I have been saying this from day 1, Hope Now is a joke and if the American people think that these guys “truly” have your best interests at heart, well then, you may be on the street soon with the other 1 million people that have been kicked out of their homes by the very people that sit on the Hope Now committee.
Lynnley Browning from the New York Times had called me a couple weeks ago and asked me what I thought about Hope Now and asked me to forward her some names of homeowners who have contacted the 995 Hope line for Hope Now and what they got, was far from Hope.
One of those homeowners was Kenneth Goodman:
Hope Now is a failure,” said Michael Shea, the executive director of the Acorn Housing Corporation, a large counseling agency that is part of the Hope Now alliance. “It’s industry-dominated.”
Hope Now is run out of the Housing Policy Council, which in turn is part of the Financial Services Roundtable, the influential financial services lobby.
William A. Longbrake, the vice chairman of Washington Mutual, the big savings and loan, is a senior policy adviser to the roundtable. He said he has “indirect, inferential evidence” that Hope Now is helping.
But the group itself employs just three people. Most of its work is done through committees staffed by senior bank and mortgage executives who are part of the Financial Services Roundtable. Hope Now’s executive director, Faith Schwartz, is an executive at the subprime lender Option One Mortgage.
People who dial Hope Now’s toll-free number, 1-888-995-HOPE, typically are routed to call centers in Phoenix and Spokane, Wash. Three out of four eventually are connected to credit counselors for a free, informal consultation.
But only a fraction of all callers – about 4 percent – ends up talking in person with a housing counselor, according to the Homeownership Preservation Foundation, a nonprofit group at the center of Hope Now that also has ties to the mortgage industry.
Ms. Schwartz defended the group’s work. She said Hope Now is “leveraging existing infrastructure” to help homeowners.
Kenneth Goodman, a homeowner in Fontana, Calif,. said he did not have a good experience trying to get help through Hope Now.
Mr. Goodman, 53, said he had called Hope Now three times in recent months because he was struggling to pay the mortgage on his two-story tract home. The first time he was referred to a mortgage escrow company. The second time, “I got someone oblivious to everything,” he said. The third time the counselor told Mr. Goodman that he had a choice: Sell his home for less than the value of his mortgage, or face immediate foreclosure.
”It was all unhelpful,” Mr. Goodman said. He worries that he will lose his home.
There are Hope Now success stories, but the group declined to point to any.
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Isnt it interesting how they cant seem to show the data for who they have helped. I called months ago and was told my bank was not participating, wtf!! So they transferred me to CCCS Atlanta to look at our finances and tell us basically that we were in over our head and let us know if there is anything else they can do for us.
What a joke! Bush admin. is oblivious, hey dubya why not go out with a bang and help those that really need it instead of helping your buddies!!
Yeah,
I got the same thing, they told me not to pay my unsecured debt and send more to the mortgage company. I wish I’d have gotten the mortgage on my credit card, I’d call them and tell them I got scammed into buying one house for the price of two. Not paying my payments on $8000 worth of unsecured debt is going to make up for the $150-200k I’m upside down in this house.
I’m glad that was a toll free call.
The HOPE NOW ALLIANCE is the biggest JOKE of this century….
They are just there because they have to be there….. they really don’t do anything. They are least ineterested in what one is going through & have least interest in helping.
Another big joke.. Asking a homeowner in trouble to prove his income….. when that person got a loan with no income document, that was his best time. Now in his worst time, the lenders ask to prove the income.
The bank & lenders will lose 50% of the loan, approx $200,000.00 on an average loan in california, but will not help the homeowner by working with him.
This is all a big conspiracy to get more & more people in foreclosure.
Are you suggesting the HOPE NOW Alliance is responsible for your inability to service your mortgage debt? Do you want us to believe you were all victims? What about your responsiblity to identify, evaluate & measure the risks associated with mortgaging your property? How about some accountability from you, and some ownership for the decisions you made and were responsible for?
So it is with great relief that i continue to learn of the limited effectiveness of the Alliance’s ability to prevent foreclosures and house price declines. This is a voluntary private industry led bailout, and loan servicers are under no obligation to participate or perform responsibilities other than those outlined in servicer agreements. And you guys are already being bailed out by ~5% YOY inflation rate, no doubt an attempt by the Fed to blunt the effects of real house price declines. The correction is ongoing, accept it and capitulate.
The problem is not that people are bad and got more than they could afford. The problem is taht naive homebuyers went to mortgage brokers who gave them sweet words and said this is waht you can afford. I did not know how to calculate mortgage payments and how to calculate income ratios, I relied on a lender to tell me this is how much home you can buy and I followed his advice. Property values fell and I have a subprime loan and negative equity. Hope now did nothing for me because I was not late and they sent me an application for CCCS in california when I live in Maryland. What a joke that was.
Jenny, you bear all responsiblity for the risks you assume when mortgaging your home. That you did not understand those risks and were unable to determine the amount of house you could afford does not absolve you.
hey gary the hope LESS, hope was created to give good press and help slow the drop in stocks, no one cares about all the deadbeats losing homes, Paulson donated 16 million to a lobbyist against the foreclosure bill meanwhile they are still tallying his 30 plus million he made on hedgefunds betting against mortgages, how nice, yet an fbi agent can not have a second job but a treasury secretary can manipulate the system nicejob, guess how many maggots will be outta there in NOV this year ba bye
My name is Deanglea and i recieved my loan from WaMu and i loss one of my jobs we talk and they said that they would help.They ask me to fax a applca. back after waiting to hear back when i did here i saw told that they did’nt recieve it so i fax another one after that i did’nt here anything else until i recieved the foreclosure letter and did’nt know what to do did’t know how to handle it. I was very ashamud and have not told my childrens that we have to move and we don’t even have a place to go.
I just had to reply to this one. I called them in hopes that they might be my last hope to help me negotiate a loan modification with CW. As usual, I received the same ole same ole. . . I’m sorry, but your situation is beyond our scope. Yeah, yeah, yeah, I’ve heard that before, thank you folks for a big fat nothing. I’ve come to the conclusion after months of attempting to get assistance that all these organizations do, along with the lenders who are making the media and congress beleive that they are bending over backwards to help struggling homeowners is plain old lip service and nothing more. They are cherry picking the easy ones and leaving the more complicated to fend for themselves because they’re too overwhelmed or perhaps, just plain lazy?!
You know, Gary,
You sound like a very smart guy. But not everyone has the time, knowledge, or smarts for all things in life’s challenges. That’s why we pay for advice. Yes paid. But you must be knowledgable in all things. You don’t need anyone’s help. You can tear your car’s engine apart and than put it back together again. You understand all tax code. I suppose you can even cure cancer, if God forbid, you got it! You even can cook Thai food!!
I sure hope so because if you can’t, you’re going to be in trouble one day.
We can’t all be experts. We all need good advice from time to time. Even you…:^) Andre
I also called Hope Now and it was a total joke. I got transferred and then connected with a girl that sounded like she was on drugs. She said she could help me with a budget. I said I do not need a budget, I need help with my mortgage and mortgage company, Citimortgage that is supposed to have an alliance with you to help people stay in there houses. She said, it sounds like you need a tax attorney and we don’t have any of those. That was her advice. I also called Project Lifeline and that is a joke too.
The government should be ashamed.
The blame for this entire \’e2\’80\’9cMortgage Meltdown\’e2\’80\’9d can be laid upon the shoulders of all the greedy mortgage loan industry executives and the investment bankers who designed a scheme calculated to make themselves rich. Under the guise of \’e2\’80\’9chelping people\’e2\’80\’9d to realize the American dream of owning a home, these white collar fraudsters were really only concerned with creating feigned profits by quickly churning mortgage loans into securitized investments which they in turn sold to investors.
Based upon these feigned profits these executives and their cronies were able to extract large bonuses and convert stock options into personal profts. While the investors got stuck holding the proverbial empty bag. Many investors were large national banks. Ironically these same banks would have never loan money to the borrowers who\’e2\’80\’99s notes they were now holding indirectly through their investments in these \’e2\’80\’9cmortgage backed securities\’e2\’80\’9d. It is now estimated that the losses incurred by these banks may well surpass three hundred billion dollars.
There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders suchs as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc.
This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2003 a Euro could be purchased for $.85. Five years later in April of 2008 it takes $1.60 to purchase a Euro.
Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirmenet or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history.
Americans should be outraged at how this went on unchecked by state or federal authorities.
I find it hard to understand how it got to this point. After talking with Hope Now, Wells Fargo has both my homes in foreclosure and making it hard for me to keep either property. It’s not as if I have abandoned the properties. I have contacted Wells Fargo and have supplied the documents Wells Fargo requested yet I continually get turned down regarding a loan modification due to the fact we have negative cash flow every month. How does Wells Fargo suppose I got into this position in the first place? If I had positive cash flow after paying all my bills and the mortgages I would pay them and not be in this position in the first place.
When I first contacted Wells Fargo regarding my declining business and that I would not be able to pay the mortgage for the month of October 2008, I was told by Wells Fargo to wait until the payment was late and then contact Wells Fargo. Wells Fargo then sent me information from Hope Now and HUD. HUD stated I could get some type of assistance if my mortgage was at least 4 months to 12 months behind. Wells Fargo foreclosed on my properties on the fourth month.
If only I could receive $25 billion to get me through the tough times like Wells Fargo did.
Now that Wells Fargo put my homes in foreclosure, Wells Fargo is charging me additional fees on top of what is already owed, making it even harder to save my property. It seems Wells Fargo is doing all it can to literally take my homes and have them listed on Foreclosure.com.
I tried to use the Hope Now Alliance and I was unsuccessful. They told me there was nothing to do and that I was going to have to lose my house unless I was able to pay the adjusted mortgage rate. Obviously, I was unable. I heard stories of how I was not suppose to trust any companies that offered to do loan modification for money. I took a chance on a company and they managed to get the whole process done for me. They got my loan into a fixed program and they were able lower my interest rate even lower than it was before it adjusted! The only negative is they told me the process would take 30 days it took more along the lines of 60 days. But in the end, I am saving money, and more importantly, my house and family.
ok, Gary, aka Angelio Mozilo, aka John Thain…..
Root of all problems:
Public Enemy Number One: Bill Clinton and his Democratic dominated Congress for eight years and their pressure to grow the economy. To the point where Bill even came out and admitted it. (however I believe this was more to stump Obama’s run for presidency). Opening the way for Hillary in ‘12. Congrats Bill you admitted your mistake and your idiot wife will still never be president.
Banks Greed! So your telling me Gaaaary, that a recent audit on TIL’s
[(since Greg knows everything, I'll keep this short for those who don't know what a TIL is) TIL - Truth-in-Lending signed with every mortgage] from Jan ‘03 – Dec ‘06 showed 72%….72%!!! were incorrect or falsified!! was the consumers fault!!?? Seriously Greeeeg.
The fact is Banks allowed loan officers to write bogus loans like the “American Cancer Loan” the dreaded “Option Arm”. I mean what a scam these banks had going….
The Option Arm loan allowed Loan Officers (probably just like our Gaaaary friend here to pry on consumers by offering them ridiculous teaser rates (like all the 2% & 2.5% rates advertised on every street corner) when they knew all to well that the actual rates was much MUCH MUCH higher!!!
So what happens…
Consumer gets duped by (Loan Officer aka Greeeg aka Scum) for a mortgage where they were promised a great rate. NEVER being told of their actual rate…. AND even better, that if they continue to pay on this rate that they will lose ALL or ANY equity in there home…
Yes Loan officers lied to make $4,$6,& $8,000 per every loan!! This is not over kill either… These loan officers were REALLY making $6000 & $8000 off every loan they wrote and you Joe America didn’t even know… ON TOP OF THAT – the loan officer got paid even more if they threw in a Prepayment Penalty therefore cancelling any HOPE that the homeowner may have, and they still had no idea because the whole time Joe Loan Officer was lying to YOU….However it was the banks that gave the ability to the loan officer to lie, steal, and cheat the American consumer to help raise the bottom-line of the institution allowing them the CEO to cash in nicely on stolen money.
I would love to debate the holiness Greeeeeg on some professional platform, of course people that have prospered from the weak typically don’t ever show their face…
I began dealing with Hope Now in Dec. 2008. Here it is almost the end of March 2009 & nothing has been done. I have not been contacted by anyone from the company to keep me apprised of what is happening and when I call I get the same run around. “It won’t take long now….all your paperwork looks good…etc, etc”. They have done absolutely nothing other than notify my lender that I have consulted them. In three months that is all they have done!! Good grief! I should just stop Hoping that they will assist me and look for other options!
If you cannot afford a modified mortgage there is nothing anyone can do for you to save your home, except you. You need to increase your income or reduce expenses pretty simple. Hope Now can assist in the modification process, and even help speed it up due to the relationships with the lenders. But if the issue is that you cannot afford your mortgage even with a modification, nobody will re-write your loan knowing it will most likely default.
hope oh no we needed help with a modification to lower our rates hope oh! no said they would be able to help us and now we are behind in our mortgage and hope oh no people are no where to found after we paid them $3,000 to start the modification process.
I just found out that Hope Now is a scam. I feel so betrayed and angry. At a time when our family was suffering a loss they offered Hope, we believed they could help. We sent them our savings and they robbed us. I “HOPE” they are all robbed of there “HOPE” and put behind bars.
P.S. Gary sounds like he works for Hope Now… go away with your negativity and uncompassionate heart!
I just found out that Hope now mortgage modification co. Is a scam! I am sick to my stomach, and feel robbed. At a time in our life when we suffered a loss, we sent these bastards our savings and they scammed us. I “hope” they burn in Hell! Gary sounds like he works for them!
Hope now has taken us for one hell of a ride! I hope! That they all die in jail for the misery they have caused my family!
Hope Now is a scam they take your money and do not call you back. They are based out of New jersey and the FTC has shut them done, Thousnds of people scammed from this company!
My elderly parents sent them their last dime trying to save their house. These bastards stold their money and pretty much left them high and dry. They didn’t have the money to begin with yet alone to have these jerks steal from them. They should be held responsible for every dime that they have taken from people. A desperite point in peoples lives and all the crooks come out of the wood work. I hope the government gets involved and puts these jacka@@es in their place.
It is really a shame that these people promise to help and then turn u around and screw you just like the Greedy Mortage company They should all be taken out to the front line.
i worked for hope now in cherry hill in new jersey. the people in charge had us thinking we were doing gods work. i am sorry i ever got that job and i am truely sorry for the poeple i have hurt
hOPE nOE mODICATION LOAN IN cERRY hILL NEW jESEY SUITE 200 WAS NEVER A SUITE NO ACCORDING TO cERRY HILL nEW jERSEY pOLICE dEPT aPRIL 10 2009. sORRY YOU GOT SCAM LIKE ME AND OTHERS. TO BAD
I was a customer of Hope never, I mean now because I had fallen behind on my mortgage and when my house went into foreclosure they said that they were transfering my modification over to their lawyers and the would call me back in a week or two and I never heard back from them. Currently I am trying to get my money back from them but I cant seem to get ahold of them in any way and it is really starting to piss me off.
I have been waiting for my 1300$ refund. Still have not received it. Who do I call.. I cant reach them..
I use to work for a non- profit linked to the hope network. There really not interested in helping those that need mortgage relief. They are only interested in doing as many counseling sessions as possible, my understanding was that they recieved $150 per completed housing counseling sessions. They have no QA department so the counsler can basically give you the wrong loss mitigation option and no one would care. The computer program they used doesn’t even calculate income correctly, thus and the end of the session you may revcieve the loss mitigation option. The majority of the counslers are poorly trained and have no mortgage experience but yet they can tell you how to handle your mortgage issue. Honestly the entire time I worked there I had no idea what actual help we were providing, if you want some want some one to state the obvious then you should call 995-hope. Instead of wasting 30-45 minutes on the phone with a counsler that will do nothing for you just call your mortgage companys loss mitigation department. like I said previously the non-profits linked to the 995-hope hotline are only interested in getting paid, it’s all about the most sessions they can complete. It’s unfortunate but that’s the truth, you can even as ask Gary I’m sure he works for a non-profit housing counseling agency.