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

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.

By: pam

pam — Wed, 15 Jul 2009 16:22:26 +0000

amh is not modifying loans i fear i will lose my home very soon does any care

By: Jamie

Jamie — Fri, 10 Jul 2009 21:39:14 +0000

We just used this plan and it was SUPER easy and our mortgage company brought it to our attention.. Our Mortgage WAS $2100/mo which was fine before my husband got laid off and lost 1/2 of his income. We just modified our loan down to $1153/mo and that includes homeowner ins and taxes. It was so much easier than a refinance or an inital mortgage process. The lender (EMC) did our application over the phone, fedexed us the paperwork, we signed it and provided a tax return and 2 pay stubs and it was done (provided our first 3 payments are on time it will remain in effect for the duration of the loan unless we refinanced, etc)
This has truly saved our home.

By: Cruz Vargas

Cruz Vargas — Fri, 03 Jul 2009 11:36:35 +0000

Help! I am a 65 year old male retiree who’s continued to work part-time after “retirement” while paying for most of the expenses associated with a home where I am a co-owner –my name appers on the Deed and the other person’s name is no the mortgage. I may have to stop working altogether within the next two months due to health reasons. Because I will be on a lower fixed income, I may not be able to pay for my share of the mortgage which is over 2/3 the total monthly payments. We need to modify. How do we do this? Where do we begin? We are first time buyers and do not quite understand these procedures. Please help!

By: James Langer

James Langer — Sun, 28 Jun 2009 04:39:40 +0000

Myself and my wifw are hatd working people yet we are behind in mortgage payments.We just cant seem to get caught our credit is shot from being laid off for abit.What can we do to sae our home.We are trying to work with Chase home financing but nothing yet….We also have 4 children to worry about aswell ???Plz any info on help will do

By: Kathy Byrne

Kathy Byrne — Thu, 07 May 2009 16:23:51 +0000

Here is a good site to get information on this matter http://www.makinghomeaffordable.gov/ it is real easy to use to find out if you are eligible.

I have a question — does the bank have to refinance or a loan modification if you meet all criteria in Making Home Affordable program. My loan is a Freddie Mac and the bank is US Bank. So far I haven’t gotten any where with them. Any suggestions help are welcomed.