May 16, 2011
I'm writing because my family and I were affected by the economic collapse of 2008, and we don't want it to happen again.
Wall Street got me in the tech wreck, even had a reverse split to 0.
BROKERAGE FIRMS WON THEN AS THEY ARE WINNING NOW!
CHASE LOSS MITIGATION DEPT STAFF loan #
Jessica Nunnly Recession, 2007 to Now. Second homes community, as my clientel.
I am writing this letter to explain the circumstances that caused us to fall behind on mortgage payments.
The cycle of my business starts in April and ends in October. With very little income Jan, Feb, March.
Being Disabled, but experienced as a carpenter, furniture, cabinetmaker, Please, view my web sites above. This need to be self employed to accommodate my injury, resting when I have to, ergo, the need for "Associates." The insurance company fights the OPEN MEDICAL AWARD, TO THIS DAY!
I bought the house outright, 1990. Put up a shop building that houses CUSTOM CREATIONS WOODWORKING, my business. All paid for, pre "Associates." 2004-07, "Associates" convinced, (Confidence scammed) me to expanding the business by taking out a mortgage on my home, the proceeds, which they stole! That and more. Before they disappeared they had brought "LIARS LOAN SPECIALIST," GREAT NORTHERN LENDING CORP. Cook, MN. 55723, 888-252-7115. John would not include the value of the shop in the appraisal. Including this shop adds at least $150k to the value of the collateral. Plus tools. After I realized the scam it was too late, CUSTOM CREATIONS WOODWORKING, was burdened with debt and effected by the ECONOMIC MELTDOWN. The '07 to Now Recession has killed my business! Maybe this year!
I could PAY the missed payments, Plus, but you will not accept my finished products as the payment.
You could be my customer! No one else is.
When I took out the loan the value for the Home and Land Only, was @ $285,000.
(now, Less 25% is about 213k. ) I borrowed $200k. plus fees, fines, etc., ($240k.?) R.E. agent, said the property is worth at least $350k, Now, or a quicker sale @ 299k. (IF I am Forced to, IF I CAN!) As a cabinet shop, much more valuable. If you take my home, you take my business.
Please know that I am doing everything in my power to bring the loan current and start over again.
At this time the Virginia, MN, PD, is investigating the "Associates." I will be pressing charges soon.
My hope, having a 50/50 or 40/60, LTV, you could find a way to roll it over, to the back end and charge your costs and fees, to make it as profitable for you, as the FICA Reimbursements Plan, the one that forces me out of my home and Business! BROKERS did this for FEES!
One way to change the incentives so Wall Street doesn't collapse our economy again would be for regulators to set up a way for shareholders to grab back ill-gotten gains.
If it turns out that the profits in a given year were built on shoddy practices that become clear in the out-years, those bonus payments should be forfeited.
Thank you for considering my comment,
NEIL STECKER