I am glad to see major media publications starting to report the truth again. The facts are that homeowners still are not getting the help they deserve from mortgage servicers.
Even with Obama, the US Treasury, OCC, OTC etc up their arses, these lenders and mortgage servicers operate like they don’t give a rat’s arse what anyone says. Where is the accountability and who is really watching these guys?
Losing their house to changing financial circumstances, the De La Torres are exactly the sort of Americans that President Barack Obama promised to help with his “Making Home Affordable” program.
But when Angel asked his bank to modify his loan, they told him he had to default on the loan to qualify. Not true. The program is made for homeowners like the De La Torres whose payments exceed 31 percent of their monthly income. The De La Torres’ payments were already 54 percent of income.
“You see the president is doing this and doing that, but you don’t see it in your community,” Angel De La Torre, Sr. said. “Nothing happens over here.”
Few people are seeing anything. The Treasury Department says they “have extended more than 150,000 offers on trial loan modifications,” across the country. Those trial modifications go for three months to see if they’re feasible. But that leaves millions of homeowners getting no help at all.
“The Obama plan has not been implemented by the banks,” said Yvonne Maria Jimenez of the nonprofit coalition One LA-IAF.
Consumer advocates say banks, which received billions in taxpayer bailouts, are being stingy now that homeowners need help. Only 9 percent of failing la homeowners have gotten stable, fixed-rate modifications.
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I do not think that we should go through or banks directly to do our loan modifications. I would suggest using a company that is attorney based or has an on staff attorney that is experienced in doing loan mods who can help you get your lowest monthly payment. My friend just went to get his loan modified and he used and he said that they did a great job in helping him get his monthly payments down.
Whatever you choose to do make sure they have the experience and knowledge to stop you from getting foreclosed. We can not let the foreclosure problem in this nation get any worse then it is currently. These foreclosed homes are ruining or neighborhoods by the people they attract and just the unkempt yards that they leave.
I tried going it alone with my mortgage company but was given the run around. I thought about a loan modification company. However, a few I looked up weren’t licensed by the DRE in California and with some of the horror stories of deal with some of those companies, I decided to go with a law firm in Orange County, Ca. Thanks to Parman Law Group out of Irvine, I was able to get my principal reduced and my apr lowered also. Now I’m paying at least 1/2 of what my mortgage payment was before the modification. Kudos to Parman Law Group. They treat you like a friend and not just another client.