The Following is a Letter I sent to Mr. Herbert Allison Jr., Asst Treasury Secretary, herbert.allison@do.treas.gov

 

 

Dear Mr. Herbert Allison Jr., Asst Treasury Secretary,

 

I watched your testimony on CSPAN yesterday in front of the House Financial Services Committee. I was very intrigued to learn that you are pushing for transparency of the Super Secret NPV Formula by the first Quarter of 2010. Unfortunately that will be a bit too late to help save Doc “M’s” home! His home is scheduled for Foreclosure on January 4th, 2010.

 

I have over 20 years in Mortgage Banking and have spent a considerable about of time this last year helping my old clients with the loan modification application process to save their homes. I believe I understand the HAMP process and qualification criteria well. I have been sucessful with 4 Hamp trials started and 1 permanent loan modification done. The following story is about my only failure.

 

I’m writing you in hopes that you can help a man who truly deserves a loan modification. Doc “M” is a 73 year old retired, disabled Naval Doctor who worked at the VA Hospital in San Diego up until he became ill in November 2008. Because of his illness he was unable to work any longer at the VA. He therefore was let go by the VA and now receives Disability from Social Security and has an income from an investment in a small restaurant started in April 2009. I believe he makes enough income to qualify for the HAMP program. He has a true hardship after losing his job due to illness. And he is disabled.

 

We applied to Littion Loan Servicing who is servicing the loan for Deutsche Bank in May 2009 and we were turned down October 28th, due to failure of their Proprietary NPV Formula. I believe these Secret Formulas are a backdoor for the Banks to deny a loan modification. Depending upon whats in the formula they can be designed to FAIL!

 

I have gone through several channels to reverse what I perceive to be a travesty upon a deserving disabled veteran. I have been in touch with Ms Jennifer Stockett of the Treasury Dept, jennifer.stockett@do.treas.gov  who oversees the Hamp Program. She was helpful but only confirmed what I already knew, that Doc was turned down because he failed the NPV Formula. After that we traveled to a HUD Non-Profit event in Pine Valley to seek assistance. But they also know the NPV Formula is formidable.

 

I believe the Formula was mis-applied. Of Course I really don’t know WHAT they used for Income or WHAT Time frame they used for the cash flows! And I don’t believe they ever did an appraisal of the property until after the denial. So how can they evaluate their options without an accurate appraisal? It’s their Formula and their word alone that HAS NO TRANSPARENCY to CHALLENGE! Never the less, a man who has served his country should NOT be put on the street because of a Secret Formula. 

 

  

One Response to “Anybody Home? Going to the TOP to SAVE DOC’S Home!”

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