Comments on: Fannie Mae boosts mortgage counseling program

By: mortgageman

mortgageman — Thu, 10 Jul 2008 16:43:26 +0000

to all the people that have a upside down mortgage….. there is hope … as a mortgage broker i follow the market every day…. and for all of you there is hope… in march 2008 president bush passed a mortgage relief act whitch abbles people to do loan mods and also short pay offs … for example a basic bank loan guidelines are at 80%.. so what happens if the borrower owes 110%? a nagotiation prosses is started and the bank drops the pay off so that the client can refinace their house and fit in to the loan guidelines. if anyone needs help in regards to this crisis please feel free to email me @ maxy 1986@netzero.net

By: Carrie

Carrie — Mon, 09 Jun 2008 20:41:11 +0000

PollyAnna & Robert – you get it !!!!

Vontella- good luck in your job hunt. the market & economy is tough right now, but I will wish you nothing but success.

By: Vontella

Vontella — Sat, 07 Jun 2008 15:35:45 +0000

Hello to all my new blog ‘friends’
I have been in the real estate industry for 18 years – most of those years I worked 7 day weeks with 8 years of raising 3 kids alone. Now, two years ago my career imploded, left me with a home I owned, in a very nice area, but still the terd, ranch home compared to the millionaire client homes that surrounded me, and it has decreased nearly 45% in value over a two year period. Last year, I also ‘lost’ my husband, my so-called career, became disabled, and I have applied for about 300 jobs – I received precisely one invitation for an interview. I put my savings into my home last year thinking I could “restore my relationship with the lenders” and break even. I fixed it up just to sell it for what I owed and each month, as scarry as an Alfred Hitchcok movie, I watched the nicer homes around me plummet in value and all sorts of professionals filing bk, doing trustee sales, etc. Now, real estate agents proudly announce on the radio they “will no longer even take a short sale as the lenders will not agree quickly enough to a price that will attract the tiny number of willing, ready and able buyers drooling on the side lines.” Two homes, REO’s, just sold for under $200 square foot. Two years ago these same homes would have been well over $300 and mine was appraised at abou $375 square foot. My second mortgagor is in bk and COuntrywide is my first lien holder and I can’t even sell the home for what is owed on my first. I drive an eight year old, paid for car, I haven’t been to the mall in 4 years, I bought my wedding dress at a thrift store here in town but when I could no longer make my familiar, six digit salary to pay for my mortgage and lifestyle, and I further could not dump the house, pay the lenders back and move on, even to a way lesser job, where do I fit in to the categories I’ve been reading about today? Let’s see, I wrote my own hardship letter, so I’m technically not part of the disgusting, I didn’t buy a house I could not afford and I received a 30 year fixed rate, so I’m not a greedy, cry baby, I guess. Even if CW wouldn’t have offered me a small line of credit I would still be upside down on a home I put 20% down and bought 5 years ago, so I technically am not a looser who bought a home I could not afford, or am I WTF? I have applied for a loan mod twice with CW and my attorney laughs at me – she actually called me ‘crazy’ to think they might do something meaningful. My ‘lost’ husband is filing bk and our attorney is trying to advise me that this is also my only option.
I just keep filling my days with goals and trying to achieve them: Live the ‘as if’ principal (I get up every day, get dressed in my career wardrobe, apply for jobs online and go out and find a local business to call upon, just incase someone hangs out those “help wanted” posters. Do they even make those anymore? Vontella

By: robert

robert — Sat, 07 Jun 2008 14:21:42 +0000

wtf is just running his mouth, if people lose homes his shack drops in value. The guy sounds jealous I guess someone made off with his wife or something in his life he is not short on. Bottom line I know cost of living is getting crazy from 30 a barrel oil to 140 a barrel w/saddam dead, good job washington. Let the chinese pull their capital out of our banks and the depression is on. Too many people are in financial mkts that know life as internet, cellphone and credit card, no pay as u go attitude. This compounds todays problems. Well 1992 was a mess mr bush so why should 2008 not be one mr bush, foreclosures and no jobs for a decade again, hey texas is a lease open for RTC again

By: Carrie

Carrie — Thu, 05 Jun 2008 19:55:27 +0000

upacreek you are not alone !!!!

i am glad you were able to find this blog. Everyone here is allowed to express their opinions & feelings no matter what.

let me refer you to a forum that is helping me with the same issues with CountryWide : it is Loansafe.org and more specifically http://www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/

you will find so many across this nation in similar situations from all walks of life. The forum helps everyone with guidance and they do not judge you.

Good Luck !
Carrie
Miami, Fl

By: upacreek

upacreek — Thu, 05 Jun 2008 19:31:56 +0000

I am currently in a tough situation with Countrywide and they have been giving me the run-around for six months now. I asked the company to assess a workout program for me, or to refinance. During this whole process I have been in contact with Countrywide, but never able to speak to the same rep twice. Each time I received different information but was very clear that I wanted to keep the home and continue to pay my debt. During these months they refused to take a payment from me, saying that I couldn’t do so while my loan was in review. Several times I was told that information had been mailed to me and/or a specific person would be calling me, but none of those ever happened. Now they have filed for foreclosure on my home. I spend hours at a time on the phone with Countrywide and they constantly lie to me and give me the run-around. My husband and I will walk away and let them have the house if that is their intention. It really would be cheaper and less stressful to rent a house. It’s just too bad companies like Countrywide use deceptive and unscrupulous practices with people who really want to work things out. To those of you who think others are not living within their means…please don’t be quick to judge. Most of us have really tried, but not all of us are aces in the financial game.

By: CLAIRE

CLAIRE — Thu, 05 Jun 2008 03:18:19 +0000

Maybe if the banks would work with people, so many won’t walk away from their house. Nobody wants to leave their home. The banks aren’t willing to work with borrower, especially Chase…I know from experience okay. I tried to help a friend who had chase negoiate on lowering the interest rate and make the loan a 30 yr fix. You know what they told her, “if you can’t afford it, just let it foreclose.” Okay, this is what they call trying to help the homeowners…then they take forever to get back to you on short sales, the buyers are nolonger interest and goes elsewhere. Back to square one again..plus with the the cost of food and gas rising.. everyone will feel an pinch, many are actually feeling a squeeze.

By: CLAIRE

CLAIRE — Thu, 05 Jun 2008 03:08:56 +0000

I totally agree, if you can’t afford the house anymore, why drive yourself crazy and stay. When the ending is going to be the same whether its now or 5 years from now when you’re already out of all that money and is not able to refinance to a 30 year because the home value is not there…same ending, different time..Hey WTF & Tom Cabanski, you to are pretty harsh. Think about the people that bought the house and could afford it, but was sold on the whole interest only & option arm programs. In 2-5 years when it’s time for their interest rate to adjust and they have to refin, but the value is no longer there, there will be no lender that is willing to lend them money for the 30 program. What happens now. They have to lose it anyways because they will not be able to pay the loan in full now will they. I have owned my house for 5 years now. After my husband and I got married we bought a modest condo, then upgraded to a house. We did the whole 5 year interest only loan, but we were fortunate enough to refinance last March to a 30 loan. Imagine if we didn’t, we will be on the same boat as everyone else who was sold on the Option Arm program. Even though we were able to afford it, but with the rates adjusting up all the time..we eventually will have a hard time making the payments. To WTF & Tom Cabanski, there will be a down time for everyone. You don’t know these peoples situation. It could be loss of job, illness, etc..I know for sure these loan officers were selling the Option Arm progam from left and right because the get much bigger commission on these. No, I never sold loans, but I did work for the credit dept and saw all the crap that goes on. I think both borrower & lenders are responsible, but if the people can’t afford it, how do you expect them to pay? With their BLOOD!!!!

By: Pollyanna

Pollyanna — Wed, 04 Jun 2008 13:29:28 +0000

To WTF,
People that take the time to write in abusive comments are pathetic.
Your comment sounds like you have no knowledge of the economy and what has brougth many homeowners to this point.
This HAS happened before and it will happen again.
There are plenty of ways people will not have to pay for their
financial ignorance. If you have a problem with this you might want to address it to Bush and his cronies that are getting richer off your ignorant comments. They are laughing all the way to the bank…think of the massive bonuses at bear stearns 6 wks. before their (bankruptcy) buy out (bail out).
It’s all one big shell game.
All that’s happening to you is your blood pressure is rising and that’s not the best thing….is it?

By: WTF

WTF — Wed, 04 Jun 2008 12:50:41 +0000

Hey ME – you should stop assuming because you suck at it! I am a home owner – with emphasis on “owner” because no bank has a piece of my house. I am not “old” and my life is pretty awesome – mostly because I live within my means and could very comfortably survive any disaster that may come my way. Why? Well, because like the vast majority of the American public, I have always acted responsibly. What you detect is not anger – it is disgust and revulsion that fools like yourself will inevitably drag the rest of us down with you. I want you to pay for that – I want you to lose the homes you never had a prayer of affording and I want you not to be able to buy another home for a long, long time. Oh yeah, I also want the banks, brokers, real estate industry, Wall Street, etc. to also pay a price. You see, my hope is that if you (we) all pay now then the future will be better because we will have learned a very hard lesson and be less inclined to do it all again.