Comments on: The CRC Says, “Loan Modifications are Falling Short.” I Say, “Non-Profits are Not Helping Homeowners Correctly!”

By: Annie L. Foreman

Annie L. Foreman — Thu, 13 Mar 2008 23:07:18 +0000

I too have been in the modification limbo for now three months
each time my call was answered and I was told not to make a payment because at the time only one month behind and it would show as a late payment only, and a modification wasn’t necessary even though my interest rate was/is 10.35,this snowball started in November 2007 with CountryWide when my pay scale changed to avoid our company going out of business and little or no jobs are available in our county. Less take home pay ment my 2800.00
month salary went to 1200.00. A blemish on my credit history, I took in a border in attempt to make my 1633.00 payment to keep my home of twenty five years Now all I get is the you’re being reviewed and a final decision will be made on April 1st.

By: Mike

Mike — Thu, 13 Mar 2008 22:58:46 +0000

We have been fortunate enough to get our loan modified ($270,000@5% fixed)but unfortunately we have a $70,000 2nd/signature loan that filed a notice of default. We have at least $100,000 equity left, but I’m not sure what to do. We have lived here for 20 years, and don’t really want to move – and only have 30 days supposedly.Loss of job and change of profession was the main reason, but were tapped.Is it possible the Loss Mitigation Department @ Chase would tack the other loan on, that would solve our problem?

By: kimo

kimo — Sun, 09 Mar 2008 10:11:14 +0000

Wamu, you must be kidding who writes the guidelines for the executives and Ceo’s, like Mr. xxxZilo at xxxWide themselves?
what’s wrong with the boards? they don’t have enough people capable in doing good sound business guidelines and calculations?, and you guys, Executives, Ceo’s talking about Work?..What work! I can tell you so many things in how to run your business to Wamu, and the other banks, at relative fair cost! not billions!
if you guys need a person to run your business please let me know!
I been running business for long, once I see the all picture of your business, I can tell you where you need help! and how you can benefit your people working for you and specially your clients! borrowers and if there are no borrowers, there is no businees for you either! let’s help the borrowers, take the money out of the executives and Ceo’s as under the Main Executive orders, compesations should be based on the final results of the portfolios and produts you guys buying, selling or promoting! if banks are buying portfolios back or keeping in their books based in the yield returned that will reduce your compensation, if you want money earned it!.. because people under you guys are the ones are doing your job!.. you just collecting!

Thank you,