Press Release For Immediate Release
The one unchangeable certainty is that nothing is certain or unchangeable.
~John F. Kennedy~
~John F. Kennedy~
In a recent battle to save the property of Ms. Troy Lynn Cosse, a single mother of two, who was referred to one of SYP's monthly 'Break the Silence of Foreclosure' Town hall meetings, with Council Member Wanda Adams, SYP went the extra mile and won a phenomenal battle. The client, who had a Bank of America Loan (B of A) formally known as Countrywide Home Loans, fell into foreclosure after being laid off of her job and acquiring fix income. She was referred to the Hope Now Organization to request assistance for her overdue loan via her mortgage company. Cosse stated that she made numerous attempts to contact this organization and never received a response. She also made an attempt to contact her lender, whose automated system gave her a false sense of hope, with a recording stating that her loan was in review and all collection activity had been suspended. The automated system recording also stated that it was common not to hear from the lender during the review and further calls would delay the process.
Believing the message to be true, Cosse discontinued calls to the lender. Unfortunately, there was no review being done on Cosse's file. She had inevitably slipped through the system with no assistance; and on Tuesday, February 3, 2009 her home was foreclosed. She states that God led her to SYP, and in a desperate attempt to find answers to her now almost homeless situation she scheduled an appointment to meet with an SYP representative. SYP not only provided counseling regarding her personal finances they immediately discussed re-instatement of her loan and qualified her for a loan modification. On the same day of Cosse appointment, all necessary documentation for an approved modification and a request to rescind her file was Federal Expressed to B Of A.
After two months of working diligently with B of A to rescind her file, Cosse contacted her lender only to be told by her negotiator Melissa, that she did in fact qualify for a loan modification; however, after three (3) attempts to Fannie Mae toward rescinding the file, this COULD NOT be accomplished. Fannie Mae would not rescind her loan, due to Texas being a non-redemptive state. She was then transferred to Melissa's supervisor Lynn who bluntly stated, "It has never been done before, and I have never seen it happen." SYP's President LaTrice Martin-Gault, could not conceive the idea that the investor and the lender would not come to some sort of agreement to rescind the loan of a qualified borrower. She personally intervened and communicated directly with the investor, Fannie Mae, in an attempt to save Cosse's property. Gault requested a tele-conference with Fannie Mae's Level Two Department Jane and B of A's Executive Level Negotiator, Melissa. The response was that, Melissa had then closed the file. She only noted the file with information that she had previously given to SYP and Cosse earlier, " Texas is a non-redemptive state! I have made three attempts and there is nothing else that I can do."
Jane, with Fannie Mae suggested a lease option, and it was placed on the table, due to the standards of Texas Law (non-redemption). However, Gault persisted in fighting the foreclosure and on after much deliberation, on May 26, 2009 at 4:21 pm; The History making news was announced. (Fannie Mae gave the property back to B of A to rescind the loan, and work out a loan modification) Lynn, the supervisor from Bank of America has to agree with John F. Kennedys words "Theone unchangeable certainty is that nothing is certain or unchangeable.
In an interview with Gault she stated, "We fought so hard because this property should have never been foreclosed, based on the guidelines, this client should have been offered a loan modification.
SYP truly lives up to their slogan "Where We Are Redeeming the Land".
Visit www.saveyourprop.com for more details about the real foreclosure solution or call 713-522-0290.
About Save Your Properties
While there are many agencies aimed at providing a foreclosure solution, there is one in particular who has provided "The" Foreclosure Solution.
Save Your Properties Inc (SYP) has two entities; a for-profit consulting firm offering advisory, strategic planning, and real estate coordination services to both home owners in need of foreclosure assistance and real estate investors. They offer information, education, preparation, and most of all Transformation. They specialize in foreclosure prevention, and debt cancellation. In the event a property has already been foreclosed they provide the needed assistance to re-establish homeowners' financial portfolios.
SYP's non-profit organization, The School of Financial Transformation Program (S.O.F.T) is a bi-fold program serving both the lender and the client. In contacting lenders we assure them that if they trust us with their un-qualified borrower, we will return to them financially healthy clients within one year if they first modify the client's loan.
Save Your Properties
The mortgage foreclosure crisis has plagued our nation by causing dramatic drops in cities revenues, increased crime, more homeless, and increased vandalism of vacant properties. More than 4.3 million homeowners faced foreclosure proceedings at the beginning of this year, an 81 percent increase from 2008, and analysts say that number could soar as high as 10 million in the coming years, depending on the severity of the recession.
