PHH Mortgage — loan modification
I want to share with you a few facts about PHH Mortgage Services.
A year and a half ago, I applied for a loan modification like most of us and the same scenario happened to me.
I also asked several times for them to provide the information about who is the owner of the note on my loan.
Recently, after correspondences with the Federal Trade Commission, PHH, and the N.J. Attorney General, I got a nice answer from Lori Emdin who is the Presidential Liaison in PHH, stating that the investor on my loan, FANNIE MAE does not allow PHH to offer a modification because I am current on my loan. I provided all necessary documentation showing how severely my income dropped during the recent economic turmoil. In response, I got a letter telling me that since they could not ascertain any financial hardship, I do not qualify for a loan modification.
In 2008, Fannie Mae got an enormous bail out from the government and right now has a new venue to make money by investing in penny loans bought from other lenders. This is the exact reason why a subsidiary service like PHH does everything to break your legs and file foreclosure instead of helping homeowners with loan modifications. Fannie Mae and Freddie Mac do not want to deal with us directly because it would be absolutely ashamed and disastrous to let the public know about the government’s investment to start foreclosure on American’s properties and generate money for them.
SEND YOUR STORY TO THE FEDERAL TRADE COMISSION and THE GENERAL ATTORNEY IN NJ and explain your
situation and ask for an investigation.
ASK PHH WHO IS THE INVESTOR OF YOUR LOAN? YOU WILL BE SURPRISE!
THIS IS A SCANDAL OF THE FIRST DEGREE AGAINST THE AMERICAN PUBLIC
Letter from Federal Trade Commission:
UNITED STATES OF AMERICA
FEDERAL TRADE COMMISSION
WASHINGTON, D.C.20580 December 9, 2010
The Honorable Darrell E. Issa
Attn: Amy Walker
1800 Thibodo Road, Suite 310
Vista, California 92081
Re: FTC File Ref #[protected]
Dear Representative Issa,
Your letter to the Office of the Comptroller of the Currency on behalf of your constituent, Mr. Jerzy Wasowski of Vista, was forwarded to the Federal Trade Commission for reply.
We appreciate Mr. Wasowski’s concerns regarding the problems they experienced with PHH Mortgage Services. As you know, the Commission has been directed by Congress to act in the interest of all consumers to prevent deceptive and unfair acts or practices, and complaints from consumers provide valuable information that is frequently used to develop or support Commission enforcement initiatives. However, as a practical matter, the Commission’s enforcement resources are finite, and we cannot take formal action in every instance. When we receive a complaint, we make an evaluation to determine whether to devote further resources to the matter. As a matter of prosecutorial discretion, we must consider such factors as the pervasiveness of the problem, the extent to which consumers are injured, whether the practice appears to violate the Federal Trade Commission Act, and how the problem fits into our overall enforcement strategy. We will maintain a record of Mr. Wasowski’s complaint in case we receive additional information indicating that further action should be taken.
We appreciate your interest in this matter. Please let us know whenever we can be of service.
Consumer Response Center
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