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Homeowners Try To Avoid Foreclosure By Getting Loans Modified

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(credit: CBS)

(credit: CBS)

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DENVER (CBS4) – Many homeowners are trying to avoid foreclosure by getting their loans modified.

Last week the government sanctioned three major banks for their sub-par foreclosure procedures.

Homeowners are frustrated and frightened. No one illustrates that better than 77-year-old Mary Marie of Denver. She has lived in her house more than three decades. Now her home is headed to foreclosure.

Over the 35 years Marie has lived in her home she’s transplanted flowers from her mother’s yard. Now she fears she is going to be transplanted.

“They’re trying to push me out of my house,” Marie said.

For 2 1/2 years mary Marie says she’s been trying to get a loan modification from Chase Bank. She has stacks of documentation. What she doesn’t have is a modified loan yet.

“Mary Marie did everything right. She’s provided all the documentation, she’s jumped through hoops,” Julie Maeda with the Haven Group said.

The Haven Group is a volunteer team of professionals who try to help homeowners successfully navigate the loan modification process.

“I’m very frustrated. I’m kicking and screaming actually,” Maeda said.

Marie’s home is scheduled for foreclosure in less than 2 weeks unless the Haven Group can work out an agreement with Chase.

“If they want to keep homeowners in their home, if that’s truly what the program is for, they need to do their job,” Maeda said.

CBS4 called Chase and no one is certain why Marie’s case hasn’t made it through the system. The foreclosure was originally scheduled for June 30. As of Friday afternoon Chase said foreclosure has been delayed until Aug. 11, giving Marie more time to get a modification.

Experts advise homeowners to keep current on loans while trying to get a modification. Document every conversation with the mortgage company. Call daily to check on the status. Put the loan number on every document and keep a copy of every document and a record of when it was sent or faxed.

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