But five months later, Ms. Thomas, 35, is back at the beginning. She has made her reduced payments on time. She has submitted the proper paperwork, she says, while enduring a bewildering array of conflicting instructions from her bank. But last month, Chase rejected her application for a permanent loan modification and invited her to start over and send in a new application, for another trial.
“At this point, I don’t know what is going on,” she said.
Ms. Thomas’s experience shows the confusing and frustrating ways of the Obama administration program aimed at keeping millions of troubled American borrowers in their homes.
Your finances need to be balanced. You are NOT going to get a loan mod if your credit cards are current. Get over it. You can’t afford anything anyhow. Let the credit cards go. If you still cant make ends meet you will probably qualify for a loan mod. Still crying about your 31% Obama loan mod? Get over it too. Americans have been living outside their means for decades. You owe 10k more than what the home is worth? Suck it up.