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Editors Note: The following is an account of one St. Mary’s resident’s attempt to take advantage of newly released federal funds designed to assist homeowners in times of economic need. The resident wishes to remain anonymous, but in an interview with TheBAYNET.com, it is evident that the homeowner is frustrated by the prospect of having to ruin his credit in order to receive aid from the government.

For three months now I have been working with my lender to help ease the financial burden I have been laden with. During this time I have been patient and provided everything they have asked for without question. Also during this time I have shown a need for help.

The budget that I did with my lenders representative shows that I have more money being spent per month than I bring in at my job. Three weeks ago I received a call from a representative of my lender working my case asking to give them a call. I called the representative and was transferred to someone else who was not familiar with my case. They advised I was denied because I was up to date on my payments.

The reason I am up to date on my payments is due to borrowing and liquidating all my 401k and IRA accounts as well as any savings I have.

As of now I have nothing to fall back on and the future is starting to look grim. The Homeowners Affordability and Stability Plan states that help can be provided if a need is shown even if the borrower is up to date on payments but shows a need for a modification or help.

I am a hard working homeowner, cancer survivor, and someone who goes out of their way to make sure bills are paid on time even though I maintain a house by myself. Now, after I have exhausted all effort that I can to make sure my mortgage company gets payments on time, when I need help they deny me.

All this after congress has given them billions in tax payer’s money as well as other incentives to help people in my exact situation.

The Homeowners Affordability and Stability Plan has passed. Now that lenders have the money to help homeowners with this congressional money, I ask where is the accountability for these funds?
 
The reader ended the TBN interview certain that once he has defaulted on his mortgage or has fallen behind on his payments that the Federal money would be made available. The prospect of having to ruin his credit to take advantage of a Federal program designed to salvage American’s credit is more than frustra

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