Step 7

Our Housing Counselor called the bank's lawyer set up a rescheduled meeting for May 10th because the bank said, "Time is of the Essence".  Meaning that they were scheduled to start foreclosure on May 31st.   However, no foreclosure process can be initiated by a bank while an application for an Obama Plan mortgage modification is pending. In our case we were still in the process of figuring out what the hell was going on and why we weren't getting the 31% payment rate.  Had the bank initiated foreclosure while we were still demanding the 31% monthly house payment they would be violating the law.
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We sent a letter to the bank's lawyer demanding information about how they came up with such a high mortgage payment of $1,620.00 which they KNEW was unsustainable and which they KNEW was setting us up for failure and which they KNEW would deny us any possibility of having money to buy food or pay for heat and lights.  We could not sustain that high of a house payment, even if we could sell assets to make the payments for the three month trial period.  By the way, the 3 month trial period, if you've talked to anyone going through this process, keeps getting extended by banks into 6 months, 9 months, 12 months... After the 3 month trial period the house payment is supposed to be made permanent with both you and the bank signing a "Modification Agreement".