Comments on: Obama Administration Expands Loan Modification Plan

By: Banks have every excuse

Banks have every excuse — Fri, 07 Aug 2009 02:29:04 +0000

Banks have every excuse to help. I called serveral times over the last year, and one time I was told that I had to had a income, 2nd time I was told that being on unemployment was not enough, and I had to be at 31 % of gross income, and then if I was I would make enough money and didn’t need a help with a modification, now I am told that I have to wait till Obama help goes through on August 15th. There running out of excuses and I am running out of savings. I have half of my mortagage loan paid off and a lot to loose. Seem like help one again got to wall street but now main st.
I really am an Obama fan, but how does one make these banks cooperate, and care, and stop being greedy?

By: unemployed w/savings also

unemployed w/savings also — Tue, 02 Jun 2009 22:16:28 +0000

Since Country Wide was bought out by Bank of America, the phone reps point me to the ‘MAKING HOMES AFFORDABLE” program. Once I give them all my income / expense info, I was asked to hold to see if I would qualify. When the rep came back, I was instructed to send unemployment benefit award letters, bank statements and a hard ship letter. This will be reviewed within 90-120 day! I have a small savings with BofA and a credit card with a higher balance. Should I pay off the credit card with my savings? Should I “hide” my modest savings in another way? Are there any methods to get these “programs” to work for us so we don’t have to loose our homes?

By: unemployed with savings

unemployed with savings — Fri, 29 May 2009 23:12:01 +0000

I’m part of the group struggling due to unemployment but have savings to pay my mortgage and expenses. Is it advisable to give my savings to a family member temporarily so the bank doing the loan modification doesn’t deny the modification due to my savings.

By: Paul Larsen

Paul Larsen — Wed, 27 May 2009 16:43:24 +0000

If you do not have luck working with your lender, it is because they are so backed up from people in trouble with their mortgages. The way to circumvent the process is to hire a lawyer/attorney to bypass the lender’s system and go right to the top. The gov’t programs are a farce, less than 2% of the mortgage holders in the USA can qualify for these programs. You can call me at 702-948-7621 and I will be happy to explain how you can save your property from the lenders.

By: Frustrated Home Owner

Frustrated Home Owner — Fri, 22 May 2009 20:49:20 +0000

Well as everyone else in my situation I am VERY Frustrated with all the Loam Modification Programs out there, but No Way TO GET HELP.
I have my loan thru Wells Fargo. I had a large DECREASE in income last year , wasn’t able to work for most of the year. But just got behind on mortgage at the beginneing of this year.

I have been trying to SAVE my house thru a Loan Modification , but I haven’t gotten anywhere with trying to work with Wells Fargo.

They say that those programs are up to the investors. Well I thought the Federal Goverment gave the Billions of dollors to the loan companies to help the homeowners.

So I research this topic find Tons of Information, but still no Answers!!!????

I am back to work now, but not able to pay the amount I owe per a workout deal I got to prevent Forclosure. I only can pay it do the my parents helping me pay it, but they can’t continue to do that.

It is to much of a strain on them financially , and the stress of Not being able to get a Loan Modification to make it affordable to just be able to live is getting unbearable.

If anyone knows how to get the help availible please let me know……..

By: VOICE

VOICE — Sun, 17 May 2009 19:58:08 +0000

We are thousands of home owners here in florida at risk of losing our homes, and cannot stop to wonder why haven’t you been MORE pro-active in communicating any relief efforts for us. Last night on the news i watched as the governor of Chicago taking action towards this critical crisis issue, offering free consultation and modifications professionals to work on behalf of their citizens.

Miami & Dade had 38,000 cases filed for foreclosure in January and February alone, March and April, 200 cases per day, broward’s foreclosure is rising and no one has done anything on our behalf, no one is advocating for us, our communities are deteiorating and government has done nothing, we are told to speak to our lenders, we do, they in turn say, it’s all up to the investors, which in turn the majority are foreign and refuse any type of negotiations with homeowners.

I will like for you to show more compassion towards MAINSTREET, see more of you tackling this issue to restore our communities and families. I understand and grateful that you have a program in place, but it is not working, 342,000 just last month, those are the figures…which shows that banks are not cooperating.

Thank you

By: mariabowman

mariabowman — Sun, 17 May 2009 04:03:22 +0000

Yes is all true.The lenders are controling our industry!Lenders control how many REOS are released,What offer they will accept.On the Short Sales is the same,lender choose offer. On loan modifications,they choose too. Who the will modefied and what terms.But the terms do not include reduction of the principal to CURRENT VALUE. SO BUYERS STAY WITH THE SAME UPSIDE DOWN LOAN,for maybe a couple of hundred dollars a month less!
Lenders are getting away with our homes.Help FHA HUD President Obama, help us keep our homes please.

By: yellowpanda

yellowpanda — Sat, 16 May 2009 19:47:15 +0000

All this is about to PROTECT LENDERS!!!

NOT HOME OWNERS ; middle class AMERICANS!

By: Frustrated HOMEOWNERS

Frustrated HOMEOWNERS — Sat, 16 May 2009 15:57:32 +0000

Modification program – We the 1.9 million have come to this conclusion, PLEASE OBAMA & GEITHNER, THESE PROGRAMS ARE SIMPLY MYTHS URBAN LEGENDS…THE STATICS THE UPACE IN FORECLOSURES EVERY MONTH IS A CLEAR INDICATION THAT THIS IS A HOPELESS PROGRAM THAT REGARDLESS IF YOU MEET ELIGIBILITY/CRITERIAS…BANKS/FOREIGN INVESTORS ULTIMATELY REFUSES TO NEGOTIATE. BLOGS ON THIS SITE SPEAKS FOR ITSELF, THESE ARE REAL PEOPLE GOING THROUGH TOUGH TIMES, WE ARE NOT THE MAKE BELIEVE STATISTICS, WE ARE THE ANGRY, FRUSTRATED WORKING CLASS AMERICANS THAT ARE BEING TOLD THAT WE NEED TO BE PROACTIVE AND SPEAK TO OUR LENDERS, THAT LENDERS ARE WILLING TO HELP, BUT IN REALITY ARE NOT, THIS IS THE REAL STORY, THE MEDIA NEEDS TO KNOW THE TRUTH!!!!!

By: arc8888

arc8888 — Fri, 15 May 2009 23:40:29 +0000

I think that the system on modifications is broke! People who have savings and have not made payments late sit and wait for help. The ones who go deliquent are the ones they help. Of course there will be loan mods when you use that critera that will go bad the people that were late don’t necesarily have a propensity to pay. (Not all I don’t mean to lump them together). I lost 85,000 in income. I had a lot of savings because I lived below my means. I have been supplementing my payments with savings every month. But I haven’t been able to get an answer on a loan modification since Dec 23rd. If they would just give me the curren going rate of 4.875 on 30 year fixed I could afford the home. They always say just put the home up and do a short sale. Okay, so you are willing to lose 40,000 and then what? Lend the money to someone purchasing a new home at the 4.875 rate? So you take a loss and don’t earn any additional income? That is crazy? I don’t know if there is a tax write off for that which would make it in their best interest. But why would they take the loss if I am willing to maintain the underwater postion in the home? I was taught to pay my debts if I make them. I work two jobs to try to pay. Yet if I was someone who didn’t have rainy day savings and had tons of debt (I owe nothing but my mortgage) and was deliquent they would modify me. Maybe if they looked to modify people who were paying on time and using savings to do that they would have more modification work. If I pay now the chances that I will pay with a modification is greater…..hence the system is broke. If I had a fannnie mae or freddie mac I might be able to refi. I see people with 500K in savings able to refi with the Harp program. But I can’t? THE SYSTEM IS BROKE!