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I AM A VICTIM OF A RECOURSE CLAUSE/CREDIT ENHANCEMENT THAT WAS APPLIED TO MY LOAN AFTER IT CLOSED AND WHICH NOW PROHIBITS ME FROM REFINANCING IN AN OPEN ACCESS HARP RELIEF PROGRAM.IN LEARNING THAT WE ARE HOSTAGE TO OUR LOAN WITH PROVIDENT, I REQUESTED DOCUMENTATION TO THIS EFFECT.

UNLESS PROVIDENT PARTICIPATES IN THE HARP PROGRAM WHICH THEY DO NOT WE ARE HAND CUFFED AT THEIR MERCY. PROVIDENT DENIED ME ANY DOCUMENTATION OR DISCLOSURES AND THEN DIRECTED ME TO FREDDIE MAC TO GET WHAT I WANTED. THEN FREDDIE MAC ADVISED ME TO "GO BACK" TO PROVIDENT AND REQUEST TO SPEAK TO A SUPERVISOR BECAUSE SUCH DISCLOSURES ARE IN THE RESPONSIBILITY OF THE SERVICING LENDER, WHO IS PROVIDENT. PROVIDENT STRONGLY DENIED AVAILABILITY OF ANY DISCLOSURES.

THEY ARE NOT CUSTOMER ORIENTED!STAY CLEAR IF YOU ARE NOT ALREADY THERE...PROVIDENT WILL ONLY *** YOU IN THE END!

Review about: Provident Funding Loan.

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Anonymous
Newtown, Connecticut, United States #1188737

Provident is now targeting seniors on deferment programs in their hometowns.I never missed a mortgage payment and was never late with a payment.

Yet, when I was late by a couple of months on 2 small tax payments (that I paid myself) they swooped in and paid off the deferments tripled my monthly mortgage payment and are foreclosing on my home.Where does a 77-year-old go when they are evicted from their home?

Anonymous
#550394

Union Savings Bank currently holds my mortgage.When they sold my loan to FreddieMac the infamous "credit enhancements" were made and never disclosed to me.

Like you all I am stuck to a HARP refi with Union Savings (i.e. - Same Service only), however Union has made the decision not to offer the HARP to anyone with a Balloon or ARM until it matures, for me that is 2+years away.

But they will do a HARP for someone with a 30fixed rate mortgage.I am trying to figure out what to do next, call a lawyer or sit and wait.

Anonymous
#539317

I have also just recently gotten off the phone with Provident.My loan was also enhanced so is only eligible for same servicer refinance under the HARP.

The person I spoke with, Tony Lei, informed me that Provident does participate in the HARP, but has its own internal guidelines for eligibility. Despite the fact that it is specifically allowable under the Freddie Mac published guidelines, Provident does not permit eligibility when occupancy status has changed since the time it was sold to Freddie Mac.

He was also kind enough to inform me that Provident has a variety of eligibility requirements that are not disclosed to the public.He also confirmed, no doubt by mistake, that is to avoid the public from being aware of their policies in servicing a given loan.

Anonymous
#522481

Provident Funding are greedy creeps.I promise to never to business with them again...and I've never been late or missed a payment.

F' the bastards.Stay away...far away!!!!!!

Anonymous
#520687

I too have a loan that was sold to freddie mac with recourse and credit enhancements(whatever that means)provident should not have been able to sell these notes the way that they did period.I have 30 year fixed rate loan at 6.25 was just able to have 20 percent equity when i refinced.So i was able to get out of the pmi.there is a bulletin on the freddie mac web site that is numbered 2009-15:TO FREDDIE MAC SELLERS AND SERVICERS DATED JUNE 26 2009 under eligibility requirementstt states quote;(if the mortgage being refinced was sold to freddie mac with recourse, indemnification,mortgage pool insurance or another NEGOTIATED---credit enhancement,it is ineligible a relief refinance mortgage-- open access.So by the way provident NEGOTIATED--- enhancements i think they have a hand in this dilema.But by freddies own guidlines even as of july 2009 it is obious that with the same language in theyre guidlines as of now it is almost AUGUST 2012 that they are just protecting theyre own ***! i dont have pmi so now they dont want to give me a better deal.they would just be taking it out of theyre own pocket .so heres to hope and change.They will never really change and my hope is almost run out! thinking about just letting provident have it!!

Anonymous
#482136

The rules on HARP are developed by Treasury, Freddie Mac and Fannie Mae.The way your loan was sold by the original lender to Freddie or Fannie should not matter.

However, having recourse back to the original lender in case the loan goes sour is insurance for Freddie and Fannie.

Therefore, it makes sense for them to have this rule in the HARP program to avoid suffering any losses.Your anger is misguided.

Anonymous
#480964

You must be kidding.Provident never accepted bailout funds, and can not be obligated to offer HARP.

And the rules on recourse loans stem from the Federal program, not your lender.Even if Provident offered tje program, you would be inelligible.

Anonymous
#480177

Same problem as BGC21. I ve contacted an attorney to see what what options I have.

Anonymous
#480176

Same problem as BGC21. I ve contacted an attorney to see what what options I have.

Anonymous
#480175

Same problem as BGC21. I ve contacted an attorney to see what what options I have.

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