Comments on: Details on Obama’s Home Affordable Loan Modification Program

By: Jimbob

Jimbob — Sat, 06 Mar 2010 03:12:30 +0000

Also have had it with WF. Took 7 mos. of trying to have payments lowered. Got nothing but threats to forclose, raised tried to raise payments, sent me letter after letter threatening me with forclosure when I have never missed, or was late on a payment. All this and threatening phone calls to boot.
Finally offered me a loan with savings of a very minimal amount. I got to scared to take the offer after hearing that they take the money off your mortgage for 3-4 months and lower your monthly payment only to tag it on later and charge you late fees and raise your interest for being delinquent on your payments. Wasted 7 months, and $1,600 and had to tolerate a a lot of stress in my life. All that after a divorce, loss hours and wages, depreciation in my home, and much more. Where is the help Obama promised us. Was this another loan by the Obama administration without having to account where the money is going by the banks? I don’t see a way out of this mess if someone doesn’t start getting the ball rolling by knowing what they are actuallydoing.

By: Terry L

Terry L — Mon, 08 Feb 2010 21:59:53 +0000

I started the Home remodification program back in July 2009 with Wellso Fargo. It took me until Oct to get ant kind of response. After getting all of the paperwork into them I received a letter stating thta the application was cancelled at mt request, I called several times and each time I received different instructions and answers. I was finally given a 3 month trial period. They sent a letter to confirm and said make sure my payments are on time. ( they were). I then received a letter stating that I do not qualify and they did not have a loan amount that I do qualify for. My loan was current until Oct when I was put on the 3 month trial. There was no real explaination on why I did not qualify.

By: tony

tony — Mon, 18 Jan 2010 15:34:12 +0000

TRY DEALING WITH HOMEQ
WELLS FARGO
DEUTCHE BANK (ALL THE SAME)
THEY DONT CARE AND NEITHER DOES THE GOVERMENT
ALL THE MODS ARE NOTHING MORE THAN A RUNAROUND. IVE BEEN GOING THROUGH THIS
BS FOR 18 MONTHS

By: Bonita

Bonita — Thu, 24 Dec 2009 16:41:18 +0000

RE: Ellen’s comment, thanks banks, for nothing. We must remember, that banks are for profit….it’s all about them doing what they do to survive, and make a profit. I think if thanks are given, the Thanks should go to our government. In creating these programs, then not providing sufficient over-site to make sure that they are being run properly. With the money given to banks, it’s akin to giving liquor to a drunk….they’re going to do what they do best, consume it to their satisfaction, damn the consequences! Seems there is always someone there to pick up the pieces. In the case of the hopeless drunk, it’s social services. In the case of the banks, it’s the hapless, hardworking middle class TAXPAYERS!
Sometimes it really makes you wonder why we work so hard, just to get screwed over, and over, and over.

Hope you all have a happy holiday season!

By: Ellen

Ellen — Fri, 11 Dec 2009 22:30:08 +0000

In Dec. 2008 we requested a loan modification from CHASE because I was told i have breast cancer and our payments were 2465.00 ea. mo. with a interest rate of 11.99%, At that time we were not behind. After waiting a yr. Chase said we do not qualify for the modification because Bob had a 6% increase in his income over the last 3 yrs. Now Chase wants all the back due monies now, and the whole time we were on the modification program Chase was reporting us late on the credit agencies. Now our credit is upside down and we can not get another loan due to their bad banking behavior. What do we do? Is there any real help out there or was this just a great political plan to bankrupt the country. THANKS BANKS FOR NOTHING.

By: Marvalus

Marvalus — Fri, 13 Nov 2009 17:41:38 +0000

My friend is going through the same thing with Wells Fargo and after 6 months of being told the modification is in review they get a letter that says either pay everything or foreclose. What’s up that? Does anyone know how to get the bank to follow the law!

By: trisha

trisha — Fri, 13 Nov 2009 01:20:16 +0000

I have been in a modification with Wells Fargo since May ‘09′ and have completed my trial payments. I have actually made an additional 3 payments plus my trial payments because the reps. at loss mitigation tell me to continue making them. Every time I call the loss mitigation dept. to see where my modification is progressing they tell me that my file is “in review” or they tell me that they will be sending me paperwork within the next two weeks(they are in fact lying because when the two weeks are over no paperwork). I have been told lies almost everytime I call them. I will speak to one rep. and call back a day later(repeating what the othe rep. told me) and they would tell me that they don’t know where that information came from. I don’t know who to believe anymore. They keep telling me that I need to send in documents each month, which I do, and nothing seems to be progressing. I wish WF would get their act together.

By: Debra Gould

Debra Gould — Wed, 21 Oct 2009 22:50:56 +0000

How to find the answers for the questions above?

By: Sue

Sue — Wed, 30 Sep 2009 16:44:21 +0000

I applied for the loan modification back in April and was told they had everything they needed and that to wait 90 days. Every time I called them they said to resend current paystubs etc. So I did that 4 times. Flagstar Bank said they are having a third party called Sterling Home Retention take care of their files. So I had to talk to them. Sterling Home Retention apparently has gone out of business now and everything has been a waste. Flagstar Bank basically now says we sold your Loan to another bank Starting October 1st 2009 so you have to talk to them!! What a run around! So October I can deal with the new bank and hope that they don’t do the same thing to us!!

By: Annette Myszka

Annette Myszka — Thu, 24 Sep 2009 05:04:48 +0000

My husband and I currently have our mortgage with Foundation Bank, a Div of McKenzie Banking Company in Paris TN. We currently have a 30 yr. fixed rate mortgage with a interest rate of 6.50%. Our total monthly payment of principle, interest, taxes and insurance comes to $780.00 a month. We have never been late on our mortgage payment. I used to work for this same bank until June of this year 2009, when I became permanently laid off. I am now receiving unemployment income in the amount of $260.00 per week. My husband receives a pension in the amount of 650 a month & receives part time income averaging around $800 a month. Our current debt to income ratio is around 31%. Once my unemployment runs out in December of this year 2009, our debt to income ratio will greatly increase. I have been trying to find a job, but as of now, I have had no luck. There are not very many jobs available in this area. Once my unemployment income stops in December 2009, we are very much afraid we will become delinquent on all of our monthly payments. We are currently cutting back on everything.

Is there any loan modification that we would qualify for? We do not want to get into a situation were we would not be able to pay our monthly bills. We have been very diligent in staying current in all our bills.

Please advise us to what maybe available to us in refinancing our current mortgage in order to reduce our monthly payment.

Thank you for your time and consideration.