When I got the second loan, I was expecting it to come from Countrywide. I went in and signed the documents on June 30th, 2005. I did not receive anything until July 29, 2005. Again, I was told that they were going to send me the disclosures in the mail. The disclosures came with the first loan from Countrywide. With the second loan they recommended and told me that I should wait for the disclosures because THEY WERE supposed to come within THREE DAYS. This never happened, because I telephoned them and asked what was going on with the loan. Remember, we are still in 2005, I DID NOT GET THE DISCLOSURES until 2009. I then received a HUD-1 statement explaining to me what I owed, and a check for 6,199.
I then called the company, broker, and the escrow company because I did not have the information about First Franklin taking over my loan. In 2007 I received instructions on what I should do to move this loan along and improve my situation. Between 2005-2007 I was constantly asking why my mortgage went up so high? I was then told that they do not modify, but they COULD DO A SHORT SALE. A short sale was not what I wanted to do or what I asked for. I constantly asked for a modification. It was not until June of 2007 that I FINALLY GOT A CALL TELLING ME THAT THEY WOULD NOW BE ABLE TO MODIFY MY LOAN. After two years of these inflated payments. I now believe this was part of the plan. To string me along and squeeze as much money out of me as possible.
From 2005-2007 I made every single inflated payment. I was depressed, worried, tired, and emotionally drained from all of this by now. My Christian upbringing taught me that “YOU HONOR YOUR DEBTS AND OBLIGATIONS.” In 2007 I got a call from First Franklin’s customer service department. The woman told me that someone from the prepaid department was going to be calling me because in order to get a modification I HAD TO BE PUT ON A PREPAID PLAN! At this exact point and time, I had no idea what a pre-paid plan was in regard to my loan. I was just told that the PRE PAID PLAN (PPP) consisted of someone from their company reaching out to me to work out some type of payments system for me. The crux of this was that I NEEDED TO INTENTIONALLY MISS TWO MORTGAGE PAYMENTS.
Why would they tell me to miss two payments? First Franklin specifically told me that in order to qualify for a modification, IT HAS TO SHOW THAT I WAS STRUGGLING. I WAS WARNED THAT IT WAS RISKY. I was told that when they put me on a payment plan that my payments would go to the current and would go back to the ARREARS on the two. Arrears means money that is owed and that should have been paid earlier. This would allow me, according to them, make it look like there was a reason for getting a REFI, and once I was on the PPP that someone from the modification department would start working on a modification within 3-6 months from then.
