Comments on: Mortgage Modification Act and Politics as Usual

By: roblob

roblob — Thu, 14 May 2009 17:46:44 +0000

What is the story with Home Affordable loan modification. Is it automatic? If you qualify don’t you get an automatic 31% payment? Why is it still subjective for the lenders who participate?

By: Judy

Judy — Mon, 04 May 2009 23:10:12 +0000

For those that have received help, can you please provide a reputable company, I have my home with Country Wide and their modifications are to increase your payment. I’ve gone to lawyers, non-profit organizations and nothing. As to m.p. Shah statement that you need to be current on your mortgage to qualify, this is totally FALSE. I was denied because i was paying on time, and the help is for those that are in default.

As to the bill, it did not pass, senators voted against the bill stating that 9 million homeowners struggling to make their payments are a low percentage of the general population and that this was not fair to those homeowners that did not acquire a subprime mortgage, and if this bill was to pass it will decrease market value, guess what? do the senators think that foreclosed homes and re-selling them for $20,000 is not going to hurt the home market value. There are several states protesting to government of the abuse with these banks, everyone needs to protest go to your governor and demand help, this is the only way you will be heard.

By: Mark Hunt

Mark Hunt — Sun, 03 May 2009 19:58:43 +0000

Hello,to who it may concern,
I Havr been looking for HELP for sometime now haven’t been able to find the right source in helping get back on my feet,,and I Haven’t so lucky,,,,,may be you may guide me in the wright direction,please help………..
Kind Regards
Mark hunt
(315)334-9427

By: Marcela Abal

Marcela Abal — Tue, 07 Apr 2009 20:45:21 +0000

Loan Modification is actually a really hard profession if you are a legitimate compnay. There are so many laws to keep up with and new bills everyday that I have to study on a daily basis but at the end of the day, if loan mod specialists don’t help consumers, who will? These laws may be in place but it’s the banks that are making putting everything into effect so difficult. Ironically, my company too is in South Florida.

By: Sharon

Sharon — Tue, 07 Apr 2009 18:50:20 +0000

My son and my home have been waiting for a loan modification since October 2008 with a loan modification company and Countrywide has approved the loan modification but will not state the terms. This is a terrible way to spend your days, not knowing when and if we will loose our home, month after month after month. Something needs to be done to stop these delaying tactics.

By: Vicki Mattingly

Vicki Mattingly — Tue, 31 Mar 2009 00:55:40 +0000

I’m in total agreement of this proposed Act. Though true that borrowers were aware of loan terms, it’s also true that lenders were aware of borrowers’ monetary status and their ability to pay or not pay as ARM’s increase. Isn’t it true that consumers rely on the expertise of those who holds license? Even if a homeowner wisely forsees trouble and wants to sell to avoid foreclosure, good luck! With failing property values for mortgages obtained in the last 3-4 years, you’re upside down. Someone needs to be accountable!

By: m.p.shah

m.p.shah — Sun, 29 Mar 2009 20:57:36 +0000

loan modification will help those like me who tried to pay each mortgage
pment in time and proved not a single pment late for almost four years. time changed. this economy decreased all my business 35%. now if there is
no loan modification can make suffer
to loose their houses. it should work
according to each one’s situation and
reduce the ints. rate as well as
reduce the principal and extend the years.
that’sthe only way to make the people
like me able to surive and keep their h houses and pay their all obligations

m.p.shah

By: Fred

Fred — Thu, 26 Mar 2009 13:20:00 +0000

I had my home loan modified by a company in south florida. I was in the forclosure process, but this company negotiated my loan down 3 percentage points and had 20k of principle knocked off. Now I paid 2k for their service, but the investment was well worth it. I have my home, and ALL the late fees, penalties, and attorney fees were waived because I modified. I feel like I had a fresh start. All I can say is, I had a great experience, but everyone has jumped on the bandwagon bashing loan modification companies. If it weren’t for them, I would be out of my house. I even went to an attorney, but they were going to charge much more. I don’t see the risk… you are either going to loose or home, or modify your loan. It’s that simple.

Fred (South Florida)

By: Becky Floyd

Becky Floyd — Tue, 24 Mar 2009 20:24:10 +0000

I would like to say that my husband and I had no other choice than to go bankrupt after trying to work with a misleading dept settlement program. We tried to get our mortgage company to modify our loan and lower our interest and payment amount and they flat refused to do so because our payments were current and the reason for this is our father-in-law was helping us and they knew it, but he can not keep doing this. So, helping pass this would help alot of people like myself that could have got a judge to make this decision about modification instead of the company. I am all for helping the working class people that is down on their luck and having difficult times. This is when society needs help. Our homes are precious to us.
Thanks

By: Anonymous

Anonymous — Fri, 20 Mar 2009 03:09:27 +0000

i am waiting to see fulfillment of this act since i believe this will help millions of US families save their #1 life investment. pls keep me informed thanks