"The supply and affordability problem affects more than those at the bottom of the income pyramid. In Washington D.C and elsewhere, it's increasingly difficult for middle-income households to find, buy and keep a home" WASHINGTONPOST 02/16/2008.
A good friend of mine for many years called me few days ago and the first thing he said was: The Mortgage crisis has hit me hard. I knew that he lives in a one bedroom Condo right off of 14th and Clifton Street. So I decided to stop by his Condo after work and chat with him, This is a sad story and I want to share it and seek advices from everyone on how to help my dear friend before things get to hell without any return.
This building on Clifton street nw, has been a Co-op property for over fourteen years, few years ago the management company decided to turn it over to Condos, the Co-op's can buy as it is for an inside prices, while the outsiders will pay full prices, which sounds great. But not everyone in the Co-op's have good credits despite they might have a good job with good pay and benefits etc. So the Property managements hired a consulting firm and the consulting firms hired Chevy chase bank Mortgage company for mortgages for the Co-op's. But the bank refused all the Co-op's with poor credits, as such the Consulting company with the backing of the Property managements refers all the poor credit to a firm Called V. Mortgage(PRIME LOAN) of Greenbelt, Maryland. Since the few Co-op's with poor credits needs the deals, the deal went through with the V. Mortgage company. That was two years ago now. Since then my Friend has been paying on time both the Condo's fee to the property managements and the Mortgage to the V. Mortgage Company of Greenbelt, Maryland.
Well, the V. Mortgage company has not been cashing the payments my friend has been sending in for the past year, my friend has been to there office in Greenbelt and make several calls and E-mails to find out what is going on. No one to reached, the Property management company too who are collecting the Condo's fees said they have no idea of what's happening with the V. Mortgage Company.
But this is what the game was all about with the Vanguard Mortgage Company: THEY SOLD THE MORTGAGE LOAN TO ANOTHER PRIME LOAN COMPANY IN FLORIDA without the notice of my friend.
Now, the PRIME LOAN company has jacked up the interest rate so high and they are after my friend to kick him out of the Condo. My friend is a single father with two lovely kids, him and the kids don't have no where to go, no family members can accommodates them or help them. he works two jobs just to make ends meet and he's also taking college classes. He's confused and just wondering what next.
Today he called me and said that the D.C Tax office has sent him a tax due bill, after they have granted him a five year tax break due to his income, and he called the property managements about it since they are the one who said they filed for him. But they told him they have no idea of what's going on.
There is no where my friend can take his case to, because the Mortgage melt-down seems to be above anyone and those PRIME LOANERS are kings or gods as they assumed to be.
Please advice what my friend can do. All ideas or comments are welcome. Help him before he goes down fast.