Presentation to the Office of Congressman Adam Schiff Representing California’s 29th District

Here is an excerpt of what was presented at Congressman Adam Schiff’s office  yesterday. The purpose for this meeting was to show that Betty is a real person not just a story and information that was submitted.  The meeting went very well and we would like to thank Congressman Schiff’s office for their time and graciousness to meet with us. Thank you!

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Presentation to the Office of
Congressman Adam Schiff
Representing California’s 29^th District

Date: November 10^th, 2009

By:
Betty & Shawn
Citizens of the 29^th District
&
Joseph Cina
Reverse Mortgage Professional
Generation Mortgage Company™

Our Mission:

To expose the truth from experience that banks do not care about the welfare and lives of retired senior citizens who are on a fixed income of Social Security trying to get a solution for their troubled mortgage.

 

 The Truth:

Seniors generally have limited resources and options of attaining the help they need and are generally overlooked and not accounted for due to their age and abilities. Their voice a lot of times is not heard but rather forgotten.

The time has come to stand up and speak out that banks do not think about who they are working with when dealing with a senior citizen customer. This issue needs to be addressed on many levels politically speaking. It is time to make a difference and give a voice to a generation that does not always have one. With the appropriate help and exposure we are trying to expose the real problem to make a difference and help give a voice to a population of seniors that generally do not say anything because of pride and or embarrassment. This problem is not only on a local level but also on a national. “The Greatest Generation” has made it through a lot and what a shame it is to allow such a thing to happen them. Something needs to be done…

The subprime loans that banks allowed seniors to get into were TICKING TIME BOMBS waiting to go off and the lenders knew it. Providing these dangerous Sub-Prime loans to seniors should have never happened. The banks knew down the road what would eventually happen…The senior could not afford the loan and due to rising interest rates and payments they would quickly go into default and eventually lose the home.

The banks need to be accountable!

 Our Story: Please see attachment “A Daughters Plea…”

Our Experience:

The following is a summary of many of the things we have had to go through so far:

• Worked with Chase Bank for seven months for a solution for her troubled mortgage only to be denied three times. Twice for a loan modification and once for a refinance.
• Countless calls with no response back
• Countless misplaced documents. Many times documents had to be resent several time before someone at Chase could find them.
• Guideline so strict that there is no chance of ever getting an acceptance
• Rude comments and responses to simple questions we had
• Document packet that is far to cumbersome for a senior to deal with
• The bank’s infrastructure not sufficient to handle helping us or anyone else for that matter
• A loss cause

Our Cause:

• To raise awareness on an acute level both locally and nationally
• Address the issues to the necessary political departments on what can be done
• Addressing the issues to the White House
  • Mandates to make special mandates when seniors are in need of mortgage help
  • New Guidelines and document processes. Simpler and streamlined
  • New laws to enact this
  • Loan modification guidelines to be loosened
• Expose to the public to bring awareness via print and live media
• Speaking out on “Reverse Mortgages” that there is a misconception on the product that needs to be addressed. This program is available to seniors and can be a great benefit if it was only understood. (See enclosed information for details)
• To start a foundation to fight the fight!

This is an issue that is only getting worse. With the Baby Boomer Generation starting or trying to retire and or currently loosing their jobs to downsizing or cost cutting measures, something needs to be done now. As we all know companies are generally not hiring seniors so who do seniors have to look to for help? This cause is important and “The Greatest Generation Has Been Caught-up in The Mortgage Meltdown” and seniors need our help. With your assistance, the cause can be heard and change can be enacted through the proper channels of government allowing current & future senior citizens to have the protection they need and deserve.

Our story hopefully will have an impact and hopefully encourage others to standup and speak out! We all need to be proactive in working towards getting the support needed to making the necessary changes to protect the rights of seniors and bring much needed attention to the nation on this matter.

 

 

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