliency, family support, other resources available to them and the expectation of recovering from the set back. These factors are usually complicated by the degree of injustice suffered at the hands of…
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