It’s been some time since the last Mrs. Bouchard Update. Mrs. Kate Berry of “America Banker” a Trade and On Line Magazine and Henry Miles of the San Diego Urban League met with Mrs. Bouchard at her home. Then on October 11th, 2011 Mrs. Berry’s lengthy report was published, oddly the same day of the opening of the Mortgage Bankers Convention in Chicago.
Since the publishing of the story a high level HUD Loss Mitigation Manager has come to the case to review it, and work directly with First Mortgage Corporation. In the America Banker article much was covered. The article discussed not only Mrs. Bouchard’s specific case but the plight of many homeowners.
The tone of the article appeared to be very fair and factual demonstrating the facts as I believed them to be. There were long delays in processing this loan modification and there was plenty of blame being laid around. Frankly, I was surprised that the servicer was saying it was the fault of restrictive guidelines, the title of the article was “Servicer Blames Delays on FHA Guidelines.”
I wish I had a better news to close this with, but here is “Reality.” Currently Mrs. Bouchard’s case is still open. There is no paperwork drawn up to bring this to a close. Currently we do not even know if the Federally Funded “Hardest Hit States Fund” applies to Mrs. Bouchard. I think a partial payment is being arranged for, to stall foreclosure but to date there is no paperwork on that. This is of course making Mrs. Bouchard’s daughter very nervous, she is fearful that her mothers case will lose public interest, and I cannot say that I blame her.
I hope this is not plagiarism but I am going to take one quote from Mrs. Berry’s article which may point to the possible future. According to the article the CEO of First Mortgage Corporation says.
“Ziroli says he would be willing to contribute $5,000 if someone would raise money to pay down Bouchard’s principal balance.”
This may come down to the community helping and if First Mortgage is willing to make that type of contribution, well they can not be all bad, RIGHT? But will they really do it? More on this case as it develops. Do I hear the phone ringing, is there more media coming to this story?
George Kenner , Broker Associate, Ca. Brokers Lic. # 10229951
Keller Williams Realty, 4700 Spring Street La Mesa, Ca. 91941
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