Mrs. Ronni D. Mandell
135 Jones Street
West Haven, Ct. 06516
(203) 934-4232
To: Rep. Rosa DeLauro
Dear Representative DeLauro,
In 2009, Bank of America processed a modification on our mortgage and it worked for about a year, then, my husband, who had suffered two disappointments with 2 ventures, one was a home-improvement network, where he would provide advertising and networking for independent contractors finding them jobs to bid on. More or less, he was providing them with leads and in return they would pay our LLC a certain amount, mostly around 10%. This had done well in 2008 and 2009 but started to get more and more sluggish due to the inability of homeowners to secure loans from the banks to make necessary improvements to their home. This is what caused us to ask for the modification.
Since that time, we were trying to start a another venture, but on limited capital for that from my 401-K, we abandoned that idea and we also realized that the contractor network was not working any more along with the fact that several contractors didn’t pay my husband his portion for finding them the work. He is now under-employed at 61 years old. He will be 62 on the 28th of December. With his upcoming birthday, I convinced him, after refusals from him, to apply for early retirement, which he has been approved for. He will receive the first check on February 23, 2011.
We, at this time, can’t make our mortgage payment for December or January and February will be late. Knowing this problem was arising, we called and always communicated with Bank of America. We also learned from many people in our neighborhood and friends that at the time of our modification, there was nationwide tour going on by NACA, Bruce Marks, who has influence with the lenders and investors was getting great deals on 2% interest for the life of the loan, plus substantial principal reduction. Our net income will be roughly 2,700.00 per month and we were told by an attorney from Ct. Legal Service to play hard-nose ball with the lender and for us not to listen to the baloney about the investor having to approve it. She said that they are losing money on the loan already, there’s no equity and they should be glad that we want to stay if something would be worked out willingly by BOA and the investor. She said to insist on a 30% principal reduction and 2% for the life of the loan and perhaps payments will be in the ballpark of 31% of monthly income as the benchmark. Give or take a few dollars. She also said don’t settle for less, if they say no, tell them to foreclose and that it will take time, it won’t happen right away and that we should save our money.
We want to stay but we’ve also been told by the CT. Banking Commission, reporters and the attorney that it would be an added help to us if we can get a lawmaker in our corner to call on our behalf as a 3rd party, to request or suggest that they do something meaning and modify the mortgage whatever way they have to that will have an approximate $900.00 payment per month.
My husband can, according to the social security handbook and if God sees fit, he can work part-time as long as it’s within the guideline amount permitted by social security, which I believe is $14,160.00 per year. Hopefully, he will be able to find something in this very tough job market.
This housing meltdown is the fault of everyone, the banks, the government and homeowners that bought homes under the too permissive programs that were available from the predatory banks with the blessing of the government. When we bought in 2000, my husband was employed full time as an office manager until his boss lost the business due to a personal problem in 2003. My husband was with that company from 1997-2003 when it closed. Since then, he worked a part time job for a year and half and then tried some businesses of his own, we were able to pay bills as a non-deductible expense from taxes and he didn’t draw a paycheck per say, but it helped but things did not go well at all after a while. He is tenacious and he keeps trying many things but, now with much diminished income, my 401-k plan pretty much drained, it’s difficult to get anything going.
We are both helpful that you will go to bat for us, we always hear how you are the champion of your constituents, we voted for you in the last election and we would be greatly disappointed if you did not champion our cause.
Our contacts at Bank of America are:
Mr. Robert Serna-Negotiator
(877) 430-1431 Ext. 14139
Mr. Mark Martin
Office of the CEO
((877) 498-7226 Ext. 3916
(866) 681-5611
Email: mark.martin@bankofamerica.com
Ms. Barbara Desoer
President of Bank of America Home Loans
Email: barbara.j.desoer@bankofamerica.com
Mr. Brian T. Moynihan
CEO-Bank of America
Email: brian.t.moynihan@bankofamerica.com
Sincerely,
Ronni Mandell
December 17, 2010
URGENT
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