Many homeowners anxious to keep their homes have enrolled in various government sponsored programs aimed at permitting financially distressed people to remain in their home.  The Home Owner Preserving Equity program (HOPE) was one of the earlier government initiatives that proved to be inadequate. Very few people were able to get relief with HOPE because it failed to properly identify the nature of the problem. The government, under the Obama administration rolled out the Home Affordability Modification Program (HAMP) which did successfully identify the dilemma. Unfortunately, HAMP has a dismal record of achievement. Few residents have gotten the relief necessary to keep their homes. Instead of a revised mortgage, millions of applicants have become frustrated with the tactics of banks and loan servicers who have made a complete mockery of the theoretical rescue package.

The horror stories are abundant but the details of the nefarious scheme are remarkably similar. The tale of a distressed applicant enrolled in HAMP for over a year speaks of the uncaring and frivolous attitude of the bank handling her application. She lost one of two full time jobs and had her hours cut back in her second job.  This mother of three promptly notified Wachovia Bank of her difficulty. Wachovia responded with requests for various documents, a complete review of her financial situation and the promise of relief if she satisfactorily completed a three month trial period. The woman sent in the required payments and responded promptly to additional requests for documents. At the end of the trial period, she was notified by Wachovia that there would be another trial period. Once again, she faithfully adhered to trial period only to be disappointed. At the last moment, she was notified her loan now was owned by Wells Fargo.

Wells Fargo started the process over again requesting documents and placing the dejected woman in another trial program. Recently, she completed the trial and was placed in a fourth trial period.  To date, she has sent in 14 copies of near identical documentation, made 38 phone calls, had required home counseling, written 3 hardship letters and has been visited by a bank representative. She continues to respond to this idiotic procedure. She really wants to keep her home.

This is not a lone instance nor is Wells Fargo the only screwed up bank. Bank of America, Citi Bank and many other organizations have been accused of comparable devious tactics. These institutions lack either a heart or a brain and should be reprimanded for their complete lack of ethics. They have an obligation to be forthcoming with the financially impaired homeowners. Banks should promptly resolve the issues rather than holding distressed residents on a whimsical string with their veiled inferences of a successful outcome. It is all the more appalling that these same banks received billions of dollars of bailout funds to rescue them from their financial blunders.

Some homeowners have combined in an effort to sue the banks for their reprehensible behavior. If anyone is interested in joining a similar law suit, please respond to this article and perhaps you can hold the banks accountable for the misery they continue to inflict.  People need to be able to go on with their lives without the phony promise of something that will never happen!