Your Member Of Congress Can Help Renegotiate Your Mortgage

If your bank isn’t willing to renegotiate your mortgage, see if your Member of Congress can’t give them a little push. Maxine Waters (D-CA) rings up the C.E.O.s of Bank of America and Wells Fargo on her constituents’ behalf, while Elijah Cummings (D-MD) hired a staffer who’s helping more than 120 constituents avoid foreclosure.

Waters said it’s frustrating. She’s spent more than an hour on hold before, listening to music and getting transferred to different departments.

She said the process can be worse for homeowners who are only slightly behind in their mortgage payments. A grossly delinquent homeowner might get a specialist on the line who can modify the loan, Waters said. But other cases are handled by someone who merely threatens homeowners to pay up.

In at least two cases, the congresswoman said, she wasn’t able to resolve the situation until she appealed directly to the chief executive officers of Bank of America and Wells Fargo. Both banks responded favorably, with Wells Fargo even sending Waters a long letter of apology.

“Trying to contact the servicers is an absolute nightmare for anyone,” even a member of Congress, she said.

Even if your Representative isn’t willing to call a C.E.O. for you, they all have staffers called constituent liaisons whose sole job is to help you out. It never hurts to give them a call and see what they say.

Can’t afford your mortgage payment? If the bank won’t take your call, your member of Congress just might. [AP]
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(Photo: jack dorsey)