Talkback: Mortgage modification
Have you applied for a loan modification or refinancing under the Obama administration plan? Did you run into roadbloacks or were you able to get a lower monthly payment and avoid foreclosure? We want to hear your experiences.
Husband layed off for a year 3 times from 3 companys. Mortgage payments were behind by 1 month. we were told they could not help unless we were 3 months behind. As soon as that happened we did all the paperwork and still were turned down. Now we are 6 months behind and filling out all the paperwork again!! The Obama plan IS NOT HELPING unless of course you sre a bank.
It has been an absolute nightmare. When I call the mortgage company, they are rude, snotty, you name it. I’ve filled out all of the paperwork, been denied, called back and told that they never received the paperwork.
I’ve finally given up and decided to try and sell the home I love dearly in a short sale.
I had the run around also from the mortgage company saying that I wasn’t behind and they would help me in November. That was back in August. They still won’t help me.
It is the hurry up and wait game with no end result except dissappointment
If you have enough equity in your home, the banks won’t help you. They are motivated to foreclose because once they own it they can sell your property at a profit. This is ironic because for so many years homeowners were encouraged to pay their mortgages off early in order to completely own their own homes.
If you are upside-down/underwater, you have a certain amount of leverage. First file a complaint with the regulatory authority for your bank (Google it, in the case of JPMorgan Chase/WAMU it’s the Office of the Comptroller of the Currency for your state), and in the complaint also ask for the name of the insurance company that insures your loan.
Write a certified letter to the bank’s insurance company that you’ve done everything you possibly can and more, but the bank refuses to modify or refinance your loan to allow you to remain in your home and keep the payments current. Advise the bank’s insurance company that if you default and the bank makes a claim against the insurance policy, then the insurance company should refuse to pay the claim because you, the homeowner, tried his or her very best to keep the loan current but the bank refused, lied and stonewalled. The bank has in effect committed insurance fraud.
No guarantees, but push back. If enough people do that, the insurance companies will eventually notice.
And it’s not the President’s fault. Don’t blame him.
I just sent a post and wanted to send a photo. I was not sure if this is possible, but I will try because it is very appropriate for my situation and how I feel.
I can’t seem to copy and paste a photo. Where can I send it? It reinforces my case.
As I read these comments, (all 911 of them so far)I can relate that my story is no different. The Obama program is simply not working. I have been trying for 16 months (unsuccessfully) to get some type of modification of my mortgage. I have tried it all. Two different attorneys, Hope Now, H4H, Forensic Loan Audit,hundreds of hours of letters, faxes, e-mails, and calls to my loan servicer/lender (OCWEN and HSBC),all to no avail, so I have given up. My house is in foreclosure for the 2nd time in 6 months. My paperwork could never be complete, no matter how hard I tried (9 times I sent docs to them–the last 3 times sent via certified mail and they still deny having the docs). I sent everything they asked for each time.I could not please them. Either you make too much money or you don’t make enough money, or you are missing documents. The Lenders are full of excuses. Each time they would ask me for “missing” documents”. It is all smoke and mirrors. The Servicers make more money stalling and then foreclosing on us. The first time they tried to foreclose on me while, at the same time, my attorney was working with them, and Hope Now on a Loan Modiication. The only reason they dropped the foreclosure was because they had not done their paperwork correctly, so my attorney forced them to cancel it. Now, the 2nd time they are foreclosing on me a few days after they said they would give me a “Deed-in-Lieu of Foreclosure”. They want to make sure they have us coming and going. I simply don’t give a shit anymore and I am walking away. Let them do whatever they are big enough to do! You can’t fight them. They are simply too big and NOBODY (got that, Mr Obama??–NOBODY not even you)can stop them. As long as the programs are voluntary, they will never work. Obama had the right idea, but failed to hold any of the lenders/servicers accountable. It really does not matter who you write or call because it falls on deaf ears. All it does accomplish is that it makes us feel a little better to get it off our chest. I just go outside and scream. It feels a lot better!!!
I have been waiting a year and a half for Wells Fargo to modify my mortgage.
I saw the writing on the wall for me in 2008. I bought my home in 2006. The value was going down. I lost my job and still Wells Fargo has not come up with any plan that works. I am a senior citizen and I have income that could be used for making a mortgage payment although at a lower rate. These banks took help for themselves but are s l o w to do something for their customers.
Even more frustrating when I hear about all these other people not being successful; I applied in Febr 09 to Wells Fargo. In about 6 weeks I got a denial for lack of income…I took a pay cut; but they had misinterpreted my income and expense statement and so they agreed to put me back in the cue if I would resubmit everything. So I did….I waited. A couple weeks later, I was absoluted disgusted when they put me a a list with solitors trying to get me to agree to a ’short sale’, that the same as losing my home. I told them don’t have any more sales people call me about a short sale, I was insulted. I put $50,000 down, I have made all my payments and on time. Why would I want to give my house away? So, I called 13 more times and could not get anyone who was willing to tell me the status. Finally, last week, someone actually told me what had happened–as soon as I told them to take me off their short sale list beacuas I only wanted to keep my house–they had taken my application out of the system, closed it. This month 10 of nothing but the run-around…I even paid one of those attorney firms $3,000 to see if they could do something for me…after they took my money, they said they couldn’t help me bacause I had other rental properties (they didn’t tell me that before they took the money. Nothing could be more frustrating than working 45 years day in day out, investing in my home, spending money to improve it, to see my home depreciate another $100,000- below what I paid for it…and where’s that glimmer of hope we are all looking for…certainly not in another failure of a program wasting all of our tax dollars. You know even if a modification goes through the Bank’s who were participants in egregious unfair (and unscrupulous)lending practices get more out of the deal than the homeowner ever will. But it’s never enough.
So far I have sent in my loan modification paperwork 5 times. 3 of the times my loan holder “misplaced” the paper work. The other times they told me I was approved but I never received the package. I finally filed a complaint with the better business bureau and the office of thrift supervision. Lo and behold I had a manager call me the next day but their only solution is to start the entire process over again. Read some of the nightmares about Indymac bank online they are the absolute worst. Especially since it took billions of taxpayer dollars to prevent this company from folding.
I meet all qualifications for Obama’s foreclosure plan and my loan is owned by Fannie Mae but Indymac is refusing to use Obama’s plan.
I would say the plan is complete garbage.
When we realized we were headed upside down in our neg am mortgage on our home we tried to get a loan mod with AHMSI, the company. They denied us saying we “could not afford a modification”. So we stopped paying and shortsaled the house, moving aboard our boat. Our second home in NH was being rented out, also not covering its payments on a neg am mortgage. We have been turned down twice by Aurora for loan mods with the same reasoning. We are asking for any suggestions for how we can keep this house we have had for 40 years from going upside down. After a horrible two years of bad luck financially we now have very little overhead and both have good jobs. We may have to sell our boat and try renting an apartment if we can’t get a loan mod. Can the president’s program possibly help us?
Our house was on the market in May 2008 when the bubble burst. We couldn’t keep up with the payments anymore ($4K a month take home pay, $3.2K a month mort./ins/taxes)so we were trying to sell. We borrowed from wherever we could to keep up till no more was left..just an additional $60K debt and a house not worth the money we owed on it. USAA is our mortgage co., PHH is the servicer. We asked them for help over and over. Provided them requested paperwork by mail and fax repeatedly. 2 months ago (Sept 2009) they sent us all the financial and government ‘Making Home Affordable’ paperwork and enrolled us in the trial program for 3 months – with a payment we can afford. We completed, signed and mailed back our paperwork with our 1st check. We’re about to make our 3rd and supposedly final trial payment. I’ve called to ask our status and if they need any additional info. They (PHH) said they got our checks and are sure they got the paperwork ..supposedly scanned in Oct 27th. We’ll see what happens. We are sick and tired of being jerked around while they get bailed out. Let em keep the place if it dosent fly…
My name is Trevor Beckford and I was laid off from work over one year ago. There is only one income in the home and I am receiving unemployment for now. I have applied for a home modification over six months ago, only to have my lender loose my paperwork. I resubmitted it several times but remain in limbo. It has been a long time, I even senta letter to Bank of Americas CEO to no avail. All we need isd a loan modification and we should be o.k.. Bank Of America seems as though they are playing games with peoples homes and this game is not funny.
I have tried four times with different lenders to refinance and get every excuse under the sun why they can’t. One lender told me my credit was too bad, another told me since I paid some of my payments in cash they couldn’t prove that I was actually making the payments even though I have receipts and the most recent idiots are National City which is now PNC. They sent me paperwork with National City logos and after over 45 days of working with them and following up weekly with them on the progress they say “oh, you need to do this all over with the PNC logo.” I am in a Chapter 13 and had to have judge approve this in all cases and a court order was provided to all the places but now I have to waste the federal taxpayers money to obtain this court order again with PNC’s name because they were not smart enough to prepare themselves for a merger they orchestrated. Financial institutions need to be audited from the ground up as they have no idea what they are doing.
I called Bank of America to make my mortgage payment. I am in a trial payment program through Make My Home Affordable program. The customer service person let’s me know our forclosure is on hold and we are delinquent. I July I called the bank to let them know we could not meet the full amount of our mortgage. We were told if we could not make payment in full, to not pay for two months and we would be eligible to apply for the mortgage program to reduce our payments. This month, the lady said they view us a delinquent and levied and late fee on our last payment. I let her know we have been paying before the deadline date, the new amount the bank said we needed to pay. She could see that information, but said as long as we are waiting for the programs final response, we would be considered delinquent. I asked why we were only billed a late fee for last month only. She said they have the option to do that. I let her know it makes our further payments incomplete and we are not supposed to be delinquent while we are waiting for final approval. I let her know this something about this appears to be fraudulent! I realized that I used my home phone to make this payment and complaint. I’ve learned my lesson to use my cell phone so I can log the date of my call. I don’t know who to call, but I really feel I need some kind of representation or someone to monitor what Bank of America is doing.
The dream of homeownership became a nightmare. From high loans to fix the loans in loan modification. The banks are not really working to solve this area if they would the USA would not be in foreclosures and the economic negative impact with job loss. These loans were created by the banks and with its accomplices who knew this would happen. They are not helping some of the people with stalling processes not progress. Banks are allowing borrowers to become behind and increase their loan amount by waiting for months and later try to help. The fix is the homeowner ends up owning a higher loan amount – Loanowners Banks should be help accountable by their predatory actions are not regulated by the congress.
All I can say is this. IF there are any Vets out there who have a VA loan and are looking to modify. Get the VA involved. That’s what We did. I had 5 phones in one day from Citi-Mortgage.Before that We could never get any strait answers. We would have lost our home if I did not get VA involved.My husband lost his job. We have heard it all. What finally saved us was The VA.They will stand by the Loan. YOu can bargin with that. The Banks know the Va back the loans and they have to modify quickly. VA will look out for the Vets. They did us.
No it didn’t work. We ended up losing our home earlier this month. Countrywide ripped us off – Bank of America did the same and then it ended up with Wells Fargo. We sent in our paperwork and the *best* they could do is INCREASE our payment for six months to “catch up” HELLO YOU STUPID MORONS – one spouse lost their job and our income is 50% LESS! They could have helped, but I found out why they didn’t and someone better jump on this story…We had a FHA loan – 9.5% interest. They would not drop the interest or bring us into the 31% ratio (we could have paid that). GUESS WHAT – FHA loans come with a federal guarantee to cover losses if the borrower defaults – so WHY WOULD A BANK WORK WITH YOU? THEY WILL STILL GET THEIR MONEY! CNN PLEASE LOOK INTO THIS. Maybe all FHA borrower’s who lost their homes can SUE the damn banks who stole our lives. ANY LAWYERS out ther who want to start a class action suit? It sure sounds like a scam to me.
Wow…after reading this news article and the comments that a friend sent today I have one question. Did anyone have a good experience with a bank assisting them? There must be someone that can help with this process before I lose my house or I crack from the stress. My story is very similar to many of you. Lost my job..working for less..single mom with 2 kids and dead beat dad..been sending in paperwork for 10 months and have just fought off 2 foreclosures. I’ve owned my current home for 15 years and been a homeowner paying mortgages for 25 with not one late payment. Seriously..very anal about paying my bills on time. I called the bank before I ran into trouble in Jan. before I paid my 1st late payment. I had been out of work and barely had grocery money. They said no programs but to check back in Feb after Obama puts his program into effect. So I did and I had to keep submitting paperwork over and over (the same paperwork) and they keep telling me they are working on it. After 7 months I did get a response from the bank (IndyMac) with a signed agreement that I need to pay 3 payments on time while they work on my account. I agree and fed ex the 1st payment and make the other 2 on time..only during this time the foreclosure notice hits the papers and now have my friends calling me to see if they can help. I am still waiting to hear IF they can help and they keep telling me to keep making the payments and it could take up to 5 months. I see alot of foreclosure notices in the papers and get sooooo pissed off cuz the banks have the money and are sitting on their asses and not helping people out like they were supposed to. In the meantime..property values are still plummeting as every foreclosure has a negative effect as well as an emotional one for the families that live there and have to live through it. Does anyone have any ideas of who might give a shit in the white house to call cuz I can tell you that noone at IndyMac cares.
12 years go I was a homeless mother of a young child. I worked my way up from being homeless to obtaining my own apartment and 3 1/2 years ago bought my 1st house in the hope of when my son was old enough to go to college, I would have a little investment in my home and be able to help send him to college. In May of 2008 I had to be off of work for 12 weeks due to a surgery. I had planned ahead for a 6 week medical leave. When it turned into 12 weeks, I notified Citimortgage. I requested a 3 month moritorium and filed paperwork with them via the phone for I could not write. After 40 phone calls, I found out that Citimortgage had never processed my request and refused to accept my payments. I was going to be forclosed on. I, like may others, proceeded to go through the long drawn out process to obtain a modification. After having them file forclosure paperwork and 250+ phone calls on my part, they finally got to a point where we were able to talk about a modification. In April 2009, I received all of the modification paperwork, sent in my payment and signed paperwork and I really thought that we had finally reached the end of the 10 month journey through mortgage hell. I was wrong. My payment was not applied to my account correctly and a escrow analysis had not been done proir to the modification being finalized. 5 days after reciving my 1st payment,Citimortgage had raised my monthly requirements to $50.00 per month to cover escrow expenses. Come to find out after another 75+ phone calls was that the funds had been put into unapplied and are sitting in the account collecting dust while I collect additional fees. My mistake was to believe that the people working at Citimortgage are competent. I have found 1 person since June 2009 until now that has a clue as to what needed to be done to get my account corrected and have the funds applied like they were supposed to be. He also has run into a wall and I continue to pay as per my modification arraingement, but now they are stating I am 3 months behind again. I can’t win. I only want to pay my mortgage but Citimortgage’s employees can’t figure out how to correct an error that they admit verbally is there and had been done on their part and now I may lose my house all over again. I receive a call from Citimortgage collections everyday, I respond with the same 15 minute reasoning and request for a supervisor to call me back. I have received 3 supervisor calls and my account gets reassigned every week to someone new, I finally get to that person and it then gets reassigned to someone named Beverly who’s job it appears to be is to sit on the account until she gets a phone message then have the account transferred to another person again. Beverly has been assigned to my account on more that 25 different occations and fails to return any calls back. Now Citimortgage says I am 3 months behind again and I can’t get them to fix an accounting error. According to HUD’s website, the company was supposed to have run an escrow analysis when the modification was agreed upon and was supposed to have waived all the late fees. They failed to do so. I don’t know what to do to get this corrected. I just want to pay my mortgage. How can I get Citimortgage to respond and correct their error. Do I have to pursue them in court? I am tired of feeling like my only resourse is to sue them.
After LITERALLY BEGGING FOR 11 MONTHS TO GET A LOAN MODIFICATION WELLS FARGO FINALLY CONCEDED AND LOWERED MY PAYMENT $78 FOR A HOUSE 200000 UPSIDE DOWN (I NEEDED $800 LOWERED) I HAVE PAID 2 MONTHS BUT AM TIRED OF TRYING TO KEEP THE HOME.EVEN FILING BK WAS DENIED CAUSE I HAVE A RETIREMENT INCOME AND CAN PAY 50000 IN CC DEBT. I WILL DEFAULT AND WONT EVEN TALK TO THE BANK EVER EVER EVER AGAIN. I WILL WAIT FOR THE MARSHALL TO GIVE ME 3 DAYS TO MOVE THAN I WILL RENT A U-HAUL AND LOAD UP IN ONE DAY. I WILL PAY A LANDLORD THE WHOLE 1 YEAR LEASE FOR A 1500 CONDO INSTEAD OF THE 3100 A MONTH FOR AN UPSIDE DOWN HOME WHICH WILL TAKE 10 YEARS TO REACH ITS VALUE HOME OWNERSHIP DREAMS IN THE USA ARE GONE FOR ME ITS OK THOUGH UPKEEP TAXES INSURANCES FORGET IT 4 EVER
I applied for a home Modification with Litton Loan Servicing on my own back in June, was turn down,my monthly in come
2,000. my loan is 1,103.18. in august
Community Org,in Florida said they would help get me loan modification, because my income is in 31% bracket, however again Litton turn me down, Community Org had me stop paying my mortgage, instill put in escrow account in which I did. Now I am behind in payments because of Community Org, Litton want to foreclose on me, because they don’t want to deal with, I, also had a very
nasty customer person at Litton Loan Servicing, tell me you can only do one
modification in lifetime, I told him
I never applied before he call me lied, told me he is foreclose call back in two days and he will tell
lawyers fee and court fees. I, now trying to get out. Don’t talk people
who tell you they can get loan modification, because they are waste your time like John Hines at Community Org, his phone can’t take any message box fill 407 576-7204 ex 103
new message
customer,
I submitted my paperwork for a (HASP) Home Owner Affordability Sustainability Program Loan early this year in April to Countrywide. The Loan Consultant received all my documents. Unfortunately, he called to let me know that he quit the company, and will be forwarding my loan documents to a Branch Manager. Well, I receive an email from the Branch Manager telling me she was unable to do anything for me since, she was in the hospital, and now her illness has relapsed, and she is back in the hospital. I emailed her back, and asked that my loan documents be forwarded to someone who can help me, it was given to another Loan Consultant, and it basically just sat on his desk for months, until I called him to follow-up, and he said there is really nothing that they could do at this time. In the process of all this happening, there was a transition from Countrywide to Bank of America, so this also complicated matters, since there was a disconnect in communications. I was getting really frustrated, and told the last Loan Consultant to forward it to another Loan Consultant, who was willing to try to re-submit all the documents. Finally, in the end, after 6 months of waiting, the whole loan documents were rejected. At that time, wasn’t late on any of my payments, and have tried to keep on time. Now, after a reduction in work hours, illness, and unfortunate circumstances of waiting, and waiting, I am now 60-days late, and soon to receive a foreclosure notice. This OBAMA plan hasn’t helped me at all. It has been a long and arduous process to which has accomplished nothing.
Through B of A, I was able to lower my monthly payment by about $100, but more importantly refinaced for 15 years,when I had 17 plus a few months left of the origional loan, My interest rate went down from 7.75 to 5%
I did have to roll points and origination fees of 6,000 into the loan, so B of A makes a profit, but both # of minths to pay snd monthly payments are down,
When I asked when they were going to do this with their credit card interest rates, they lowered my 19% interest rate to 5.75 if I agreed to close the account. Although it is a hit on one’s credit to close the account, the lowering of interest rate was worth it.
Slect Portfolio Financing. We have had nothing but problems with this company. We filed chapter 13 to save our house after I got really sick. My husband lost his job and now all we have his is uemployment checks and my $9 hr wages.
We paid off our chapter 13 in full after we received a settlement.
We did the forebearance and 3 months of test payments. Submitted all the paperwork.
Then we were told we did not qualify becuase my husband did not have 6 months of Unemploymment checks coming.
I was shocked angry and scream and the man on the phone to tell him NO ONE IN THIS WHOLE WORLD HAS GUARENTEED INCOME! You sorry employer could come to you tomorrow and fire you and you would be in the same place where we are if you even earn enough to own a home.
So we are starting all over. Not sure if we will get anywhere. I know we will not file chapter 13 again. We will let the house go into foreclosure as its in need of a lot of repairs.
We can’t get homeowners insurance because our roof and siding is in such bad shape. We can not get home repair grant because our loan is not current.
Its a horrible vicious circle!!
We originally had our mortgage with Taylor, Bean & Whitaker and put our modification request in on the first day in April when you could request it.We had to send in the information 2 more times only to find out our loan was being sold Bank of America. When it was sold we coulnd’t get in touch with anyone from BOA for a month. TBW told us pay what you can on the mortgage. They didn’t care it was out of their hands. We kept calling the number for BOA and after almost 2 months we were denied for the modification plan . They couldn’t give us a reason other than some FHA loans can’t be refinanced. Now they may consider us for their program which will mean they will give us until 2011 to pay arrears. I wish the Modification Program had some teeth in it and being monitored by the government with penalties for banks who took our tax money and didn’t work hard at trying to lower rates and bail us out!
My husband has been unemployed since December 2008; so, in February 2009 we telephoned Countrywide/Bank Of America to see if they could possibly help us with our mortgage. We went through the whole questionnaire and was told, “sorry we cannot help you”. Then in August 2009 my husbands unemployment was cut in half. We thought that all he needed to do was to file and “extension”, but the Oregon unemployment office proceeds to inform us that since he went back to work from August to December and needs to file a new claim that they have to use those figures to set up his uneployment! In October 2009 a Fed-Ex truck pulled up to our home and dropped off an envelope from Bank Of America stating that we qualify for a “TRIAL LOAN MODIFICATION”. The modification is from November through January 2010. Personally I thought it was a scam and ignored it. October 11, 2009 I went to Bank Of America’s website to set up my “regular” mortgage payment for November 2009. On October 18, 2009 I received a telephone call from Bank Of America wanting to know if we received our package and if we planned on taking advantage of this new modified amount? I told her that I would phone back in the morning and discuss this with a representative. I did just that the following day. I explained to the woman in the “Home Retention Department” that I already have the “regular” mortgage payment set up and she ASSURED me that she would cancel that payment and set up a payment for the “NEW” amount. Guess what on October 30th Bank Of America took out the orignal payment amount THEN November 2nd took out the “trial mortgage amount”. So, to make a long story short, I am completely BROKE and they will NOT give me my money back!!!! Thank you Mr. President!!!!
I APPLIED FOR A LOAN MODIFICATION WITH WELLS FARGO WITH THE HELP OF A HUD COUNSELOR THE COUNSELOR WAS A VERY NICE MAN WE BOUGHT THE PROPER PAPER WORK TO THE COUNSELORS OFFICE WITH ALL THE FINACIAL OBLIGATIONS. WELLS FARGO WAS THEN CONTACTED BY THE HUD OFFICE WELL FARGO AGREED TO MODIFY OUR LOAN WE HONORED THE LOAN BY PAYING THE AGREED MODIFICATION ON TIME ABOUT THREE MONTHS LATER I GOT A CHECK IN THE MAIL FROM THE MORTGAGE COMPANY IN THE AMOUNT OF ABOUT 6000 DOLLARS WITH THE REASON BEING MISAPPLICATION AS THE REASON I CONTACTED WELLS FARGO FOR A EXPLANATION THERE EXCUSE WAS WE MADE A MISTAKE I DONT KNOW IF THERE ARE ANYONE WHO HAS DEALT WITH WELLS FARGO BUT THEY ARE THE WORST BANK EVER I HAVE NEVER HEARD OF A PERSON PAYING THERE MORTGAGE ON TIME AND A BANK BREAKING A AGREEMENT BECAUSE IN THERE EYES THEY MADE A MISTAKE SO YOU KNOW WHAT LOSE YOUR HOUSE ON US I AM CURRENTLY DEMANDING A ANSWER AND I AM GOING TO TAKE THIS UP WITH A LAWYER
come on here , when can you ever trust the government??????????
give me a break Obama has done more harm to this country , the bottom line is there will be no help for the home owner . We did not have a clue when we bough our home that this world would be going bank -rup , but what obama did do was give the billions of dollars to the banks and no money to the american people , if he would have giving the money to the american people then we would have paid our homes off or got that payment down, and this would have boosted the ecconmy , i give up were all in trouble here , litton loan service will not help you , nor will our government. as you can well see this .
lost in ohio .
My husband had to go in for open heart surgery in Feb 2009. We got behind on our payment as his disability didn’t come thru. I am on disability for heart and copd. IndyMac was the worse nightmare I have ever had to go thru. When I as them for a modifacation and told them my husband had to have wpen heart surgery their statment back was “WELL WHAT DO YOU WANT US TO DO ABOUT IT” eVERY TIME i CALLED WHICH WAS WEEKLY THEY WERE VERY RUDE AND WOULD NOT HELP US. tHEY DENIED US A MODIFACATION FOUR TIMES. tHEN ON oCT 26 A MAN CAME AND PUT A NOTICE ON OUR DOOR STATING THAT OUR HOUSE WAS BEING SOLD AT AUCTION ON nOV 4, iNDYmAC HAD NEVER SENT US A LETTER OR PHONE CALL NOTHING. SO WE HAD TO BORROW THE MONEY FROM MY NIECE AND TRY TO SAVE OUR HOME. WE HAD BEEN IN THIS HOUSE FOR OVER 19 YEARS AND MY HUSBAND WAS NOW BACK TO WORK, WE JUST HAD A VERY HARD TIME COMING UP WITH THE PAST DUE AND FEES. I UNDERSTAND WHY THEY ARE GOING UNDER THEY ARE THE WORST PEOPLE TOO TRY AND DEAL WITH AND THE RUDEST. OBAMA DID NOTHING TO HELP ANYONE I HAVE YET TO HEAR OF ONE PERSON IN OUR COMMUNITY WHO HAS BEEN ABLE TO GET A LOAN MODIFICATION. INDYMAC HASN’T EVEN DONE THINGS LEGAL AND YET NO ONE WILL DO ANYTHING ABOUT IT. ALSO THEY PUT US IN A NEG ARM LOAN WHICH WE HAD REEQUESTED TO HAVE A 30 YR FIXED AND THAT IS NOT WHAT WE GOT. THEY ARE CROOKS AND LIE JUST LIKE OBAMA. NO ONE WANTS TO HELP THE UNDER DOG JUST THE RICH. THERE ISN’T MUCH LEFT FOR THEM TO TAKE (OR STEAL ) FROM US WORKING PEOPLE.
How do the banks get away with theft of people’s homes. I have been trying since Feb. 2009 to get a loan mod from Wachovia. I too have been misinformed, hasseled by incompentent customer reps and the best, a company that is helping Wachocvia, collect money sent a casually dressed, young man to my home at 8:00 at night to collect the outstanding balance.
After complaining, I found out that is not a proceedure used by Triton. The company that is helping Wachovia.
This whole program is a crook. I faxed paperwork, to the bank on 10/22/09. I spoke with a loan person Thursday and was told it was too late to receive that type of loan mod. the closing date was 10/31/09. I was told I would have to start the procedd over with the new government plan, HAMP.
I believe all this run around is to collect chip forclosures and sell high once the market returns. The banks ask for a hardship letter. What good is it. They do nothing to truly help. I have only found out what was needed by calling the bank. I think they have a round file under the fax machine.
Why is the government letting the banks get away with thieft?
I was waiting to hear from my mortgage company, Ocwen, who stated they received all of my documentations but proceeded to put my house in foreclosure! Unbelievable! I got it out of foreclosure but have to pay numerous attorney fees -they guaranteed it would not go into foreclosure but it did. I think Obama is a joke – he’s the do nothing president who gave hope but never delivered. At least Bush didn’t give us any hope – I think what Obama has done is worse! The only campaign promise he kept was his date with Michelle to NY – thanks! Hope he enjoyed being a one termer!
I applied for a loan modifiacation in Feb and it took till Aug to get a response. It was well worth the wait. I didnt have to make any payments during this time either. I went from 9.2-12% adjustable. To a 4.5% fixed. I only had to five $523.00 contribution. So it worked for me, it just took awhile its worth the wait. I dont have to make a mortgage pmt till 01/01/2010. I got a great deal.
In October of 2008, I wrote a letter to the Hope dept. at Countrywide telling them my problem I was having and that I could not keep up with my 1,500.00 mortgage payment on my single 1,700.00 a month income. I scrambled trying to make the payments. Robbed Peter to pay Paul which got me into credit card debt. Five months later in Feb. I got a letter stating that I qualified for a Homeownership Retention Program. It was a rediculious package. Interest only payments for 10 years and if they added the past due amount my payments would be more then they originaly were. What kind of help is that? I told them to stick it. I was waiting for the Obama Loan.
In April I got the making home afordable package in the mail that lowered my payment by $400.00 to 1,119.00. This was a little help but still over the 30% mark. I was to make my payment for 3 months for a trial then I was to get my paperwork in the mail and all the late charges and bad credit markings would go away.
My credit card company’s now see that I’m behind according to the mortage co. and have raised my interest rates to sky hi. My paperwork had to be re processed now because Bank of America was now handeling the loan. I can’t tell you how many phone calls I have made and how many people I have talked to over this past year. I just have about given up hope that there is any end in sight. It is now November and the 3 month trial period has now been 7 months. It has been a total of 13 months I have been waiting for help and final paperwork.
I have enrolled with a consumer credit to take care of all my credit cards so I can’t get anymore interest hikes. They have tried to talk with BofA with no luck in finding anything out. I have been trying to do the right thing and be accountable. I just wish the company I’m working with could be.
I wonder if Obama really realizes that something that was to help has actually turned to be very negative. I don’t know that I would want my name on such a bad crises.
my lender, hsbc, has only a collection agency handling affairs. they have no authority to give any modifications more than 6 months. 3 times i sent them paperwork based on a hardship of wife being deceased and my income cut in half, but to no avail. all they say is that they do not participate in any federal modification plans that were set up by the govt. its a very poor handling of financial matters.
We are having the same experience with Bank of America. In March, they put us on a list for the modification program. We are not behind on our payments so we were told we would have to wait for part B. We are still waiting. Everytime I call the answer is the same they are working on it. They have tried to get us to refinance outside of the program. I wonder if it will every happen. There is no hurry for the bank. We are not behind on our mortgage. We could refinance but our value has dropped. We no longer have 20% equity, I do not want to pay PMI.
Bank Of America and the other banks are ripping people off, Mr Obama must know this and is allowing it. I tried to get BOA to refi me and I only owe 76,000 on a 175.000 house i got laid off and they refuse to help. they also are overcharging $1000 per year on homeowners ins and do not send you a copy of the policy. This is highway robery and they know it. This is cruption at its best.
Excuse me………..I was one of the Countrywide VICTIMS in the middle of my refinance of 30 yr fixed at 9.875% that Countrywide closed hundreds of branches and never notified thousands of families. Then as you know Bank of America took over. I burned out 3 fax machines filing complaints with Mozilo the ex CEO of Countrywide that is now in jail and whatever he gets he deserves. OK PEOPLE 11 MONTHS 21 DAYS
that is how long my refinance took, and it took a fax to OBAMA, the DEPT OF JUSTICE, My state Attorney General my congresswoman. 11 MONTHS 21 DAYS and all Bank of America offered me was 6% for the remainder of the loan. I was told they do NOT renegotiate FIXED mortgages, I used every free consulting service I could NO ONE HELPED ME BUT ME. I am gainfully employed and I am NOT upside down on my mortgage matter of fact I have 50K equity and OBAMA could NOT help me. There are thousands that lost their homes. This was a task that took YEARS off my life faxing the same 60 pages, and Countrywide HOLDING my mortgage payments with the making home affordable plan and reporting me 5 months late on my mortgage because I was told those mortgage payments were going into a fund. My credit is RUINED thanks to Countrywide. Bank of America is no better…….when I call I ask if the commercials are REAL BOA employees or ACTORS. BOA nor ANY mortgage company really cares about anything. THE GOVERNMENT should take it ALL over and give our 2-3% interest mortgages to ANYONE who applies. I was even told to sell my home and get an apartment. Good luck everyone.
Loan modification has been a nightmare. My husband has spent hours on the phone with people that really dont have answers. I dont know how many times we had to resend financial information because we never spoke to the same person and no one takes notes so the information was always lost. We were finally put on a trial and was told they would get back to us within 30 days. In the meantime we get a foreclosure notice, and we are on a modification. When we called Chase the woman on the phone said the program we were on ended and basically too late and that someone gave us bad information that told us to continue making payments until we heard from them. The woman on the phone said in order for them to see if we qualified for the program we had to send 4 months worth of financials. We were on a loan modification and had sent financials atleast 3 times already. My husbands words were why would we be on a program if we hadnt already done all this and actually have figures to the penny of what we will be paying. Finally we told her to get her supervisor. The next day we spoke to someone else who was very pleasant and said we were on the trial period etc. She stopped the foreclosure notice. My advice would be to always get a name, dates documentation. If you arent getting anywhere within the first few minutes hang up and try for someone else who is willing to help. If you still are stuck go to the supervisor. We have never spent so much energy on something, and feel bad for people who have given up because they got misinformation from the person on the phone and lost their home.
Well, after reading about 20 or so stories, I just have to wonder do you really want to hear another one and who really cares. First, let me say I lost my job in April 2009, never spent more than 30 minutes of tv a day if that much. But now I have to watch,Anderson Cooper,Lue Dobbs,Cambell Brown, Larry King and the rest of CNN caster, I just love your show I’ve learned so much. Anyway another unreal mortgage story. I started the process on Arpil 20,2009 and was accepted on the forebeanance plan. Lo and behold I lose my job on April 22,2009. I knew I had to tell them,so I called a couple days later explain what happen,was told to call back after July,because the plan would not fall off the system until then. I could no longer make the 2,100 monthly payment. I already was in financial hardship base on the fact,that my husband lost his job of 7 years, 3 years ago. We franchaised with a commerical cleaning company that didnot promise the 2,100 a month contract and we put down 10,000 to join. We later start our own. Which has done fairly well considering the economy down turn. After about 2 weeks I was awarded unemployment and call Aurora Loan Servicing to inform them to see if I could reapply. Was told no we cannot use unemployment. I would contiune to call every other day. After about a month, I was told we can use unemp. So,the rep. took my financial statements and states, well we will review it and let you know somthing. Well that something would run into the month of August,after making calls every day or every other day and looking for a job it was so stressfull, I wanted to give up,but we wanted our home. When we built the home we owed nobody and our credit score was well over 800 and no bills. Four years later we owe $100,000. in credit card debit,lost $55,000 in property vaule (430,000. now $375,000) and the loan is an arm/interest only with a 2nd mortgage. My husband cleaned out his 401k ($25,000) and very little in saving left. ALS,rep. state do not make a payment until we complete your process. So, I would contiune to pay the credit cards. After not hearing from ALS, I would call day after day getting all these different answers and stories that was not adding up. I contacted Adams County Housing for help and we put together the finanical package and they faxed it over. Well, it still took them a week to admit that they did receive it on July 21,2009 and said it would be 90 days. The home went into foreclosure on October 21,2009.
I contiune to go to meetings for forclosure preventions with the city and called at least 5 consumer credit couselousing company only to learn that the rate and monthly payment would be more than what I was currently paying. I have been advised by most and advised by Freddie Mac (lender) to pay by mortgage first, which of course make sense now that I come to realize ALS was not in a hurry or maybe to busy to help me immediately. So, August I mail them a cashier check for the $2,100 and they returned and states it was to late and I needed to wait. Well, of course all bill are starting to fall behind. Credit cards companies are calling at least 5 time a day and that would be a total of 10 cards all together. Each day when I could find the strenght and a clear mind I would call to negotiate the cc’s. I have been sucessful with 8 of them and put on 6 month’s or 1 year plans with no late fees or very low interest rate if any. American Express will not work with me at all. I have never been late on any bills in the last 20 years and never received welfare or any other state/goverment program help. I am just in disbelief that I am being treated as if I have been lazy and bregged for help all my life. It just makes me wonder how cold hearted is America. I was born and raised here and for the first time I am asking for temporary help an cannot believe the respone I’m getting from some people.
I feel as if we have been already kicked in the qut and some of the people don’t mind kicking you in the same wound is what I have experieced with this so call loan modification. Right now as I still look for work (15yrs banking,25 yrs management,25 yrs customer service), I have to wonder who will hire me with such a made credit scrore, I donot know what it is, I know it is not the 850 I have carried for 20 years and I’m just to afraid to look at the report.
Now ARL state they have pushed the foreclosure day up til December 16,2009 with will give me more time to find a job. My husband is working the cleaning business and has a part time job with the airlines,we praise God for that. Our second mortgage is,was with Bank of America they are also,one who was never willing to work with us and now state they sold the loan to someone eles, but I still receive the statements from Bank of America and they wonder why they needed a bailout. After thinking about this, I think it would have been better for President Obama to give the money to individual, I believe we would have done a better job. I certainly know the plan is great and maybe some people have been able to benefit from the program, I just happen to be one of the thousands that’s still waiting.
As, I close I just pray that our loan will go though and I find work,so, we can enjoy the comfort of our home with our children and granddaughter for the holidays. And if they don’t see fit for us to stay in our home God be with them because he is always with me.
Thanks for taking the time to listen.
Shelia
We are a family of 4; and we are stuck ina home with 2 bdrms; and 1 bath. Plus we are attached to a bunch of real crappy neighbors! Trying to improve, our loan is 149,ooo. but is only valued at 50,000; and we have applied 2 times for a modification and been denied without cause. Our mortgage was just sold by our lender this past week. So here we are with no ideal where our future is going be much less our home! The mortgage is so high $1264.44 plus 15 payment fee, that it is ridiculous to pay THAT amount for what we have! We live in S. Florida; an we are being hit hard! Obamas’ plan doesn’t seem to cover the average hard working family!!!
We started our loan mod request Dec 1st last year. We started with a phone request followed by a mountain of forms to complete. Went through the interview with HUD as required and met with a loan councelor. we were told it would take about 15 days. we returned the completed documents with everything they requested. They said they did not receive it. once again we faxed copies of everything and unbeleivably that was also lost. 3rd time they received it and we have gone back and forth for months with them requesting duplicates of the original package. one more check stub -one moe utility bill etc. it seems every week there is something very trivial they need. Each time we talk to someone we have to repeat the same info as to why we need help. I am 68 and disabled, my husband is 65 and working 2 jobs just to stay afloat. One of their reps told my husband he needs to find another job or find out how to cut $700,00 from our monthly budget. What a joke – We are still waiting for final confirmation that we will infact qualify for a loan mod. At the moment we are on a trial period with a reduction of $500.00. We could still lose our home of 22 years if this doesn’t go through. All we can do is Pray and keep sending in the miscellelaneous paperwork they ask for. I think they are hoping we’ll get fed up with the stupidity of it all and quit the process. But we wont of course. Pres. Obama had a great idea, but I don’t know how many people have actually been helped.
BOA is a crime. I had my loan with one bank and was working out a modification after I lost my job in February. BOA took it over in August and sold it in October. I tried to tell them I am working I have renters and they wanted me to put a down deposit (large) on my own home. They sold it without sending me a letter too. I called and they told me it was up for sale in 2 weeks. I would sue them if I could. And the Obaham plan to give $ to BOA was a crime. They literally took my home right under my nose with no options. I am really upset and expect a new home from Obahma!
It made me cry to see how mahy people are struggling like we are. We have been trying to get a modification/refinance with IndyMac for over a year. Centex homes put us in an adjustable non-owner ocupied loan since we were in the middle of selling our homes in CA to buy in Nevada before the great crash. They said to refinance somewhere down the road. When we went to refinance-no one would because of the crash. Now, Indymac (the 4th owner of our note since purchase in 2006) thre out the paperwork because it was a non-owner occupied-but that was suposedly fixed when we moved in with the first lender, but they never changed it going to the second note holder. So, now once again, we start over at square one. We bought at $610 and now the house is worth $299 and we owe $472. We have lost our life savings and are so deep in debt trying to cover everything and don’t know what to do. I am very glad some people are getting help, but the vast majority of us TRYING to do the right thing and not just walk away are living nightmares. We call IndyMac every week and are told it just takes a long time. Be patient-but every month, new things are needed, or new updates are required. We are current on our payment due to borrowing, but can’t hold on much longer.
Our bankruptcy lawyer send us a letter that Moss Codilis, L.L.P. 20 North Main Street Albion, NY 14411
(They work for EMC server which I think Chase has it now)
Send to him so that they can Modify our Loan this was back in June of 2009.
We have send information over and over again like pay stub all income that comes in our tax’s all bill’s,letter asking for modification letter that we wanted our tax in escrow and a letter from our bankruptcy attorney that they can work with us.
We have send these papers over and over again because they keep saying they didn’t not have then.
Since June noting has happened only that they called us and told us that we did not pay our 2008 tax’s in full that we only pay half and that we did not pay our 2009 tax’s.So they ask us what we wanted to do.
We told them if they could pay the rest of 2008 tax’s for us and for them to put it toward the back of our loan.and to pay 2009 tax’s since we had asked for them to put the tax’s in Escrow with the modification so they ask us to put it in writing so my husband did the letter and we both sign it and we fax it to them. I called to see if they got it and they said yes.As of yet no Modification Just two letters billing us.
Now they are billing us saying we have to give 907.06 extra with our mortgage payment if not they will charge interest. We can do that. Our mortgage payments are 2403.98 and we Have not been making full payment because of financial issue my husband loses his job when Air Trans pull out of Stewart Airport and was out of work 5 month he back to work but making less money and he also retired from NYCHA so he gets a pension check but it still not enough to pay a mortgage of 2,403.98 and 907.06 That total 3,311.04. We called them again telling them and they said pay what you could so that what we are doing.But what happen with the modification.Our loan was a predatory Loan from the beginning in 2005.
I applied for the modification from Litton loan serving company and it is terrible, I was three months behind because, I lost a large income base and my daughter is in college which takes alot of cash from my income. Here we are in november and im still waiting for a so called trial package which hasnt appeared yet. My interest rate is 8 percent im looking for that lower rate so I can catch up. Ive lived in my house for 10 yrs, and i hope to continuce too. I went to a community base program for help, they are speaking with litton , but even they are having a problem with this company.My mortage is $2045.83, it includes taxes and hazard insurance.I have been waiting for this trial package since August. I have sent in documents twice. If they have the money to help people I think they are getting their bonuses off of that money while we have to wait for assitance from them its a shame. I hope the President has someone watching these companies. my name is julianne munford of brooklyn, ny
Hi everyone, its been a emotional roller coaster for us. We been told 4 times that we do not qualify for any modification. Last month we got a notice of intent to sell. That started to stress out. We went through HUD counselors. Our first counselor quits, then are 2nd counselor quits at the time we needed her the most when we got the notice of intent to sell. Wow, we were lost and didn’t know what to do. Then we got a new counselor and we had to start all over again. Then I said let me go to Yahoo.com to find some answers. There is the website and they advocates and they gave me the email address for Barbara Desoer(barbara.j.desoer@bankofamerica.com).
I wrote her and got a response the next day from her. She is great, cause she is the President of Mortgage for BofA. We got an offer less than in a week. We like the offer but still asking to bring the payment down just a little bit more. I trust Barbara, email and see what see can do to your account from BofA. Good luck, MArk
we tried to get a loan from a bank but we we cant because our house is under owner financing. my fiance just got disabled and cant work i am layed off right now. we have a 5 yr old to. but am looking for work. we are trying to get SSDI for him but you all know how that works. we are lossing our house now and get this its going to be around Christmas time happy new yr to us right. we don’t know what to do. i guess live in a box in the cold. thanks Obama.. You really need to talk to the SSDI people to about saying yes the first time and not NO.
We have been trying to get a loan modification loan from Chase under the Obama guidelines Since March 2009. The bank stalled and stalled and kept asking for paperwork that was sent to them multiple times and verified. they waited until July 2009 to tell us that they are waiting for the Obama guidelines themselves and to check back with them in 30 days. we have done so and are told the same stories, they they cant find some of the paperwork, or they are still awaiting the guidelines. Now it is November 2009 and we are still in limbo and can’t get a straight answer or time remaining on their paperwork.
I can truly see why people are walking away from their homes. The banks get theirselves bailed out but the consumer is left without any help at all.
I have had the same problem with Wells Fargo as Vickie from San Clemente. I sent all information they requested in June & then update in Aug. I recieved a letter dated Sept. 28 telling me to wait 45-60 days. I recieved a letter from Well Fargo dated Oct 2 telling me about their offer, and no grace period but my first payment was due on Oct 1. I recieved the letter on Oct 8. Then I recieved a letter dated Oct 7 that I’m in default of the agreement of their offer,and I was charged late fees.
October 28, 2009
I followed yours and everyone elses advise to be pro active on my mortgage instead of waiting to get into a difficult situation. My income has declined from where it was so I contacted my lender Wells Fargo about doing a loan modification. I was not late on my mortgage. I gave them my financials and after 5 months they sent me a forebearence agreement to lower my payments for 3 months. I was told as long as I was not late on these payments then I could have the opportunity of a modification. They wanted to make sure I could handle those payments. I made those payments on time for 3 months. Then I get a call from my credit card holders that they were closing down my credit cards because I had lates on my mortgage. I checked my credit report that was always in the 700 range and it dropped to the 500 range because Wells Fargo is reporting 30, 60 + lates now. I just got a statement from Wells Fargo showing I am back on the regular payment I had before applying for the modification with late fees and penalties added. I never got a modification. I was never told my credit would be ruined. I had asked them if it would affect my credit and they told me no as long as I continued to make the payments on time. I did everything I was suppose to do and now I have ruined credit, no modification, and penalties and fees added to my mortgage. They have now put me in a position that I could lose my house with more costs and problems then when I started. This is what I got for being pro active.
Vickie
San Clemente Ca
We are a struggling self employed contractor who has seen our business decline by nearly 80% from a year ago. We have lived in our home for 32 years as we added on etc and now we cannot get a no doc loan and it is very frustrating. With the current rates we could save nearly 600 a month. No one helps the struggling and we live in California where everytime you turn around something is being raised except our incomes!Help!!!!
My experience with IndyMac Bank, Sucks, I been waiting since MARCH for the Modification and continuely have been told it is in process, no word as of today, but send in proof of resident, pay stub 2007-2008 tax and etc. Also,a law firm took my money of $2495.00 office in CA..ADVISING CAN HELP NEVER HEARD FROM ANYONE…BUT THE BIGGEST DISAPPOINTMENT ON IS REFUNDING MY MONEY. I AM VERY BROKE NOW.
The problem is the administration is not forcing the investor to change their loan modification rules. The Servicers, ie BOA, has to follow the investor, FHA, VA, Sachs Goldman, RCF, guidelines. Some of the guidelines are so strict that it ties the negotiator hands no matter how much they want to help someone. A lot of the loans are interest only and the borrower income has a big affect if they are able to get help. If their financials are in a deficit they will be turned down.
Law makers are not looking at everything. They are taking big business word on things and not truly investigating to see what can be done for homeowners to keep their homes.
i am a widow 65 yrs old and living in ocala, fl and my loan servicer i gmac mortgage. i have lived in my home for 20 yrs and made the mistake of refinancing back in 2006 with gmac. i have tried to work with gmac mortgage for a loan modification since last spring and always get the run around. i submitted my paper work on 5 different ocassions with no success. i contacted hope for conciling and they submitted paperwork which gmac conveniently said they never received. everyone including an attorney with legal aide could not understand why they would not qualify me for a modification loan thru the obama program as i fit the criteria. i owe less then my home is worth not by much but still less then is owed. i lost my job back in dec 2007 and have not been able to secure a new position. frankly i think my age has a lot to do with that and the high unemployment rate here in marion cty. my unemployment has run out and i received a letter from gmac that i do not make enough money to qualify for a loan modification so unfortunately my home is going into foreclosure and that is my story after taking care of and maintaining my home for 20 yrs
We have applied 3 times for a modification loan because our payments have gone up due to our loan officer not being truthful. He no longer works for the company. We are in a temporary hardship due to being diagnosed with cervical cancer this year and being out of work on disability. We are being told that we are not of a permanent hardship. We are struggling to pay our mortgage that is 2706.83 a month when we only bring in 4800. And that is with me working. With disability we bring in less.
Our mortgage company Chase doesn’t seem to care. They have only one loan option for us and it is to refi to a higher mortgage amount. That doesn’t help us. They don’t seem to care. We are at our wits end. What do we do to stay afloat and not become a victim of foreclosure?
Six months ago I got preapproved for the trial period of the making home affordable loan mod. Well at the end of September I got a very informal letter stating that I had been denied due to insufficient income to support the loan mod?!!!!! Ok, I have been in the 3 month trial period for SIX months and they were just now telling me they can’t qualify me!
I was completely confused and bewildered when I received the letter and knew it had to be a mistake. I was under the impression that if they pre-qualified you then they would take your mortgage payment and reduce it to 31% of your income and it would all be good. It’s been a long ordeal in the first place. I was pre-approved on April 30. I received the modification agreement packet in June. In August I called to see what was taking so long and they said they needed me to resend my electronically filed tax return with a signature, my full divorce decree (I sent the support section), and a utility bill since they could no longer use a drivers license to verify residency oh and send the last three months bank statements again since so much time passed and check stubs. Mind you they didn’t call me I’d still be waiting if I hadn’t called them. Anyway they said it would be another 30 days until I’d get final paperwork. Well low and behold last Tuesday I got the denial letter.
I called Citi and the customer service rep I first spoke to said I’d have to wait 30 days to speak to someone. Yeah right…give me your manager. So she transferred me to the floor manager who told me I was denied due to insufficent income to support the modification. She had no other information, but said she would send an email to the underwriter and see if he could call me. I called back two days later to see if the underwriter had any info for me, but there was none. The csr I reached this time was more compassionate and educated on the process. He explained to me that the reason I was denied was because in order to modify my loan they would have to lower my interest rate to 2%, make it a 40 year loan and forebear or forgive $120k. That was the only way to bring my payment in line with the 31% and they were not willing to do that. So where does that leave me I ask him and after months of being shuffled from one person to the other he finally gave me a name of the person working on my file and her phone number. I was told to call her and tell her I didn’t qualify and to have her look into other options. This was last Thursday. I spoke with her and she said she would call Fannie Mae who was the investor and see what they would do. She called me back today with an approval for modification. It’s at 2% for five years with the sixth year 3%, seventh year 4% and 5th year 4.78% which is the max interest rate for me. It only lowers my payment by $657 and is still 47% of my gross income. I’m glad I got it reduced at all but it still leaves me in a situation where if an emergency happens I don’t have much room to deal with it. The good part is that with the trial payments I have made I have a surplus in which they have paid my taxes, and my next 4 months mortgage payments so I don’t have a payment due until March of 2010. So I will be putting the next few mortgage payments in an emergency account. This has been an ordeal and although the Obama plan sounds great I don’t think that realistically it can help many people especially in states like California where mortgage balances are so high. Oh and of course with the loan modification they did approve me for there is a fee! Knew they’d find some way to make money off of me. Fortunately my surplus covered that fee as well.
Oh and CitiMortgage was also reporting me as being late to the credit bureas which is against Fannie Mae Guidelines. I was current when I started the trial period so they can not report me as late. I disputed with the credit bureaus and called Citi to complain. I received a letter stating they had corrected it and I should check my reports again in 30-45 days which I have checked and they did remove the late payment status.
Credit Bureau Reporting from Fannie Mae
In accordance with the Servicing Guide, Part VII , Section 107: Notifying Credit Repositories, the servicer should continue to report a “full-file” status report to the four major credit repositories for each loan under the HAMP in accordance with the Fair Credit Reporting Act and credit bureau requirements as provided by the Consumer Data Industry Association (the “CDIA”) on the basis of the following:
•
For borrowers who are current when they enter the trial period, the servicer should report the borrower current but on a modified payment if the borrower makes timely payments by the 30th day of each trial period month at the modified amount during the trial period, as well as report the modification when completed.
•
For borrowers who are delinquent when they enter the trial period, the servicer should continue to report in such a manner that accurately reflects the borrower’s delinquency and workout status following usual and customary reporting standards, as well as report the modification when completed.
More detailed information on these reporting standards will be published by the CDIA.
“Full-file” reporting means that the servicer must describe
I’m thankful that they were able to qualify me for something but I still feel duped. It seems like mortgage companies are still more interested in looking out for their pockets rather than correcting their past mistakes.
Oh and I recently learned that half a million people have been placed on trial modifications and of those half million only 2000 have actually been approved for the final modification! Best of luck to everyone.
I attempted to re-modifiy my home with (ASC) American Servicing Company,AKA: Wells Fargo. What I’ve discovered is that ASC will not negotiate principal reductions,however they will negotiate interest rates if you’re in an adjustable. The kicker is that the reduced interest rate with the new fixed rate will not reduce your monthly paymnet, but in essence possibly increase your monthly payment.
ASC/Wells Fargo is fully aware of this practice and isnot in complience with the Obama Home Affordable Morgage Plan. What Wells Fargo has is doing by accepting federal stimulas money, is simular to money laundering. They take the stimulas money, alleged they are assisting home owners re-modify, but in actually Wells Fargo, created a alter-ego (ASC) which is subsidary of Wells Fargo that assumed the role and responsibility of servicing all of the bad loans on the books of Wells Fargo.
By ASC acting as the loan servicer for Wells Fargo’s bad loans, and not negotiating with homeowners, removes Wells Fargo from involvement. ASC is the “Mob” like personality acting on behalf of Wells Fargo.
If CNN is truly interested, then I recommend they conduct investigative journalism into the operations of ASC to discover their nexus with Wells Fargo Bank and determine just howmany loan modification have been worked out that truly bebefit the homeowner.
In addtion, CNN should investigate teh profit of ASC. Just a suggestion. Now lets see if CNN has any backbone.
GAS
I just think we NEED to keep this thread going until the MAJORITY OF POSTS are sounding more happy and positive!
Sorry I can’t help with that part.
I also am dealing with Litton Loan Service. My mortgage was done with New Century and a couple months after that Litton had it.
At the time expenses were cheaper and income was higher. I did have a fixed rate, but not a great one.
I have done lots of things over the years to make money and take care of stuff, but I couldn’t anticipate that my mother would end up not being able to do stairs and having to move out, though not on the mortgage, she helped me a lot, not only with money, but with dishes, with watching out for my teenagers, or giving them a ride. It has been very hard meeting expenses without her, and it went from bad to worse after I was unexpectedly terminated from a contract I had with a pet grooming place. The owner decided they could manage it solo, as business was not at the same levels it had been when I came on. I understood but not the no notice part, guess they were nervous I’d take their scissors ? Who knows, but I got NO NOTICE and that was lousy.
And then a neighbor heard about it and offered to do a joint venture with me if I’d get the equipment they’d get the space and we could work together. She didn’t talk to her husband, she thought they had money they didn’t actually have– GREAT, I bought equipment (used) and now? No shop. Another person talked big too and then dropped out when it came time to put their money where their mouth had been.
Meanwhile, I do have one source of steady income and also some pt sporadic work.
SO I apply for a loan modification and was overjoyed that they were going to help me at Litton Loans. Well, so far, like everyone NO FINAL PAPERS and from what I read they have these Pooling agreements that LIMIT how many loans they can modify EVEN AS THEY ENCOURAGE PEOPLE TO THINK THEY WILL GET A MODIFICATION!
That is a patently DISHONEST way of doing things. The government should REQUIRE them to disclose things like:
:WELL LAST MONTH X NUMBER OF PEOPLE APPLIED AND WE APPROVED A TRIAL FOR X% of them. HOWEVER, of that LARGE PERCENT, only 23 LOANS WERE FINALIZED!
BECAUSE WE ARE AT THE LIMIT OF THE NUMBER WE AGREED WOULD BE MODIFIED TO OUR INVESTORS< AND WE JUST DIDN'T WANT TO TELL ANYBODY ABOUT HOW CLOSE OR FAR FROM THAT LIMIT WE ARE.
They say they are "moving forward" with my trial modification, but they won't define what that means… do call again. I'll keep you posted. I'd love to be able to come back and say my hope turned cynicism, is now restored, but from what I read about these loan modifications and this place, I'm going to stay cynical until I HAVE THOSE FINALIZING PAPERS IN HAND. and even then, heard of one case where they were approved and then…. DENIED. How can they do this stuff, legally, seriously where are the protections in this process for the homeowner?
I lost my job the first time in dec 2003 a merger in my company left me out in the cold. it took 5 months to find another position, my 401K retirement and savings were gone by that time and i had used it all to make all my expenses except the credit cards. I found a job paying enough to meet my expenses and lost that 2.5 yrs later, My husband became ill in 2005 with Prostate Cancer and then again with testicular cancer in 2007 that is when we started having trouble making our payments , I was down to working in a dept store making 9.00 an hour, the company i left in 2003 had a position opening for the HOPE hotline in 2008 which i proceeded to apply for and become a part of. I still lost my current home after 22 yrs because TaylorBean and Whitaker would not work with me at all. Now Bank of America has the loan and for all the boasting they do, they did nothing as well, the house has been empty for 2 yrs in Aptil 2010 and has only been in lis pendis since 1-2009, nothing is happening. My current landlord is also in foreclosure with Bank of America and is having trouble getting them to work with him. He thinks he deserves a hand out becuase and I quote “Everyone else is getting help” he hasn’t paid in 10 months but if I dont pay him he can kick me out in less than 30 days…He is working with the HOPE hotline but i haven’t seen as much progress with this as everyone seems to think is Happening. People are doing what ever is necessary to keep the homes they are living in … I hear it and try to help on a daily basis, but the banks are doing very little and the training that these reps have is destructive. They have peoples lives in there hands and dont even care enough to listen thoroughly
mj in tampa fl
I’m lost. After reading countless blogs, I have yet to read of anyone have a successful modification. I can’t wait months getting the runaround to ultimately lose my home anyway.
I sent in my application for loan modification 10/21/09, I’m planning on calling Chase here in about an hour to see where I am in the process. Not very optimistic at this point. I paid my November payment, but unless I find a job very soon (been out of work 7 weeks), I won’t be able to make another payment.
Should I just try to sell my home now? Let it go into forclosure? I’m upside down probably $30-40k . I have a high credit score (790-800), am current on all my bills, but this is just madness.
I feel so bad for all of you, the stress on you and your families, the sleepless nights, etc. I’m not a very religious person, but I do pray for all of you during these trying times
My big question is why is the governemnt letting this happen to us? They are aware the banks are giving us the run around, so why?
My note was with Countrywide that sold out to Bank of America. I begged all last year for a loan modifcation. You should have heard the stories I was told. One superiviors with CC told be they only did that for ‘good customers’, another time I was told’ your loan is 7.5, we are only helping those with 8 and above. One time I was told “you don’t make enough, you are going to loose your house anyway!” Another time, I made too much!
I bit on the so called ‘forbence’ program, they now have what I owe them going through the roof!
The government should be ashamed to let them do this to us.
To work at one of the BankAmerica call centers, I think it is a given, you have to FAIL an IQ test! They purposly hire people like that so you will give up and go away.
Today I someone from Fanny Mae is DC called me back. I kept stressing, this program is a joke and went over the details with her. The sick thing is, she agreed that you winde up upside down in their so called forberance program…so again I have to ask…WHY IS THE GOVERNMENT KNOWINGLY LETTING THIS HAPPEN TO US..
US..THE TAXPAYERS, US THE VOTERS…DOES ANYONE REMEMBER ..US?
The odds of getting a modification,- about the same as hitting the lotto. I too, have been waiting since Jan 2009 for something to occur in the situation, have been let down by the system, and at this point, am just waiting for the government to step in and grab the mask off these banks are hiding from. But seems like all I hear about on the news is health care. You know, Mr Pres, I don’t really care about health care if I am becoming homeless. Must be nice to be a Washington bureaucrat that doesn’t have to worry about their next meal, their next mortgage payment, ha. I thought Jan 09 was about change. Ha, we have all been fooled to think that Washington cares about us, that the bank is going to help us, get real. Read all these posts, I am angered. We should all sit outside of the capital and get the attention of lawmakers. Bottom line, if you cant pay it, don’t. Over half of peoples credit is shot anyway, they will have to reconfigure a new credit scoring, if not, just claim ten kids, and live off the government. That’s what they have taught us.
Ps. thank you very much Bank of America for having the home loan modification dept in INDIA! So nice of you to give non Americans jobs with our tax money.
CHASE is not willing to help homeowners,they took the tax payers money and pretend that they will help. Our interest rate went up in 07,(bought our house in 2005) everyone tells you to reach out to your lenders which we did. But supposedly we do not qualify because we both still have our jobs and the $800 child support that my husband was paying does not count as expenses so the modification request was denied. In’08 we tried to apply again(2nd time) since we thought,hey maybe we’ll qualify this time …seem like we fall into that criteria. Our house is worth half of the original loan(California took a deep dive in housing values.)and we have never been late.But in August of 2009 we got a letter saying we AGAIN got denied because THE INVESTORS will not approve the loan modification. We decided to stop paying and they sent us 10 letters in one month
stating that if we are in experiencing hardship,we should contact CHASE and they might be able to help us.Sure! we called CHASE and the response was: “I’m sorry if you were already denied twice for loan modification unless there was some changes in your situation there is nothing we can do for you. And yet, they wasted all their time and money on having someone call us everyday(we get calls at least twice a day) and sent out all these letters but they really have no intentions of helping you anyway.
It was a very tough descision to make but we decided to walk away from our house before our credit score get so ruined that we can’t even find a descent place to live.What we went through,all the phone calls to follow up,the rude insensitive employees,the faxing of paper works over and over again(somehow there’s a blackhole in that department and nobody seems to know where things go),there is no one that can really answer your specific questions and the loan modification process that puts you in limbo for months. Totally not worth having a house! Bottom line is…this Banks like CHASE only want what is good for them. And I am not going to let them suck all my savings up and ruin my life so I can own a house. Some people may think that this being irresponsible for walking away from your obligation but all I want is for them is to atleast maybe lower the interest rate or maybe give us a fix interest rate that we can afford. But they won’t even consider that because that’s how GREEDY they are. There are foreclosed houses everywhere in california(no.3 in the nation for highest foreclosure rate), we asked assistance from HOPE now,read everything I can find about mortgage crisis articles and consulted with 2 tax attorneys. So based on the advice and info’s I gathered,walking away from our house is the only solution to our problem.The housing crises is not going to get any better till 2012. Realize that BANKS are called banks for a reason,they’re in it for profit.
Good luck to rest of you!I hope you mortgage lenders are not as bad as mine.
Background: I currently have a 7.25%, interest-only 5-yr arm that adjusts in 2012. I recently went through a very costly divorce and I am in debt. My savings is running out quickly. I need to lower my $2,500/month mortgage payment to help me and my children survive. I am trying be proactive so that I am not another statistic forced to a foreclose on my home in 2012 when I will no longer be able to afford the mortgage payment. I am not a candidate for traditional refinancing because even though I put 20% down on my home when I purchased it in 2007, it has lost over 20% of it’s value. Here is my saga: I started contacting my then mortgage holder, Countrywide, early this year to see if I qualfied for one of the programs under Obama’s “Making Home Affordable” program. I had never been late on a payment. They advised me not to make a payment for a month so that I would qualify for a loan modification and call them back in a month. I called back and the rep I spoke with said I was given bad advice on not making the payment. She said I would be receiving information in the mail within the next couple of weeks regarding modifying my loan. Months went by. Countrywide was taken over by BofA Home Loans. I again went through the process of contacting BoA Home Loans and I was again told they would contact me. Weeks went by. The Sacramento Housing & Redevelopment Authority was sponsoring a “Meet the Lender” event. The flyer stated I could meet with BoA face-to-face and get my loan modified. I attended the event in July of this year. After 3.5 hours of waiting with about 1000 people, I got to meet a BoA rep. She took confidential information from me to include bank statements and paystubs with my SSN on them. After reviewing my information, she told me I qualified for a “five-step” loan modification and said someone from the bank would be in touch. She also said if I didn’t hear from someone in 7-10 days to contact them. She didn’t have a personal card with her name on it, but she gave me a 3×5 paper with the bank’s toll-free numbers and email addresses. 10 days passed. I called the toll-free numbers only to be put into an infinite loop of CSR’s from all over the country who knew nothing about my promised modification and couldn’t tell me who had my confidential paperwork. Since then, I have contacted BoA several times by phone and email. I left messages for them to return my calls. I have not yet received a response. Has anyone out there had their loan modified through BoA Home Loans? Is their an office I can contact that knows how to help me?
I applied for a home modification with Litton Loan Servicing company. They are the worse to get any help from. They are only interested in filling their pockets. They sit in from of the legislators and pretend to be so willing to help struggling home owners but they are only willing to give us a very small percentage of our mortgage. I current have a 9.95% interest rate and they are on willing to give me 7.95% interest rate which only takes of $250 dollar of my payment. My loan is 167,000 dollars and I am paying $1482 a month. No tax or insurance is included. They offered me the trial payment of $1482, tax and insurance included NOW, but I am trying to get relief from that amount. My home is in need of major repair and I asked them for a 4 to 6 percent interest rate and they will not allow that low of a rate because it is not enough kick back for them. So they get help from our tax dollars also from the high interest rates they continue to offer. And, yet they tell the legislators they are providing help. Litton Loan Servicing Company is only providing HELP TOO Litton.
October 28, 2009
I followed yours and everyone elses advise to be pro active on my mortgage instead of waiting to get into a difficult situation. My income has declined from where it was so I contacted my lender Wells Fargo about doing a loan modification. I was not late on my mortgage. I gave them my financials and after 5 months they sent me a forebearence agreement to lower my payments for 3 months. I was told as long as I was not late on these payments then I could have the opportunity of a modification. They wanted to make sure I could handle those payments. I made those payments on time for 3 months. Then I get a call from my credit card holders that they were closing down my credit cards because I had lates on my mortgage. I checked my credit report that was always in the 700 range and it dropped to the 500 range because Wells Fargo is reporting 30, 60 + lates now. I just got a statement from Wells Fargo showing I am back on the regular payment I had before applying for the modification with late fees and penalties added. I never got a modification. I was never told my credit would be ruined. I had asked them if it would affect my credit and they told me no as long as I continued to make the payments on time. I did everything I was suppose to do and now I have ruined credit, no modification, and penalties and fees added to my mortgage. They have now put me in a position that I could lose my house with more costs and problems then when I started. This is what I got for being pro active.
Vickie
San Clemente Ca
I work for a full service lender and real estate company now, however I was laid of my job with a major financial institution ,after just buying a second home, I was immediately thrust into the same position as all of the consumers here, but my knowledge as a lender helped me understand immediately ,it is easier to purchase a new home in the future than it is to buy a car ,so I immediately new I needed to” settle with the bank” and sell the property (short sale) which will allow me to redeem my credit and repurchas. Believe me I was attached to my home. I had never owned a home of my own home niether had my children. It was so hard but it was the right thing to do in the long run. Now I have money to save while I rent for a short while. If you have questions feel free to email me at Tneshela@aol.com It was much better then the headace of trying to deal with the banks for a loan Modification , which is nothing but a band aid on the wound, all of these stories I have read , these people are bleeding terribly, it’s not worth it.
I too am having the same issue as Jose Rivera in the article. This has to be some kind of sick joke. How can Bank of America not have the information to help? They didn’t waste time getting THEIR money! If the government had given that money instead to each household in the United States we would not have the problems we are faced with today.
I had been waiting over 1 1/2 yrs to get my loan modified. They put me on a forberance agreement, I would make my payments on time and every time they messed up the paperwork. Now after making the final payments on my agreement I waited almost 4 months to get these papers. (for the first two months I was told once again not to send a payment until I receive the paperwork (that was a lie) on the third month I was told I should have been sending one all along!) When I looked at my mod doc’s it says that my principal balance is almost $20,000 more than what I actually borrowed from the bank. I am dealing with the presidental offices and I’m still getting the run around. She said that is from the unpaid payments (which include interest)that is being rolled back into my loan. When I asked for a breakdown of what fees etc. are being charged to my accout to bring it to that amount, no response!! So I have been in my home for almost 5 yrs and I have paid on it for 4 including a couple of lump sum payments and I owe $20,000 more today than I did 5 yrs ago and my loan has been extended another 10 yrs! How is that helping us exactly? We fork over billions of dollars to them and all they’re doing is ripping us off more! Not to mention the damage this has done to my credit because they have messed thing up so badly. They should have to pay me damages!With all that money that us hard working people are giving them there is NO excuse for this process to take so long! People have lost their homes just because the mod. process takes longer that the forclosure process. Hire some people! Don’t complain to me about your mandatory OT on Sundays! I wish I could get some!
I sent in my modifcation to Citimortgage back in March 2009. I was told if I made payments on time for three months by the first of each month. My loan would be modify. I sent in my payments via Federal Express by the first of each month. I still don’t know today what is going on with my loan. I try to contact Citimortgage and I am told I need to talk to my caseworker assign to my loan. I asked to be transfer to his line and I end up back on the customer service line.No one has ever heard of the case worker assign to my case. I had also sent in numerous emails to Citimortgage and never got a response back yet. I keep sending my modificaion loan amount every month,cause I don’t know what else to do. When I tried to get a new car in September I was turn down because of my credit. Citimortgage had shown me being over five months on my mortgage. Those five months are the months that I was paying on loan modification. I want to know why they didn’t contact if I was paying the amount for my modification of $943 instead of $1233 the orginal amount of my monthly mortgage payment. Since March I have not recieved a mortgage statment of anything about my loan. I am going to keep on paying my modification loan amount of $943 until I am told otherwise. What else can I do. I am tired of making phone calls and sending emails and getting nowhere.
I have been trying to get a loan mod for 10 months. Talk about a nightmare. After one trial modification and NO communication from GMAC I received a sale notice in the mail. I finally found a lawyer to take my case pro bono and we have gotten the sale stopped for now but what next. Another round of me calling them once a week? with NO progress and rude service people? I dont want to be in this situation. I didn’t ask my spouse to leave me with a $3100 payment, 3 kids and on disability. I didnt ask the housing market to crash and my house value to drop by 60%. My mortgage was less than 70% of my appraised value. Way less than most people I know. I have not asked for a principle reduction only an interest rate reduction like is called for in the (angels singing) “obama plan” I’m truly tired of fighting the fight and only do so for my children to keep thier home.
We finally got our Loan Mod through BofA approved two weeks ago. In July we were told we didn’t qualify for anything as we were an FHA loan. In August we heard that the FHA mortgages had been added to the Hope program, when we contacted BofA again, but they claimed they knew nothing. We sought help from a Credit Counselor. Two days after meeting w/the credit counselor we received a phone call from BofA, we’d been approved for Loan Mod. They needed the paperwork back by Sept. 11. However, by Sept. 9th, no paperwork, we called & were told it wasn’t our fault they were behind, not to worry, they weren’t accepting funds (we also had until 9/16 to payback the entire amount in we were behind)they were “now protecting our house from foreclosure, we could rest easy”. We also found out that BofA has two (2) Hope Depts., however they each have different computer systems, so if you get transferred to Hope Dept 1, but your info is in Hope Dept 2, Hope Dept 1 can’t access your info b/c it’s a different computer system then Hope Dept 2. Every time we talked to someone at BofA we got completely different answers & were told the previous person was wrong. We finally received the Loan Mod paperwork on Sept. 19, three hrs later we were also served with a Summons/Complaint as BofA’s Loss/Mitigation Dept. filed against us the very same day the Loan Mod Dept drafted the Loan Mod paperwork. Apparently the Loss/Mitigation Dept. and Loan Mod Depts. don’t communicate with each other, event though we kept being told every time we called that they were updating our conversation on the computer. Each time we called while waiting for the Loan Mod to be approved once we’d signed the docs, we kept being told “you’re in foreclosure, w/no sale date”, then we’d say, “No we’ve signed Loan Mod paperwork” we’d then get told “Oh! Well contragulations, that info’s not in our computer.” So we’re calling BofA once a week and now dealing w/our local court & our local Foreclosure Mediation program. After the Mediation program contacted BofA to inquire about the Loan Mod.,BofA finally agreed to the Loan Mod they had offered us. THEN we found out, just b/c we’re now paranoid, by calling BofA to double check that the Loan Mod was in place, they told us yes, it was, first payment is due on Nov. 1st, mail it to PO Box ###, Dallas, TX. We said our Loan Mod paperwork says 1234 Lake Ave., Pasadena CA! Nope, that’s wrong. So they can’t even get you the correct mailing address of their payment center. We are still awaiting the exeucted Order for Dismissal from our local court, it still shows we’re in foreclosure. AND our payment only dropped $68 dollars a month, I don’t undertsand how others are being saved hundreds of dollars. All BofA did for our Loan Mod was lower the interest rate by 2%, thus giving us a $68 a month savings.
I am in the process of attempting to modify my loan with WAMU/CHASE. I voluntarily reached out to my lender WAMU back in October of 2008. 1 year later and I still do not have an answer. The system that the lenders have set up is the most dysfunctional, frustrating situation I have ever experienced in my life. I have documented every phone call that I have had with the “loss mitigation” team at WAMU. They have consistently lied to me and forced me to re-fax the exact same documentation to them multiple times (sometimes 5 and 6 times). In March of this year, I was informed I qualified for a loan modification and that I would be receiving a fed ex package with the documents. Much to the elation of my wife and I and our 3 kids, we celebrated the fact we were going to keep our home !!!! The package never arrived. When I contacted them they stated, “there was a mistake, you do not qualify for a modification and your file has been transferred to a new negotiator for further review.” This was now the third negotiator assigned to my case. (little did I know this would be the third of 6 to date). 1 month later I again contacted WAMU and I was told that a package was sent to my home informing me of some “missing items” that I needed to send them to assist them in their review of my file. (The “missing items” mentioned by the rep on the phone, were items I had faxed on multiple occasions) I informed the rep that I had not received this package. The rep became angry at me and said she even had proof the package had arrived at my house. Again I informed her I did not receive any such package. I asked her what address she sent the package to. She informed me it was sent to my home……in Massachusetts. When I informed her I live in San Jose, California she went silent. She assured me that I would be receiving a package informing me of the additional documentation they were requiring from me to proceed with a modification. The package never arrived. 3 weeks later I did receive a letter. It was a notification that my HOME WAS IN FORECLOSURE with an intent to sell at auction. I was devastated. When I immediately called WAMU, regarding this notification of foreclosure, I was told that I was being foreclosed upon because I did not comply with their request to provide the additional documentation needed to proceed. The same requirements that were listed in a package I never received. So my failure to provide documentation that was listed in a package that I never received, was the reason I was foreclosed upon. I then filed a complaint with the Chase executive team. A few days later a rep contacted me and inquired about my situation. When I explained what had happened she state that she could get me into a 3 month trial modification and the she could put the foreclosure on hold. On July 1, 2009 I began the 3 month trial modification. In September I completed all of the requirements of the 3 month trial modification and made the third of the 3 consecutive payments. I was told my file would now be “reactivated” and a permanent modification was being worked out. I was informed that I needed to keep making my trial payments even into months 4 and 5 or until I had an answer. By the way after sending them my financials on 3 separate occasions over the past 3 weeks, I received a package 2 days ago. Guess where it was from. “The missing Items department.” The documentation that the letter stated was not yet received and was putting my modification at risk…..you guessed it. The same financials I had submitted 3 times already. At this point I do not feel they have any intention of modifying my loan. I feel this is a stall tactic in an attempt to find an investor to by my home. My principle balance with WAMU is 579K and my home is listed at 700K on Zillow. All of the info in this e-mail can be substantiated with fax confirmations and phone records.
UPDATE 10/26/09
This is an update to my story…Today 10/26/09 I received a letter informing me my house is up for auction on 11/17/09. Interesting because today is
the first day Chase legally becomes my lender as it was previously WAMU. They never did intend to work with me and they took my 3 payments of $2900 I complied with everything they ever asked of me and now they are still taking my home
My loan is owned by U.S. Bank. I applied for a loan modification in May 2009. After months of waiting, and them losing my paperwork I finally got my congratulations paperwork. Ya, right. It states in this paperwork that my new payment will be 909.51, which is 31% of my monthly gross income. Well my monthly gross income is 1690.00, and 31% of that is 532.90. This is a huge difference. What happened? I’ve called several times, no answer to this question. Their response is take it or leave it! Wow, somebody on their end messed up and I’m gonna have to pay for it, the new payment they are offering is more than what I am paying now. I’ve called the HOPE Helpline, and didn’t get any answers there. They tried, but nothing, U.S. Bank gave them the run around too. (It was a three way call, so I could listen.) Anybody have any advice? I need help. I didn’t buy a house out of my league, I lost my job after 13 years at the same company. I know its not the banks fault, but it isn’t mine either. I’m not behind on my payment, but I’m not sure how much longer I will be able to stay above water.
From my foreclosure experience , here is my Solution to end the majority of Residential Foreclosures
I lost my home in foreclosure because the Office of Thrift Supervision did not carry out it responsibilities as a federal regulator of federally chartered banks. The Office of Thrift Supervision committed malfeasance in their lack of supervision, regulation and enforcement of violations of laws, rules and regulations committed by my federal mortgage lender. The Office of Thrift Supervision has made malfeasance an art form.
Based on losing my home of seven years and experiencing in the last three years the legal and regulatory institutional disregard for the federal mortgage loan borrower, it is readily apparent that the average homeowner cannot afford an attorney with a real estate background, the banking knowledge and federal regulatory experience to protect their rights and give them a voice in confronting and negotiating with their federal mortgage holder to prevent their residential property foreclosure.
Here is a very simple solution based on what the Office of Thrift Supervision stated in writing (December 21, 2006, in response my complaints against AmTrust Bank f/k/a Ohio Savings Bank, Cleveland Ohio), “There are no applicable federal consumer banking laws and regulations”. From my viewpoint translated that means the borrower has no rights and no voice to contest, object or legally question the issues with the lender bank.
The Congress by legislative design has made certain that the borrower has no rights and no voice.
Realistically the solution in resolving a foreclosure actually is very straight forward – include and make it mandatory that the mortgage borrower become an equal legal participant in the solution of the problem through mandatory neutral arbitration with their federally chartered bank or lender who legally owns and holds their mortgage.
This could be accomplished physically through an arbitrator within the federal bankruptcy system.
Simply put, establish rights for the mortgage borrower to question, object or contest what they consider unethical lending behavior by their federal chartered bank within the same regulatory system in which the bank lends its mortgage money with mandatory arbitration.
Thus the arbitrator would also act as a monitoring entity for the banks compliance to banking laws as required by their federal regulator and how effective the regulators supervision has impacted the bank in question.
Create a transparent federal mortgage loan note and deed transaction with fairness and equity to insure ethical conduct of the parties throughout the life of a mortgage loan.
Congress through legislation is really obligated to give the mortgage borrower a legal forum to be heard and defend himself.
By creating a level playing field to all the parties, so to speak, should result in a productive and effective solution to problems that normally would turn into a lawsuit or foreclosure.
Based on the fact of millions and millions of foreclosures where the mortgage borrower has no rights and no voice added to the fact the federal regulators were negligent in performing their responsibilities with a Congress that was complicit would suggest that mandatory arbitration administered by the federal bankruptcy system should produce the most reasonable results.
I cannot speak for the millions of foreclosure victims for I am one of them
We will never forget what they did to us.
Michael LittleBig
Foreclosure by AmTrust Bank
Case 2006 cv 584018
Cleveland Ohio
Started the loan modification process in April 09, was told yesterday 10/26/09, that we did not qualify. Then we were directed to the refi dept. Intake worker said we would qualify for a refi with the interest rate being 2 to 3% and then fix at 5.5%. Then we were told by the mortgage worker that we did not quality for this either. What gives? I have lost my job and my husband’s income is down by 25%. I guess I shouldn’t have taken a cash advance on credit cards to keep our payments current. I requested all pertinent worksheets for these determinations and was refused by Chase Home Finance-said I would receive a letter.
when u call the bank and s/w cust srv rep…they have a call time handle of 5mins and are rewarded with a bounse to keep the call handle time down… if they go over 5mins they will not get a bounse ….they are train to collect the money
I apply for the loan modification with Wells fargo, complete the trial and now they told me that im removed from this program, because i made all trial payments on time and they decide that im financially stable and i can pay my mortgage which is 71% of my income after loosing a job.and they told me a different plan which instead of me being now every month -500$ almost -8K every month. Always wait time is more then an hour and different reps telling me different information. tired of it and this Obama’s plan dont work, because wells fargo declines you once you follow every procedure in the list for modification.
I received my loan modification documents after I lost my job five month ago with FEMA in La.Since then I have been looking within the agency and outside and I have not even got a single job interview. After reading the documents I called Wells Fargo and ask how it was that if we lost 50% of our income and now my DTI ratio is high , they only lower the payment 15%($300 out of $2179.00). Also why do they report your acct delinquent during the four month trial period even when you are making the payments. They also add any missing payment to the principal which basiclly you will pay interest over interest. Also they required to go with a credit counseling company which normally they make all your accts default in order to negociate with the lenders. So you end up with no credit. I also found out the goverment pays the banks for every loan modification they make and their losses are covered by 75Bil from the gov. They might lower your payment but extend the terms to 40yrs. So in all this there is only one winner and one looser. As ussual the middle class american.Yes you get to keep the house but you end up with no credit,paying more in the long run and as usual picking the tab since the $ used to cover the bank losses is from same tax payer the bank takes advantage. I look at the gov website and the gov allowed the banks to set the terms at their own will. Also when contacted Wells Fargo to see if they had a better offer they really didnot care. I was told since Iam collecting unemployment that there was nothing to do since I could not pay the house anyway. Another employee said donot pay the house and lets hope they can come up with another offered. I ask then how come you guys didnot make a better offer in the begining. I got no responce . This is from a Bank that last quater made 3.2 bil in profits. Thank you Wells Fargo .
6 months ago, my partner, the major bread-winner at home, lost her job in architecture-nobody is building in this economy as you can imagine.
We were literally just about to sign a refinance that would have dropped our payments from $1900 to $1400 a month-the deal was rescinded by Wells Fargo Bank because of her sudden job loss.
We put in for Obama’s help for homeowners immediately. Scared we would get behind and loose our home.
We have managed to stay current on payments, and we were very conservative when we purchased our home by putting down 50% of the purchase price and we have 6 months of emergency savings. We have cut every possible expense we can and have managed to keep making payments on time. But how long can we manage on my small salary in nonprofit work, her unemployment checks and taking from our savings-next we will have to pull from life-long retirement savings. Moving out of this high cost area to a lower cost area is not an option for me as I have an 89 year old mother to care for.
My partner has still not found work.
We have been ignored by the Chase bank. Each time we follow up -they say they didn’t receive some minor document, now they say they don’t have the most recent document as each month ticks away. Each month we send the most recent of my pay stubs. Next month when we follow up, they will ask for something else or might even tell us they never received our paperwork as they have said twice previously.
We feel that we’re being punished for doing everything right-savings in case of job loss, taking out a very conservative mortgage, half down so we are not upside down. This is the thanks we get for being prudent citizens? Wondering where Chase put all the money it got from the Obama admin.?
I applied for loan mod with Chase. What a disaster! They lost the loan app-requested the same info twice-one of their agents told me unless I AM IN default they would not help me-told me when I called “you can’t afford your payment” and after 4 different loan applications because they are idiots and loose everything I received a notice my unemployment of 2 yrs is temporary, so I don’t qualify and wow I receive medical retirement. My family is helping me my savings is gone. This whole loan modifications is a JOKE.
Hi
Well it looks like I am Not alone GMAC has been losing paperwork for 6 months .I have met the 3 month trial period . Ihave called them daily only to wait on the phone for 45 mins I have over 120 calles in the last 6 months . I was told I did not meet the Obama plan with out bieng given anything in writting . Iam still waiting. Daily I wonder if today is the day they foreclose on me and my 6 year old son .
Does not anyone see this pattern of Abuse By GMAC. GM to GMAC to diecTect to Alley . They change the name but not the game they play with people’s lives
In 2007, my health began an at first unexplainable downward spiral. As a result, I was hospitalized several times and lost my full-time employment in October. My wife had to go to work full-time and I was able to get unemployment for the usual time period (6 mo.). My recuperation was slow, and by July 2008 I was back in the hospital for a month. Fortunately, I qualified for gov’t assistance on those medical bills because my Cobra was lost due some internal payment glitch with Blue Cross/Blue Shield. I was able to find some part-time work beginning in Nov. of 2008 which helped us somewhat, but not making anywhere near my previous salary levels. I am still in close medical treatment plans and my prognosis is uncertain. In any case, we have slashed all expenses to stay current on our home, but were relieved to hear about this administration’s efforts to help those who, through no control of their own, have experienced severe and ongoing hardships.
We began the process in April of 2009. Our original mortgage was w/ Meridian who sold almost immediately (same terms) to Countrywide, who then was subsequently purchased by BofA. Each time I have TRIED to contact BofA [and belive me this is a voicemail loop challenge for even the most experienced!] I have been told that it takes 30-45 days for their review and response to us. As we looked forward to the end of May of hearing some word, our resources dwindling but still making our payments, we were told all we could be offered is a “special” forbearance even though our monthly home commitment is well over the 31% of monthly income benchmark set by the US Attorney General’s targeted mortgage assistance plan. A forbearance meant that we would be allowed to miss some payments (up to 3-6 months) with the idea that we could pay off some other commitments with that money and be able to better afford our existing mortgage payments. We told them at that time that circumstances for the future were uncertain and that we had been truly hoping to qualify for a longer-term solution, they said they would keep checking all the available programs and changes for something like that which might work for us.
In the meantime, we were asked to fax copies of our two latest paystubs, last two checking/savings account statements, and another copy of our hardship letter at least on two separate additional occasions which we did. In July, they said they still could only offer us a special forbearance, and we were so exasperated that we said all right, so that we did not fall behind, but they were also quick to advise us that late fees would continue accruing AND be reported as delinquent on our credit!!! This was the first we had heard this comment/policy.
We were also told that the status on our account was in this forbearance state, so no further actions would be taken in that regard. When I went onto their website to confirm the status of our account, the message said it was in “special handling” but could not give me any additional information. Before we missed our first payment in August, after making our July payment barely and for the first time ever a late fee, I called to confirm that the forbearance status was in force. We were told over the phone that it was effective July 29, 2009, however, we may not receive anything in writing to this effect but to check back with them at least once a month. After we missed the August payment, I called back to see if any further modifications were available for us longer-term when I was told that the forbearance was no longer in effect! We were in absolute disbelieve, and said as much to the rep. They had no explanation. When we pressed them on it, this time we were told that unless we receive something in writing, it isn’t final. At that point I asked for a manager (in the US) to see if we could get to the bottom of this. We were told once again, that if we would submit all the previous document updates, they would keep looking for modifications.
This week I received an “Intent to Accelerate” to Foreclosure letter from BoA, unless we pay the last two months in full! On the back of the letter it gives some options for us including selling our home or finding other financing options on our own with someone else. This is so ludicrous. I called immediately, again got someone in the US (thankfully) who FINALLY referred us to a “work out person” there. Even though I know her name & even extension number, I cannot get through to her and she refuses to personally take my calls. She has been contacted several times in our behalf, and has all of our contact information, but so far, we have heard nothing, not a VM, email, letter or anything else.
The last person I did contact said our account is showing that it is still being considered, so maybe the letter was automatic, but we are trying to handle this as responsibly as possible, and it has been soul-wrenching. [by the way for all your readers out there: TAKE CAREFUL NOTES OF ALL YOUR ATTEMPTED CONTACTS, THE DATES AND A PERSON’S NAME YOU SPOKE WITH, it seems to make a difference to pin them down!!)
I had tried to modify my mortgage with Bank Of America for what seemed to drag out forever. In the end after 6 months of getting the run around I was turned down for a modification. A friend of mine reffered me to http://www.myloanmodificationstation.com , he used them and said they were able to coach him through the entire process. Even though they offered several plans, I chose the least expensive at only $119.00. They made the paper work simple and gave me all the documents to re-apply. After consulting with them and fixing a few things on the forms, I managed to get Bank of America to accept my modification. Best hundred bucks I ever spent. If you need help, I recomend these guys. They went out of their way to help me, and for very little money at that. Highly recomend them.
I have the distinct pleasure of being in the same boat with a million others and the current Bank loan modification chaos! Actually I have been denied 4 times after being told I qualify and offered the temporary loan program. Everyone I have talked to at the bank during this process has been incompetent not knowing the complete details of the program for which I was applying. I also was denied a forebearance request in addition to the four denials of the Obama program.
I have to say that I have been treated very kindly by Ocwen Financial. I have had my mortgage modified 2x in 1 year. I started out with loosing my job in the mortgage industry. I couldn’t find a job so I took some courses and got a job in a different field. Well starting over put my pay at less tahn 50% of what I use to make. So Ocwen modified my mortgage to reflect the new income. Well I got laid off from that job and I took a chance and called Ocwen and they modified my mortgage again, with just my husbands income. While there is no free lunch and this all sounds so nice, they did add all the fee’s and everything to the back of my loan. So my principal balance is $40k more than what it started out being. I just need to get my kids through high school, 4 more years. Then I hope my value has gone up enough to sell and be done with the whole mess. Then I am renting for the rest of my life! LOL Good luck everyone and God Bless.
My husand and I knew the country was headed for trouble when our employer – a small home builder in Oregon – went belly up and into bankruptcy in May 2007. 50 people lost their jobs. We could see the ripple effect to sub-contractors from just our small company and the stories were growing about even the biggest builders. We contacted our mortage company immediately and told them of our job loss – our income fell from $140,000 to $30,000 (and we were thankful for unemployment). We wrote, we called, We faxed and we started all over again. We begged and pleaded and through all the months scraped the house payment together until the last two months of 2008. By God’s grace our home sold in mid-December 2008 and we didn’t lose our shirt. AFter 20 months of ekeing out a life, three days before closing the mortgage company came through with a modification offer. We will never buy another home in the United States.
My story started back in May when my wife lost her job, I contacted then Countrywide bank. They told me to default for 2 months and call them back, I did. When i called back in the begining of July the customer service told me to call back on the 15th due to new policies coming out of washington. I called back on the 15th was told i did not qualify, when i ask for supervisor was told i might qualify. Phone calls followed every month while we became more in debt. In August contacted HUD in area, HUD agent took 2 hours to get someone from now bank of america on the phone. We filed paperwork from HUD office in august. Due to credit card debt out of hand we declared bankruptcy, our credit is zero, and Bank of america termnated our loan application without notifaction. The next month, I call to check to be told it was closed, and if i refiled it would take at least 120 days. As i am deliquent in their eyes seeing as i have only been paying partial payments, I can recieve a notice of foreclosure at anytime. We refiled the day of the phone call once again through the HUD office, but I believe that it is only a matter of time.
Close on a new home from the wonderful Jp Morgan Chase bank. Said they would not fund without acertificate of occupancy asked Chase on the day of closing. Well I was locked out of the house for 9 months and those idiots expected me to pay a mtg on it. Chase said they funded in good faith.
Tried to do a loan mod and they said they would collect every penny.
Lawsuit filed 34 lending violations for predatory lending.
Chase you are a bunch of goof balls
Your huge response to this request for modification stories should in itself reveal a story. Americans everywhere are losing their homes to banks, banks by the way that are being paid by the goverment to foreclose on people. (See OneWest’s formerly IndyMac) agreement the FDIC gave them. This will not end until a Federal Emergency takes place or judges are allowed to force banks to modify. There’s thousands more coming with no end in sight. Americans are losing their rights against Wall Street and our own goverment. It’s a sad time.
The sad part about the generous Federal programs available to help people keep their homes is that they are all run by unskilled and overworked employees that have no real grasp of basic mortgage underwriting guidelines or common sense. It will take years for the volume to go away and who knows where the economy will be at that time. I tried to sell an Investment property that I could no longer afford to keep thru the short sale process but the rep’s in B of A/CW’s short sale process took almost 1 year and 4 buyer’s to tell me that the offer was not sufficient (80% of the market value of the proeprty). Is Foreclosure going to net them a higher profit? I seriously doubt it. It appears that B of A/CW are again trying to load their books with additional mortgage related losses in order to position themselves for more bailout money from the Federal Government.
I lost my job back in May of 2008 and my income all but disappeared along with the Florida schools budget. For over a year I continued to keep up with my mortgage payments by selling various items and working at anything I could and completely exhausted my savings. I took out a HELOC loan and borrowed that to the limits of which has been my saving grace as I try to outlast this economy. I finally realized I was fighting a losing battle and applied to Wells Fargo for a loan modification. Over the term of my existing loan I’ve never been late (10 years) and my credit has been in the high 700’s to low 800’s.
I received loan modification paperwork which clearly states that this is a trial period but you have to sign it for consideration. By signing it, you concede to being considered delinquent even though you are not late on the payments they establish and request. The terms are for three months and I have made my third and final (?) payment of these reduced payments. During this time period they call and always start the conversation with the conversation may be recorded and “this is an attempt to collect a debt” to which I always reply “no, this is an attempt to modify my mortgage”. I have received notification that I am pre-approved for the modification BUT I now need to contact a servicer and provide them with the same information I already provided TWICE to Wells Fargo. The servicer’s letter states they have been contacted because of certain overdue payments on the original mortgage. It goes on to state that I now owe the entire balance and I need to contact them within 30 days because of incurred interest, late charges, attorney’s fees and the cost of repossession and foreclosure that may continue to grow.
Basically, it is a threat that if you don’t contact them within 30 days and provide the information they request and refuse to pay the debt in full, they may invoke specific legal remedies. By the way, I received a bill from Wells Fargo for my original mortgage that shows I have until Nov. 1st to pay the overdue mortgage for two months. It seems the right hand doesn’t know what the left is doing. I called regarding this bill and was told if I paid it, both the modification and the original note would be void. Go figure? I am considering seeking an attorney but I may be too late to save my home from what appears to be predatory practices. Who wrote this modification? The bankers or Congress?
There is a lot of anger for sure. Lucky for my daughter she bought one of those forclosers a 230,000 house for 47,000. What a shame someone had to walk away from the house. I have another daughter who just wanted to lower her current interest rate. Well her husband is still working but had a pay cut of course and she is being furloughed and wages frozen. But they are making the payments on a house that is not worth as much anymore. Bank said no cannot help. Wonder if a call to these rich CEO’s and they could send just a small fraction of their bonus and pay off my daughters house entirely. No I’m sure they need that money to buy a couple more estates and or hot automobiles. Guess I’m bitter.
But the way I’m a nurse and my wages were cut and I’m in the SEIU union. Tell those republicans the unions are suffering too!
I don’t even know where to start. I broke my leg at work and was off 15 months, I had been in my home for 19 years. After trying unsuccessfully working with Litton Loan for a modification, I finally hired an attorney, Well, I got my 3 month trial mod first payment due in July, I made all 3 trial payments via Western Union, I spoke to someone at Litton Loan on the 16th of Sept. aparently they needed a document faxed, which I did the next day, I asked to woman on the phone what to do if I don’t hear from Litton Loan by October, she says “just keep making your trial payments”, which I did via western union. On the 12th of October a realtor appeared at my door to see the property, I was informed by the realtor my property was sold at auction at 10:30 that morning. So, I think Litton Loan has to be the worst case of criminals I have every seen, I was never notified, or given a chance to know my modification had been denied, I have an attorney working on the case, but I don’t think they are getting anywhere, in the meantime, I keep getting calls from a realtor working with the bank offering cash for keys. I am willing to be featured in any news report using my real name and situation…
The only thing large companies such as Bank of America, Chase,Wells fargo CitiMortgage etc. understands is money. I am in the process of doing a home modification and I am having the same problems. Never been late have excellent credit and doing everything in my power to keep my house. I had a significant decrease in income not of my making. I say on 11/15/09 everyone that has an application pending and getting the run around, we go to the banks and remove all of our money in our savings, cds and checking accounts. It doesn’t matter how large or how small the amounts are, the sheer volume will make a large impact. Let them know why we took it out and that we will not return one penny until we are helped! Put the money in a credit union or something. We need to let them know we will not put up with this! it’s not right. Although it is only symbolic it will make me feel a whole lot better and let them know we are tired of the hypocrisy.
I am completely frustrated with Chase, my loan servicer…..they put me on the trial period for 7 months to say that I am not eligible for final modification.
I never missed a payment and took good care of my credit history but now due to the trial period payments, my credit got slammed with no final modification.
I have a 7.25% fixed rate, loan 166000. In March 2009, my payments have increased by $600 due to negative escrow balance. So Chase put me in the trial period. Now they denied.
The funny part is instead of considering me for the Refinance Program under Making Home Affordable, they offered a in house Chase modification(as they call it) with the same 7.25% rate…..how can they call it a modification when they did not change nothing…..
I was in a much better situation 6 months back, now they slammed my credit. If they do not give me a lower interest rate, I will be foreclosing on the house….So in my case, Obama’s plan took me from current to foreclosure….
I would like to see if the media can help me get the story to the public……People like me ….do not fall into the bank’s trap!!!!!
My mortgage company is HSBC. They are not participating in the Obama plan. Their excuse is that they are a british bank. How the heck you work in US soil and you cannot follow the plan? They declined my modification. They promised me to lower my interest rate from 8% to 5.25% and then they declined it. Its a srtuggle, but I am going to win!!!!!!!
I purchased my home in 09/2006 for $700,000 with a down payment of $150,000. The home value drop to $383,000 within 3 years. I applied for a loan modification on 11/2008 through Washington Mutual Bank, after 5 months they told me I did not qualify for the original modification plan because I was current on my mortgage payments. I inform Washington Mutual Bank my home was underwater by 50% due to the real estate market. They inform me to re-apply in May 2009 for the new Obama plan with updated information. I have been to told send in updated information 4 times since May 2009, the same information. I have not missed a payment since I took out the 6% 30 yr fixed loan. Now, my wife have been diagnosed with breast cancer in 7/09, had both breast removed in 09/09, will be on disability until 02/10. My wife income has been reduced by 50% due to her current disability to work and my income in up and down due to the economy. I have sent in all of our documents pertaining to our personal situation on the inability to keep up with a $4,100.00 per month mortgage payment. I will not be able to make this month (October) mortgage payment. This will be the first payment I have missed in 37 months. Also, there will be more payments to come that will be missed due to reduction in income and my wife medical condition. I have been calling Chase Bank (Washington Mutual Bank) twice a week for 11 mos pertaining to loan #3017561550 with no success.
I have sent emails to Mr. Obama that go unanswered. I am struggling and need only to get a lower interest rate from any bank. I have been contacted by many however as soon as they see there isnt enough equity in the house and I cant come up with refinance charges, they dont help me. I am not getting the help that is desperately needed.
This is something I forgot to add. Instead of paying these banks that hold many forclosure loans why didn’t the government just pay off, or give the money to the people who really needed it? From reading these comments, many people who sound like they should qualify aren’t. OBAMA, be a man. Instead of sending 700billion to greedy bad banks, he should of divided that money for all who are over 18 yrs of age and who file an income tax return. Lets do the math. Say there are 47,000,000 people who would qualify for getting the stimulus money. There is 700,000,000,000 to hand out. Each person would get just shy of $15000.00 That would help alot of people out. Seems like it should be more but $15,000 free that we deserve of our own money would help many people out. As long as they did the right thing and spend it on paying off debt not going and buying more crap.
We too have tried to apply for the MAKE HOME AFFORDABLE Loan Modifacation. We have our mortgage through Chase and quite frankly they SUCK. They told us basicly that we needed to be 90 days late in order to “MAYBE” qualify. And that why should we need this if we are making the monthly payment? It’s called to lower our expenses so we can live a more comfortable life. Why should I have to ruin my credit just to get help? That makes no sense to me. Why can’t this law help home owners like us, who are making are payments on time and can afford them? Obama tried but he didn’t try hard enough and it’s not fair.
To the people who got homeloans they couldn’t afford and got adjusted rate mortgages or interest only mortgages I say thank you for putting the houseing market in the sh*thole. It’s all your fault for not reading the FINE PRINT. Now thanks to you, I can’t get help with my mortgage that I CAN AFFORD because you people where sooooooo stupid when you let these lenders convince you that was the way to go. Seriously, who in there right mind would sign up for a mortgage like that? That to me is just asking for trouble.
Obama needs to get his act together and help everyone out. Not just the stupid people who got this whole mess stared with the houseing market. I don’t care what anyone thinks about what I have to say about the people who got ARM mortgages. You know what you did. You ruined the housing market and now you think your entitled to have help by my tax money? Screw you. You deserved to lose your house cuz you want to live above your means. Thanks alot to stupid people who don’t know how to manage there money and like to live off credit cards and spend more then then make. It’s people like you who caused this crisis and this economy. Thanks for ruining my kids and grand kids furtures. Oh and thanks to the government for also ruining my kids and grandkids futures. America is a shitty plance to live. It’s survival of the fittest now. No one cares about the poor people or low to middle class people. The only people who will survive living in his country are people with money and the gonverment.
I have applied for a modification and a refi. Modification said I had to be current for 12 months on my mortgage. If this is part of Obama’s modification program who needs it?? If you can stay current then why do we need a modification. My husband has been laid off 3 times in the past 2 years which has made our credit score drop to a poor rating. The modification program does not take in consideration your second mortgage. Which in fact my income alone can pay the first mortgage plus needed utilities, but what about my second mortgage which is also part of my home.If I put together both mortgages I would qualify for the modification but the 2nd isn’t even considered. I fill sorry for all the people out there that have tried to get this program but the 2nd mortgage disqualified them. Basically if you have 2 mortgage don’t even get your hopes up. This program is not for you!!!All you companies that want thousands of dollars to do a modification don’t bother me
I feel as though I am the exact person that the modification program has been designed for. I bought a two-family house in early 2006 with 100% financing. After losing my full time $43k job in 2008, I went back to school and was only able to find a part time job making less than half the money I made before.
I made paying my mortgage my financial priority and started paying for bills, groceries, gas and other necessities with my credit cards. I applied for a modification through my mortgage company, Ocwen, in March 2009. For six months I’ve been sending in the same paperwork over and over. I’ve also been getting conflicting information- Ocwen sent me a letter saying I have been denied for the program because of insufficient documentation, but my HUD counselor contacted Ocwen and they told her my application is complete and under the review process. They will not say anything about how long the review process will take or give me any sort of target date.
Even with rental income, I am struggling to make ends meet. My credit cards are getting close to their limits so I stopped paying my mortgage as of July 2009, and have been trying to catch up on my bills and credit card payments. The paperwork from Ocwen stated that they will not move forward with foreclosure if I have applied for a modification and that they will add any missed payments to the total loan amount upon approval.
I bought the two-family house as an investment in my future, and it has been the cause of a total financial break down for me. I used to be completely on top of my finances and really thought through the decision of buying a house. It turned out to be a huge mistake. I now owe $237k on a house that is worth about $175k and needs a lot of repairs. I have over $23k in credit card debt. I had always prided myself on being financially responsible and credit-worthy but I’m sure now my credit is ruined.
I will continue to wait.
Lets just give the banks more of our children and our grandchilderns money. And all will be good Mr Obummer.
I applied for a loan modification and was approved but my payments went up and I was told when I paid that it would be considered. I was told to pay 1672 dollars a month for three months. My usual payment is 1272 dollars a month and I can’t even pay that, but I could pay 600 dollars a month My apr is 8.9 per cent I asked for 4.9 percent with Chase mortgage still getting the run around its been a year.
My Husband and I bought our dream home in Spring of 2005 – during closing my husband suffered a massive stroke and is now permanently disabled. I had a good job and was able to make ends meet until Dec. 08 when I was let go and moved into unemployment. In Feb. I contacted Chase Home Finance to modify our mortgage during this stress full time.
After the usual run around and multiple paperwork (including my sending copies directly to CEO), I was finally granted a 3 month forbearance in Aug 09. I have now been told that “Unemployment does not count as permanent hardship” – yet being full time caregiver of my 57 yr young husband is not? Oh, yes, I told them my Son was coming home in Sept from serving our country in Iraq for 4 years – they now want to know how much money he makes! This young man is spending days going through the government tests for disability and collecting unemployment as he readjusts to life in USA (no hardship there). I’ve written to the White House, the CEO of Chase only to be basically ignored. Our home is now handicapped accessible – yet the cloud looms that we will soon have no home. I pray each night.
In February 2009, I was laid off from a position in a real estate development company due to the economy and credit crisis. I have my mortgage through Bank of America. My wife has brain cancer and with 2 children under the age of 9 I was struggling to pay the mortgage.
I called BofA several times for a loan modification and all I heard back was you have to have a job and documented income and be at least two months late on payments. This baffled me because I thought the point of the program was to help people stay in their homes. I have contacted the bank and even the US Senator representing my district and nothing ever happens. I would appreciate some intervention like what you did for the profiled family….any help is appreciated.
Nothing has helped me save my home. My children and I had our home built. I suffered from 10 months of down time at work, unsteady work the next year, then a final lay off in March of 2009.
Bank of America said that I did not qualify for a loan modification on what I was drawing on unemployment. They were rude and unwilling to help me. In fact, they never even gave me options. I have now had to put my home on the market for sale, for under tax value to try and repair my credit. I think it is a big joke concerning the government bailout to the financial companies!!!! The middle class which is now considered the low class is still left high and dry.
I started my loan modification process with WAMU/CHASE on June 2, 2008. I was informed 4-1/2 months later that on October 8, 2008 my request for a modificatin was denied. The reason given was “Lack of Hardship.–Not of a permanent nature.” I was even asked when I planned on getting a job. I was speechless. When I was able to recover from that question and the projected shame therein, I let the stranger (in over 5 months I never was able to talk to the same person twice) on the other end know I was working to find a job but was so far unsuccessful. Interestingly, the web site for WAMU/CHASE and Making Home Affordable.gov all list layoff and lost or reduced income as a qualifying reason for a modification. A year has passed since I was laid off, and I still have not been unable to find steady work. As a result of having no income, I have spent all my savings to keep current on my mortgage. I have no choice but to begin defaulting on my payments next month. So much for trying to play by the rules and so much for trying to keep the home I dreamed all my life to build and live. I don’t want a hand out. I just want a loan modification if one is available that will allow me to pay what I owe and keep my home.
I applied for and was “approved” for a loan modification in February 2009 by Aurora Loan Services. I had previously done a short sale with them on another property and had such a great experience that I thought I would get the same with a loan mod. Aurora presented me with an agreement where I had to pay extra money each month ABOVE my regular payment amount for three months to make up for the money that I was behind. According to that agreement, if I paid on time for three months, I would then get a modification. Well, after those three months, it was “submitted for review” where it has been ever since. This is now going on EIGHT MONTHS with no end in sight. When I call, I am told they are still “reviewing” my paperwork. Well, I had an agreement that I would get a modification after three months. I kept my end of the bargain and they aren’t keeping theirs. So, I stopped paying the mortgage. I will try a short sale, but the minute I submit the short sale paperwork, my loan modification review STOPS, regardless if they accept an offer or not.
I am VERY disappointed with the loan modification processes. I know very few people that have gotten one at all. I am convinced that Aurora doesn’t want to do a modification. They want to string me along as long as possible and get as much money out of me and then either foreclose or approve a short sale.
I have a smaller bank for my home mortgage– First Federal of California. They called me and urged me to apply for a loan mod and even sent me the application without my prompting. Needless to say I was hopeful and sent in everything they needed. Then I get their answer: 2 options, one that adds $500 on to my monthly payment (which is already too high at $1600) and one that more than DOUBLES my monthly payment! What a joke these loan mods are!
My name is Elijah Stephens and have a home in Riverside, Ca. I am a Bank of America customer. I refinanced in March 2007 with Countrywide Financial Services. I was represented by a mortgage broker who told me this was the best mortgage I could get. Countrywide using their appraiser said my property had a value of $575,000 thousand and they could refinance it at $545,000 at 70% value giving a mortgage of $408,000. I was told that this was a great deal. In July 2008, I contacted Countrywide to talk about the decline in value of my equity amount that had continued to drop each month. I was told that real estate values had declined and that by October 2008 I would be able to modify my loan but only if I was behind in Payments. I became one month behind to qualify for consideration. In December 2009, I received a modification package informing me that my new mortgage amount had gone up to $417,000 and that my payment now included a $511.00 escrow accout and that my monthly payment had change from $2,739 to $3,316.93 effective Jan. 2009. In May 2009, I applied to Bank Of America for a new modification because I could no longer stay current. I was giving a trial payment of $2,398.78 which I made and continue to make. However, the property value have dropped to $200,000 and is expected to decline another 11.38% by July 2010. I need a mortgage reconstruction and principal reduction. I have been in the home since 1984 and don’t want to walk away but help must be giving to upside down homeowners. Even though this program have help me stay in the home, I am still responsible in my contract for the short pay monthly. Bank of America continues to give me a run around about when I will receive my final modification documents. The value of this home will be only $178,000 with a mortgage of $436,000 if nothing is changed. I am a retired postal worker and supplement my income by delivering newspapers on two routes and five stores 7 mornings weekly. I am not responsible for this crisis. I cannot sale the home nor refinance it due the upside down condition. Please help Congress.
If your having trouble. There are non-profits in your area who will work w/you and your lender for NO CHARGE. They will also let you know all your options, so you can make a decision that best fit your needs.
Search for those non-profits in the phone book, your state website, check w/your State Representative office, HUD website- hud.gov, Hope for Homeowners website- http://www.makinghomeafordable.com , and ASK: friends, family, co-workers. There are resources you can use, educate yourselves, do your homework.
If you decide to contact your lender directly. Check out your lenders website and know what products they offer, in case you would not qualify for the hamp program. Be familiar with them. Also be familiar w/basic lending terms. AGAIN, GET EDUCATED.
Know what your finances are. LENDERS CARE ABOUT GETTING THE LOAN PAID. Do a budget ahead of time.
If you do get a loan modification, repayment plan, or partial claim, from the lender, read the documents, know what you are signing up for. Can you still afford this? If not, DONT JUST SIGN and send them it. It will only cause you to default on your agreement terms. Call the lender back and negotiate other terms. AGAIN, GET EDUCATED.
DO NOT pay a loan modification company. You should be using those funds toward your mortgage and necessary bills, or moving funds for those who decide to sell or let there home go to foreclosure.
Hope this helps.
Good luck.
I applied for home modification with my mortgage company in March of 2009. My bank has not placed me in the program and they’re calling me as if I never made the request. Does the program still exist?
I bought a house in New London Ct. I got orders to move to Norfolk, VA. For two and a half years I have been trying to sell or rent my home. It was only rented for 6 months. I have use all my savings trying to keep this house. I am trying the HAP program that buys the houses back from the owner. My bank turned me down for refinance. We spend all this mopney overseas and yet it is hard to help taxpayers.
I have been in the trial program 6 months now with WAMU, and 10 Months since I originally applied. I get the same run around from them each time I call. Every time it is with a different group, and each time they want more documentation and each time they tell me I should be through this in a couple days. My payment status with my creditors show 0 payments 0 due since Nov 2008. My credit has taken a hit, and my house is worth over 100k less then what the mortgage value actually is. Mean time, I am making interest only payments gaining no equity, while WAMU does nothing. Not sure what else to do.
Okay, I see that I am not alone….BUT what can be done? I have tried my best and have given up…..what American dream? Credit is messed up and as a reliable mortgagee for 15 years the first home and 3 years the second. I am out of $50K from the first, due to my being the 2nd Mortgage holder on the home I SOLD which resulted in foreclosure. And after three years, in my new home, the value plunged 90K, tried modification; tried working with CitiMortgage & ASC, I was told “sell your house.” It’s sad but, I am waiving the “white flag” I give, I am certain that foreclosure is in my future if this place doesn’t sale. Oh, by the way, I am trying to short sale the house, one offer was made, late July, the banks haven’t accepted the offer yet? Seems like there is a “hidden plan?” My credit is bad now, and all I want to do is rest my head on a bed in an apartment with a lease.
I submitted my modification to National City Mtg. in March. Within a month, I received a letter stating I could not modify due to “negative income”. Finally got to speak to someone in loss mitigation – was told I did not specify that I wanted a Obama modification and had to start over. I called every 2 weeks finally talked to someone who said I had to apply for a refinance even though I am “upside down”. Being denied a refinance took 1 min. then was transferred back to the modification dept. After months of calling, I was offered a 3 month forebearance period: June 2009-August 2009. I have called repeatedly, talk to a loan counselor who gave me the name and # of my loan processor, who, of course was unavailable. I was told to make no more payment as I might have to make a down payment in the future. Took a month to finally talk to her. She told me processing did NOT start until I was officially in default. Credit is ruined. Now National City Mtg is a part of PHS. Supposedly, my loan package has been sent to someone to negotiate w/ my loan’s investor which will talk 4 – 6 weeks. Plus, servicing of my loan will be taken over by another company effective Nov. 2.
I asked if I were to make payments or not and the underwriter had no idea and that I was to contact the new servicing company.
I am going to start a letter, email and fax campaign starting with Obama then to politicians in Washington DC and CA and contact all news agencies in San Diego County. The Home Affordability Program is a joke. Sounds as though more homeowners have been harmed than helped.
I am a real estate broker, I offer free information on modification.The problem we are having can be fixed,
1. Eliminate servicers
2. Lenders should have a shorter time frame, to reply.
3.If i was the lender I would rather lower the monthly payments, to keep the principal balance in my inventory,rather than settle for foreclosure, especially in California (which is not a win-win situation).
4. Government guidelines should penalize lenders, if their inventory remains delinquent over two years
It is time to stop playing around with these lenders/servicers
I applied for Modification program and was approved in June for the three month trial payments. I have not heard anything from my servicer Citibank about a permanent modification. But I am being listed as behind in my payments even though I hav never paid my orginal or my trial payments late. At this point i’m waiting for something positive and permanent so I may continue to stay in my home.
I have been getting the run around since april and on August 13, I faxed my information and then again in October. My mortgage is now with Bank of America, was Countrywide. I stated the urgency and time is running out.They just don’t respond and hand you off to someone else if you call them, what a way to run a business, meanwhile I’m gonna be out of my savings soon.
Stay away from Aurora Loans, a subsidiary of Lehman brothers! These people are scum!
Although the intentions of the Obama plan are good, there are millions slipping through the cracks who fall prey to the greedy banks. My home in Mission Viejo, CA was foreclosed on after we showed $5600/month income. Our mortgage payment was $2400. We got behind after my previous company failed and my wife’s income was too little at that time to pay the bills. The problem is from both myself and my wife are self-employed. This did not qualify us for the Obama plan. We were twice rejected for loan modification, even after we clearly showed them we have enough income to pay the monthly mortgage. Why? We had plenty of equity in the house and the bank loves the write offs against the excessive profits from the previous year. I have several friends in real estate. They don’t know anyone that has qualified for the Obama plan. Half the listings in our area are “forced” sales. We finally gave up and accepted a “cash for keys” program. Some sleezey lady by the name of Divina Brachman never gave us the $1500 and her locksmith forced his way into the house and threw us into the street without proper eviction procedures. The police never bothered to show up.
I am going on seven months of the three months trial with Wells Fargo. All payments have been on time. I have even delivery confirmations for all of the payments. They even told me there was no more information they needed from me. I am still waiting to hear from them.
I am shocked to see how many people are going through the same situation as I am. I am a single parent with three children trying to save my home since Feb. I have been waiting for an answer for Wachovia since Feburary. And still till today haven’t heard back from them. According to them the Hamp program isnt’ available yet till the end of October. At this point I feel like I already lost my home. With no hope. God help us all…
Kimberly Fowler’s story about her 2nd trust deed is very interesting. JPMorgan Chase & Co. are announcing in all my mail and online that “WAMU is becoming Chase”, which one would assume means JPMorgan Chase has acquired or will be acquiring my 1st and 2nd trust deeds with WAMU. According to the information at http://www.makinghomeaffordable.com I meet all of the eligibility criteria for a loan modification or refinance, so I applied as of September 1, 2009. The application was supplied by JPMorgan Chase online. WAMU denied my loan modification application and sent me a denial letter dated October 8, 2009, postmarked October 15, 2009. The denial letter came on WAMU letterhead, not JPMorgan Chase letterhead. October 15, 2009 is the same day I spoke to Jenny and Katrice at 866-550-5705 regarding the status of my application. It would appear as though the denial letter was generated by WAMU without any intention of mailing it until I called to check on the status of my application. After subsequent conversations with Marie and Raymond at 888-708-3336, on October 21, 2009 I finally received a call from their supervisor, Mike McWaters, who called from WAMU 904-281-3900. He said my debt to income ratio (“DTI”) was already 31% because my second trust deed with WAMU doesn’t count as a housing expense (neither do repairs and maintenance or utilities). I said rather heatedly if it doesn’t count as a housing expense then why should I pay it. Mr. McWaters couldn’t give me the name of the Interviewer on page 2 of my application’s Hardship Affidavit who was supposed to have contacted me. He stated that my answers to the questions on page 1 of my application’s Hardship Affidavit were not used to evaluate my eligibility, that they were “just information-gathering” (which contradicts what is stated in the application’s cover letter). He couldn’t explain why the denial letter said “your hardship is not of a permanent nature” (logically no situation is of a permanent nature, and where in Making Home Affordable is “permanent nature” a requirement). He couldn’t explain why Marie initially told me on October 16, 2009 my DTI ratio was 29% (no one ever contacted me to verify the numbers they were using/fabricating/making up to determine DTI). It’s bad enough that Making Home Affordable is based on gross income. Excuse me – I pay my mortgage and other expenses from net income, not gross income. I’m suggesting to my elected representatives (I’m talking to you, President Obama) that for the Making Home Affordable program, “gross income” needs to be changed to “net income”. If I apply for a mortgage loan, the banks refuse to consider my gross income. They will only consider my net income as shown on my tax returns. The banks are gaming the system. The banks deny credit based on net income, and they deny loan modification based on gross income. I wrote letters containing the foregoing information to Jamie Dimon, CEO of JPMorgan Chase, all of the rest of the Board of Directors at JPMorgan Chase, as well as my Senators Dianne Feinstein and Barbara Boxer, to President Obama, and to CNN at their CNN Center in Atlanta, GA and I’m awaiting their response.
Folks, I got tired of dealing with BA,I’ve been living in my property for about 19 months no making payments(only association) and BA hasn’t forclosure my house yet, amaizing isn’t it?anyway, I’m gonna live in this house for free till they kick me out,but my Lawyer told me to wait for the forclosure paperwork and then he will fight against the bank,by then he said: I will let you live in your property for at least one more year free till the bank gives me good news about your loan modification.
At this time, I recovered those payments that I made in the past to Countrywide and expect to live here for free for at least one more year(MINIMUM).YEAHHHHHHHHHH!I LOVE IT.Don’t help me BANK OF AMERICA.I WILL STAY IN THIS HOUSE TILL 2011 NOT MAKING ANY PAYMENT TO YOU GUYS,HEHEHEHE.(I’M NOT SAYING THAT YOU SHOULD DO THIS BUT FOR ME IT IS WORTH IT BECAUSE I DIDN’T PAY ANY DOWNPAYMENT AND SO FAR THIS IS GREAT, NO MORTGAGE FOR 19 MONTHS).
I also started my process back in May and still nothing. I was promised loan trial papers in the mail a month ago and still nothing. I also got the repeat documents not there and lost and faxing things over multiple times. I don’t think this process was really thought out and hiring people that don’t have experience over the phone. I want to keep my home and now I may not able to at this point. Chase is giving me the run around. I gave them all of there loan documents from the start. This is stressful and depressing and no one to help us at all. I hope they look and see we are all needing help.
Bank of America are liers!!! They say they have left numerous voice mails with me and have not left even one!!! Because of this my partial claim was denied and I have to start the process all over. REALLY!! I’ve been doing this since May!! This is just an excuse to prolong or deny claims!!
Has anyone here tried NACA ? They claim to successfully help modified a lot of loan. I am currently on a trial period with CITI until Dec. So I don’t know if I should try NACA to get a modification instead. From reading here, even the trial period is not a sure way to a permanent modification.
Bank of America tells me I’m not eligible for modification or refinance of an old Countrywide home mortgage
in spite having a first mortgage and second mortgage well over 31% of my income and a property value way way below the actual purchase price I paid for the home. There isn’t any help out from the lenders unless you are not making your mortgage payments. I’ve had to rent my home out at a rate way less than the actual mortgage and move in with my fiance in an effort to keep from forclosure. When this lease is up I’ll just have to let it go unless the bank offers and alternative solution.
GMAC is HORRIBLE. I do qualify for the HAMP, but was not granted it because I cannot “afford the new payments”. Wouldn’t they be lower every month? Then, GMAC said they would try to get me in an “in-house” modification. I was denied for that because I am current; if I was late, they may be able to talk with me about a modification, but cannot guarantee anything. I have been trying to get a loan mod since March of this year. Our pay has gone down, we are working harder than ever, the utilities keep rising and the cost of food does not go down. I use coupons, do not go out, do not travel or do anything foolish; why are these government programs in place if they are not meant ot help the people they were meant for? GMAC has had no compassion and will not work with us at all. I have a phone appointment with NACA and can only hope for the best. We are in a Chapter 13, and my attorney says there is nothing he can do. This economy is in a mess and our government should be trying to keep people in their homes, not allowing all of these foreclosures to take place. Many people are hanging on by a thread; why not give help where help is deserved?
Is anyone else paying application fees for refinancing and getting no where? This is a rip-off. Banks are making money on these applications! I paid $470 to Citibank and its non-refundable. Could have used it toward a mortgage payment.
Reading these comments makes me totally outraged! Aren’t you?? Enough already. Every Senator and Congressmen needs to get a copy of ALL of them. Daily! It’s also very interesting how this information never hits the nightly news. I’m printing them and making copies and mailing them tomorrow. These banks are out of control.
I just posted my comments on my loan modification mess. My house was set for the sheriff’s sale yesterday. Guess what? No “Foreclosue” sign has been nailed to my house AND I received another letter today from ASC saying to send in more paperwork because I “qualify” for a loan Modification after being told last week I was denied because I was late with my paperwork! What a joke! I agree with Robin from Buffalo, NY – here is her solution
– CitiMortgage is one of the worst financial institutions in the world. Their customer service reps are so dumb, it amazes me how they ever got their jobs. The can’t answer the simplest questions and ask you to send the same paperwork over and over again. I’m sick of playing games with them, I’m gonna approve my own loan modification and send them whatever payment I can afford and then feign stupidity just like they do when you call them.
Posted By Robin, Buffalo, NY: September 9, 2009 3:51 pm
Ok, and now to you, CNN Worldwide Leader in News, I watch CNN EVERYDAY and I want to see ( and sure everyone else who posted commnets here) An indepth major news story about this massive problem the people in this country have been facing for over a year! I want to something everyday, seven days week until someone in Washington dose something to HELP US!
I have been trying to get an afordable loan modification from my mortgage company, Americas Servicing Co. for the last 9 months. And as many others have said, I have gotten no where. I sent paperwork to them every month, they always ask for something else or say they lost it. They have lied to me many times. One time they could not even find me in their system. The last paperwork I faxed to them, was early in October. Last week they sent a letter saying I do not qualify because they recived it “too late”. On October 16th my house went into foreclosure. Obama’s plan has not helped me at all or I should say my mortgage company has not followed the plan. Now what do I do?
My wife and I bought a foreclosed property in 2007. We bought it with $40k equity (being a foreclosure) so our payment was very comfortable considering both our income. Before we purchased our home, we paid our car loans and other outstanding debt JUST IN CASE we ever had to request assistance with our payment, which we thought it would never happen. A year later, my job reduced my income by 30%. We requested assistance from Chase but they said we did not qualify because we were current. We informed them that we were current because we were using our savings to keep us afloat and we did not want to ruin our credit which have always been in the upper 700’s. They did not help. We refinanced to lower our payment and continue making our payments on time. After the refi was completed, my wife was laid off and we lost an additional 35% of our income. The refinanced loan is an FHA and our new lender is Flagstar. Since our loan is an FHA and is current, I was informed I do not qualify for a modification until I am 90 days past due. Why would the FHA help people who have been totally irresponsible with their money, lived way above their means and have thousands of dollars in credit card debt and NOT help clients who have tried EVERYTHING to not request assistance, have no credit card debt, never paid interest in credit cards and have lost 50%-75% of their income due to the market conditions? I don’t understand… I agree, this country rewards the irresponsible, the impulsive and people who have made wise use of their resources and have been affected by the economic situation of this country, finish last.
Do the Government officials NOT see whats happening here? How could we vote YES to the health care reform bill? These morgage banks have destroyed our credit with these so called temporary modifications. It has has raised my home and car insurance payments by 40%. No I haven’t had any accidents or tickets ever!! There is NO way I’d be able to afford health care especially if they base the premium on my credit status. My credit that was wrecked by the bankers that monopolized on the HELP FIR HOMROWNERS PLAN!!!!No I did NOT get a modification. Only a run around and now I’m losing my house! Some one needs to open their eyes NOW!!!!
I just saw the reality check on mortgage modification in the Situation Room show segment of CNN today Oct. 12,09.
Let us narrate our experience with B of A. We are also a countrywide/Bank of America customer. We applied for mortgage modification upon advice from customer representative from Bank of America as we were qualified. We submitted the application via Fax with all the documents called for to apply for mortgage modification as my wife lost job about 3 months ago and the income my business is low to afford our current mortgage payment ($1865) with 9.5% interest rate. Upon submitting the application I later called B of A to find the status of the mortgage modification. Some guy with an apparent Indian accent explained that Unemployment Benefit is not considered as an income even though we pay tax for it? I told this guy that we have some rental income and that must be considered as an income. He said, “I don’t know”, and added that it will take at least 45 days to know about it. He mentioned that he was with HOPE. I called later to find out whether they had considered rental income as income. This time some guy with an apparent Indian accent abruptly said, You owe $200. Will it be a check over the phone? I said ,we are current with our mortgage and applied for Home modification as a proactive measure. He said, “Let me do some checking”. He then said it will take 90 days to know the status. I asked him whether it will be informed by writing. He said, “Only by phone”. What if we loose our phone in 3 months. He then said, “there are pay phone, you know. Keep calling calling” He also identified as someone from HOPE team. I called again to find out where we stand with all these conflicting and confusing statements. This time some lady with an apparent Indian accent told me that we are with Countrywide not with Bank of America. I said that Countrywide was bought by Bank of America and we were making payment to bank of America since then. I requested her to transfer my call the survey then conducted by B of M. She put me on hold for a long time. Then someone else came on-line saying that her phone was locked up and whether I want to talk to home retention department. I said, okay. I finally got hold of someone in the USA and explained that I was been put on run around with many departments and did not get an answer. I also mentioned that it is a shame that when several millions of Americans are unemployed when I am talking to an outsourced call center in India. She then told me that the entire HOME MODIFICATION DEPARTMENT OF BANK OF AMERICA is in INDIA ! I gave up mostly because I could not even understand what these people are saying besides conflicting statement. Besides when I talk with American accent they could not understand and wanted me to repeat in tune with their Indian accent.
I called again to know the status of the mortgage modification application. This time, someone with an American accent explained to me that our application was declined because the expenses exceed income ! I then asked who is qualified for this mortgage modification? The lady said again that the application is denied because of negative net income.
After a few days I called B of A again to mention that this the reason to decline mortgage modification was unfair. Then, someone told me that we are pre-qualified for some other modification and it would take 30 days to know the result. We are still waiting and unable to pay October mortgage payment because of the misleading and confusing statements by Bank of America.
The mortgage modification seems to be a dangerous myth from our experience.
The government must intervene immediately to rectify this irrational and unacceptable reason they provide to decline mortgage modification.
To Kimberly Fowler, I am a writer at BusinessWeek. I would like to hear more about your issues with your second mortgage. Could you please contact me at 312-451-7149 or email at robert_berner@businessweek.com. Thank you, Rober Berner
Wow,
Current Borrower in eminent default.
Why would someone be in foreclosure if they have 3 mo. emergency household savings?? Has anyone heard of anyone actually getting a loan mod if current? Helping daughter who is single (no children), now unemployed and in college full time to finish her criminal justice degree. Appharently you can have more than one house, keep all your retirement money and 3 mo. savings and have already been offered a loan agreement. My daughter, worked nonstop, or in Army reserves or School and 12 hour shifts until laid off in July. She has been in eminent default since last year. She had a 2nd mortgage, enormous credit card debt, a Flood in 2008, things were bad. She took out of retirement, over half, used all her savings (yes emergency)and Got her bills almost manageable, then was laid off. If she hadn’t done (the right thing?)did everything to pay bills and debt off, and missed her housepayments instead, I feel she would already be in a loan Mod. They offered a partial moratorium, a 6 mo. bandaid. I did not raise her in the lap of luxury. Honestly, I am confused are you suppose to let the mortgage go before the savings and retirement?? That is what the guidelines tell us. When the foreclosed people were not getting documents in while in 3 mo. trial, Banks quick asked government to make up an extention guideline. Why can’t a single tax payer, whom pays more, percentage wise, out of there wages and no big tax credits get offered a bandaid. The rich get richer!
I was reading a comment and quick looked at whom sent it, someone had my exact thoughts and experiences in here.
I applied for a Loan Modification from Litton Loan since March 2009, I was initially deny, they said i can afford the payments after 3 months they send me a trail modification in the mail. On the trial modifictaion it states it will be for 3 months and you will be reported to the credit bureau as current as long as you are current coming in the program which i was, sign the papre work and send it, had to resend some paperwork 3 times becuase somthing was always missing. I recently pull up my credit report they are reporting me late 30 days each month am on the trail period, even though am sending in my payments on time. Called them more than 8 times each time i get a different answer. I am just wondering if this is legal, because on the paperwork it states you will be reported current as long as you are current with ur paymnts? and from what i heard from most people i may not even get a loan mod, we are now in oct 09 and they just started a new trail period again after the 3 month ended. I will end up with no LOAN MOD and Bad credit
Although I thought we clearly fit the guidelines for the Obama modification plan,GMAC denied our request(though without explanation as to why…), but then they “graciously” agreed to do an “in-house modification”. They reduced our payments by $24 a month (while also extending our mortgage out for several more years of course!). How ludicrous! How could anyone believe that a reduction of $24 a month would actually help someone avoid foreclosure?!! It boggles my mind. Plus they have all of my financials, it is EASY math to see that I can NOT afford their reworked mortgage plan… yet still they had a notary public calling me to set up a time to sign the documents as soon as possible! Isn’t that the kind of behavior that helped create this mess in the first place (encouraging people to sign on for mortgages that they obviously can’t afford)? Meanwhile I strongly suspect that GMAC will end up losing more money by foreclosing on us that they would have lost if they would have just worked with us to create an affordable mortgage for us. I really don’t get it… such stupid financial decisions on the part of a major financial institution- it’s actually rather scary.
I have been working to get my loan modified with CitiMortgage since May 2009. I saved up to buy my first home and put 20% down and bought a modest home that I could afford. Due to the credit crisis I lost my job in the mortgage industry several times and eventually took a stable job outside of this volatile industry but had to take a large paycut. I am struggling to make my mortgage payment and Citi will not call me back or let me know what is going on. I guess I should have borrowed more than I could afford, put 0 down, and start missing payments maybe then they would listen. I love how we reward bad behavior in this country and make those who try to do the right thing pay for these mistakes.
We applied for a modification loan. First I was told we had to be in forcloser to qualify. Doesn’t paying on time,count for anything? We go without pursonal care,to pay our mortgage. Then I was told our bills exceed our income so we do not qualify. I told the Bank we borrow from one bill to pay the other. Did they care? no. Bank of America will not help any one why did they get money from the President. He should have sent it to usfor our homes ther would not be so many people out of their homes. I’m ill and I can not contune like this much longer. we are over 65 and not in good health. What is going to happen to us.and does any one care? I think we deserve a break as much as those who have not paid. Wher did we go wrong??
We are a family of seven in the Columbia, SC area. We have five children, one has finished vocational school and is working in Charleston in her field, one is a senior at The College of Charleston, one is a freshman at The University of South Carolina, one is a junior in high school and one is in the 7th grade. We have a home improvement business that my husband has run for 5 years, a coffee business we have been in for 4 years and I am a teacher at a local school, Remington College. My husband is also a volunteer for Tri-County Hospice, I am a Guardian Ad Litem for the Richland County Family Courts through CASA.We have had a hard year or so with the economy and health problems. We have been working very hard to maintain our home. I would like to tell you about the latest events with my attempt to save our home.
I am writing to you in regards to my efforts to have my mortgage restructured. I began my endeavor in March when NACA Save The Dream Tour came to our city; I was at the coliseum many hours over a two day period. I have completed every item that NACA has in their guidelines as well as GMAC, my lender, when NACA said I was to work with them to find a resolution. In May after many weeks of sending in all of my paperwork, documents, etc, we were approved for a trial period beginning in June. Our mortgage payment had been $1001.00 monthly and our trial period payments were $472.00. We were more than ecstatic; we sent our first payment in June along with the agreement we signed to start the 3 month trial period. We were told that if we were able to make the payments during the trial period, we would then be reviewed and the payment would be very close to the $472.00 payment for the modification of our loan. I even sent in a bank account permission slip with a voided check to have the payments automatically withdrawn once the modification was permanent. We paid all 3 payments, June, July and August. In late August I called GMAC to see how we were to make the September payment, I was told that our request for modification had been APPROVED! We were so happy. The customer service employee in loss mitigation said we would NOT be making a September payment that our final packet to sign and to finalize the modification would be arriving via Fedex. She said to ensure we signed the packet promptly and get it back to them. We would start our new payments in October. We didn’t receive a packet so I called last week, September 24, and asked about how to make our next payment. She said we were DENIED and we needed to make a payment to keep our house out of foreclosure. She would not give me any reason we had been denied, only that the Treasury Department had changed certain regulations and we were no longer eligible. I was stunned. She wouldn’t let me speak to anyone other than her; I thought somebody should be able to tell me exactly what happened in the past couple of weeks with our application process. She said we could reapply using the GMAC modification process. The GMAC process is not for the life of the loan like the NACA process. I begged her to help me and explain to me what happened to make this occur. I asked if we could appeal the decision, she said it was not an option. She also wouldn’t put any notation in our account that this is what has been going on with our mortgage to stop the foreclosure process. She said the only way to stop it is to pay. We owe thousands of dollars to this company; we aren’t in a situation to pay this large amount of money. We have been getting our financial situation back on track with the lower mortgage payment and made efforts to pay off credit card debt we had accrued in order to make it through hard times. I called the Columbia NACA office and was told I needed to call the national number. I have called them many times, left messages, send emails and sat on hold for over an hour. I haven’t spoken to a NACA representative yet. I have been searching the internet and found that GMAC has done this exact thing to many people. I am not sure what they are up to; although it seems obvious. I am appealing to you to help the people who trusted in a system we worked hard to obtain help for ourselves in a difficult time. I feel as if I have failed my family in a time of need. I would appreciate any advice you could offer me or direction.
We started almost a year ago. Must have faxed paper work which included hardship letter due to my husband being self employeed and getting injured on the job 10 times to Wells Fargo to no avail. Oh they did try to put us on a payment plan for three months at 2000.00 a month. What a joke if we could afford 2000.00 why not our normal payment of 2300.00. Our issue is our home is valued at 350,000.00 and we owe 150,000.00. Wells Fargo doesn’t care because if we go into forcloser, they wont lose anything. However we lose it all. Enough helping out the big companys. What about our American dream?????
I started the modification process in June. I have now given my financial inforamtion to five different people, on five different occassions. Each time I call, I have to update my information. That is all they seem to ask for, yet each time I call back they have my phone number wrong and my financial information wrong, therefore for the five times I have called, I am making corrections to mistakes the previous person’s have made. I was told back in July that they would contact me in two weeks. It is now October and I am as confused and uncertain as to my situation, as many of the Bank of America employees I have spoken with appear to be. I sent Bank of America 23 pages of financial explanations; bank statements, credit info, paystubs, electric bill etc etc, yet it took me two calls to reach an individual whom I could understand, who seemed mildly intelligent and who could actually answer the question, as to whether or not they had actually recieved those 23 pages. One of the “representatives” and I use that term lightly, could barely speak English, could not add and like all the other “representatives”, could not answer any of my questions. This is frustrating and frankly I feel as if I am being strung along. Maybe they should have taken their bail out money and hired some qualified individuals or at the least, organized a plan and process that actually works.
Obamas plan was meant to be good. I think the banks seen it as an opportunity to take advantage of vulnerable home owners. Instead of intending to give permanent loan modifications they used the plan as a glorified collection attemp. I followd my end of the commitment with Chase for a temporary modification. A tempoary modification so they had time to have an underwriter wrtie up a permanent modification. I paid my share for May, June, July 2009. I was not sure what I had to do for August 2009. I called. Maxine Waters knows what that is like. I was told just to send in another payment. I f I would have done that the late payments would have come out first per collections. Part of the modification plan was to erase the late payments caused by the temporary modifications. To make a long story short, Chase has had my info for 10 months. They have hit my credit for 10 months. My Home and car insurance raised 40% because of the hits on my credit. I still do NOT have a modification. They have twisted every thing to look like I’m 6 months behind on my house payments. I now have no other choice but to try for a short sell. I’ve been in my home for 15 years and it breaks my heart. I’m done crying. I will find a place for my daughter and I to live, I’ll sell this house but then watch out. My only other goal is to prove that grave injustices were done by the banking institutions of this country. They need to be accountable for their actions, especially the presidents of these banks or CEOs or what ever their glorified titles are!!!! My president of my morgage company is one of the 25 top paid men in America. How greedy and sneeky can one be? Does he have to steal from the vulnerable and poor? Doesn’t he have to be responsible for twisting the Help For Home Owners Plan?
For how many people would paying 31% towards a mortgage even be affordable? What a joke.
After 31% for mortgage and fica, state and federal income tax come out you’re left with what? A third of gross? After I subtract healthcare, utilities, food, gasoline, student loans etc from a 56K annual salary I’m left with around $600 a month for home maintenance, car maintenance, entertainment, clothing and misc expenses. That doesn’t work. I guess a bachelors in computer science, an enlistment in our military and almost ten years of work experience is not good enough to qualify me for any sort of a life..forget the “American dream”.
We started the modification process in August 2009. My husband has been working for the same company for 28 years and in July he lost 23% of his income due to bean counters. We keep calling to check status, only to find out that we have to keep our mortgage current in order to stay in the process of the modification. What? How stupid…if we could afford our payment then we would make it. How do these banks think you can continue to make the same mortgage payment with a 23% decrease in income? USBank is absolutely the worst bank. They are rude and we get different stories each time about our modification and yet you can not talk directly with the modification department. They stopped taking calls! What? Stop taking calls, so now the reps at USBank are the go-between messengers. We will end up homeless as well if someone doesn’t start pushing some buttons!
These restructure loans are ridiculous. i have been working with National City to try an get my interest lowered. No one seems to know about the Harp loans. They denied me because my debt was higher than my income and I will not be able to make the payments. Hello.. the payments are going to be lower. I still have not given up. They did however cash my application fee for doing nothing. What a hoaxs?
When we first got our loans, banks were there to make money, not to help. They did not consider them in a partnership with us. Therefore, they do not need to offer help. Banks are corporations; corporations are driven by greed. Corporations own this country. Someone said that he wrote to the president, the governor, the senator for help with a loan mod, but no one help. I want to let that person know, why would the politician help? Let me ask you, during the presidential election, who paid more contribution to the president and senators, you? Or the banks? Bingo!!! you got the answer! Then, why should the politician help you, help us, help this country????? It’s all about the mighty corporation, mighty banks…when corporation is in trouble, our tax money is to help them. When we are in trouble, get out of your house, live on the street and die!!! Our American dreams can only been seen while we are sleeping!!!
The banks do stall, they do lose paper work and they are still trying to take advantage of the same American Public who bailed them out after they almost brought the world financial system to it’s knees. Now they are posting huge profits, not selling the so called shadow inventory so they do not need to write down the assets they are holding at full book that are worth 50% of the value if that. Trickery is par for the course and none of you are alone. You need to take a different tactic and not expect the banks to play fair. If you have an ARM Loan you need to find out if it contains violations of federal law RESPA/ Truth-In-Lending. You need to demand to see the actual “Note” they are holding. You need to get multiple supervisors involved but you first must educate yourselves and understand the process and what is really happing in the industry. This is not a ask nicely process. You need to become savvy homeowners and use the tools available to you and DO NOT pay a loan modification company. There is no magic to getting a great loan modification, principal reduction, extended terms lower rates, etc.. The banks are gaming the system, you need to negotiate from knowledge and use leverage. We offer FREE loan modification education and a free online processing system to create a bank ready loan modification package. I wish I could put the link here, but I am fairly certain that the post would be deleted. There are resources you can use, educate yourselves and do not simply believe everything your read and hear. Good Luck and negotiate from knowledge and power not from weakness. If my e-mail address is available in the post, feel free to contact me about TRULY FREE educational material.
Wow! I feel like I was just kicked in the stomach. I cannot believe how many ppl are having the same problem I am having with a loan modification. My daily headache is CITIMORTGAGE also. I guess I need to stop calling them because by reviews listed here I have about 9 months before I’ll hear from them. I started my process 3 months ago. I was asked at least 4 times for the same info. I faxed, mailed, and filled out paperwork online and over the phone. Everyone says something different but it is always the investors fault and the fact that my loan is through Ginnie Mae. Maybe it was premature of the gov’t to give the lending institutions the bailout money because they are not using it to help us. This is very discouraging President Obama. Something needs to be done fast or our next posts will be “We are homeless”.
I have been trying to get a loan mod with GMAC since May of this year. I was told in June that I passed two of the steps, which I was told was very encouraging. I was then told in August that I failed because I could not afford the new payments; huh? Shouldn’t they be less anyway? Then, I receieved a call from GMAC 3 weeks ago, and they still haven’t gotten to the bottom of this. I have been told several times to short sale the house; why have these banks gotten all of this money, and they are not helping the people who truly need it? Don’t they want to keep people in their homes? Who is going to step in and get this mess straightened out?
I am having the same problem as Jose Rivera with Bank of America/Country Wide. Because Fannie Mae has taken out insurance on my loan I continue to get the run around from Bank of America about refinancing under the Making Home Affordable program and nobody can give me an answer that makes since. They keep saying Im not eligible at this time or they havent received instructions from Fannie Mae as to how they are supposed to proceed with loans that have insurance taken out on them. I have been getting these same answers every since the program came available. Its become extremely frustrating, as I would like to get into a lower fixed rate ASAP. We need some more help President Obama, with these Lenders!
Dear Jeanne in Tuscon,AZ:
You stated,
“bought a home almost 3 years ago at 7%interest. I am on a fixed income. I have been making extra payments each month and am having no trouble making my payments. Of course, I bought a home I can afford and don’t run up charge cards on things I know I cannot afford. I guess that is the difference.
Jeanne”
No, that is not necessarily the difference. Our situation was similar to yours, maybe better. Bought home in 2001, 5.25%, always paid bills on time-always. We don’t use credit cards much and we paid a very reasonable, affordable amount for our home. The Difference is we lost a job and 1/2 of our income and you did not. Could you make your payments and pay your bills if your fixed income was cut in half tomorrow? Could you continue to do it indefinitely, or would you be cleaning out your savings to make ends meet?
I have been trying to finalize my loan modification since December of 2008. I do realize that the programs have changed to benefit me as the borrower, but it is almost October 2009. I agree with gentleman about having to deal with different representatives, it is very frustrating. They all tell me something different, they all have different personalities, and the underwriter continues to ask me to submit the same documents every month. I really believe that the banks really do not like this Obama administration plan. Lowering the payments to 31% of our gross income I’m sure bothers the banks. The borrower now benefits. I do understand that they are overwhelmed but every month that monthly payment is revolving negatively on my credit report. My house value has fallen way below what I owe. It’s a shame that there was no regulation on these loans and the greed that got us all in this mess in the first place.
I have now been trying to work an equitable solution with citimortgage for over 12 months starting this process back in January of 2008, having been out of work the 10 months prior to that due to layoffs. I finally got someone to respond to me in October of 2008after 10 months; At that time I was guided by citimortgage to be put on a moratorium till January of 2009, as was told that during that time citimortgage would review my account for a more permanent solution. In January of 2009, I was told that my account was not being looked at because I was current on my Mortgage and that I would not get attention until I was at least 60 days late, So I was told that the only way to get any assistance was to fall behind on my payments. I have recently researched the web and blogs and verified that many other Citi customers were told the same thing. Once I was late I finally was told that I could get on a forbearance plan. I was put on that in May of 09. But after several inquiries on what the status of a more permanent solution was, I was advised that I now was pre-qualified for the HAM program, which on guidance from Citimortgage I entered. I met all the qualifications outlined in the documentation, and made my revised payments as told, only to find out on September 8, that I did not qualify, because my investor did not participate in the program,. During the Trail period, misinformation both over the phone and even in writing was supplied to me. This has been a problem throughout the total 12 months. On September 17, I was advised that my only options were a re-payment plan, short sale or foreclosure, after speaking with 3 different representatives. I now have a higher mortgage payment than I did before, and if I would have not tried to do anything, I would be better off. I tried one last time to see if I could express my displeasure with the entire process over the past 12 month, I finally got a supervisor who informed me that there was yet another option of a Citimortgage modification program, that I may be a perfect candidate for, I have yet to hear anything back, I think they just wanted to get me off the phone. I believe that Citimortgage is playing bait and switch with their customers, and are not really meeting the obligations that they have told the public that they are willing and trying to assist homeowners.
we bought this house three years ago, thinking it will be a final stepping stone into retirement- we used our 401K as the deposit. low and behold we have a negative am, adjustable rate mortgage-how ignorant and misinformed were we.
presently, our house is worth 1/2 of what we purchased it for. the builder keeps building and offering incentives to new buyers. how does one compete. we have been working with a title company for ONE year and we have not been able to get to first base- paid money up front and I have to write letters to the bank, I mail the letters- what did WE need them for.
We have not seen any help from the OBAMA PLAN- where is it?? I want to keep my home. My spouse and I are at retirement age where do we go- to the street??
and we both have jobs.
I work for a bank that recently purchased my mortgage from another bank, I had defaulted on the loan and it is going into forclosure. The bank has put a judgment against me and it is the bank I work for. Can I get fired because of this?
We have been working with PHH on a loan modification since April 2009.
I am afraid our house will be taken. It is due to be sold on November 3, 2009. We are currently four months behind on our mortgage that is serviced by PHH. It is a FHA loan.
I have been attempting to call the person at PHH working on our case who was supposed to be working on our loan modification but so far have been able to do nothing more than leave messages or send him an email.
I just did a search “PHH” and read all the sad stories. I can not believe this is happening.
I called last week and was on hold for nearly an hour when I finally got a real person. He told me that my file was in the process of being transferred to another person (this will be the fourth person) but did not know that person’s name yet. They did not yet have information necessary to provide details.
I called yesterday and was told that our load modification process started over on September 17 and will take 60-90 days from September 17.
Again according to their attorney our house is due to be sold on November 3, 2009. We only owe less then 25,000 on our home. It is due to be paid off 2011.
where in the world is all of my tax money going,the gov can give it out to the banks and the banks can give BIG bonuses for losing money,yet I cant get the help I need and it is MY TAX dollar that i need to help me,Im a 42 year old married and a father of two ,I work in the auto business and I have had my income drop 40-50k per year, and when i tried to get help from GMAC i was told that I do not quilify because my income dosent meet the 31% guide line,I thought that is what the program was for,was for people like my self ,still current on their morgage and with good credit and struggling to make ends meet evey month,where is my help I did every thing right and by the book ,I work and pay my bills on time and this mess that the U.S.A. is in is no fault of mine ,yet I am being effected and told by my lender GMAC to sell my house because I cant afford it ,what kind od s*** is that,when I have been in my home for 9years and paid extra every month and on time and now when I need the help they turn their back on me ,I hope GMAC crashes and burns just like the other a-hole morgage lenders ,we need help and because we are not behind and dont meet the 31% we are just out of luck,real nice GMAC
Update to note below. My forbearance plan has been reinstated. But they still had some info incorrect. They thought I had not made my first pymnt yet (via certified funds only), their reasoning why my second pymnt didn’t work right. I made my first pymnt in Aug and had also recieved a statement from them verifying that pymnt. There seems to be a lot of confustion within these banks. Whether it’s intentional or not is hard to say.
NOTE: You have to babysit these people. They have managed to mangle my info numerous times. I know I will babysit them from now on.
I am an a experienced negotiator and in the mortgage business many years. How to stop a trustee sale and postpone the sale..and get on a trial period three month modification. First read my notes in my other e mail posted. Redo your financials. The lenders are reading hardship letters as part of the program. An example of a hardship: It should say loss of income, loss of job, death in the family, disease, illness, helping a loved one-elderly and that your house value is less than what you owe, you are in a high interest rate, adjustable rate mortgage and that now that you are behind you cannot refinance since your credit and fico score does not qualify. Also, indicate that your savings and credit cards was depleted from trying to keep up with these payments. Call loss mitigation and tell them you refaxed the financials to them and wanted to know if they received them. Then ask them if the notice of default as been recorded? Has the lender recorded a Notice of Sale yet? When is the sale posted? If you know the sale date, then tell the lender you would like to get on the trial plan today to stop the trustee sale. They will do verbal financials with you over the phone to qualify you for this program. They will ask you how much you can afford today. (Remember, when sending over financials, send over three month bank statements however; you don’t need to send 401k, money market etc…you are in a hardship remember!) The amount I negotiate is always what your last mortgage payment was…the loss mitigation department will see this as a contribution and start out on that first payment or your new trial period payment which will be lowered at 31%. The only lender that is difficult to stop the trustee sale to accomodate the Loan Modification is Indy Mac/One West Bank. The closer you get to the trustee sale..the more down they want from the past due payments. They will take 60 days for a full modification. Make sure your trustee sale is not less than 60 days on Indy Mac loans. I do not recommend paying the full amount with Indy Mac to catch up unless the lender has given you a trial period modification or full loan modification. They will not guarantee you will get a Loan Modification to stop the trustee sale. Best advise at that point, is speak to an Attorney to do a Chapter 13 to stop the sale. I hope this helps. Good Luck.
I am a negotiator for a law firm registered with the dept of R.E. I’ve been in the Mortgage business many years. My advise to everyone, when doing your own financials you can use other income in the household if someone is working like your grown children or parent is living with you. The lender will do a contribution letter, signed and notarized by the relative/close friend/boyfriend/girlfriend and use this income to qualify on your financials. They will not be responsible for the modification and only helping with the contribution. You can also use income like renting rooms however; the lender will ask you to document receiving this income into your bank account as well as receiving mail at that address. I would suggest is re-calculate your financials and tell chase your financial position has changed. Also, check the website: http://www.makinghomeafordable.com and see if your home is FNMA or Freddie Mac loan, this automatically qualifies you for the making home affordable program. Also, the new HAMP program is also a part of the making home affordable..and is offered to lenders, servicer, investors that own your mortgage. These investors,servicers etc..are paid by the government to participate in this government program. Chase is participating in this program. In order to stop the trustee sale and get on a trial period program, is give them verbal financials over the phone and they will qualify you on the spot. Remember when doing your financials…you want to show at least 300 surplus left after your expenses and also, the bank will pull your credit report to see if you are paying these unsecured credit cards as part of your financials. All other utility bills, car expense for gas, food etc usually changes monthly and is not verifyable. (est. 100 per person for food) Do not put clothes expense, extra reserves left over and entertainment expense. When you are in a hardship…you should be saving money to get your home back. And also, if the bank see’s you are paying our unsecured credit cards over your home—that is a red flag, unless its a debt consolidation company. The hardship letter is what the lender is determining on as well as times and dates of lay off..loss of income provided with current paystubs will also show in your taxes from last year that you made more. In your situation, is that the bank doesn’t want to negotiate the making home affordable program payment for you if you don’t have a job and have no way of paying the mortgage with no income…however; you can use unemployment income. I’m not sure if this loan is owed by FNMA or Freddie Mac or investor. Call your lender and ask..they will tell you and then you can find out which program to submit under and tell the loss mitigation at Chase. Good Luck. I hope this helps you.
Have been working for mos to get a mod…has been up and down. Results have not been favorable. In second forbearance program, long story. Made first payment as required (certified funds – overnight mail) Made second payment via phone, is allowed and to save overnight fees. Bank put my info in wrong and it showed up as an invalid acct(?). Because of their mistake I am now in default of forbearance agreement. Trying to get it worked out but who knows? BIG NOTE: Make sure they have all the info currect ie: acct #’s AND acct type. They put mine in as a savings when it should have been oput in as a checking acct.
I have recently been denied a Loan Mod with Chase/Wamu. After 6 months of resubmitting docs, told I can not speak to a negotiator, told to call back, no details, resubmit, resubmit, resubmit. Finally after speaking to the Exec. Resolution Dept I am at least getting to speak to someone but was told Ops the wrong department is working on your case – we need to resubmit to an Investor Analyst.
I have asked what does it take to get qualified and told, you just have to resubmit and see – Hello!
I have 15 year relationship with Wamu and not one late payment. I have signed a 30 year contract yet, I am having trouble in one year and can not expect any help.
There 1000’s of people who have not paid the mortgage for over a year, I was told, you can’t get one if you are not late, I now have a Notice of Default on my home after 3 months.
Someone please explain to me why a bank is willing to loose $250k vs. help a homeowner keep their home and get on their feet, far less then $250k
I have asked, if I reduce my debt through BK, does that qualify me. – I get resubmit. The process starts over if you file BK. Hello don’t you want this debt to be eliminated so I can pay you?
I have asked why does a loan audit, short sale, etc reduce principle but a loan modification does not? No Answers.
I have asked, now that I know my loan is handled by a bunch of uninterested investors – do these investors even change rate or terms – told resubmit. Hello – why would I resubmit if they are not willing to work with me or advise what I need to do.
Why can a new mortgage be done in 15 days, yet a loan mod is taking 6 months.
I have written, the Governor, President, Congress, Financial Commitee to no avail.
I have a choice to walk away and foreclose or maybe save 20 points on my credit score and do a short sale. But you see no help on the short sale front, so where does that leave me.
When I ask the question will Chase hold off to give me enough time to short sale, I am told, we don’t know.
Resubmit your offer -
How can homeowners make any decisions to move forward with no answers. It is impossible.
The president’s plan is not working. I applied for loan modification twice due to decrease in income. National City Mortgage denied my first application 2008. I was informed that I did not qualify, it’s not an extreme hardship. I tried again this year under the Obama’s plan. Once again, denied. I was informed that my loan is owned by an investor who refuse to participate in the Obama’s plan. I’m current with my mortgage. They also informed me that even if I’m behind with my mortgage that all they can do maybe is to set up a repayment plan for me.
Update from September 10, 2009.
I has been 1 year and 1 week since I filed my Hardship Assistance Packet with Citimortgage Inc.
Currently I am waiting for the 2nd in Command of the Citimortgae Default Executive Response Unit to contact me regarding their possible third appeal to Bank of America (investor on my loan)on my behalf.
You should know that from the beginning of the process I took notes on every phone communication I ever had with bank personnel. I gathered names, ID numbers, locations and positions. Note: Not all you gather will be truthful. Most importantly, I called regularly. If you are not currently working full-time this will be easier.
I was very patient and polite (most of the time). When nearly a year had passed and the misinformation, contradiction and stall tactics became overwhelming I called the President and CEO’s office. This escalated the process somewhat. In the end, Ms. Turner (Executive Response Unit Customer Service agent) stopped returning my calls.
You must be aware that the Loss Mitigation Departments of these banks are staffed by collection department employees who often fall back into their “collections” hard-core tactical training (especially when they realize they cannot help you).
When things became impossible, I contacted Michelle Mc Call, a Customer Advocate in the Chairman’s office at Bank of America. I did this to get the conversation going between the two entities. Things went from bad to worse after that with Bank of America as Bank of America withdrew their original offer of releif.
I will continue to update. Bank of America Chairman’s office phone is: 980-233-1579. I hope that the gentleman from Boca Raton notes that.
Bought home 6/2008 @ $275,000 @ 6.25% rate. Tried to refinance under the Obama Home Afforability program with Chase (servicer). Paid for appraisal and was told loan looked good but just waiting on Chase to roll out Re-Fi plus program. Then mail’d letter of deline 2 months later with Chase indicating that we didn’t qualify because the value had gone from $275k in 6/08 to $235k in 3/09. We were told that they never rolled out the Re-Fi plus program to be able to do re-finance and they could do a rate-term re-fi because value had dropped. The Appraisal that was used only used 1 recent comparable that was a foreclosure that was not water front. Appraser totally under-valued property and we were unable to challenge this with the Appraiser and was tol by Appraisal Management company that the Lender would have to request a review of the appraisal…Long story short-Chase took 2 months to decline our refinance request and told us that we would have to re-apply once they rolled out the re-fi plus program and since Chase was the servicer and not the original Lenbder we would have to wait until our loan was integrated into there system. We were given an estimate of an additional year even though Chase started servicing our loan within a couple of months of closing our loan!!!
WOW!! So many people in my situation. I’m lucky to continue to make my payments on time, but in this economy, and without any salary increases or bonuses, and a new baby on the way, it is getting more difficult to meet my credit obligations. I purchased my home at $390K and it is valued at $250K Today. I applied for a loan modification under the President’s Obama Plan with Mortgage Company GMAC (who purchased Homecomings Financial) and after waiting 5 months I was declined because I am not late on my payments. I was actually asked by the bank to go on foreclosure or Short Sale, which is very scary, and I couldn’t believe the bank would actually suggest it.
Chase is my servicer and I have been disgusted with their customer service and interpretation of MHAP. I drained my savings staying current so I could honor my commitment yet they denied me for that reason. Worse, they had me in the Way Forward Department and when they declined me they said there were no other options for me. Then I get contacted by the Homeownership Preservation Office and they say that I can be considered for the MHAP in this Department if I go delinquent. I thought the MHAP said you didn’t have to be delinquent? So now after 120 days I am starting this process all over again – why didn’t the first department advise me of this? It is ridiculous and it is all about playing GAMES. These entities received bailout money yet they are spinning the facts to decline everyone they can. I am the person that will stimulate the economy if I get my payment reduced. I am middle class and will not default and will spend money. The government NEEDS to step up and make this happen – otherwise this will be a disaster. What kind of society do we live in where default on an obligation is required? Backwards and no sign of help.
I bought a home almost 3 years ago at 7%interest. I am on a fixed income. I have been making extra payments each month and am having no trouble making my payments. Of course, I bought a home I can afford and don’t run up charge cards on things I know I cannot afford. I guess that is the difference.
Jeanne
I guess I have to wonder if CNN is ever going to use these posts to report anything. They need to report that it is not just irresponsible or greedy people being denied. Many of us are being left out, either by government policy or by the bank’s rules which sometimes seem to conflict with the government guidelines, who need help to stay in our homes. And we are the ‘responsible’ homeowners Obama talked about in his speech today. Many of us had fixed rate loans and would have been fine if not for an income loss directly related to the economy. Or a health care crisis–or both.
And the number of homeowners going into the trial period is not at all related to the number of people who will actually get a modification. It should be apparent that many people are told they qualify and put on a trial period and are then denied at the end.
Let me say, I’ve actually talked to some people on the phone who seem to want to help- though you usually have to get to a supervisor to get a sensible answer. But, I am not at all sure the ‘big guys’ who make the decisions and set bank policy really want to help. They took the ‘modification’ we were forced to give them in the form of a bail out, but they are unwilling to turn around and give the same to their borrowers.
My husband and I have been trying to get approved for a loan modification since 3/2008 due to financial hardship. We finally were approved in July 2009 for the HAMP Program and now it’s the second week of September and still nothing has been done. We were told by our servicer(American Home Mortgage Servicing)that the HAMP program does NOT support payment option loans. Why not? Is that really the truth. This has been a COMPLETE nightmare and were is the support?
Wow. What a blog. So much sadness. So, I’ll add more. I’ve lost my job due to downsizing. I’ve been in contact with my loan servicer, CHASE since February to try & modify. No luck. Live in area with 17% unemployment rate and 24% foreclosure rate. House went from $280K down to $140K (I owe 200K)and the builder has gone into foreclosure. His unsold homes will go for pennies. So, I cannot sell, cannot refi, and have no $$, and am still not employed. am a single mom and 54 yrs old. Things are not looking good. OBAMA Plan? yeah, right.
Sally Q.,
Does it scream hardship that my husband lost a 79K/yr job and is now making less than 1/2 that? He’s also 55 years old, first job loss ever. That’s probably not a great age to have to be out competing in this job market.
Does it scream hardship that we had to take our 13 year old daughter to the emergency room in July and it cost 9K (yes, $9,000) because we don’t have good insurance right now?
We had a good income before this and great credit- an 800 FICO score. WE are still fighting hard to keep all our bills current but it is going to be much harder now that they denied our MHA mod, after a successful trial.
We did not have a risky mortgage (20yr, fixed, 5.13%) or too much debt (besides the $158K we owe on our home we have less than $1,000 in ‘other’ debt). According to Citi our home value has dropped from $336K to $168K in the last year, but we still have $10K in equity, which is apparently too much for a modification, but too little for a refinance, according to the reps I spoke with.
So there is no help for us from our mortgage company despite our good payment history and good money management for years.
The majority of responses I have read here also say they lost income and that is the reason for needing help.
I understand that you should get a mortgage you can really afford and that it is a lot like the stock market. if you can afford it you should ‘hold’ your investment, its down now but it may rebound.
I’d be only to happy to do that, I need a reduction in my monthly payment so I can ‘make’ the payment- and maybe afford health insurance, too!
i have been trying to get a modification from Wells Fargo for 6 months. I can relate to everyone to the exact same problems. I have submiotted paperwork over 10 times, the same paperwork.have been told by Wells fargo not to make payments to qualify and by another Wells Fargo employee to make payments. My biggest frustration is not being able to talk to the same individyual twice. Each time I call or they call me It is a diffferent person and I am told a different story, at this time I dont believe anything they say nor can you believe anything written since I have received paperwork dated the same day from them with conflicting requirements. I personally think they are just keeping all the stimulus money for their books to look good and have no intentions of making any modification loans or their staff is not educated enough to know how to do one.Its just like disability
you need an attorney to qualify even while laying on your death bed. it may not be Wells Fargo rather the government requirements good luck everyone as it seems no one knows or they are not telling
Puchased brand new mobile home with land in Aug. 2005 for $300K, Wells Fargo holds Freddie Mac mortgage. Bank will not approve short sale, and we met with a lawyer today who said Loan Mod’s are not available on mobile homes, even though the bank has classed the property as real estate because we also own the land. We’re hooped…literally HOOPED! So foreclosure here we come. Current value is (if we’re lucky) $180K.
The end of last January we tried to refinance our $157,000 mortgage from an interest rate of 6.75% to 4% with J.P. Morgan Chase- Here’s what happened.
We bought our house in ’06 and our little girl came along in ’08. I worked for a local bank for a year and a half, I’ve heard all the excuses that banks give and I know how much they want to protect themselves before they do anything for their customers. They just don’t get it though. Currently I am disabled, unemployed, and back in college trying to earn a degree to become a teacher while my wife is a full time school teacher.
Our credit was good and we were not behind on our mortgage, yet. The end of January we paid the $395.00 fee Chase wanted to process the re-finance, sent in the paperwork in February and waited. The end of Feb we had to send in more paper work, we did so. The last week of February rolls around and we are told that we are being sent to underwriting and should have an answer soon. The beginning of March comes and goes and we still don’t have an answer. I spent the next 2 weeks trying to get a hold of the agent we had been working with, and after spending 5 hours on the phone getting transferred, hung up on, etc etc I finally begged a woman to help me. I was surprised at what she told me. She informed me that my agent was no longer with Chase and that my application was not in underwriting as I was told, and that I was more than likely sitting on her desk waiting to be assigned to someone else. I asked for a supervisor and was told that I was not allowed to speak to one by three different people. Two more weeks of trying to find someone to help me and I get a letter telling me that I had a new agent. However, we had to re-submit all of our paperwork again and after that we would have to be sent to underwriting, yet again.. So, we gritted our teeth and did it all over again. 3 weeks later we get a call asking where our paperwork is, we tell them we sent it in, and they claimed that we never did, so we had to re-send it in yet again. Two weeks later we had to send in yet another piece of paperwork we had never seen or heard of before.. We finally get told that we are in underwriting again, and that we will be approved but the underwriter was very busy at the moment and it would be a matter of weeks, but not to worry. Yeah, right.. We kept getting the run around until June when we were sent a letter telling us that we were denied, then that was followed with a letter telling us to re-apply, which we were told was a mix up. We had to fight with Chase to get a refund on the fee and I had to spend 3 hours on the phone begging someone to get me a supervisor as nobody would let me talk to one. I was finally able to track down a supervisor, I explained to him how I felt about how my family and I had been treated by Chase, and what happened, and all he could do was apologize.
We were above water until the end of April, then we got caught over extended and medical issues hurt us and left us shorter than we were expecting, the re-finance would have tremendously helped us out. After we were denied a re-finance we were left with no choice but to fall behind 1 month on our mortgage, so we did. I then decided to call and ask for a load modification in June, and I was told that it didn’t work the way I thought it did. According to Chase, loan modifications work the following way- If you are behind and apply for a modification, the bank gets to decide on the modification, be it higher payments, temporarily lower rates, no modification, etc etc. I was told that I could see my mortgage payment increase if I was behind, in order to bring me current.. So, if for example I pay $1200 a month normally, and I fall behind I could end up paying $1800 until I get caught up.. I asked what I thought was a normal/logical question to this, being – how can you afford to pay more if I couldn’t afford to keep up in the first place? I was told that this was the way the loan modification worked and that was it. I wish I could have given the banking industry that line when they needed a modification!
So, here we sit, at 6.75%, 1 month behind on our mortgage with no help in sight, and extremely unhappy with Chase and the banking industry as a whole, though we do love our Credit Union. In fact we are shifting all of our accounts to it as they actually seem to care unlike the banks.
I requested assistance as of January 2009. After calling Chase Mortgage several times and being told that my file is being worked as I explain to them how can my file be worked if I haven’t been requested to submit or complete any documentation! I finally received a msg from a Maria Bernall on August 2009, when I attempted to return her call I’m transferred to several departments giving the same information I did to the first representative to be finally told that there is no Maria Bernall in their address book. a few day later this “Maria Bernell” calls me back and I precede to tell her what I had encountered in trying to return her call. Her explanation was she couldn’t understand why that would be the case. she than requested that I go to the chase website and download forms for a modification, complete all forms and fax it to her attention along with all documentation, which I did. After I call to check the status on my modification and being told that the package is complete and being worked on, in September 2009 I receive another msg from Maria Bernall and in attempting to return her I encounter the same thing again, I after being transferred several times and giving the exact information I gave the first representative I’m again told there is no Maria Bernall, Does this person exist. I feel Chase is just giving me the run around and has no intention in doing a modification on my loan.
Today marked one year since I filed my hardship packet with Citimorgage. It was fitting that today I was contacted by a Citi Executive Response Unit supervisor in charge of the Loan Mitigation Dept. I was informed that Citi was informed that their investor, Bank of America, decided to withdraw the 5 year step rate modification that they (citimorgage)had offered me last week. Citi explained that Bank of America determined that
our financial hardship packet does not constitute enough of a hardship to warrant a modification. Let me be clear. Unlike some homeowners, we were able to make partial payments and did not default.In fact, since our home is our #1 priority, we have been using our retirement savings in order to stay current. The hardship packet included documentation of all finances, including documentation of my State Teacher’s Retirement Disability reduction in income which we have struggled with for years. We did not qualify for the Obama plan, according to Citibank because the loan had an investor. Even so, we were kept waiting for one year while Citi ran us through the HAM tool 3 or 4 times (allow 6-8 weeks) between each run. I do not know why this was ever done if there was an investor on the loan. It took me to April 2008 to find out that there was an investor on the account. Citibank says it’s hands are tied if Bank of America refuses to authorize the standard modification. Perhaps there is something here. Banks sell and purchase as investors on each other’s loans thereby protecting themselves from having to modify loans. They simply point at each other. It’s been a real education. I have dealt with individuals at the top corporate levels of both Citimorgage and Bank of America. Thirty pages of notes and communication in my file folder as a testament but no modification. Something smells.
I have a question.I only have one house, it is my primary residence and I don’t have any other property.If I let the house go, once Bank of America forclosures it and sell it for less, are they going after me for the difference? or the deficiency judgement, and then,I have to pay them back or They will forgive it.I heard that Bush sing a law before he left White House about this.Some people say yes(I have to pay back, someother people say no)Could anybody tell me if this matter is right or BOA won’t come after me? thankyou.
My night mare continues! My wife of 23 years died in a water skiing accident just over a year ago. Needless to say making the mortgage became difficult. I have a job.I am a firefighter. Bank of America says I qualify for a modification but after giving them everything they asked for since May I am still getting the run around. The latest was today when they told me they accidently dropped the case. No Apology! Just arrogance, on the phone. Looks like foreclosure is on the horizon. It’s sad, I only need a interest reduction to be able to make my payment. I guess if I was a Bank Of America share holder I would get help. Oh thats right, my tax dollars
I have a VA 1st and 2nd. Since I am not Fannie Mae/or Freddie Mac, I am eliminated from the process. My equity went from $140,00 to negative $4,000 (Las Vegas) I am happy with a 6% VA but since my equity was stolen my second comes up in Jan and will increase from $68 to $400 a month. Prior to the Equity theft I had options to keep my 2nd at a reasonable monthly payment but now with no equity means no help. The Banks need to address 2nd’s perhaps with a simple solution of allowing 2nd to be paid back at a fixed rate in 15 or 30 years, would save alot of people in the Valley.
1) The misconception that most people are in this mess because they were all irresponsible is wrong. Life happens and in today’s economy… you can go from a $60-$80,000 career to flipping burgers.
2) Let’s not clap for Saxon Mortgage Services just yet. Leading the pack doesn’t mean anything. Let’s measure a company’s success by how many loans have actually be modified AFTER the trial period and not necessarily the amount they have in the trial period. Just google them… they’re not the best mortgage company/servicer to be stuck with.
3)I’ve completed my trial period yet my home is still on the auction block. Saxon and their attorneys have all neglected to contact the court house. I’ve been told that in some cases they don’t contact the courthouse until the DAY OF THE AUCTION. Sorry but that’s a bit too risky for me. What if you accidently miss a few? People’s homes are sold while they are in the HAMP trial.
After nearly a year of trying to get a modification on our lovely ARM. We’re now in the HAMP program but even our HUD counselor can’t seem to get in touch with people.
Maybe Saxon is doing such a high percent because they were the ones who scarfed up on all the ARMs from other banks that went under. If they stand to gain up to $3000 for each participant regardless of whether they are approved or not, it appears that the buy up was a lucrative one.
CitiMortgage is one of the worst financial institutions in the world. Their customer service reps are so dumb, it amazes me how they ever got their jobs. The can’t answer the simplest questions and ask you to send the same paperwork over and over again. I’m sick of playing games with them, I’m gonna approve my own loan modification and send them whatever payment I can afford and then feign stupidity just like they do when you call them.
I am employed by one of these servicers and i just want to give some advice, everyone is working as hard as they can to help you, please do not call in just because you want to have a lower interest rate because youre home is not worth what you paid, that doesnt scream hardship to anyone, that screams handout/greed, you signed that contract through thick or thin, and please do not call back repeatedly until you think you found something you wanted to hear and a large # of homeowners do that, that is hurting the people who really need it…so instead of being upset with us try looking at yourselves, take accountability, you signed the contract…this doesnt apply to the people whe really need the help only the people who are irresponsible and wanted to keep up with the next person, by the way thank you
I have read many of the detailed comments, which I believe summarizes exactly what I have gone through with (CountryWide)A.K.A. Bank of America, starting back in February. Various friends have communicagted to me, “Have faith, don’t give up, be persistant”.
Well, at this point it has been fruitless and appears that the Servicers and the Media are not doing much to assist the American People in difficult times.
The Servicers just continue to kick you when you are down, while the Media exploits this behavior to continue the dysfunctional social actions of todays’ struggling Americans – from the blue collar worker all the way to the President himself.
It is quite clear the Making Homes Affodable Act is a non-affective Act.
I pray for one and all who have attempted and continue the struggle to save their homes and their Families.
To Patricia – I am not advocating anything on loansafe.org regarding attorneys or modification companies…JUST the user forum to share stories/experiences from one troubled borrower to another. It is a wonderful source of support and encouragement and you can learn from others what they are receiving and what avenues are or aren’t working for them. People post advice and discuss the problems they are encountering. Some have even scanned in the modification documents they have gotten so others will know what they should look like. Again, I am ONLY supporting the user forums.
Yes. I did apply for refinance program. Not once but three times before it moved forward. Though the program allow us to refinance up to 105% of the current Home price, but Banks are giving better interest rates if the LTV is below 97%, guess what have to bring in more money to get better interest rate. Working with bank since last 10 months and hoping to get it over soon as the process is painful for me.
I bought my home at $430K and paid $110K in principal since then, but my current home price came to $333K per recent appraisal, done twice because Bank took more then 6 months to process my loan application.
I personally think that there is no real help for the genuine Home owners like me to avail lower interest rates. Government should come out with a plan something like, calculates the LTV based on the purchase price or current price, which ever is higher and the loan balance, allow home owners to refinance with no cash out. Most of the home owners will be able to cut a good deal. Again this my person thought.
I also have been trying to get a loan modification for month’s from Citi Mortgage. I also have been asked for paperwork over and over again including yesterday, AGAIN! I have been keeping up with the current payments waiting for the modification.
On Sept. 2nd my husband passed away from renal(kidney)failure & blood infection (septis). My husband wanted to die in his house which he was able to do but I think it’s just terrible what they put us through to try to hold onto our property. Today are the services for my husband….I’m sure glad he didn’t know what I’ve been put through and the hours of worry to hold onto this property.
I have been trying to get a loan modification for month’s. I had submitted papers, asked for over and over again, only to be asked for more and more papers to be submitted and I keep resending the same stuff. I am keeping up with my current payments but know that when the loan payment changes I will be in trouble. I am trying to curb a disaster. I filed a hardship as my husband got lung cancer three years ago, had a lung transplant and has almost died twice now from failure to thrive. This all began before the “pie in the banking sky”, began to fall, leaving all of us scrambling for cover. I have been spending my days and nights caring for my husband. He has to be fed through a tube that is inserted in his intestines. He requires constant care, help with bathing, dressing, walking, everything. I also have four children, two of them with special needs, 1 with mild cerebral palsey and the other diagnosed with ADHD, PTSD and mild Asperger Syndrome. In the latest phone episode just now, I said it seems like I have to get an attorney for help and I heard someone in the backround laugh. Thanks, Chase for being such uncaring so and so’s. Really would like to cry but have to stay the course and stay strong. None of this would be going on if the terms of my loan were not changed as with my original loan I was supposed to be able to switch over to interest only and then they just took that option away.
Right on,Rein! PRESIDENT OBAMA, are you listening??
(Copy of Rein’s post)
SOLUTION:
1. Make the interest everyone pays on their home mortgage a “TAX CREDIT” instead of a tax deduction (immediate income into the hands of all homeowners to allow them to continue paying their mortgage). This could be capped at $12,000 to $15,000 per mortgage and still be extremely effective. People would immediately have an extra $1000 per month to help pay their mortgage or BUY THINGS TO GET THE ECONOMY GOING AGAIN. Individuals with mortgages would not have to refinance (which they can’t do very well anyway due to the loss of value in their homes which won’t allow them to refi) and they would still get major relief.
2. Make the interest individuals receive on Mortgage Backed Securities “TAX FREE”. This will cause investors to be more inclined to buy mortgage back securities in light of the newer lending guidelines and their increased yield based on valuing their investment as tax free. Part of the real estate problem is the lack of liquidity and the fact that investors are reluctant to buy mortgage backed securities. By giving the investors (401 k’s retirement funds, individuals, etc) the benefit of tax free yields they will buy MBS’s.
3. Make the Capital Gains on homes purchased after January 1, 2009, “ZERO” if held for at least 3 years (this includes all home purchases to include investment property, personal residence’s, second homes, etc). This should spur home buying by individuals and investors and the rate could be reinstated at some year in the future when America stabilizes. One could argue that the Government will lose money on future gains in the market but if something isn’t’ done there will be no gains to tax anyway.
The solutions will cost the Federal government, to some degree, in lost revenue but it will at least put money right down to the individual that needs it the most (the average homeowner still tying to make his payments), restore confidence in real estate as an investment (people will buy mortgage backed securities’ again), and investors will see real estate as a preferred investment due to the capital gains savings.
If you don’t fix real estate, all other areas of the economy will continue to suffer.
PRESIDENT OBAMA: It’s not working out well between many of the homeowners and the banks. Let’s get some immediate tax monies into the pockets of the HOMEOWNERS now,instead of to the home purchasers as they’ve had their time this past few months. Time to channel it to the HOMEOWNERS instead, so thousands more do not lose their homes.
Thank you.
After reading some of the comments, I must say I feel blessed. I am self-employed and my business has dropped in the last year, which caused me to fall behind on my mortgage. I called Ocwen and asked for the president’s plan. I was told to fill the paperwork out online and submit it to them. I did that in May. It was a lot of paperwork and they did request some documents several times, but I would just send them again. I never gave up because I have faith in our system. My payment was lowered from 641.00 to 393.00 because I was patient. There are so many people applying they will eventually get to everyone, just keep in touch with your mortgage company and don’t blame Obama for our hardships, it happens to everyone.
9-7-09
CNNMoney.com
As a psychotherapist I am concerned to see that so many hurt and disenfranchised individuals are expressing their thoughts and feelings regarding the failure of the so-called Homeowner Affordability Act designed by our (no doubt) well-intentioned president.
Unfortunately he failed to include the critical components of Accountability, and Transperency to his legislation. As a result the banks and lending institutions, were quick to seize upon this serious flaw … enabling them to easily circumvent both the spirit and the letter of the legislation.
All of the letters of complaint, which I am certain represent but an exceedingly small proportion of the American people who have gone through many of the same ordeals at the hands of the selfish and greedy banks/lenders,should be provided to the responsible government department so SOMETHING IS DONE NOW!
The President needs to be informed so that he can take action. We are NOT moving in the right direction, and things are not improving. Responsible homeowners CANNOT stay in their homes.
Bank CEO’s continue to make millions in their bloated salaries while their flunkies are instructed to utilize every lame and phony excuse, delay and disingenuous line of BS to prevent the American public from receiving a Loan Modification.
I applied for such in 5/09 and after submitting innumerable documents and being passed from one individual/department to another, my mortgage holder AM Trust Bank, informed me that I did not qualify because I could not afford to pay my mortgage.
I thought the purpose of the legislation is to help people who have a hardship (a requirement of AM Trust Bank). My income has significantly dropped since I now opted to pay my taxes, obtain health ins, and for other reasons beyond my control. Mandatory Health Ins. which in MA is a legal requirement punishable be a fine of $1200 per year … for not having or using such…)
I adjusted my budget to comply with AM Trust’s requirement that”ÿou must show a surplus at the end of the process”. Showing that I had $200 per mo left over after paying my bills, including my 2 mortgages I was told that because I have a surplus of income I do not qualify for a Loan modification!
I wrote to the Dept. Mgr. who hooked me up with another character (simply change name/title)who had me provide various more documents, including 4 pay stubs (they now had 8!).
By now I had figured out the duplicity and disingenuousness of the fraud beiing perpetrated upon me. If you show your income is less then your debts, you are told you do not qualify because you can’t afford to pay your mortgage (even though I have paid AM Trust monthly for 4 years). If you show that your income exceeds your debts, you are told that you do not qualify because you DO NOT HAVE A HARDSHIP!
This is a no-win game. No matter what you say,k do,k show you are double-binded and ultimately, months later you WILL be denied a Loan Modification.
Why has the U.S. Office of Thrift Management, whose job it is to oversee banks, chosen to ignore this duplicitous and fraudulant behavior?
At AM Trust Bank it would appear that no-one can possibly qualify for a Home Loan Modification because they have figured out how to circumvent the legislation, and no-one is holding them or any of the other banks accountable.
Something needs to be done about this NOW. The hard-working American people are suffering. Does President Obama really think his Homeowner Affordability Act has helped? How can he ignore so many letters of complaint, and so many American people who have or are in the process of losing their homes?
People must organize and come up with a solution to force this issue into the light of day, and to have these banks investigated and to make them turn over all of their records regarding how they have denied so many the right to a Loan Modification. Then reform needs to be mandated by a federal government with the teeth to sanction these banks,k and to make them give Loan Modidications to all the American people who have been so unfairly treated, and simply ripped off.
Can you sue a bank for sitting on your Hope for Home loan package?
Why does it take 8 months to process?
I have contacted Freddie Mac and would like to know about how long the Hope for Homeowners loan modification process should take.
In Feb. 2009 before I was in default, I contacted my Freddie Mac loan servicer Flag Star bank and told them I needed some assistance. They sent me out the wrong paper work.
I then contacted the Hope for Homeowners Housing Education Program a non-profit agency called Consumer Credit Counseling of San Francisco; they work in partnership with the Home Preservation Foundation;and they submitted my package on 4/16/2009 to Flag Star bank.(Via Fax)
We still waited for Flag Star to send us out the correct paper work. Anyway at the end of April the first part of May 2009 we submitted all required documentation to Flag Star. (Green cards back too).
June they called and asked for the same documentation and we complied.
July they called and asked for the same documentation and we complied,
Aug. they called again requesting yet again the same documentation.
All the time never processing our request and it was not until they told us it would be another 90 days to get to our package that it had just been submitted to them by us in July! that we called Freddie Mac.
Here is a time line:
1. Called Flag Star in Feb. asking for Hope for Homeowners loan modification package as we were looking at problems keeping our home.
2. Flag star sends out wrong paper work.
3. Contact the Help program Hope for Home owners and paper work was submitted in April.
4. Flag star sends out right form.
5 Late April, early like 1st week of May we send in completed package.
6.May Flag Star request same documentation we comply again. (We have US mail green cards from where they signed for our packages).
7. June Flag Star requests same documentation and we comply again.
8. Late June early July another Consumer credit outfit calls us on behalf of Freddie Mac. They too submit package to lender again for loan modification under Hope for homeowners program.
9. By this time I have been in contact with Flag Star on monthly and weekly basis. They keep saying we should get a phone call any day.
10. July Flag Star requests same documentation again and says our package is a “new” package so it will be about 60 -90 days before they can get to it as it is first come first serviced.
11. Aug. 2009 We contact Freddie Mac directly. They will look into it. Have not hear a word and this is SEPT.
12. Flag star calls us back same day we contacted Freddie Mac. All of a sudden our paper work is on someones desk.
13. Aug. Flag Star calls us and asks for… you got it the same documentation. We send that in again. We are now over 2 months behind in our loan.
14. Sept. 1st 2009 Flag Star a employee is in contact with us and says another 60 – 90 days to process our “New Package” as we just got them the documents, and it is on a first come first served basis. That she process in order received, this I understand okay; but How many dated from April, May are still awaiting being processed I wonder.
How can this be a new package?
They have had our information since April and early May.
Just what have they been doing sitting on our paperwork? Taking no action to help us? Has Flag Star intentionally done this? If so why.
Our other concern is that the moratorium on Foreclosure is running out in California this month, Sept., and that a 30 to 60 day loan modification process has already taken 5 months and now we are looking at another 2 to 3 more months making it in the 8 to 9 months range.
Again is Flag Star intentionally doing this?
Why have they waited or are waiting so long to process our package? Could it be they don’t want to work with us or with the Hope for home owners program? We are quite frankly, tired and frustrated, ill with the way they have treated us.
We have continuously asked them to keep us updated, and they have not done anything except ask for the same documentations that have been mailed, faxed and e-mailed to them.
Several red flags leave us with doubt and frustration with Flag Star. One is the landslide of complaints filed on consumer Internet sites from people just like us trying to get them to do the Hope for homeowners loan modification. Including past class action law suits against Flag Star and racial bias against Caucasian people that were charged more for their loans than other ethnic groups. The seemingly endless length of time they drag this process out. The endless asking for the same documents. The rudeness of their employees and the lack or answers with a big run a round.
Is this a common banking procedure to drag out this process? Given the thousands of people like us we can understand maybe 120 days, but this is getting unreal.
According to other lending institutions 90 days is more than enough time to process a loan modification.
Is Freddie Mac receiving many complaints about Flag Star servicing?
What is being done?
Will the California Attorney General go after them like A.G.’s of other states?
If they cause us to lose our house because they took to long, what recourse do we have?
I concur with the previously mentioned. I will not detail my situation as it mimicks the others. I just want to add that I wrote to various California Senators, Governors, Congressman/Congresswomen, and even Michelle Obama. To date, I received a fluffy message from Barbara Boxer and Gov. Swartzeneggar, but nothing from the others. Our Elected Officials are either ignoring it’s people or have zero power to help it’s citizens.
I started my loan with Chase in March, lost paperwork, April they have paperwork. Contacted the CEO of Chase late August, they emailed me back. Still have no loan modification, not even an offer of reduced payment. I call 1-2 times a week to Chase and get the same line. It takes 30 days, 60 days, all kinds of excuses. We don’t have money so have to wait until the end of each month today which makes us 25 or so days past due. How much longer do we have to wait Chase? This is ridiculous. We have all of our paperwork in as well.
This is UNBELIEVABLE –
HOW CAN THIS HAPPEN
I have a story also- but aFter reading these other stories I Find that I am not alone. Story aFter story reinForces the reality oF banks inability (either because oF stricter rules or their inability to look at each request individually and make exceptions For many Americans going through this rough time. Recent lates cause(Lower Credit Scores)more than 2-30 day lates make recently eligible ineligible to ReFinance. Then there are those that although struggling to keep Food on the table and hang onto their American Dream(by a thread) have been able to stay current. Many in need oF a modiFication are not behind enough.
I applied For reFinance in March 09, was eligilble at the time oF application For a FHA reFinance BUT Fell behind during 4 month wait For approval. I was denied because oF lates during this period- (although by the time they got back to me I was actually caught up again.) Then I was told not eligilble For modiFication because oF being caught up. I lost my job but my husband is a hard working FireFighter who has enough income For us to live on and pay our bills iF we could reFinance our two short term home loans into one longer one. Recent lates caused us to be DENIED. Now in danger oF losing our home-behind on our RE Taxes- Though we have lots oF equity in our property,we still can’t reFinance. I am Feeling hopeless with no-where to turn-
I really don’t want to sell my home.:(
Hello to all. I tried to read as many as I could. It all sounds the same, as I’m experiencing now. I have been in the Modification process since April of 2009. No one has called me. Only thing that continues to happen is that they keep requesting paper work that I gave already sent in. Or Send in update information. I’ve goggled wells Fargo modification and mitigation. And it’s all the same, for everyone. There need to be some form of class action suit. Why does the Government know what’s going on? And if they do, why won’t they help? I really believe that they don’t intend to help anyone. My recommendation is to seek other ways to continue to pay your loan. Because they will drag your situation out until you in fro closure or bankruptcy.
I tried for a modification, was told by the mortgage company that I qualified for one. Yet they refused to do one. My attorney had talked to them and they agreed that I qualified and asked for the paperwork again and again decided that they weren’t going to bother and they have now given me an eviction notice. This policy has NOT worked for me!
I have read all these comments.. What is CNN going to do to help,or make our views known. That is the bottom line.
My story is like many others here,its helpful to know that I’m not alone. I wish there was more focus put on saving homes and we forget about healthcare reform for a while. It will be a long cold winter for many living on the streets. If you want to see healthcare shortages JUST WAIT! Please do something!!!!
The Obama Administration is not putting enough or any pressure on the banks, especially the big ones like Ban of America, who received the huge bailout tax payer money to review the modification application and allow people to stay in their homes. I have been trying to get a modification ( prior to the Fed plan) since 10/08 with no luck at all. If national elections were held this year, the President would lose my vote.
I wonder if Mr President has sometime to read all this articles and see that BANKS do not want to help borrowers regardless what he say,now CNN could help us to show all this articles or contact a few of us to make a report so people will know the trusth that BANks do not wish to help us to modified or refinance our mortgage loans all they want is our tax pay money, Please CNN do A report to proof the you always report the truth about what is happening in USA with BAnks.
Get this! I hired a loan modification company for $3500.00+ with the statement,”If a satisfactory agreement is not reached between my mortgage company(B.O.A.)and I, all monies paid to their company except the start up fee of $750.00 would be refunded. After your story on Monday about a couple receiving a modification offer from B.O.A. for about 90% of their monthly income, I started investigating. What I found out is, my modification company will not refund anything if a plan is not reached that meets the 31% number in the Obama plan that we applied for because that’s what we qualified for under the governments guidelines. In the words of “Wall Street and Assoc.” “It doesn’t matter if you can afford the mortgage companies offer, even if it doesn’t meet the 31% number, we did our job, we got you a modification offer.There will be no refund.” Now I’m 60 years old and I worked for the same company for 32 years. I started out as a delivery driver and worked my way up to District Manager, only to have the company go under. I’ve not been able to find a good job since. I have my 2 daughters and 2 grand kids living with me because they can’t afford to get a place of their own. What’s going to happen to them when we lose the house. When is Obama going to get serious about helping the average guy and quit giving money to the banks and car companies who have proven they don’t know how to run a successful business?
I read the list of comments on home motification. We just started ours this week but we hired this company PMC (Principal Mitigation Corp) through the internet. They assign a negotiator from your state to talk to the bank on your behalf. I do not know how this will turn out since I already put up half of the cash. Yes, they charge a fee.
I will keep you informed.
Anyone who is interested might want to check out a website called Homeowners4Hope.com. It is the first effort I have come across to unify people in our situation so they can speak out as a group. We all know large groups get more media attention than one little homeowner crying in the wilderness. Often, it takes that attention to really get any change. I just ran across it this morning so I am not endorsing the site….just saying ‘take a look’. It could be worth it.
By the way, in addition to denying my modification application after 4 months of nail-biting agony, Citi is really being unreasonable with credit reporting. Even though I was current going into the modification trial and stayed current on the partial trial payments(and have paid ALL other bills on time to this date), they took my FICO from 801 before the trial to about 650 now (I’m roughly averging my Equifax and TransUnion FICO’s for this figure). They are reporting me current, in compliance with Treasury guidelines, but they are allowed to add an A/C comment ‘paying under a partial payment agreement’ to the file that apparently still drops your FICO by 100 points or more, 150 in my case. They told me the score ’should’ improve after the mod was completed and the comment was replaced by another comment ‘modified under a government program’, but no one was exactly sure how that new comment would be scored.
When they told me I did not qualify for the Modification , roughly 36 hours ago, I immediately asked if I could pay up my account so I would continue to be current. It was my desperate hope that I could just pay them the difference between my trial payments and my regular payments and put this whole ugly mess behind me. Sure, I have to draw money from my IRA and take a penalty to do it, but I wanted to get away from the whole disheartening episode. I reasoned that if I could still show current on my credit report and get the a/c comment off, maybe at least my credit score would jump back up. That would be one good thing to come from the denial of my mod.
According to Citi, that is not the way it happens. Even though I went into the ‘Obama’ program current on my payments and paid exactly what they told me to for the trial period, when they remove me from the modification program, I will show 90 days delinquent! Give me a break!….I did everything responsibly and I am sitting there, debit card in hand, ready to pay up immediately. That does not make sense, morally, ethically or logically. sure, I understand technically that I was only making partial payments during the mod and that can be ‘considered’ delinquent. But what about a little ’show’ of good faith and cooperation? And what about those trial payments in a ‘holding’ account that were enough to pay off 2 months on my mortgage– shouldn’t they apply those to my account instead of showing me delinquent for the first two months? If the bank decides to drop you from a program, seems they should give you some grace period to catch up the payments without being delinquent.
Be aware, unless this changes, you have given up your good credit once you enter into a modification, regardless of the outcome. they are not willing to work with you or look at the whole picture. I’m not sure how they think they can continue to treat people this way and survive. I guess since they are ‘too big to fail’, they will always get money from some source (our gov’t, via our taxes), whether we want to give them our business or not.
there is one person in customer service who did say she would make some corrections to my account (they made some posting errors that had an impact)and then try to keep me from being shown delinquent on my credit, given that they made some mistakes, but we will see how successful she is. I no longer hold my breath waiting for these promises to materialize.
OP ama125 recommends looking into loansafe.org. I can only warn against doing this. That site prays on desperate homeowners to hook them up with crooked attorneys (I know what I am talking about). Do not do this !!! Help is FREE, no need to pay for anything.
I was laid off from a fifteen year management position in March 2008 where I was receiving a middle class wage. Our first mortgage is for 1500 a month and our second is 675/mo.
I am currently receiving $400 a week after tax from Unemployment however my benefits will end soon. At the end of May 2009 I got a part time job: in order to receive unemployment I can only earn a maximum of $138.00 at my parttime. I am urgently looking for a full time position.
My husband has not been able to find steady employment as a Graphic artist. We spent some of our savings on having him retrained as a massage therapist. He was licensed in February 09. He has been working since Feb 2009 however only earns about $300 a week.
We have been making up the balance of our income shortfall with savings. However savings is running out soon. Our income is not nearly enough, we are afraid of falling behind. Now, it’s to the point where we are afraid we cannot continue to afford to pay what is owed to (lender). It is our full intention to pay what we owe. But at this time we are exhausting all of our income and resources so we are turning to you for help.
We first contacted our primary mortgage company, PHH mortgage to explain our hardship in March 09. I was advised to contact them again in April to request a modification package. I did and finally received it in May. I filled out the package diligently. PHH confirmed receipt of package in mid May 09. I have been calling them weekly to follow up on status. It is vitually impossible to speak to someone and have left numerous messages for the President of PHH with his secretary. The first time I spoke with her I broke down in tears in my frustratioin.
First PHH told me that I earned too much. I asked them to review since that was not possible. The second time I was told that I earned too little. I asked to have my situation reviewed and was told the third time after being on hold for 2 hours and finally was told that my property had grossly depreciated in value.
I have called on a number of other occasions I have been on hold for 20 – 30 minutes before I give up and hang up. I need to find a job — not have my mortgage company waste my time.
I have repeatedly asked for PHH a letter to explain what is actually happening. I have been told that no letter will be sent since I am not behind in my mortage yet.
I finally reached out to HUD who is also waiting a written response ffom PHH.
In early Jul 09 PHH told me that they did not have my package and would send me a new one to fill out.
We have resent the new package on July 20,09.
HUD was told by PHH it would be 120 days before we can expect an answer.
Our secondary mortage company has been very responsive however their decision would be contingent on response from PHH.
What PHH is doing is immoral and criminal. They need to either face their cutomers’ issues or be forthright and say that they refuse to negotiate our terms. They have a business to run which I understand but why give the customer the run around? What I suggest is that we customers create a class action suit against PHH mortgage for their abusive practices and mental cruelty.
We have done everything in our power to make ends meet but unfortunately we are falling short . Our number one goal is to keep our home and we would really appreciate the opportunity to do that.
Our situation has not gotten better because of the economy and the poor job market. avoiding the potential of falling behind on our mortgage. We would appreciate any assistance to allow us to keep our home, stay current on our debts and also continue to keep our excellent credit rating.
I am a single parent, putting my daughter through collage and also caring and supporting my elderly parents. I am writing you with deep concern regarding the bailout of JP Morgan Chase Bank. They were quick to take the bailout money however they are not quick to help people say in there homes. In April of last year my husband at the time (we have since divorced) filed for a loan modification request since him being self employed began losing business due to the slow economy. I took out money out of my 401k to pull us out of foreclosure and with the advice of Chase they advised us to file for a loan modification on both our 1st & 2nd loan which were both through Chase. At that time it was very difficult to even make the 1st mortgage payment and we were advised by Chase to not worry about paying the 2nd since we will not foreclose on your 2nd mortgage just try and keep paying your 1st mortgage as much as possible while we try to see if we can modify both of your mortgages. Several months passed and in October of 2008 I received a package from Chase they where willing to Modify my 1st Mortgage down from 8% to 6% but no mention of my 2nd mortgage in the information I received. So I called Chase questioning the modification of my 2ND mortgage they told me it was still pending loan modification and was with the underwriters still and to call back in 2 weeks. I called back in 2 weeks just to be told to call back in another 2 weeks. I called 2 weeks later and was then told that my loan was charged off and from that point on I have tried tirelessly for months and months for Chase to take my 2nd mortgage back from being charged off and modify it so I could keep my home. Since I was told by the law firm that they would garnish my wages if I could not pay the full amount owed. The law firm did tell me to try and work with Chase since they could take this loan back and modify it since it is still there loan however several phone calls over months and months I got no where but different answers every time I spoke to one of the Chase representatives. One of the reps told me just modify your 1st and file bankruptcy on your 2nd it like a bad credit card debit now. I was concerned with that advise and went to seek a consultation from a bankruptcy lawyer and was told that they are incorrect it is a secured loan and you can’t file bankruptcy on a 2nd without filing it also on your 1st mortgage. I filed a executive complaint with Chase however they where still unable to assist with modify my second mortgage and basically told me they could modify your 1st but at the end of the day they will garnish my wages for the 2nd mortgage and then how would I be able to pay my 1st mortgage. Mr. President something needs to be done this has been our family home for over 45 years and we purchased the home and remodeled it from my parents in order to care for them since my Dad had a massive stroke. I could be like many other Americans and put my parents in a home and let the government care for them but I’m just trying to do the right thing here and now having to have to up root my parents from there home of 45 years. They are now in there late 70’s and this has been taking a toll on their health. My house is scheduled to be foreclosed on September the 8th 2009. Any help you could provide would be truly appreciated
Both my wife and I have had a significate decrease in income this year and have now depleted our savings, as well as the little bit of retirement we had saved. We applied for a loan modification back at the beginning of May (four months now). I’m beginning to think that the bank, in our case, Wells Fargo, may intentionally be playing games with this whole process. The frustrating part is that every time I call I get to talk to someone different and the answer, “oh, it’s in review”.
We’ve supplied all the requested docs to Wells Fargo. The last fiasco was a phone call from Wells Fargo that they had not received the requested docs. Not true!! I paid the postage and have a certified return receipt that they had in fact received all requested docs four days prior to their call. The lady on the phone didn’t know what to say other than, “Oh, okay, I’ll make a note of that here in the computer”.
I would strongly suggest that anyone sending requested docs to their lender pay for postage with a certified return receipt and not use a pre-paid envelope that might be supplied by the lender. Had I used Wells Fargo’s pre-paid envelope, I would have had no way of knowing whether they had in fact actually received all the requested documents when a call like that came from them. Although, it doesn’t seem to have expedited the process any. At least I’m not having to re-send everything again.
Many of these lenders got the taxpayer bailout they wanted, especially Wells Fargo. So, now is this an intentional ploy to avoid the Administration’s effort with helping the homeowners in dire need of help and on the verge of foreclosure? I’m really beginning to wonder.
I sincerely hope that President Obama will read the postings on this web site and that some immediate action from the Administration will take place to quickly resolve the problem we’re all having with the lack of sincerity on the part of the banks participation in a viable resolution to the housing crisis.
To date, we have called Citimortgage over 30 times since all of this started. We had a reduction in income and our house value fell by almost 50%. So, we were pre-approved for the HAM program in June, 2009. We started making our “Trial-period” payments in July. We didn’t get any paperwork. We told everyone that we appreciated the help, but that we wanted something in writing about the program we were “pre-approved” for. Still no paperwork – we made more phone calls. We went ahead and made another payment in August. Still no paperwork, – we called again. Wow, we finally receive our paperwork only to find that it has all of the wrong dates on it. It showed our “Trial period” to begin in October 2009 and we had already made two of our “Trial payments”. We called again – we were told to just send in the information and they will take care of everything by changing the paperwork back to the June pre-approval. We weren’t happy with this but decided we should just make another “Trial payment” for September. We called back because we are concerned with the loan process and mistakes and received more bad news – our loan was somehow pre-approved again (in August, because the plan changed), but the payments would now last 40 years instead of 28? Boy, we are shocked. We were told that the payment could change by a few dollars, not by almost a decade. What do we do now? We don’t want to sign the wrong papers and send them in so we alled again and talked to another person just yesterday. He promised to check things out, he understood our frustration, andh he will get back with us by Friday (Sept. 4, 2009). We were told not to worry. Worst case scenario we are pre-approved and would just have to take the 40 year deal. We are too old to do this. We are totally frustrated. We are holding out for last hope that he will call back and have everything right. Or, better yet, someone will send us all of the right papers so we can sign them and move ahead. Oh, to frost the cake, in checking our account online, I find in the escrow section that they are going to almost double our payment instead of lowering it now due to our Escrow. We were told we would have to pay our taxes and insurance for this year – which we have done and/or will do – and our payments will be lower from now on (our new payment was originally estimated to be around $1213.00 including the escrow account). We have tried for months now and could really use a little bit of HELP from anyone!
Mr. & Mrs. Stephens
I have just received a letter from OneWest Bank ( formerly IndyMac)stating I have been declined for the a loan modification. This is a shock because I thought after making the 3 month trail payments then I would be setup with the new amount. This is very scary. It just feels like a rollercoaster ride. I just spent money repiping the house due to bad leaks, now this who cycle again.
Why are the banks treating us this way. On top of this insult are the customer service reps who are extremely rude and callous. What is the media doing? what is Obama doing? They need to do some spot checks because these banks are all lying.
On December 26 2008 the Chevrolet dealer wich I was working for laid me off, 1 month later it closed. My wife and I had just had our first son on November 4 2008. I was a mechanic and was in the union so all of my bennefits were paid for. After I lost my job I went out searching and found nothing but dealers closing or so slow they to were laying off. In April 2009 I called my mortagae lender Citi group. Iwas reasured that they would help. they told me to pay $500 for april untill they preaprove me for the loan mod (obama plan). In late april I got a phone call stating that I was preapproved and my new payment was lowered by $700+/-. What a relief right, no! I was told to make this new payment for 3 trial months to make sure I can afford it. It had to be ontime also. After the three trial payments they said the final paper work for the modification would be senst out. Well we made all three payments on time. 2 weeks after the third paymeny I called, they said it would take up to a month and not to worry. After a month went by I called again and was told we never qualified to begin with. I have all the paper work copies showing me what to pay and when. Now my wife and I are being sent deliquiency notices and even the threat of forclosure because we are now behind $5,900 on our morgage because of the reduced payment! I just recently went back to work in a different line of work. We now have to pay a portion of our insurance, we were never behind on our morgage untill we did the 1 moth @ $500 and the 3 trial payments. My credit went from around 730 down to 645 because of being behind on my morgage (which i was not before). I cant get a loan for the delinquiency amount so I am forced to borrow from faimly. Citi groups explanation for why this could of happened was that they had 3 weeks to train personal to deal with the obama plan. Hows that my fault? I just recently tried again to reaply and was told I did not qualify because of my new job. Being on unemplyment drained me financialy! I cant sell my home because of the forclosures in the area are brining down property value. In my experience the obama plan hurt me, it certainly did not help! My wife and I are trying to figure out what to do next! Oh yeah through out this whole process, no one ever contacted us about the fact that we failed the modification and citgroup will not take blame!
I have run into many roadblocks and, NO, I have not been able to reduce payments. My servicer is Citimortgage, my loan is owned by Freddie Mac. We started the HAMP (HAM, MHA, Obama…whatever you want to call it!)modification process in March immediately after my husband lost his full time job. On May 19th, I called Citi to follow up on my original packet and was told I had to make a reduced paymet right away or we’d be out of the HAMP program. Wait, I didn’t know I was in it yet, becasue no one from Citi bothered to call and tell us. I expressed concern at making a partial payment without anything in writing from them since I did not want to go delinquent on the loan. But the woman insisted I had to, so I did. I finally got the Trial Period agreement and request for more financial information from citi about a month later, June 20. Sent it back immediately and have now made 4 trial payments for June, July, August and Sept. Yesterday, I called to see what was going on and if they were processing our application for the final step towards REAL modification. I was told, NO. Seems our application had been removed as a modifiation in their system because we did not qualify! Was anyone going to call us with this information? When I asked that simple question, I could not get a straigt answer. I believe the answer is no. After this news I talked with 2 people in the Loss Mitigation dept. and got two different answers as to why the modification was ‘probably’ denied. Apparently it is not easy, even for them, to know why they denied it. The first person said it was because my GROSS income was reported as $6,300 per month in the file and this was too much income, given our mortgage amount to qualify. Well, I never gave them that figure, so I asked them where they got it from. they had no idea…said it had to be from a phone interview with me! I didn’t give such a figure because it is wrong! If they got it from me surely they should have documented that conversation, so when did it take place? I did not sleep last night…instead I poured over banking info and pay stubs. Neither my husband or I works full time right now and the most gross monthly income I can come up with is about $4,200. The next person said ‘it’s not the icome that disqualified you; you have equity in your home so we can’t do a HAM mod.’ I dont’ remember the gov’t guidelines saying you are not eligible if you have a small amount of equity, but Citi says the program is voluntary so they can have some of their own rules. We owe $158,000 on the home and citi’s own BPO (drive by appraisal) apparently values our home at about $168,000. it was like pulling teeth to get the rep to give me the BPO value– are they supposed to keep it from us? so, $10,000 dollars equity is a deal breaker? And housing values are so arbitrary and subjective right now, I am skeptical. Any of us who have owned homes long enough know an appraiser can play with the reported value to some extent. Could Citi have purposely made sure the appraisal came in just a little high? I hear many people saying I got to the end of my trial period, did everything they asked, and then they denied the modification (usually due to the same two issues I cited above). I’m hearing this same story over and over…..but I’m not hearing much about successful mods under the new Obama programs. Are you? Is it possible the servicers are only paying lip service to cooperation with the plans because they have to? Will we look back in future years and see that they were really doing all they could to derail the plans,under the table? Wolves trying really hard to look like sheep?
I got the distinct impression from the last rep I talked to that it was Citi’s stance that if I had any equity, even just 10K, they would come out ahead by refusing to help and seeing if I will go into foreclosure. the monetary incentives the government is offering for a mod apparently are not as valuable to them as my home would be if they could sell? I guess that’s how it works. But this is Florida and homes are not selling. In reality my home would sit empty and lose value if the foreclosed. My husband and I do environmental work and I know what kind of indoor air quality/mold issues will occur when a home sits empty without A/C for months in Florida. Not to mention what happens to neglected swimming pools!
Just a note to say “ditto” to so many of the comments I have read. I have a mortgage with AHMSI; American Home Mortgage Services, Inc. and have been trying to get a modification for a very long time. I am in phone contact with them at least twice a week and all I have gotten so far is empty promises and the now standard “you did not send us the information we requested”. I have faxed information. I have given information to them over the phone. I have been sent packets of paperwork to fill out and send back which I did every time. When I call back as directed to check the status it is always the same; “we are missing the information that we asked you to send us”.
I also get letters almost every week, most of the time in duplicate, where sometimes they change the information they said they needed and add extra to it. This is getting beyond rediculous and scary as they have already had my home scheduled for auction on Sep. 2, 2009 but that now has been set back “I hope!!”
I don’t know if it is the banks or the government that is to blame but it always seems that when the government gets involved it never goes well.
I could go on and on about this nightmare and what it is doing to my life and family but will end now.
It would seem that all it would take is a little common sense to get this resolved but apparently “common sense is not so common” especially among banks and government.
I can only add my prayers to those of many others that something good will come of it and end this “comedy of errors” soon!
Hello, I am so happy to find this thread as well as the many others. I put in for a modification with Taylor Bean back in March and was told that I would recieve a call from someone within 7-10 days, well here we are almost 5 months later. Everytime I called the company they would tell me that the package was completed and was in review. I was even told that the papers were on their way if you could believe that!! The people there were horrible to talk with and rude anytime I called.
Most recently, Taylor Bean was shut down and now we are with another mtg company. Now I have to resubmit all the paperwork and wait yet another 30-90 days is what I am told.
I lost my job over a year ago and started my own business which has caused a decrease in my monthly income so when I first heard about this program I was thrilled as I knew that this could help us out until I get my business off the ground.
I am relieved that the government is coming down on the mtg companies to do their job as many of us are in dire need of assistance and the decrease in our mtg payments would be great help.
Thank you
I have been trying to modified with chase back in may I am still waiting I wonder I banks know that the money they get is our money Think banks must hepl us now they should be able to speak the truth and say they do no want to help noone but thank for the money I believe that banks should get thier money after they have done the modification or the refinance I tell you they wiil do all modifications to get money but not before now they got our money they could say I do no want to help any borrower,banks do no care about our situacion or finacial issues so mr presedent Is there something you could do about it or just ingnored the american people?
I am 53 years old and are now faced with a problem of losing my position if i can not either move or refinance so i can free up my expenses so i can travel for my job. My Company has give me 3 months to make a decision or face possible replacement. I applied to 5th 3rd for a loan modification or help to sell my house and it has now been one month and I am told that my case is still in review. I am growing more and more worried as the banks continue to show little concern for my problem. If I lose my position then we all lose because I will lose everything. I will protect my family as best as i can and if that means foreclosure then that will have to be the case. I do not want to do that because I am not a foreclosure type person and I pay my bills on time. This is a situation that I did not anticipate and with the current economy I am not i a position to have many options. So now I am carrying the can for my family as well as all of those mortgages that are now in foreclosure and those that have just walked away. Because of those situations my taxes are going up, my utility costs are going up and my house value is steadily going down. I am very frustrated and worried!
I encourage everyone trying to get a loan modification to check out the forums on loansafe.org. There are lots of people there sharing their experiences and giving tips and advice for help (not to mention it is a nice support group).
This is our letter to the OCC after we have had enough !!!
Office of the Controller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
Fax: 1- 713-336-4301
Consumer Complaint / Chase – Home Loan Modification
Dear Customer Assistance
We are writing to you at this time, because we need your help in obtaining a solution with our Bank, who is intentionally stalling our home loan modification procedure.
We initiated the process of modifying our mortgage, which was classified by a forensic audit as a “predatory lending practice loan” in August of 2008.
Wanting to avoid foreclosure in the future, we worked with the bank in a diligent, conscious, and responsible way. We used every means possible, and made every effort to come to a resolution with our lender.
What we received in return is nothing but a stalling method at this point (one year into the process).
Initially, we had called Washington Mutual numerous times, but, as we know today, called at a time during WAMU’s collapse, and we were delayed, connected, re-connected, or hang-up on.
Given that we could not connect to anyone who was able to help us, we hired a lawyer, whom we later fired, since he just took our money but did do no work for us whatsoever.
Our efforts to modify were continued through our phone calls and an application (#1) with our lender, meanwhile Chase/ Wamu.
On March 3, 2009, we received a proposal (not a true modification), an effort to extend the procedure until we would face harsher consequences down the road. We could not agree to this offer in good faith.
Thereafter, we were told to submit a new application (#2) and we asked for some changes to the proposed terms (clearly stated terms, in which the principal is lowered to the original amount, not expanded).
On July 13, 2009, we received a letter, stating the need for additional paperwork. We submitted that paperwork on July 17, 2009 by fax (#3).
Since this date, we have faxed all needed documents, hardship letters and called Chase excessively, because we already knew what we were up against. Every time, we talked to one of the people within the Chase/Wamu Homeownership Preservation Department, Loss Litigation Department, or Imminent Default Department, we were told different things (e.g. ‘your file is complete’,’you are at the underwriters discretion’,’you need to re-submit new additional paperwork’, etc.)
On August 21,2009, upon trying to check the status of our application once again, I, Patricia Folman, was told by a person named Kevin at Imminent Default, that the department still needed certain documents, essentially wanting us to submit yet another application (would be # 4).
I knew at that time, we were just ‘put-on-hold’, asked him which documents were needed and why nobody would call us five weeks into the process for the third time. Of course I received no sensible response. According to this person, they wanted paperwork, we already had submitted. This would mean an endless loop for us with no solution in-sight.
We additionally never received an answer to our wish to obtain the name of the negotiator, so that we could contact him or her directly. According to the Chase Care Team and Customer Support, they are prohibited to give us direct phone numbers or names (how convenient).
We did EVERYTHING we could, are at the end of our ropes, and are getting nowhere in our efforts.
Since we are being taken advantage of, we are asking you to please take our complaint serious and help us in this process. Banks are receiving monetary help and still seem to freeze their clients, whom they have prior to this situation exposed to predatory lending practices.
These acts have brought us to the point where we are right now and it calls for fair business that the bank would agree coming our way.
We are running out of time and need your support in this matter.
We hope to hear from you soon.
Sincerely,
————————
People working in these banks were trained not to use their hearts, these financial institutions are dragging our country down.
Wow I’m so happy that I found this thread. I have been trying to modify my loan with Ocwen for 5 months now because my husband works for the auto industry and his hours have been cut. In fact just yesterday we heard the bad news that they are going to shut down his plant (NUMMI in Fremont, CA) and 4600+ jobs are going to be lost. I am pregnant so I cannot go back to work so we really needed the help from our bank.
Every month I pay my mortgage on time and struggle with all the other bills, and today my savings is gone. I decided to NOT pay this month’s mortgage in hopes that the bank finally pays attention to me. They just called me and I told them “I will pay you when you modify my loan”. They have told me that they have all my paperwork they just need a copy of mine and my husband’s drivers lic. and a copy of a utility bill – I HAVE SENT THIS TO THEM 7 TIMES. I am scared that I have to stop paying my mortgage for them to finally pay attention to me, but what other choice do we have. My husband plant is going to close in 6 months, and if we do not have a good loan in hand then we will lose everything.
I am disappointed in the Obama plan because something that seemed so great, and seemed like it would help so many people has not did anything for the hundreds of people that are writing on this thread.
I really pray that things work out for all of you. God Bless.
I have a 1st and 2nd mortgage with US Bank and Wells Fargo. I had been attempting to get my loan modification since Feb of this year. I wasn’t even able to get a loan application from US Bank until I contacted my Senator B. Nelson. Although his office assisted me in getting an application I was “quickly” denied. My home is worth about 50% of what I paid for it nearly three years ago. US Bank wont even answer their phones anymore. When you call they simply play a recording saying that their is a high call volume please call back. Each month their is a new foreclosure on my block. I think we are up to 5 empty houses right now. I am not sure why my modification was denied the banks response was Debt to Income exceeds the requirements as defined by HAMP. I am not sure what that means. It’s really sad that the banks aren’t trying to work with their customers. I had never missed nor been late with a payment until 3 months ago, although I did attempt to get a modification months before my first missed payment. Many of my friends and co-workers are in the same situation as I am. It seems to me that the banks rather foreclouse than modify. I don’t even hear any news about Obamas plan anymore. I am really at a loss as of what to do now. I will keep trying to negotiate with US Bank, that’s pretty much all I can do now.
This program does not work due to the fact that you cannot get anyone to call you back or return emails. I have American Home Mortgage Servicing it’s been extremely difficult getting anyone on the phone. I was approved over a month finally after over a year of trying. I’m still waiting…
I started the process in March with Citi Mortgage and it took till June to be approved. I will tell you that I had to call several times and speak with different people. It seems that the government was not clear on all the rules so the banks were slow to repsond as well as being overwhelmed. September is my last month on the trial period and hope I will be approved. As a commissioned sales person my income has been hard hit with the economy. Good luck!
I applied through a lender for the Hope for Homeowners program in may, right after it was “revamped” by the current administration. I was pre-appoved and fit all the criteria. the loan can’t close now because the FHA has not put out any details since it was signed into law on May 20, 2009. My lender had approved the short refi and all was well. Now because of the prolonged wait for a mortgagee letter from the FHA, i am in on the verge of losing my home. Has anybody taken advatage of this program H4H?
I HAD READ ALL COMMENTS, BUT THE ONLY WAY TO MAKES BANKS WORK WITH US IS, IF OBAMA ADMIN. START GIVEN HOMEOWNER WHO`S ALREADY ON FORCLOSURE A SECOND CHANCE TO BUY A HOUSE. ONLY IF THE ONLY NEGATIVE THING ON YOUR CREDIT REPORT IS THE FORCLUSURE. I BELIEVE THAT OBAMA ADMIN SHOULD GIVE A LITTLE PRESSURE TO THE BANKS SO THEY CAN START WORKING WITH US. MANY THINGS HAD HAPPEN, BUT NOTHIN IS PERFECT, SO THIS SITUATION CAN BE FIX THE SAME WAY IT WAS DONE. LIKE I SAID THERE IS N0 100%, THERE IS ONLY 99.99.99.99.9 SO IT CAN BE FIX, 1% CAN CHANGE EVERYTHING THAT IS HOW MOTHER NATURE WORK… THANKYOU
And I see are headlines that read: recession is ending! – Consumer confidence up! Really? – Maybe they should read these comments.
Look there are enough of u to unite…do a town house meeting in front of EVERY BOA bank. Let the news media interview all of u in every state. I guarantee u will be heard and Obama’s useless bank help will be exposed. Do it unite. Get a web site and start uniting…United we stand, divided we will fall. BOA is getting away with this and needs to be stop.
My family and I moved into our home a little over a year ago (April 2008). Since then my husband has been laid off twice. This last time was just in February of this year and he has not been able to find another job. Oh, did I mention we’re expecting our second child in November. We continued to pay our mortgage and other bills so we wouldn’t fall behind. My sister told us about contacting our lender to see about a loan modification because soon our money would run out. We called them and asked for assistance but was first advised that if we’re current on our payments there’s nothing they can do. So we decided to not pay one month. We received a packet in the mail from First Horizon Bank and quickly filled it out and sent in all the necessary papers. They advised us it would take a month to review. We stated in the packet that we had a reserve amount of 3 months cash to pay the mortgage. We didn’t hear back from them the next month and so we called. No one answered the phone. However, we started getting default letters in the mail. The same happened the second month when we didn’t pay but they also put in their demand for payment letter that if we need a loan modification to call them. Three months passed and finally someone picked up when we called. They advised my husband that our packet is still being reviewed and would take another 10 days. Again we received delinquent and pre-forclosure letters in the mail. We opted to pay two months and hoped that they would be done reviewing our information before we had to pay for the third month. Unfortunately that hasn’t been the case. No one has called us back and on Sept. 1st we will once again be two months behind. I’ve decided to write our congressman and let him/her know that this plan is not working for the common American. I don’t know how the money was given out and to which banks but it’s apparent that First Horizon didn’t get any. Or that they’re just not willing to share with their struggling customers!
I have read some of the comments posted by Bank of America’s frustrated customers. I am also very upset and I can’t sleep thinking that I may loss my house because Bank of America denied my application for Government Home Affordable Modification Plan.I started calling Countrywide Bank back in April when I watched The Oprah Show and Suzy Orman revealed that there is hope for struggling Americans to save their homes because our President Obama launched a program to help homeowners to lower the interest rates and to prevent homeowners from losing their houses due to foreclosure. I immediately called the number on the screen and I spoke to a HUD counselor. She was very helpful and I really felt good at the moment thinking that finally I could afford to pay my mortgage which jumped from $1895 to $2,452. Countrywide rep told me that the jump was due to the increase of my real estate tax plus a percentage of the loan to cover the future unexpected charges. I was told that the $2,452 payment will be increase to $2,800 after 5 years because he said my escrow was short. The Hud counselor told me that I qualified for the program and she told me that she would send my application to my lender, Countrywide. I was advised to call the bank after a week. I have been calling the bank but I was told every time that my application was under review. I was told that a negotiator will be assigned. a month passed and I was told that I will know by June 1,2009. I did not pay my mortgage for 2 months because I was told by some associates that the bank will not modify if I was current with my payment. I was relieved for the moment because I could hardly afford the new payment. On June ist, I called Bank of America because no one called me. The man on the other line who always got my phone call (sounded Indian from Asia)told me that I was denied and demanded me to pay him $5,192 for months of April and May plus late charges plus other charges. I asked him why I was denied? He said my income was too high. I told him that they were only looking at my last year’s income and it was wrong because last year I took a $23K salary reduction and this year a $50K salary reduction just to stay in my job. He said, there’s nothing he could do for me. The next day I called again to appeal my case. The lady told me to give her my income/expense information again and told me that it would go to the same process. For the meantime, I saw a sign in my subdivision’s entrance showing “Late in payments? Foreclosure? Obama’s Plan can Help. Call……”. I thought, the sign was perfect for my current situation. I called the number and the lady told me that it happened to her too. She almost lost her house and thanks to the program. She saved her home. I was motivated so I went to see her. When I arrived, she had her boss talked to me. They asked for $1,200 money down and $500 every week payment until $2,500 is paid off. I said, I could only give the other half by July 1. I thought it would be enough time for the modification approval. I decided to pay them because maybe, I did not represent myself effectively to Bank of America. I thought I need a professional to help me. So, I found out, I was scammed. Their collector wanted to collect the rest of the money on July 1. I asked her if she have heard from Bank of America? She said, she was from a different department and told me to call my underwriter. I called Bank of America before I called the underwriter. I found out that I was denied again. I asked why? She said that my income was too low against my expenses and there’s nothing she can do for me. I cried. I cried because I Had a surgery in June which until now is still bothering me. I cried because I got laid off from work a week after I found out that I was denied the second time. I cried because I was so disappointed with Bank of America. I cried because I thought Nationwide Consultant, Inc. was helping me, instead the company took advantage of my needs and vulnarability. They were still trying to collect the rest of the money and I told them that I did not owed them anything. In fact I tried to get my money back because when I called the governor’s office, the rep told me that it was illegal of them to get an upfront money to the borrowers who are seeking for the government modification plan. Nobody answered their phones since I tried to collect my money back. I sent the boss and the company a fax and email, but no one replied. I am told that I have to report them to our Attorney general so I can collect my money back. That will be my next step. Meanwhile, I spoke to Bank of America’s Home affordable Retention Plan reps and for the 3rd time, my loan is being reviewed again. At this time, I will be 3 months delinquent, but I still believe that something can be done to lower my monthly payments because I love to stay in my house. I worked so hard to obtain the house of my dream. I asked some of my loveones to help me in my hard times. I know they are helping me, but I need Bank of America to consider me and lower my payments by reducing their finance charges and forgiving me for my defaults and late fees. I am receiving unemployment compensation right now and I am waiting for my previous employer to call me back to my job when they get new contracts next month. I am sure that when Bank of America will help me modify my loan, I will be able to retain and live in my home until I die. CNN please get Bank of America’s attention. They have to help American citizens to keep their dreams, our dreams in reality.GOD BLESS AMERICA!!!!!!
China will be starting buying Forclose homes in our country, this is exactly what the banks wanted and reason why they are not helping American families.Banks used Americans as a bait. As far as I know, we are all victims by here. Banks used Americans to get what they wanted. Hold on tight, China will be taking over soon. To sad to say by look what was going on in our country. Look at your closet, kitchen, tools, and everywhere you look around your house, you’ll see a Made in China label. American homes will be labeled, Made in U.S.A. by China, if these banks would not work with Americans living here in America, we are all be under Chinese rules. They will purposely hide products for the supply and demand purposes, at the end, we will all going to be swimming at the same bowl.
THE ONLY WAY TO KEEP PEOPLE IN THIER HOMES IS TO FORCE THE BANKS TO REDUCE PRINICPLE THROUGH BANKRUPTCY PROCEEDINGS. THE CHPT 13 FILING ALLOWS JUDGES TO BE THE MEDIATORS BETWEEN BANK AND HOMEOWNER. UNFORTUNATELY THE BILL DID NOT PASS IN THE SENATE. MY BANK LOWEREDY PAYMENT $80 AND ADDED THE LATE PAYMENTS TO THE BACK END. 502000 ON A HOME VALUED AT 350000 AT THE MOST. WELLS FARGO RECEIVED 75 MILLION IN TARP FUNDS AND ARE BEING REALLY DIFFICULT TO NEGOTIATE WITH. IM 6 MONTHS LATE BUT AGREED TO THE NEW MODIFICATION BEGINNING 10-09 . I WILL DEFAULT AGAIN BECAUSE IM RETIRED AND CANNOT AFFORD TO PAY 45% TO HOUSING. FORECLOSURE IS INEVITABLE AND THIS “OBAMA” ASSISTANCE TO HOMEOWNERS IS A JOKE
I was laid off from my job, started a a new job and was terminated after 3 mos while I was put on a stress leave of absence due to stress that I was encountering with Citi Mortgage after I applied for the “HOMEOWNER’S AFFORDABILITY STABILITY MODIFICATION PROGRAM” with CITI MORTGAGE 2-26-09 and was told in June that FHA (GINNIE MAE 202-708-0926) and VA was not doing modifications and that I would have to do a “PARTIAL CLAIM” whereas my 4 payments I was behind would be tacked to the end of my loan as a 2nd lien or I would have to come up with the 4 payents to avoid foreclosure. About a month later after I sign the partial claim docs, HUD Secretary Shaun Donovan did a press release 7-30-09 stating FHA-HAMP(HOMEOWNER AFFORDABILITY MODIFICATION) THAT ALL SERVICERS WAS TO HAVE INTO EFFECT BY 8-15-09. This modification will reduce homeowner’s payments and start at 2% interest rate for 5 yrs and at the end of the 5yrs, government will give $5000 to go toward principal and you will be back at the interest rate that you started out with. Instead of giving modifications, CITI is giving the “Partial Claims” where they are recouping more on the loans than the $1500 that the government is giving them for each modification they are doing. I have contacted Sanjiv Das-CEO of Citi Mortgage 212-793-1994 and Vikram Pandit-CEO of Citi Group which is over Citi Mortgage 212-559-1000..212-793-0350…212-793-3946 and spoke with numerous people in the Executive Response Dept. 866-255-3901 who refused to contact the Legal Dept to see when they are rolling out the FHA-HAMP since everything has to come from that Dept. Payment that I made per “Partial Claim” agrrement has not been posted to my account for July and I am constantly being told my July 28, 2009 payment I made for Aug was misapplied and for weeks now still has not been applied. I filled out another Hardship Package and and was told that I could get a 3% interest rate and reduced payment for 1 yr. Today I received a call from the Executive Rsponse rep that denied she offered me this and that I can get another
“PARTIAL CLAIM” PER THEY’RE STILL NOT GET OK TO DO FHA-HAMP. I refused this 2nd “partial claim” because i strongly feel that once I accept this and I will still have to pay those 3MOS of payments back, that they will say the FHA_HAMP is in effect. THIS IS EXACTLY WHY PEOPLE ARE LOSING THEIR HOMES BECAUSE THE MORTGAGE COMPANIES THAT HAS RECEIVED TARP MONEY TO DO THESE MODIFCATIONS ARE NOT DOING THEM BECAUSE THERE’S NOT ACCOUNTABILITY AND IT’S MORE PROFITABLE TO DO THESE PARTIAL CLAIMS. I CALLED THE “SPECIAL INSPECTOR GENERAL (SIG-TARP) 202-622-1419 who was appointed to over see the transparency, accountability,enforcement,misrepresentation,mismangement,fraud,waste,abuse of TARP FUNDS. I have not heard back from that office either. FHA-800-225-5342 said they can’t make mortgage companies do FHA-HAMP. I could not get no response from the Treasury Dept 202-622-2000 that FHA/HUD report to. The U.S. Government Accountability Office- 202-512-4000 is watchdog on how Federal money is spent would not help me either. I have sent a complaint letter to my U.S. Congressman an my U.S. Senator to see why Citi is not helping their cusyomers with FHA-HAMP and to get a definitive answer as to when they will start this modification. Most employees in Citi’s “Loss Mitigations Dept, where the modifications are done, is not even aware or pretend to not know anything of the FHA-HAMP. I pray that the info I listed may help someone to avoid what I am going thru. THIS IS AFFECTING MY HEALTH
What a MESS!! Since April, I have been calling CountryWide-Now Bank of America regarding a modification of my mortgage. I am a small independant contractor and my income has steadily dropped over the past few years in part due to a career change and most recently due to the economy. I have an excellent credit score of over 800 and have made umpteen phone calls (never returned), been bounced all over the world (India, etc.) and jumped through every hoop of providing a letter of hardship and previous income tax return which was required. I never heard back from one single inquiry or phone call. Now, in August I am told that I don’t make enough money for my numbers to match the ratio’s that have been put in place. I don’t know where these “ratios” came from, but with a credit score of over 800 and no credit card debt I should be a prime candidate!!! I was trying to avoid re-finance changes and incurring more debt by restructuring my existing loan at a lower interest rate. Doesn’t that seem reasonable and like good common sense to anybody??
I have been trying to get my mortgage modified since January 2009 through Wells Fargo. I am a real estate agent that was making way enough money to make my $1700/month payment. The market dropped and I had to take a job making less then half of what I was use to making. I have gotten nothing but the run around. I have had to send the same information over and over again. Every time I have called I have been told that my file was in review. I called again just today and was told that they needed updated pay stubs, hardship letters etc. It is Aug and I have gotten nowhere. I feel as though the Obama plan was a good idea but just not tough enough. YOU HAVE TO MAKE THE BANKS DO IT NOT GIVE THEM OUR MONEY FOR THEIR OWN PERSONAL GAIN. This plan is definitely a failure. The only way to get results is to be the person that is fortunate enough to get an interview with the news media. We all just want a loan we can pay for.
We are a military family who has gotten the run around for the past 2years!!! From Countrywide and now B of A. We had back to back deaths in our family which cause a HUGE hardship on us. In turn our mtg got behind. We have been denied for modification 7 times to date. Each reason is either we make to much or to little…but our income amt has NOT changed. If any of you know anything about military pay… well it sucks! They offered us a repayment option for 6 months of making a 4815.00 a month for 6 months. Have in mind we only bring home 5000.00 So that would leave us 185. 00 to cover food for family of 3, gas, utilities etc. This new program “making homes affordable is BS. We were denied for that too. They were suppose to lower our interest rate to 6% beause my husband has been deployed for the past3 years. We are NOT protected byt the Soldiers and Sailors act because my husband was Active Army prior to buying the house. SO that there is also BS….it should protect ALLLLL military and it DOES NOT! We have tried so hard to get back on track and yet we are getting denied around every corner. So Pres. Obama, you can kiss my ever loving pissed off ass!
Yes, I alpplied to Let Us Help in Long Beach, California. They said they tried for about 11 months now. I have not heard form them since 0709. I called them all the times. The only theing they did for me is to fax papers to my mortagage company, Aurora home loans. I have been trying to get a loan with them I am in an adjustable, negataive amort, prepayment loan. I work I bring home 2900. a month and have other income. I have filed bankruptcy two months ago to help myself out. I do have another mortgage. I did not intent to have another mortgage, but I toodk the equity out of the other home and should have sold that on but I did not know. Please is there a free attorney out there to help me? In the Name of Jesus. Our Lord and Savior
I was approved for modification on March 15th , 2009 lowered our mortgage to 760.00 a month from 1,100.00 so we were happy even paying 800.00 that we could afford…well i come home from my pt job and in the mail is my check for Julys mortgage payment. I call the number from BOA and was told they cancelled my modification on July 13th!! what!!! why?? the young girl on the phone could not tell me why or seemed to care..i have lived in my home since 1992 its small, but its mine I had to refinance for my daughters wedding in 1998 and again in 2002..so we are upside down the house is now worth only 125,000 and we owe 134,000.00 so what do we do??
we were told to not make any payments and bank the money one couple lived in their home for 13 mos. before the bank forclosed and they had saved 15,000.00 Is that what this world has come to I can’t even cry ..im numb…Obama are you reading this…???? I voted for you…do you care what is happening to your voters??? Please Help Us Now.
hi iam 39 years of age i had a heart attack out of work iam a first time home buyer and the gave me a bad loan i wasnot aware of it its a intrest only loan 2,556.00 a month , every month 1,800.00 goes for intrest iam trying to do a modification with acorn waiting for response. anyone have any ideal how can i get help to save my home its been a nightmare, thank you and god bless you , i caint even afford medical ins. with this mortgage. please help me
Wells Fargo has been giving us the run around with this program for six months. They “lost” our paperwork and now they are dragging their feet again. How is this program going to work when nobody is folliwing up on the mortgage companies responsibilities? What are they doing with the money the govt. gave them?
I NEED HELP I WAS DENIED UNDER THE OBAMA SAVE HOMEOWNER PROGRAM . OCWEN MORTGAGE WILL NOT WORK WITH ME I HAVE WENT THROUGH HOPE FOR HOMEOWNERS AND THAT DIDN’T PAN OUT . I WAS UNDER THE IMPRESSION THAT HOMEOWNERS WILL NOT LOOSE THERE HOME . WELL THAT HASN’T BEEN THE CASE . HELP PLEASE SOMEONE
The Making Home Affordable plan is not working as designed. Many banks and lenders, including Fannie Mae and Freddie Mac loans are not allowinghomeowners to refinance because their loan to value is greater than bank policies allow. The two banks, BOA and Keybank allow 85% loan to value. We have spent over $1100 in application fees between the two banks to refinance and were denied refinancing ONLY because our loan to value was 101%. We met EVERY qualification for the Obama plan and it took 2 months to get to the point of signing the papers. The evening prior to us signing the paperwork, the bank pulled the rug and said, DECLINED for the 101% ratio of loan to value. We bought our home in 2002 prior to the Mortgage bubble. We refinanced our home with Countrywide/BOA and Keybank from a 30 year to a 15 year thinking my husband was going to continue serving in the Air Force for at least 5-7 more years. However, in January 2009, my husband was non-voluntary medically retired with an 80% disability for his back. Since our income dropped in half, we wanted to refinance back to the 30 years to reduce our payments. We were not behind and have remained current even with the reduced income.. In our case, Keybank is the problem. Although the bank policies are good guielines, applications under Federal plans are disregarded for their own internal policies. Their refusal to deviate from the standard 85% even our application was clearly made under the “Making Home Affordable Program”. BOA took the applicable under the Plan, however, stated we would be charged a higher interest rate because our loan to value was greater than 85%. BOA was charging us 6.79% Everything we have read about this plan on the .Gov website indicates when we applied, the loan to value ratio was 105% and home owners with good credit and meet income requirements would be charged market rates which were hovering between 5-6% We understood the whole purpose of the plan is to help homeowners whose were at value or upside down to refinance and reduce payments which would help stave off foreclosure. This would be especially helpful to homeowners who live in areas where the local governments were taxing on higher values that we can’t even sell our home for. Our taxes have increased our payment significantly. How is the Obama plan enforced if banks are not required to use the guidelines of the plan? We have been reading other stories similiar to ours about banks disregarding plan or the intent because they are afraid of the risk involved. However, the banks are creating greater risk by further depression of the market and increasing the likelihood the homeowner can’t afford to make their payments. We are requesting the Government review how many applications are made under the Obama Plan and how many are approved. What are the decline reasons? The last news report Iread had over 4 million and only 450 thousand approved. If this is true, something isn’t working.
HELP!!! I am purchasing a house from a Seller who had their mortgage with Taylor Bean Whittacker who was closed down by the feds. All of their mortgages are being assigned to Bank of America and customer should be getting welcome letter. Well, the seller of the house still has not received a welcome letter. Everyday my Title Company calls Bank of America to see if their loan has been keyed in the BOA system from Taylor Bean Whittacker. Does anyone have a contact or escalation at Bank of America who can expedite this. My closing company has to get their payoff before we close and I am going to be homeless soon if we can not get this done.
I lost my job back in January 2009. Tried talking Countrywide ( B O A ) As long as I did not have a job they could not help. Told me to go and get a job at McDonalds then tthey could help. Right….I have taken a job making around $25,000. less than what I was use to. Just trying to put food on the table these days. Do you think BOA can help now. No because we are not behind on our mortgage. Never mind that we have spent every dime we had saved and then some. Just trying to keep our heads above water. Trying not to get behind. So now they tell you to get behind before they can help. I don”t know about you but what about this makes any since at all. I am about ready to through my hands in the air and just give up completely. Please someone tell what this nation is coming too. The big guys get help but us little people well we can just forget it. There really is no help for us and never was. I guess the American public ask for CHANGE and boy are we getting it.
LOAN MODIFICATIONS – HA! WHY DOESN’T CNN, CHARLIE GIBSON and OTHERS do more to get this Bank farce out there? The Banks ALL received ‘BAIL OUT MONEY” YET THEY WILL NOT HELP THE HOMEOWNER. I read with interest and dismay of all the problems…as I have the same and more. Prior to the mdoification, ASC tried the forebearance issue: Ah, you cannot pay $2400 a month so we can give you a forebearance policy, pay us $3700 a month for 4-6 months and we will reconsider. I have been working with ASC, who I found out in April is really WELLS FARGO, regarding a modification–had been trying previously to work with ASC (who also repeatedly told me that they could not/would not tell me which Bank held the mortgage–aha a letter came from the Senior Vice President of Wells Fargo on one of those “Hope” letterheads…voila, ASC is WELLS FARGO in disguise). I regress. Since February I have been working with loan modification people, s ending faxes (oh, no we haven’t received them..fax says “ok received” (to where…the shredder and waste can?) Think about it. Foreclosure sale date of May 19 was finally put off by the modification company, (I think), then they and the bank kept asking for more and different papers/plans which I submitted. I was told time and again, everything’s fine …July 21 I submitted what I was told was the final submission to the bank. On August 10th an REO Realtor (not known to me at the time) called to ask me “What are you doing?” Excuse me?? then he proceeded to tell me that the bank had the foreclosure sale August 5 and I had to leave. Now. I told him No, I was in the final processes of modification. He said No, they sold it. I saw this note this morning from Frank on another site: Public should also be aware that if you have defaulted and the bank has posted a sale date, even though you may be in modification many banks are moving ahead now with the foreclosure. REMEMBER that when you have defaulted, banks will not accept partial payments. REMEMBER while you are in the 6 – 9 month modification process, you are also not be making payments.
I know several clients that thought they were being modified, just to learn that they actually lost the home weeks ago. When they called to inquire about the sale date, they were told “you are in modification”. Departments are acting without reguard to what they are doing or communicating within the same bank. BE WARNED!
I have been in the Real Estate Mortgage industry for over 20 years and amd hearing clients being told by the bank, “Oh well.” “That was an automated letter, you no longer own the home”. They thought that they were still in MODIFICATION consideration as they faxed over request documents !!
I have contacted, as advised, the OR attorney generals office, the FL attorney generals office, the Office of the Comptroller/TX for Wells Fargo, Senators and Representatives from Oregon (who sent me back emails stating they had heard from NUMEROUS constitutents regarding the same problems with Wells Fargo. They said they sent on to Jeff Merkley, Senator/Oregon/DC all that information. Yet no one has heard from him. There is also a Blog on the Oregonian home page from Brent Hunsberger-more of the same.
The economy has directly impacted me…financially and now emotionally and mentally. I am a widow and have been in this house for 19 years. You can BET next Election – there will be people who will not be voted on. All of us need some help, we don’t want to renege on the mortgage, we just want some leeway for a short time to let the economy get back.
My son’s family tried to get a modification to save their house and lives, but were told they made too much money to qualify. Hence, they filed bancruptcy and walked away from their house. They are now living with my wife and I. SO MUCH FOR HELP FROM THIS PLAN! ANOTHER WASTE OF GOOD TAX DOLLARS.
When I decided to purchase my house I was told to show loyalty to the company and get my mortgage with GMAC Mortgage. So I did, along with the house insurance, purchased my car and my car insurance through GMAC. I was laid off from GMAC in December. I had a 19 year mortgage all payments were on time. I always paid an additional $1,000.00 monthly towards my principal. My mortgage lender was also laid off from GMAC Mortgage. In desperation, but with still payments on time, I decided to check out GMACFS making home affordable. I filled out the application which was posted on their website, and submitted all the personal and financial records requested. Within two weeks I received notice that I owed an arrearage for back escrow, and that my monthly payment was going to go up over 600.00 to cover back escrow and the estimated 2010 amounts. I contacted the modification department, and they told me that they were working on modifying my loan. Today I received a form letter denying me a modification. They suggested that I sell my house. They have a number for you to call if you have any questions, which is the Loss Mitigation Department – 1-888-714-4622. This number takes you to a person with a foreign accent and a fake name. They proceed to ask you all your personal information, then pressure you about payment. While you wait on the phone a recording plays that they are a debt collector attempting to collect on a debt and any information obtained will be used for that purpose. The last person kept pressuring me about my home number. I told her I was laid off so that number is not to my employer. She stated that she had to move the number. I told her that she wasn’t physically moving anything, and asked her why she was making a scene over a phone number she already had. What a joke…I’ve paid all payments on time. They never asked me if I would like to go to a 30 year mortgage, or even reduce my interest rate. GMAC sucks as a former employer and as a financial institution! They can rot in hell!
I started the process of modification with Citimortgage in April. I have never been late, but I am forced to go through modification because my loan expires soon and my house has depreciated by 30% in value – which I can not afford to refi.
I have called every week since April and every time I call… I am told you should receive the documents for the new modification payment soon. I have done over three applications and repeated my finical status to them..Every time they tell me a different payment plan.
an update: In July I was explained I am in the modification program and should have documents in 7 days. They have already started taking my regular payments and put it into a hold area and not applying it to the monthly bill. When i call and ask why payment not been applied to the mortgage payment they tell me I am on the modification program and it will be applied. I ask this question “how can I be on a program when I haven’t seen any documentation or signed any agreements” I don’t even know what payment plan is or if they have pulled property taxes on the property..They put me on hold and then come back and say “sorry mr raynes we are sending you the documents out today you should have them soon” very frustrating..
I am very nervous as I have no control how they report to the credit bureaus or when my mortgage will be modified. And they are not applying my funds..I have never never never been late. Please help!
Wow, I guess I’m not the only one Chase has screwed over! They never had a problem collecting all my payments with interest, and hiking up my c/c interest rates to 31.99%! Ridiculous….no control what is so ever! Work, pay taxes, “do the right thing”~! For what!
I think Chase is a crock of $*#!, I began my loan modification process in March. I complied with all their request, faxed in all additional documents they asked for, followed up 2-4 times a month and took very detailed notes, who, what, where, when, etc. My last call to them was this week, where I feel they just threw me out to a land of no answers. After all the waiting, they advised me that they are not addressing any 2nd mortgages and only 1st. I have 2 loans with 2 different banks, my 2nd is the largest and that is the one I was hoping to get modified. Where do we go for help when the help turns you away? Very frustrated….why vote!
Ok I have read all of the storys here and WOW!!!! this is a on going story .Who will help you…. We have Countrywide/Bank of America also. MY husband and I have both lost our jobs.We have tried to keep our 1,582.00 payments up .We re now almost 3 months behind. I have called our bank so many times to get no answers. NOT”" I keep getting call back on the 18th President Obama has a new thing in the works for umemoplyed workers ,so I called back and gave all the info they needed and after the conversation the lady on the phone said to me .OH we can not help you you have no job. Ok I told you this in the beginging of our conversation. do “THESE PEOPLE NOT GET IT” .If I had the money I would not be intent for fourclouser. someone needs to help us here the banks are not doung there jobs . and not helping people save there homes .I don’t want to loose my home.I thought President Oboma had something in place here . where do you look for help. NEED SOME ANSWERS. PLEASE HELP.I WANT TO KEEP MY HOME
I sincerly believe my family is exactly the family that my fellow hard working tax paying Americans wouldn’t mind helping out- My situation is temporary because that is the way it has to be. A registered nurse,once working fulltime, I find myself now working temp jobs. My two daughter and I have lived in our home for ten years. I have never missed or been late on paying my mortgage. This holds true for my past four mortgages.
And because I “borrow from Peter to pay Paul” my mortgage is current; thus, I don’t qualify- I was told, off record, to miss a few payments and reapply- I am disgusted and outraged that this program has such irrational and illogical guidelines-I shouldn’t have expected anything but from the Bureaucrats in Washington
Chase bank would not give me a loan modification until I was 3 payments behind. Then they send me modfication I did not apply for. I sent in no paperwork! The payment was $500 over my current 6.25 interest only payment, $3,000! They raised my paymnet! I get no explanation from the bank other than pay the temporary payment and then they will see, no terms, interest rate included, nothing! I put a $300,000 cash down payment on this house 5 years ago, now worth $300,000 less! I am ready to overthrow the banks – anyone want to join me? I lost my life savings and I am in my 50’s, perfect credit my whole life. Diane in Laguna Niguel, Ca.
My synopses on the hole Obama process goes like this. There is a lot of information in the news media and lots of company’s that claim they can help. I have been working on my own loan modification since November of 2007 which was also the last time I made a payment on my mortgage. We are currently in a Foreclosure state on the mortgage and the papers where served back in March of 2008. We are sill living in our home here in Florida and the loan processor (Litton Loan Processing) is still in the process of modifying the note. I call them every 2 weeks and ask them for updates and weather they need any additional information. There response is they are still working on the modification. I have sent them all financials and a detailed 2 page hardship letter several times. I am still in a wait and see situation and we continue to pray that we can keep our home.
Thanks
Harry
I applied in April for a loan modification through GMAC mortgage and specifically stated in my hardship letter that I wanted the Making Home Affordable modification. I was placed on a three month trial period in June and made all three payments. The payments were only reduced by $72.00. I received the modification packet yesterday to find out that they placed me in another interest only modification for the next year and after that the payments would be fixed. I called GMAC loss mitigation and spoke with Sid, he advised that I did not qualify for HAMP, so they placed me in one of their traditional modifications. I explained to him that I did qualify from the criteria stipulated on the government’s website. After continously pressing him to exlain why I didn’t receive any notification about the HAMP denial and the reason for the denial he hung up on me. He could not explain why I was denied and there is no recourse for the homeowner to complain about the servicer.
The economy is making a recovery? Give me a break! You really need to get out and talk to these homeowners who are losing everything because circumstances beyond their control impacted their ability to meet their financial obligations. Do these banks think these people wanted to stop making their payments. Owning a home is part of the American Dream. Not all of these folks bought more home than they could afford. They had hefty downpayments and now their homes aren’t worth nearly what they paid for them. This loan modification process is a farce. If your loan was securitized, sliced and diced into little bitty pieces and sold all over the world, you’re really screwed. The bottomline investors are starting to sue the banks for their losses. I had no idea my loan was going to be owned by numerous parties not known to me. I think this information should have been disclosed. I tried working out a loan modification since July of 08, and my story is the same as everyone else. A complete run around. Hired an attorney to file a lawsuit. The complaint was filed and all parties notified prior to the trustee sale. Guess what? The “servicer” took the house back even though my attorney was on the courthouse steps with the officially filed paperwork. Now the “servicer/lender” is on the verge of filing bankruptcy. It is a huge mess that the taxpayer is footing the bill for. We should have let the “too big too fail” companies fold instead of bailing them out! They certainly haven’t returned the favor.
A sucess story after 4-5 months of trying and already given up hope. I think they are picking up the speed. Citimortgage finally refinanced our loan. Hoping that things are changing and that there are more positive stories here. Thank you Mr. president!
How much longer do we have to put up with this. Is there any one in Washington that isn’t on the take. In February just before the Obama Plan was brought in I refinanced my loan through GMAC. They gave me a horrible experience that I dont want to go through again. They did this voluntarily when I got behind on my payments. Of course why wouldn’t they? They charged me $2,500 up front $5,000 on my principal and charge $280 a month for PMI for the last 3 years. The new payment was $50 less than what I was paying before. WOW big help. I had no idea that was how it was going to work out since they refused to give me a packet with the actual run down of my payments. Instead they said the payment was lowered, the interest rate by a .25 percent and increased the principal. When I requested something in writing they only sent a general packet NOT showing they were still going to charge me PMI of $240 a month. It took 30 days to get this packet when I asked for something more detailed they said they can send the same packet in 30 days but will resume foreclosure unless they get it signed and returned. They gave me 14 days to decide to keep my home. What choice did i have. 3 months later my wife was laid off from her job and now I am trying to refinance under the Obama plan. It seems worse than before. They give no guarantees or explanations of what will be done after my 3 month trial. When I try to get solid information they are extremely rude and tell me to get another job or find another source of income if I dont like the way they do it. I already work 60 hours a week. All I have asked them to do since this whole thing started was to reduce or eliminate the $240 PMI from my payment of 1,036.00. Which happens to be the difference between a reasonable payment and getting screwed every month. They obviously refuse. Most homeowners pay $40 a month if at all for this. Its a fee that is completely unregulated and I have no choice but to pay it. I am sure this refinance will be no different if I get a lower payment it wont be more than $50 a month. Thanks for nothing to our politicians for sale in Washington. Lets keep giving money to the ones that already have it.
It is amazing to me we live in a country where the outspource everything. I have been duped. I got a loan from a local compnay Apex Mortgage -yes I wa raped. It is the biggest predatory loan in History. Option One which sold the loan to American Home Mortage Servicing Inc are sharks. I asked for a loan modification on April 6 2009 and here it is August15 and they advised me it is still under review. Keep in mind the interest on one loan is 14% due to the fact when I got the loan I had no revolving credit-The other loan is an ARM. Each time I call I get someone in India who could care less if I can’t feed my family or sit in the dark because I can’t pay electric bill because of this loan. I have never been late and yet they still are playing games with me and take my money. It shoud be a crime. What is really going on?
Has anyone experience any success neogotiating with HSBC on a loan mod? 2yrs ago we refinance our home with HSBC in hopes of eliminating some sever debt. Over the last yr it became obvious that we could not continue meeting our mortgage payment with an interest rate of 11.1 fixed. Yes I said fixed. So we sought assistance for HSBC in hopes of modifying our loan so our payment would be manageable. But after 8mths HSBC has done nothing to helpus. The last rep we spoke with informed us that HSBC is not a particpant in the new Obama plan. Thus the only help they can provide is a 60 mth temporary mod from 11.1 >> 10.19. This is ridiculous. Is there any help out there I can seek? Our credit has sunken to the ocean bottoms trying to keep up with this loan and none seems to be willing to help. What can one do?
Isn’t there anyone out there with a success story? I have been trying to get a mortgage modification since Jan. of 2009, even borrowed 2,500.00 to pay a Mortgage Recovery outfit to help me.. Had a mortgage with Countrywide, now with B Of A. I have borrowed thousands from my parents to keep current with a $3588.00 monthly mortgage payment. End of May I was told that by mid April I would be eligible for the new HAMP program. My Mortgage Recovery people keep telling me to hang in there, that they are conferencing with B Of A people on a regular bases. End of June they tell me that B Of A will not considder my loan modification until I become at least 60 days defaulted. They tell me (wink, wink) to go to 60 days and keep it rolling until I get my modification. July 16th comes and I do not go to my folks for mortgage help. I cannot sleep at night. I contact B Of A on my own and give the guy on the other end of the line my financial’s and he tells me to take in borders and get a second job. On the 30th I went and borrowed more money from my folks to pay July’s mortgage. I contacted the Mortgage Recovery people and asked for my money back since their contract guaranteed loan modification or money back. I have $2,000.00 to my name and I just got payed. By next Monday 08/17, my mortgage (which now has a $147.00 late fee attached will be late and by the 30th, I will not have Aug. payment. I spoke last week with HUD/Hope and they are submitting a request for modification for me. I am really frightened to play their game of get delinquent and we’ll take a serious look at you after reading some of the comments on this thread. On the other hand, I do not know what else to do.
“The economy is making a recovery” was reported on HLN a.m. 8/14/09. I don’t know if CNN is stupid or just lazy.
How can you report the economy is recovering when only 164,000 loans have been modified out of the 3 to 4 million who need loan modifications? People are out on the streets destitute. In July 2009, 2,300 homes were foreclosed on EVERY DAY.
The provisions of this administration’s HAMP program are not being followed and there are no penalties for those servicers who do not follow it and still receive TARP money. Wells Fargo/ASC is one of those. Even though a homeowner requests a loan modification they march to foreclosure while the loan is under review.
Here’s an article by Acorn Housing that is a great review if the HAMP program with recommendations:
http://docs.google.com/gview?a=v&q=cache:8Bmoo2jhLIsJ:www.acorn.org/fileadmin/Fair_Housing/Reports/HAMP_WhitePaper3.pdf+review+acorn+housing+home+loan+affordability+review&hl=en&gl=us
But, I think CNN is too lazy to go out there and report real stories. The ones written on this blog. CNN just rewrites press releases and reports them with talking heads. It’s confusing. Am I watching the news or America’s Next Top Model?
You have been thrown a bone with Obama’s Healthcare Initiative. One in three of American homes are on the auction block while our leader is out hawking healthcare. Reminds me of Ancient Rome’s Emperor Nero. I guess you won’t report the wholesale destruction of American home ownership until it has completely gone up in flames and it shows up as a Reuter’s press release on your desks.
Stand up and be a news organization that you are supposed to be and report on the inadequacies and fraud of private section and government. Hire some real reporters would you.
I called the Office of the Comptroller of Currency (gov agency that supervises all banks – 1-800-613-6743) to complain about my bank issue and they said to log onto:
http://www.helpwithmybank.gov
Hey, everybody. JUST SAY NO!!! If we all say that we will not send in the 4 payments that they require before they will give us modification details, if they approve you at all, they will stop the game. The pattern I am seeing is a bait-and- switch strategy with the SERVICE COMPANIES just trying to get money from us so that they look good for their investors and to collect fees. SERVICE COMPANIES should not be doing this job. They only have the job because they are the easiest interface between the parties involved. But this is a farce because the SERVICE COMPANIES will make less money with a loan modification. THIS IS A CONFLICT OF INTEREST. GIVE THE JUDGES THE CONTROL IF IN BANCRUPTCY OR A WELL-DEFINED PLAN THAT BOTH THE CONSUMER AND THE BANK CAN MAKE QUICK DECISIONS.
HELP US NOW: BANKS, GOVERNMENT, SERVICE COMPANY SENIOR MANAGEMENT
DO THE RIGHT THING: WE GAVE YOU OUR MONEY TO HELP YOU SURVIVE; RETURN THE FAVOR AND HELP US SURVIVE
I applied last February to ASC, mortgager servicer for Wachovia, and they have now, for the second time, given me a 3-month payment that is higher than my original mortgage payment that I cannot pay. They have simultaneously filed for forclosure and I have a sale date of August 21, 2009. They wait unit 2 days before the sale date to delay court-step sale. They will not give terms of a modification. Nor will they commit to a modification even if I pay. Only that I am to make three payments that are higher than my current mortgage payment (where is this money applied to ???)and then, maybe, they will discuss a modification. They will not give me terms. I have read that they will not get paid by the government until I make these three payments. But they won’t give me the terms of the modification so that I can make a rational decision, that is, to pay it or file bancruptcy. This voluntary program is a farce. Bancruptcy judges with cramdown authority is needed. NOW.
I have faxed the Chase loan modification package twice now the first one on June 3, 2009 and another package on August 12, 2009. I confirmed on the phone both times that everything was received.
On August 5, 2009, I received a letter saying that my 1st package was incomplete and therefore they closed my file. I confirmed with a Chase rep that called me and advised they had received everything the first time. I called them back on August 10, 2009 to find what was going on and they advised me to refax everything because it turned out I was lacking a signature on a copy of an electronic tax form. They further instructed me to fax the packet again because there are additional documents required now. It’s already been a stressful process. I will update as this all unfolds. I feel regulation is necessary as these banks do not provide the proper customer services necessary for such a sensitive transaction. Good luck to all who are in my same situation:)
I work for the State of California and they have trimmed a month’s pay out of my annual salary. This reduction has put me in financial jeopardy. MY GOVERNMENT AND EMPLOYER HAS FAILED ME.
I bought the $320,000 home in 2005 and put my life savings of $120,000 into it. Like homes in the neighborhood are selling for the mid-$200,000. I am upside down and stuck.I have poured $230,000 of my money into that home in 4 years.
As a single person I pay more taxes so when they apply the 31% of gross rule, my payment is already there. But, my house payment is 55% of my net. I have a 10 year interest only loan at 6.25% with a second line of equity fixed at 7%. I need to combine these loans and get the interest rate to 3% to make it affordable.
My mortgage is with American’s Servicing Company. I have been trying to get them to send me a loan modification package and I get nothing. I asked for copies of the loan documents because the mortgage broken never gave me executed copies.
I got stuck in this loan because the title company Fidelity National Title in Eureka, CA, California Lifestyle Realty and Rainland Mortgage of Oregon misrepresented the amount of the house payments on a schedule of payments they provided to me. They did not figure in the second loan and did not include current property taxes for the escrow account.
I think they did this to get me into the house. When I brought it to Fidelity’s attention they brushed me off with a “that’s too bad”.
Moreover, Fidelity National Title in Eureka, CA transferred title to me with taxes owing from a previous owner that were not disclosed at the time of transfer or even later. I found out when the assessor came after me. My realtor, who used to be my friend, stuck for the title company, not me.
The mortgage payments were about $600 less a month than what they really were. By the time the loan was transferred to ASC, who caught the mistake, I was behind in real estate taxes for over 2-1/2 years.
I NEVER WOULD HAVE BOUGHT THIS HOUSE HAD I KNOWN THE CONDITION OF THE TITLE. Yet, Fidelity National Title of Eureka, CA said what they did was legal.
Now,I am facing default and there is no help from Obama. I’ve written to him repeatedly and I get no response.
I guess if I was a man he would want to sit down and have a beer. But being a middled-aged woman we have nothing in common so I don’t even get the courtesy of a reply.
Is there a lawyer who can help me?
P.S.: I can’t even consider the health care issue because my brain is trying to figure out how to survive and keep a roof over my head. Obama’s health care plan is ill-timed when the bulk of Americans are facing homelessness and unemployment. In July, 2400 Americans a day lost their homes to foreclosure. How is that not more important than health care?
I have no one in this world to help me. I am utterly alone. My government has failed me.
I’ve had the same experience with B of A. When I heard about the “Making Home Affordable” program I had called B of A and gave them required information on the phone and submitted them online. I kept calling to follow-up and no one would return my calls. I kept calling until finally I was told that someone will try to reach me once B of A rolls out their program for mortgages with PMI. The program has already rolled out and no one has tried to reach me. So I called again, again and again and was transferred from one department to another and spoke with several staff at B of A only to be told that I’m not qualified to refinance because they can no longer lower my mortgage rate. I was also told that loan modification is not an option because we’re not behind with our mortgage payments. My husband lost his job for months and and is now back to work but with a much lower income. We’re struggling with our mortgage payments each month and barely making ends meet. It seems that B of A is not really reaching out to people like me crying for help. Isn’t “Making Home Affordable” program created for people like me?
Enclosure you read a letter that we sent today to GMAC Mortgage – Customer Care.
August 13, 2009
GMAC Mortgage
Customer Care
PO Box 1330
Waterloo, IA 50704-1330
Ref: Account #
To whom it may concern:
The purpose of this communication is to let you know that we are really disappointed with Homecomings Financial (now GMAC Mortgage) and we are requesting a written communication regarding the status of our Loan Modification Package.
On March 2009, Mrs. Melendez called Homecomings to inform that, Mr. Ortiz lost his job and the income in the family will be decreased. Per request we send a “Financial Analysis Form”-package (was signed on March 10, so probably we sent maximum two days later). Mrs. Melendez was following up making phone calls almost weekly to find out the status of the loan modification and the answer was always “we are working on“. For our surprise when Mrs. Melendez called in the middle of April a Customer Representative told her to submit a new package, because of the new President Obama Law, the other package was obsolete and the new one would probably will have more benefits for us.
So, we submit a second package on April 24, 2009 to the Loss Mitigation Department. We started again to called regarding the status of this second package and the Customer Representatives were asking when we submitted? how we submitted by mail or fax? and even one person said “did you know how many documents we received in a daily basis?”, etc. Finally, Homecomings put in the system that our package was received on May 22, 2009.
Since then Mrs. Melendez is calling weekly to know the status of the Loan Modification. (And we know that we need to wait up to 45 days). Unfortunately on June 2009 in one of the multiple calls an employee of Homecomings put us in a repayment plan from $918.31 to a new temporary payment of $912.95 (a saving of $5.36 monthly) until September 2009. We were not requesting any kind of repayment plan, all this time we are just waiting for our loan modification.
We called last month before July 17th (the due date for the temporary mortgage payment) to let Homecoming know that we didn’t have the money to pay the mortgage for that month, the Customer Representative told Mrs. Melendez that if we didn’t make the payment, ‘Homecomings will not be considering our Loan Modification‘.
Yesterday, August 12, Mrs. Melendez called again to find out the status of the loan modification, again another surprise, Homecomings needs copy of the pay stubs. We submitted pay stubs back on April 2009 in the package. Every time that Mrs. Melendez called is something new. What is going on? Where is the “Helping Families Save Their Homes Act” program?
In a letter from Homecomings dated February 16, 2009 one of the lines stated: “In our current economy we understand and sympathize with families like your where your are experiencing unfortunate financial difficulties. It is our commitment to you that we will work with you towards identifying possible options which may provide a solution to your situation”.
Our Mortgage company, Homecomings (now GMAC Mortgage) and employees are failing to give us an
outstanding customer service, and failing in their commitment. We didn’t have in the past any kind of problems making our monthly payments, WE ASK FOR HELP back on March when in the household was a reduce in the income. Mr. Ortiz is receiving his unemployment, and is only a FT job income in the house. We would like to keep our house, but we need your help…. we need a loan modification.
Cordially,
I have been talking to Countrywide/BofA since October, 2008, but only spoke with rude people in India. They said I wasn’t eligible to have my mortgage reviewed until April 2014. My house was losing value daily, my husband has Muscular Dystrophy and I had to take a pay loss. They just don’t care. They sent me a letter of intent to foreclose. First American I spoke to said to mail the keys back. I moved May 1st and mailed the keys with a note that the house was now vacant (certified, return receipt) and NOW they are calling me wanting to talk. About what? How I had to lose my house and downsize to a 1 bedroom apartment because I couldn’t get any answers from India? They should be ashamed of themselves. Just pigs. Lose my number and good luck mowing the lawn.
I have been in the process for a loan modication since beginning of June and as of today still hasn’t has any luck on this.
In 2007 we tried to refinance our adjustable rate mortgage.As we were dealing with a broker we tried to do a modification. ASC (Wells Fargo)sent us an agreement to make electronic payments for 3 months. at that point we could come to a modification agreement. The broker we were working with pulled our credit and discovered they were reporting each payment 30 days late. I complained to ASC because nothing in the agreement said they would be reporting the mortgage late and we had not been 30 days late up to that point. After writing to the head office I received a letter stating that since we are up to date on our mortgage we do not need a modification. It also stated that they would remove the late payments from the credit reporting agency. They have never removed the lates. No bank would refinance us and we have applied for modification 7 times and have denied every time. I was working with a counselor with Hope for Homeowners. After working with her a week I attempted to contact her with information and was told I would have to call back in a few days because the phone system had been changed and they could no longer connect me. It has been over a year and I have not been able to speak with her since.
I also checked into the program as I am worried about rising heating bills, along with all other bills that keep going up due to inflation. I meet all the requirements for a loan modification with the exception of my loan being a Fannie Mae/Freddie Mac Loan. I spoke with both US. Bank and Wells Fargo…both said they could do nothing to help although both were kind enough to give me excessive phone calls an emails to open up additional credit cards and lines of credit because I am in good standing. So, I am glad the government is giving our money away so that crooks can continue being crooks and that people can cash in their clunkers for Hummers and SUVs so that failing US. Businesses, that deserve to go belly up for lack of good business practices and for sleeping around with oil companies, can continue to stay in business. What a joke. It would have been more fair to give everyone a stimulus check. At least then we could buy down our mortgages…which may be more effective anyway. This whole thing is a joke, the way it’s marketed is a joke, sadly the American people aren’t the ones able to even crack a smile. I’m thoroughly disappointed.
As much as I agree with the lack of things being done to pull us out of this slump I feel that there is a completely different side that is being ignored that matters quite a bit. I work at a bank and the number of people filing for refinances coupled with the new regulations that are being put in place are making it very difficult to get anything done. We are so tightly staffed that we were just barely getting by getting all of the paperwork done on the loans we had to begin with. The change in influx of applications and all of the extra measures having to be taken are causing a standstill in most banks as far as loans go. Obama is not a banker and knows little to nothing about what it takes to keep a company in this business successful. The new procedures that no one is familiar with are causing most of the problems, not the banks lack of care for its customers. The banks employees have familys and houses and mortgages too.
I have had some terrible experiences
with loan modifications, this
Obama plan is simply not working.
You have to go through the eye of
a needle to get help, If you make too
much money they turn you down, if
you are unemployed they turn you
down.
No one tries to work with you, its
just a BIG runaround.
Meanwhile your house is in
jeapordy because it cannot sell
and the bank is ready to take it.
OBAMA YOU LOAN MOD PROGRAM
SUCKS and IS NOT HELPING!!!
SOCIALISM!!
My problems started when I refinanced two years ago and chase came back and told me our refinance paperwork had a typo and our mortgage went from $2023 to $2700. In going through the hardship of changing jobs and earning less money, but never being late with our mortgage I thought I should apply for the loan mod. I started in April and was denied, tried again in June and was approved, was approved for the three month trial period but I never received any documents in the mail, kept being told not to pay until I got the paperwork. Guess what, the paperwork never applied, and like harry potter working on his magic, my loan mod approval disappeared. All of the sudden we had been denied! after waiting and waiting and talking to many people at CHASE who still said I was approved until this past Wednesday. I have until Saturday august 15th before my credit is ruined and I am sent to foreclosure. How could something like this happen? I have the names of all the people at CHASE I spoke to, but that doesn’t matter because my only option is to reapply. So I am going to finish up reapplying with the NJ homeownership center on Saturday and hope I have good news. After the hell they have put me through.
Same thing. ATTN: BARNEY FRANK! Chairman of the Finance Committee: PLEASE GIVE THE CONTROL TO BANKRUPTCY JUDGES TO DETERMINE future loan modifications and help for struggling families and take it AWAY FROM THE LENDERS. The banks are Disingenuous!
I was told by GMAC Mortgage upon receipt of my “work-out” application and supporting documentation that I indeed met all of the Obama administrations’s financial hardship qualifiers for receiving a modified loan package. 5 days later GMAC filed a notice of default and put my home into foreclosure and refuses to give me any explanation as to why they turned around and declined me package and put my home in foreclosure.
Wells Fargo is the services whatever that means for Bank of America that owns our Mortgage, information that I was told by wells I was not allowed to know ?? Try and get through these two gate guards! Started down the modification Garden path with Wells in December 2008 two submittal s a forbearance zip nada nothing We are current on payments an injury auto accident and less work hours it has become cumbersome to balance, I called Wells Aug 6 2009 to tell them about the spokesperson at Wells who said they were streamlining the mod process to one phone call two days SENSIBLE yes no? I reminded her the Banks took the TARP money{{ or Loan Modification if you will}} that process will take months to implement and they paid all the money they took back and I could not afford a reduced payment Thank you have a nice day, the dashed dreams and hopes, wasted time pursuing a modification have left us standing at the altar a stones throw from the tomb of Mortgage modifications, as the ship of state takes on more water the pumps cannot keep up one phone call two days HELLO !!!!
I do not blame Obama! I do blame the banks that received all the bail out money and are know doing nothing. When I ask what about the Obama plan at Wachovia (Wells Fargo) Bank says they DO NOT have any of those loans. They took money from the government.
My wife and I have lived in our home for 18 years and we have never been late on our payment in all those years. I retired after 30 years with the local county. Medical and back problems and finally became too much for my wife who closed her licensed day care after 35 years. That was the final straw for us we began to supplement our house payment from our savings. October 2008 I called Wachovia and told them we need some kind of payment cut. Our total monthly income from my retirement and both of our social security totals $2850.00 a month with a house payment of $1465 monthly that is 50% of our income and we have cut back on all other expenses over the last year we do not go out to eat, make purchases that are not necessary.
The banks first offered to refinance the loan to payments we could afford by splitting the loan into and telling us to get a second for the remainder. Paying the other half (over $100,000.00) some other way ( Rob a Bank???) WHAT?. After over six months of no help, our savings were gone and everyone told us the bank would do nothing if we kept making the payments on time. I hated to do it , we have always had good credit however, if it would make the bank do SOMETHING I started placing the money into my savings. Six months have passed and the bank has sent two possible modifications but both were about the same payment $1349.00 and $1365.00 for the first 2 years however within 5 years we would be paying 1800.00 or more and extended our loan for 10 years. When I ask what about the Obama plan the Wachovia (Wells Fargo) bank says they DO NOT have any of those loans. They took money from the government. They keep telling us to hang in there? which is what we been doing. I think the banks not doing anything because they are awaiting for the government to give them a NEW BAIL OUT.
We are currently with Wells and we started the process back last december to refinance directly with them. Our income has not changed but it is very tight with everything going sky high. We had refinanced with a higher rate because of all the bad loans, but we needed to finish the remodel on the house. Which we did and figured we would refinance within the year and get a lower rate we could afford. Wells offered us a $900 reduction in December 2008. We provided everything they needed, repeatedly and jumped through every hoop they wanted us to. They kept looking for a reason to turn us down but there wasn’t one. I paid $500 for the appraisal and it comes back $50k lower than we needed. How convenient is that. It took me almost a month to get a copy of my apprasial to find many mistakes on it and they even used ridiculous low comps. I found 4 other comps and sent them to them and they said they wouldn’t accept them because of the size of the houses on my comps. My comps were more comparable to my home then the ones they were using. They offered me a higher interest rate or to pay PMI. I said I want to look at the Obama plan. He said I don’t qualify because I pay my bills on time. Wow but I have to pay for PMI, to prove that I pay on time. That is ridiculous. They do automatic withdrawals on the 1st, not any days into the grace period and I have to prove myself. Wells is horrible. They do nothing to help any of the home owners. Don’t every use them as a bank or anything. they only want to make their fat wallets bigger.
Obama and his plans have failed. I was the target audience for a Loan Remodification: Struggling to make (but making) payments on time, Loss of income/decrease of income, single home owner and with GMAC.
I sent in all my paperwork for the remodification in late March. I gave it a couple weeks before calling, only to receive the explanation ‘We’ve received it and will need 45-60 days for review from the date we received your information.’ Ok, doesn’t that really negate the purpose of this plan?
60 Days pass and I call back, asking for the current status, to which I am told that they are figuring a plan for me and to wait patiently… call back next week. I call back again, they request that I be patient and that they will have an answer for me soon.
110 days pass… finally an answer in the mail. ‘Due to your lack of income, we can not approve the loan remodification program.’ WHAT!?!? This is the exact reason why this plan is in place, to help those that are struggling due to many different circumstances?
I even sent an email to the White House, only to never receive a response. This is all smoke and mirrors, people. They are trying to show that they are helping americans, when in fact, they are only talk.
Obama, you have failed me. Thanks for giving Billions to the banks, only for them to continue to watch us hard working americans suffer. Cash for clunkers is saving the Auto Industry on only a few billion… so sad. At least I know which direction to vote.
I applied on March 7th and have been calling Chase ever since with no resolution. It took them until June to put a program in place for those who are not behind but will fall behind. My husband has been unemployed since Oct. In June Chase advised me I needed to send all new updated info. Which i did, then Chase said, a month later (after calling them) I needed send more info. Now I’m told I have to re send everything and get new updated statements, etc. It seems to me the banks are unable to execute this plan. In addition I am now falling behind because we simply have run out of funds. I work, but with a 7.3% rate and a 10,000 tax bill my salary does not cover the house payment. If I could get a lower rate we would be able to make our payments. Personally I think the bailout money should be going directly to the people rather than the banks, because they are unable to execute the plan and people are loosing their houses from it. In my subdivision alone with only 304 homes. Their has been about 10% that have received foreclosure notices. In some cases both the husband and wife are out of work.
This response has been summarized, I have written President Obama, in detail regarding this and I am waiting for a response.
I live in AL and this is my first home three years ago value 160,00.00…now with people losing their homes..the banks are selling them now for the same home for 120,000.00. Even though i have good credit, made payments on time paid down the 20% it means nothing. the house is not worth it, no wonder people are walking away from thier homes. If it was just myself, i probably would too; but i have a family. In the meantime i just struggling along; thank God i still have a job. Lose that i am not sure what will happen, then again i will be eligible for the Obama programs.
I’m on my fifth attempt at remodification with America’s Servicing Company and this has been going on for about one year. Cutbacks at my husbands job and family crisis caused me to fall behind on my payments. I’ve had to start over more than once because my payment was late by one day. This last time they sucker punched me with a contribution amount I had to pay of about $3000.00, no payments, due when they said it was due, no grace period, nothing. I don’t want to lose my house because my bank keeps playing games. The house isn’t even worth what I owe but it’s mine. I just need to start over but the bank doesn’t seem to want to give a inch.
Dear Mr. President
If you’re reading this please note that this plan is not working. I have submitted pay checks, bank statement, letters of hardship etc… to BOA with little to no response. To the best of my knowledge only a handful of people have been able to recieve these loans and most of them have not been in areas where the need is not great. This is my fourth time appling for this loan and like every other time I expect I’ll be turned down for one reason or the other. Frankly at this point I don’t care. When I’ve had enough I’ll just leave the keys in the mailbox and you can move in.
My mortgage is through Wells Fargo. In March of 2009 I applied for a modification I sent in all my paperwork on their online services. They gave me a payment to pay for 3mths and said the fourth mth I will go into review to see if I qualify. The fourth mth came and I called to see what my status was. They stated that I had been denied, because it showed my income was sufficent. I advised them that could not be true because I lost my job in Sept 2008 due to Ike and we have been living on one income. They didnt see that my file stated anything about me losing my job. So the info I sent them was not updated! So I had to restart the process in July 2009. In May 2009 my mthly mortgage payment went up $200mth due to escrow. And my home is now $20,000.00 less in value. Im paying $1587.00 for a $135,000.00 house right now. I lost my job and have been looking for almost a year now. If there is an job opening there is over 700 people applying. The competition is to high. Living on unemployment and my husbands income is not enough to pay my mortgage and the rest of my bills. Since July 22nd 2009 my file has been in review with Wells Fargo. I have been calling every week to check on it. I got a letter stating if I don’t pay $5,000.00 by Sept 1st my house could go into foreclosure. I need someone to make a decision at Wells Fargo FAST! I dont understand why it takes soooo long. They obviously see I cannot make my payment I need help, so why cant they just make their decision. I cant lose my house. I have never felt so much anxiety or depression in my life until now.
I also appled for Loan Modification back in April. I really started the process in March but due to long hold times when calling my mortgage holder and then their receiving my required paperwork, they didn’t get everything until April 9th. It is now August 13th and there is no information from Taylor, Bean & Whitaker if I have even been accepted. News stories indicate that if the loan has been packaged as an investment and sold that the buyer has final say regarding modification. As a Freddie Mac backed loan can these loans BE packaged and sold? But to answer your question, started process back in April and I’ve been given the run around since.
I tried to do a loan modification through my lender and the website kept giving me error messages. When I tried to save the information I had already input, it would not let me. The next time I went back, I had to start all over again and kept getting the same error messages. This happened 3 times before I just gave up. I sent an email to the lender advising them of the problem but they have never responded. Help!
On another note, I have several friends and family who have gotten loan modifications……..but not until they were behind in the payments, what a shame the banks are playing a game with us, it isn’t the government guys….they put forth the plan to give us relief, we are at the mercy of the banks, and you guys who bemoan big government, do say a word, cause this is what you wanted, for them to stay out of your business, well I have to tell you, who is going to make the money movers do the right thing by us little people?????
After going through a divorce last year which resulted in a 40% reduction in income, I contacted the bank for some relief on the high payments, my interest rate is 7%, I got the icy treatment from the bank and received a loan application with a request for a check in the amount of $1,800 in order to assume the loan and remove my ex husband from the loan…What???, first of all I would not qualify for the loan on my income alone, and secondly, there isn’t any equity in the house…I thought that I was doing the right thing by not walking away from the home, my ex threatened to do this if I did not stay in the home and assume all responsibility..Now I am dealing with the bank, I contacted HUD and both the counselor and I contacted my lender and got no where, I completed a loan modification packet in May09 and received a denial in July09, I finally depleted my savings that I had borrowed from my 401k in order to cover the payments and pay off all my debt, I am now not paying the monthly payments and waiting for the bank to either take this serious and offer me some relief or move on…
THE CASE OF THE DANGLING “E”
I am at my wit’s end. Therefore, I pray that you will take the time to help me because I am in a “catch 22” between the different departments that service loan modification. On 07/14/2009, I finally got the loan modification papers that I have been working on since 06/08/2008 only to discover that they had left off the “e” in my middle name “Marie”. In addition, the modification notice said that the documents needed to be notarized and returned by 08/10/2009.
I called on 07/14/2009 when I saw that the modification papers had left off the “e” in my middle name Marie. I was told by the Hope team (877-221-0825) that a request for corrected documents would be sent to me, but by 07/29/2009 no corrected documents had arrived. Therefore, on 07/29/2009 I called the Hope team and spoke with a supervisor, Raphael, who said to go ahead and send in the documents with the missing “e”. However, when I went to the notary he would not notarize the documents until I corrected the missing “e” because he had to legally go by what my driver’s license stated. Ever since then, I have been sent back and forth between the Hope team (877-221-0825) and the Home Retention team (800-669-0102).
08/01/2009: I received the documents back with a rejection notice stating, “Data conflicts with original note modification created and sent (Loan Modification Document has been altered or changed when compared to original document sent out)”.
08/03/2009: I talked with Roy from the Hope team who stated that their system had my middle name still spelled “Mari” and, that I should call the Home team to tell them to send verification that my middle name is “Marie”. Therefore, I called the Home team and spoke with Camaria who said that the Home team’s system had my middle name as “Marie” and she would gladly send a screen shot to the Hope team.
08/06/2009: Lacy (ext. 4933) from the Home team stated that she escalated this problem to a supervisor.
08/07/2009: Teresa Drummond, a supervisor from the Home team at ext. 4806 said that I should not worry because new documents were being sent out. On the same day, I spoke with another supervisor from the Home team, T. Barrett, a supervisor a, at ext. 9669 who said that I should not be denied my modification because Bank of America made a mistake and that she would take full responsibility to make sure that I received corrected modification papers. Furthermore, she told me to immediately fax to her the rejected documents at 817-230-6811 in order that she could address the issue in an expedited fashion. On the same day, I went to a Bank of America Home Loan office in Loveland to have the misspelled documents that were returned to me on 08/01/2009 FedEx back to the processing center in order that T. Barrett could have the original documents in by 08/10/2009. A mortgage loan officer, Nela Kay Huntsinger, printed out my original signed documents which clearly showed my middle name as “Marie”. Then with the originals, the modification papers, a scan of my driver’s license, and a note which she wrote that stated that in her opinion the modification papers “should not be denied on the basis of Ms. Sicilia correcting the spelling of her name.”
08/12/2009: I talked with a supervisor, Kenny at ext. 9491, from the Home team and he got me on a three-way call with a member of the Hope team, Tasha Bell. Between the two they said that I should only talk with T. Barrett who had said that she would escalate the problem, but to wait 48 hours before I called her. The really strange statement from this three-way call was that Tasha said that my middle name in the Hope team system showed “Mari” and it was not going to be changed to my correct spelling. This makes no sense.
I really need help. I cannot get Bank of America to admit that there was a mistake that could have been easily corrected when I first alerted them on 07/14/2009. I am being punished for their error–why? I really need this modification because initially my hours were cut at the beginning of the year and, then, at the end of June my position was eliminated due to budget cuts. At this point, I am working temporary assignments.
My husband and I are suffering from the same extremely bad experiences with Bank of America that these other homeowner’s have mentioned. My husband has been unemployed for a year, I’ve been working two jobs during that time to help make ends meet. BOA will not return calls, are not communicating in any way regarding our request for a loan modification that will make a meaningful financial difference to save our home of 13 years. They have definitely taken the stimulus money and are investing it and making a great deal of money while they are forcing their customers into foreclosure. President Obama and his administration is not paying attention and like many other things, they talk the talk but with no positive results. We’re in a depression by the way even though the administration won’t say the words, just like the previous administrations wouldn’t say the word “recession.” I’m a saddened and disgusted American.
The Obama plan is useless.
The average negative equity goes from 30% through 70%. People need to move because of job reasons and they can’t sell (those are not cover as primary residents)These banks received taxpayer money and they are not working with borrowers. The foreclosure nightmare and the recession will last forever if they don’t do something big to fix the real estate. Fix the real estate market and you fix the economy!
Called BOA (previously had loan with Countrywide) about refinancing as my husband had a large cut in salary and we are having trouble making ends meet. They never told me that my mortgage was held by Fannie Mae. I found out myself. I called back the refinance person and told him of my discovery and he replied….”oh, didn’t we talk about that???” When he didn’t have the answers for me, he transferred me to a “specialist” with the “making home affordable refinance/modification” program as I thought a load modification was just what we needed. I was told by the specialist that because we had a late payment in Sept of 2008, we did not qualify for this program. We would have to wait until Sept 2009 to apply and he did not recommend it. He did not make any sense at all as he further told me that the interest rates would be higher than what I already have and that my monthly payment would be more. Something just didn’t sound right as he was strongly steering me away from this program so I called a HUD approved loan counselor who said that information was all wrong and she wrote up a report and supposedly sent it to BOA. I have not heard anything yet. It has only been a couple of weeks.
I have spent months trying to get Coldwell Bank to even to return my phone calls. I even had a lawyer send a letter. Nothing!!.
Where is the assistance?
It is time for us to stand up and protest.
Our house is both underwater and because of a loss of nearly 2/3rd of the income we had had applied for remodification or refinance which has not been approved. If a very straightforward case like ours is not getting help, we wonder any help going to those who might have a little more complicated mortgages. Our first and second mortgage is with the citi bank and in one of the many phone calls for help a loan officer told us that under the presidents plan they can refinace our house for a cost of $5000 and now its been 4 months and we wonder maybe refinancing at that time when the interest rate was lower would have saved money tahn waiting for help because now even the interest rates are going up.
After trying to modify my loan and repeated calls to Wells Fargo, Hope for Homeowners and other agencies and being denied or stating that I was not eligible and promises to help. I FORECLOSED ON MY HOME. What I can’t understand is if I had no credit cards, no other bills than just a car note with a $50,000 income for what reason was I not eligible? It would have been better to modify my loan and allow my family and I to live in our home instead of tearing a family apart leaving parents struggling to find a place to live. I also think because the programs was not willing to help people that the creditor should not be allowed to have foreclosure on their credit report, allowing people to purchase another home for their families. It’s not our fault that the programs are not helping people. IF I COULD HAVE GOTTEN SOME KIND OF HELP I WOULD NOT HAVE WENT INTO FORECLOSURE. It is a SHAME that the GOV. IS NOT HELPING THE AMERICAN PEOPLE BUT WILL RUSH QUCIKLY TO HELP OTHER COUNTRIES.
Thanks for no help
Dana
Wow. I am not happy about the stories, but glad to see that I am not alone in the process. I am divorcing and as the major earner and house being solely in my name I was left to take care of the house, kid, car, etc. I have maintained the home for two years while it has been listed for sale at what I purchased it for and I now find it a struggle to continue payments with a glitch with my pay and missing a check for next month.
I started my correspondence with GMAC in Feb for a loan modification. I have been denied four times for the Traditional and Gov’t based plans.
I have now asked for a deed in lieu and have to give up the home this way or in foreclosure. I am tired and VERY concerned about my credit being destroyed if I wait any longer to move.
I too have never made a late payment. My lawyer says to withhold a payment to see if they finally grant my request. This is really a tough time or as some would call a season.
I agree with the poster who said…it really makes you consider what is important. Family, peace, and a place to call home. Not necessarily your dream home, but home.
God bless all of you/us in the process.
Something needs to be done. I have had the same problem with Citi since November 2008. Lost my application (5x), constantly changing numbers and rules, changing names of various departments…Just a run-around. Have they already been given gov’t money?? Are they using it for the cost to foreclose mortgages and stock piling homes? Certainly, I have seen no relief.
Well, let me tell you a couple stories… A friend’s ex-wife had a second with Citi last year. She owed $170K and was NOT upside down, just high interest rate (mine is 13.75%). She quit paying her mortgage in CA. That was the only way that she could get Citi’s attention. They haggled and haggled until Citi took $15K cash and wrote the second OFF! Another CA home owner stopped paying her mortgage in December and has not received any notice of default. I’m not sure who her mortgage co. is, but it is called “shadow foreclosures”. Some of these lenders are hoping to see an upturn then come after you rather than paying for the cost of the foreclosure. Another guy, I was told, found out that his lender no longer existed, that the gov’t took over the bank and settled his mortgage for 40 cents on the dollar.
I just told Citi that I am no longer making a mortgage payment since they are no willing to work with me and have wasted SO MUCH of my TIME. I have a judicial contract, so they will have to go through the courts. Plus, THEY own my loan…no just servicing it…
I just can’t live like this anymore. I am on the road constantly to pay my mortgage, have no health insurance, and NO car insurance!
We bought our house in November of 2004 and since then not only has our household income been reduced by $60,000, but like so many others, its value has gone down under our loan balance.
I faxed our loan modification application to our lender, Indymac now One West, on May 23. They said it would take 30-60 days to get an answer, and when I called after 6 weeks they said they needed further documentation, which I immediately provided. Then 2 weeks later they actually called to inform us they would have a determination by August 23rd.
I realize its a toss-up whether or not we’ll be offered any help at all, but really the best help would be a reduction of the pricipal on the loan, and thus lower monthly payments. We have a rate of 5 5/8% and of course lowering that further would help, but not if it would mean the rate would go way up higher in 5 years because we’re no spring chickens and even if the economy bounces way back, which of we hope it does, our income is not going to be rising with that tide. (And in order to get that rate I had to cash out a sizable chunk of my IRA and pay taxes on it in order to refi on our already-by-then devalued home.)
In any case, reading so many other depressing accounts here, I’m even more anxious than before about the process because of the inconsistency of the requirements among the various banks. For instance, I’m getting that:
– Some lenders require the borrower’s household income ratio to mortgage payment to be no greater than 31%, while others require it to be at least 31% or greater.
– Some lenders require PMI, while others will deny modification if the mortgage has PMI.
– And most confusing, many lenders require the loan to be 3 months in arrears, which is precisely what we’re trying to avoid in order to avoid foreclosure.
Though we have only one more month before we will get behind, can anybody advise me if you can apply again to some other bank than your present mortgage lender if you are denied by them?
i have not had a good time with b of a. they just canceled my modification request because they said i did not responded to their request for information.thats what it said online.
i called them and after being asked a list of questions i had already been asked by the automated system he asks “and how may i help you today” my reply “i had a request for a loan modification and now the system says that my request has been canceled” he reply s “one minute please……………. oh yes it was canceled because they did not receive requested info” i say ” yes i know that but what i would like to know is where did you send the request? i have given you 10 ways to contact me and i have received no request” he says “one minute please sir ……….. ok its not that its been canceled. well it has but thats because you applied back in may and you were being considered for a different plan. now we have a new plan but we need updated financials. you should receive a letter in the mail this week. in the meantime you should get your financials together and call this number”
well i will go through it all again. heres hoping
look at this report. it shows that b of a has only modified 4% of loans that would qualify. thats 4% of over 600,000 loans that are more then 60 days late.
http://www.treas.gov/press/releases/docs/MHA_public_report.pdf
My husband lost his job when the Birmingham office of his company closed. I lost my job a month later due to downsizing. We had 4 kids in college at the time! Fortunately, 3 have since graduated but our youngest is still in school. We have had our home for 16 years and had NEVER made a late payment. When all this happened I contacted Countrywide now Bank of America for some sort of hardship help. I was granted a 3 mo. forebearnce which meant I did not have to pay Nov,08-Jan,09. I received the paperwork and signed it to have those 3 months spread out over several months. My husband had started a free lance video business that was slow in getting started up and when we were preparing to pay our Feb, 09 payment a certified letter came stating the forebearance on the loan was cancelled by the lender. No reason was given and we have NEVER gotten a reason. The following day, we received a foreclosure notice that included hundreds in late fees. We therefore spent every cent we made from Feb-April catching up the mortgage. As a result, we ended up having to file bankruptcy. We have lost just about everything. we took in our basement and garage and made the office for our business there so our home is not only our residence but it is also our place of business. We have to keep our home. I have tried 2 different times for a modification with BofA but was told both times we do not qualify. Our business was very slow in June so I now owe for July and Aug. We got a letter today notifying us that if July-Sept. plus late fees were not paid in full by Sept 4th they will begin foreclosure. We have been treated so horribly by Bank of America. If this new president really wanted to help, he should have paid off American’s mortgages rather than bailing the banks that will not work with those same Americans.
We have been trying to get our mortgage modified since Feb of 2008 and we are still have not gotten any further today to a modification than we were 18 moths ago. Where is the help?
Wow–I have less hope than ever after reading this blog. I reiterate what everyone else has said. I started this process many months ago and have done all that was requested…the endless faxes, the weekly phone calls. Apparently the plan doesn’t exist, or there isn’t enough pressure/incentive to comply…or the banks make more money on foreclosures and short sales. They can probably write those kinds of losses off on their taxes.
What a crummy situation. I hope the banks get theirs in the end. All that help with bailouts, and no help for me…not even a few hundred a month.
we had the same situation. I was informed that Fannie Mae has to approve the loan. You have to show you are making close to what you owe.
I do not know why the Government and yes even my president thought the bank would do the right thing because it is the right thing to do. I can not believe how I have been treated by BofA. First you go through the process of faxing all your financials and paystubs. You also fax a hardship letter that is no easy thing to write and you wait months for reply. My partner lost her job and she covered all the utilities, I asked for a $500 decrease because I can almost hold it all down but it is too tight. Well after months of waiting I was put on a 3 month trail with a whopping reduction of $300 dollars. I felt BofA was setting me up to fail. Whenever I tried to speak with someone it was like the money was coming out of their pocket, I still do not understand why the banks is so unwilling to listen and truly help. On my last conversation with BofA with gentlemen asked curtly “is there anything else I can do for you” I answer yes some empathy, understanding, compassion, or just customer service, he then hung up on me. At the end of my three month trial which is in Sept my mortgage goes back up to the original amount while BofA has 120 days to review if I am eligible for the loan modification. What kind of a cruel joke is that…
I feel as though Bank of America does not care what the president asked them to do. Our government has to enforce this our government needs to grow a pair quit acting scared to be seen as liberal, like that’s a bad thing and really help people. Come on Barack please lead and regulate and do what you have to do to get things done. I am tired of Democrats seeming scared of the Republicans and their opinion. I don’t care what other people think about doing what’s right, just do it.
I just hope that the government will reimburse our money spent faxing papers, the stress we were put into and the time spent on phone calls, holds, checking the website to check for any updates and just to see the status on the screen saying give us 30 days and gone after waiting for that 30 days and reapplying and waiting another 30 days for 4 months now. They have thousand rules changing everytime, it seems that foreclosing the property in our state is more profitable for the bank than helping us out so we give up! We wish we had spend that precious time with our new born baby and didn’t have to go through the stress of trying to get any government help. 4 months of trying for a refinance or modification with citimortage -what a waste of time!
I live in Maryland. My husband and I own a single family home in 2006 that has lost nearly $100,000 in value, so we can’t refinance through regular channels. Since this program became available, I’ve been contacting my lender (I do have a Fannie Mae backed loan) First Horizon to see what can be done. And to date, nothing is their answer. I don’t qualify for a mod because I’m sacrificing to make my mortgage payment on time. I can’t refinance because I have a 2nd mortgage and First Horizon (the holder of both mortgages) won’t subordinate on loans that are more than 90% loan to value. What I have heard is “we can’t help you because you’re not behind”…well, what’s the guarantee you can help me if I am behind? My tax dollars paid for these banks to stay in business, and I’ve been responsible making my payments…but apparently, there’s no interest in helping the people that bailed out the banks…nice.
Applied with CitiMortgage on March 10th. Received one phone call and letter on May 26th that we were being considered. Since then nothing. Have left messages almost weekly with contact person and have received no response. Also, the E-mail address given in the letter does not work. I’m current so far and I’m patient by my savings is limited and will run out very soon.
I inherited property with a mortgage. It has sentimental value. I have done everything I can to refinance or have loan modified so I can hold on to the property. I paid Regions $467.77 fee for what they said was a modified loan agreement. They lied. What a surprise. My experience has been a repeat of all the other comments, repeatedly sending in documents, lost documents, being switched from person to person to delay the process, pretend offers, hours on the phone. No more. I can’t pay what they want nor is it reasonable. They can foreclose, the property is worthless to anyone else. I guess they will get their fees but it certainly won’t be what is owed on the mortgage. I was willing to pay the mortgage at a reduced payment, the whole balance. Maybe 1 + 1 = 2 isn’t true for mortgage companies. I’m going to send someone to make an offer on the court house steps maybe I’ll have the last laugh.
I have bween trying to get my mortgage modified by CitiMortgage since March. It has been a nightmare. I had to call to find out what was going on. In June, I went to a credit counselor for help. Later that month,not related to the credit counselor, I called and found out my case had been given to a third party the bank was using to help it. After asking me questions thqat were already in the paperwork I gave him, he told me that I should just “walk away” from my house! I was shcoked! He told me I was eligible becsause my6 loan was held by Freddy Mac, but he didn’t think modification would help me!
Now, my counselor has resubmitted a plan to modify my loan. I arranged with CitiMortgage to let him help me and we had to start the process over again. Meanwhile, my company has cut my pay and made me take two weeks off without pay. I am struggling and feel like no one really cares.
I tried to get my second mortgage, now witrh Bank of America, modified and was told that I had $85 left a month after paying my bills so the system won’t klet them modify my second mortgage!!! I need a bail out!
Im a a 42 year old married and a father of two ,I work in the auto business and I have had my income drop 40-50k per year, and when i tried to get help from GMAC i was told that I do not quilify because my income dosent meet the 31% guide line,I thought that is what the program was for,was for people like my self ,still current on their morgage and with good credit and struggling to make ends meet evey month,where is my help I did every thing right and by the book ,I work and pay my bills on time and this mess that the U.S.A. is in is no fault of mine ,yet I am being effected and told by my lender GMAC to sell my house because I cant afford it ,what kind od s*** is that,when I have been in my home for 9years and paid extra every month and on time and now when I need the help they turn their back on me ,I hope GMAC crashes and burns just like the other a-hole morgage lenders ,we need help and because we are not behind and dont meet the 31% we are just out of luck,real nice GMAC
I can only say that the Wells Fargo is useless. I haved faxed in letter after letter.. still no loan modification has been made. I started Feb 20 2009, and six months later.. No reply.. No call.. no nothing.. Everytime I call they tell me they are still working on it..It’s as if they are just waiting to see if I will default. If Obama had inteneded this plan to work he should have designed it with a centralized process center. I don’t kow where to turn to..
I called my Chase representative to inquire about the Chase loan modification program. She laughed and stated that there is no such program as a Chase loan modification program. She then stated that if there was such a program she would be the first one on line. She then offered a refinance that had high discount points, therefore high fees.
I also am so frustrated! I do not know of one single person that these so called programs have helped! We bought our home over 6 years ago, we were never late until we lost our Limousine Co. last Nov. due to the economy. After numerous attemps to try and work with Citi Mortgage, I have givin up! We tried short-selling, received an offer for over the asking amount and the bank denied it. Which we were actually happy because we have no place to go. I proceeded to try one last attemp to save our home, by contacting the bank again. I spoke with a very rude man, who told me that I have nothing vested in my home (numerous amounts of x’s he told me this) because I am months behind. I explained that we had put down over 60,000 on this house, not including all of the additional upgrades we did the last 6 years. I told him our circumstances and that now my husband and I were working and that we will be paying a substancial amount if we lose our hm and have to rent, and I would rather be paying them and trying to save our home. Well, he proceeded to be rude, and I gave up. I don’t know where these banks get off being so rude to people when all we’re dong is trying our best to save our homes. They get bailouts and we get kicked out of something we have worked so hard for.
Something needs to be done fast to these banks. There are so many empty homes around us, and mine will be next. I feel like we always tried to do the rt thing by owning our own home, now that dreamed is flushed down the toilet like millions of other people. I pray these banks start treating people like humane-beings, and that reallllll soon some program actually starts working for people.
Interest stuff. I have been working with Wells since Sept/08. My situation is same as many others. Husband is employed however, cut is salary. I was told back in Sept then October that I did not quality for any of the 4 programs they were offering. One being a repayment of any back payments (hello! of course I can not afford this). I again was in tears after speaking with the rep from Wells as they made me feel even worse about my situation. This was in October. After a long hard talk with my husband, we decided to make no more payments. This was hard for us as we have had our loan for 3 years with Wells and NEVER missed or had a late payment. After 1 month past I called Wells again and was told to send in financials which I did. I was contact in February/09 that I was now in review for the HOPE FOR HOMEOWNERS program and any foreclosure would be postponed. Not even a week after that I received the dreaded Notice of Trustee Sale. I called the bank WEEKLY to get updates. They insisted that they are working with me and no sale will occur while in the process (send me a letter also informing me of this). I am now feeling pretty confident that Wells is going to help me (especially after seeing a few friends lose their homes). WRONG! Now, we are approaching August/09 and still no answer. I was just informed that I must provide new financials (8 months later) which I did. I noticed that I am no longer speaking with the H4H dept but rather Customer Service who is taking all overflow calls. SCARY! I have a sale date approaching for the 3rd time and was told that I am not in active foreclosure by not 1 but 3 reps, when in fact I have call the Trustee directly to confirm my sale date. Looks like the right hand is not speaking to the left. To top this whole mess off, I just received a letter from Wells asking once again for financials and only offering me the same 4 options that they did back in Sept/08. My husband and I are so fed up with being in limbo. I can see why people just say screw it and let their house go. It is not worth the stress and the constant pressure on not only my husband and I but our entire family. At this point we are all about SIMPLIFYING our lives and if that means losing a our home of 5 years, SO BE IT! It doesn’t matter where we live because we can make any house our home. Things happen for a reason : )
I can tell you that going this this hardship has really made myself and my husband much more humble and has helped us to realize what is most important in life. THANKS WELLS!
I think we should do a class action lawsuit or CNN should do a huge story about this loan modification process and show what’s really going on. This is ridiculous. Been waiting since 04/09 and nothing yet. It’s tiring. I want to walk away from my home, but my husband won’t allow it. We too are struggling. It’s truly not the bank’s fault that we agreed to sign a contract and now want to revoke it. However, since our tax payer dollars are being spend and the banks were given billions of dollars, they should help us. My husband did have a better plan before they gave out all the money to the banks. He thought why not just pay off everyone’s mortgage, or a huge percentage instead of giving it to the banks. Obviously we all knew that that lending the banks money wouldn’t work. Obama’s hasn’t given us no Hope at all. Changes, plenty of that, and I am sure there is much more to come.
Sounds like I’m have the same problems as everyone else in this blog no one knows what is going on. I applied for the Home affordable program back in March and completed my three trail payments by July 1st (which my payments were only $75 cheaper then my original and they were about 47% of my gross monthly income (what a joke)). I called Chase and the home retention group multiple times and I still have no ETA on when I will be receiving final documents. At this point I have no clue if I am even approved. I have been told to wait on making a mortgage payment until I receive my final documents. Meanwhile fees are pilling up and I am not even sure if I am approved or even if my payments are going to be reduced. I guess the worst case scenario is I will be giving my house that is $65000 upside down back to Chase and they can deal with it then.
This program has good intentions but it’s too bad the banks are spending too much time analyzing on how they can make an extra buck or two rather then helping out the people in this country. It’s not like a few billion $ of bail out was good enough.
Good luck to everyone and sorry about at the hardships that we are facing.
I can not begin to tell you how completely disappointed I am with this whole home owners assistance program. I will summarize my story, I submitted my paperwork back on January 9, 2009 and sadly to say still today, August 10, 2009 have no response what’s so ever on my mortgage options. Every time I call, no one seems to know anything due to the fact that reps don’t always update the notes in my account. I’ve dealt with a million people. I started to write the names of reps I dealt with to see if perhaps this would expedite the processing of my application, useless. Several instances I was asked to provide financial information that was provided numerous times to them via FedEx and fax and yet still nothing happened. This is not only frustrating but disappointing to know that there is really no help out there as it’s quoted in the websites of these banks. If there was a way for me to send this message along to the CEO of Washington Mutual now Chase, I would let them know how poorly they are managing there staff and not to mention have no consideration to the customers. This is how I get compensated for having good credit and being responsible in making my monthly payments on time, yet continue to get myself in debt because I am pulling money from everywhere to ensure my home is paid for. I am in desperate need of assistance and my own bank can’t provide me with this help.
I applied for home modification in April 2009 with Flagstar bank. My income has been drastically reduced. I was told I took 90 days before a mortgage analyst could even look at it. I was promised a resolution at the latest; the end of July last month. I The mortgage analyst will even talk my calls. No calls, no letters, nothing. This is not working. I don’t think Flagstar wants to do anything for me. My letter to the President is already written. I don’t know what good one letter will do. But perhaps if the President received thousands of letters, He could push the banks. The same banks who received taxpayer money and are not cooperating with the President’s plan.
I live in Ga and have Taylor Bean and Whitaker for my mortgage holder. I have been trying get a modification for monts now. I have sent and resent documents and there is always a problem. I can’t get a live person to talk to me and there is no real information available. I have tried HUD and other groupes but no help. What is the answer????
I live in SC and we got our home four years ago value 170,00.00…now with people losing their homes..the banks are selling them now for 106,000.00 to 120,000.00. We have one son starting his second year in college…(full scholarships thank GOD) and our youngest is a senior this year…we are like of others..we need or the government needs to do something about the home value price going down…we are paying for our home that has lost almost 70,000.00 in price…Could the banks not help and either put loans for people who are like us..more people are going to losing jobs…which means they will lose homes..and the price will keep going down…what is the answer
My husband and I bought our first home in January ‘08. The same day we signed the papers, I lost my job (we signed BEFORE I found out I lost my job – otherwise we would have NEVER signed). My husband has a great career as an engineer and has a stable income. To date we have not missed one payment on our mortgage or any other financial obligation. We purchased our home with CTX mortgage, which was sold within two months to JP Morgan Chase.
In January of this year (09) my husband contacted Chase to inform them that we were hitting some financial hardship and would like to work something out. We contacted them several times and even filled out forms. Still we didn’t hear anything. PLEASE NOTE: We were being proactive, we were current on our payments with no late payments.
Finally in the beginning of April we received a letter from Chase stating we “might qualify for home re-modification”. From what the letter said, it was something they had sent to several borrowers based on the Affordable Home Plan program – and there was no apparent relationship between our request and this letter. This letter included a contract indicating that we had no financial obligation to pay for the home loan modification fees. It was offered to us at no charge. The contract included 3 trial reduction payments from $2200 a month to $1500. The letter also stated that when we received the modified loan we could either accept or deny it. We felt it was safe to try since they clearly stated we were not obligated in any way – and if for some reason we are not happy with the modified loan we wouldn’t have to pay the remainder of our normal mortgage payment left over after the $1500 trial payments.
We sent all the paperwork in, and when they requested further paperwork we promptly sent it. The first trial payment we sent with the first batch of paperwork, as requested. The second trial payment my husband tried paying online (there was no indication of where to send this money in the letter… and in hindsight we should have called, but we assumed that we could pay online like we always do), but Chase website doesn’t allow you to change the payment amount. Then he tried paying with Well’s Fargo bill pay, which was rejected by Chase. Chase did not contact him to let him know the payment was rejected, and my husband did not know until Wells Fargo sent him an e-mail stating it was rejected. He received the e-mail over the weekend, and wasn’t able to contact chase until that Monday. He paid over the phone and the customer service rep assured him everything was fine. Since this, our payments have been received and cashed out on or before the due date.
A couple of weeks after this, we received another letter stating that the trial period had been extended and we needed to continue the 1500 trial payment for another month. During this entire period my husband has been receiving, almost weekly, collection calls from Chase stating that we’re delinquent. Every-time he informs the rep that he is part of the Affordable Home Modification program, they make a note in their system and tell him to disregard the call. Because of this, he himself has contacted Chase to talk about why he’s receiving these calls and what’s going on with his paperwork. He is continually bounced around from department to department telling him that there is nothing wrong with his account and nothing to worry about. On one occasion a rep told him that he should no longer be receiving the collection calls.
He has also contacted the Affordable Home Modification Team, and they have been telling him everything is fine and all of our paper work seems to be in order. They would tell him if they needed anything they would contact him. Following you will see this is not the case.
We finished our 4th payment on August 1st, so my husband called and asked what he needed to do next to keep the home modification rolling. On Friday he contacted the Affordable Home Modification Team who surprised him by stating there was a problem with our account and we were being kicked out of the program. Up until now, they have ONLY told us NOTHING is wrong. My husband was on the phone with Chase and with the Affordable Home Modification team for almost 3 hours on Friday. Finally it came out that the AHMT (affordable home modification team) and Chase were not on the same page. The AHMT told m husband that the problem was coming from Chase and Chase told my husband that there is no problem on their end.
During this conversation, a Chase rep figured out that my husband was talking to the wrong departments all this time (he himself had no idea about the program or who the Affordable Home Modification Team was – he had to get the number from my husband to call them and after he called them he informed my husband there was a separate department who was handling the paperwork for the home modifications.) He was transferred to this department and the woman he spoke with seemed quite knowledgeable of what was going on, and she informed him they were overwhelmed with backed up applications. She also said there was absolutely NOTHING wrong with our account and she saw NO reason why we would be kicked out. Our information and application is in the system waiting to be processed. From what we were told, her department makes the final decision. So, we accepted her answers to our questions and our minds were at ease.
Well, on Saturday we received a letter from Chase stating that our mortgage is now in default and we owe almost 5,000. (Which doesn’t add up, since our trial payments were only $700 less than our normal monthly payments). We feel cheated and upset especially since we have done EVERYTHING asked of us and we have NEVER missed a payment. Chase has handled documentation and communication poorly, they have not upheld their end of the contract we signed for the trial payment period. The contract stated that these trial payments would NOT effect our current paying status (which, like I stated before, is an EXCELLENT record) and would NOT cause our mortgage to go into default OR foreclosure. But it seems that this is not the case.
It seems unfair that people who are honest and actually pay their bills on time are treated like this. We feel it is our responsibility and our obligation – even a privilege – to pay our mortgage… after all it was our decision to buy the house. We are contacting our state senator, Harry Reid, on Monday and will be pursuing legal advice.
For anyone who wants the Affordable Home Modification Team contact number, here it is: 1-800-435-3412
We have tried with Chase and have gotten no help at all. They have put us in such a bind that bankruptcy is all we can do now. We filled in Feb. after I lost a very good job. My wife was laid off soon after that. No help at all if you are on unemployment. We have always paid on time. M&I has a second mortgage on our home and also has done nothing. We are losing everything at this point. They only want you to keep current and don’t care if you keep your home or not. I am actively seeking work, but can’t make the money, I made after 29 years of helping children and families. I worked in a non-profit that closed. I have over 100 resumes out and do job interviews every week.
My husband lost his job a year ago, he is only working part time and collecting unemployment on weeks without job. We have been digging our children’s educational funds to keep us uploat to keep our mortgage payment on time. I know that in a month will be in trouble paying our mortgage because my kids moneys gone, no more money to dig for our mortgage payment. We started sending out papers last March with no response. We sent out papers again last May, they turned us down because they said we are making enough money which is not true because we are 50% income ratio, half of our income goes to our mortgage. Then, we sent out another bunch of papers last June, this time they said we are not making enough to sustain our monthly payment,they turn us down one more time. I don’t know what else to do, either we are making too much or making too less and can’t afford the payment. Last week, we finally got a package of papers for the trial payment, the payment they gave us is still a 48% of our entire income although I specifically asked for 31% income under the Presidents income ratio. I have no plan of sending this papers back knowing that this payment will lead us into another round up of eminent default. We bought our house for $325.000 which is now worth $150.000. Our neighboors who bought their house a month ago are only paying half of our mortgage which are the same model and living area. Our mortgage is guaranteed by Freddie Mac and have PMI payment of $194 a month. I don’t even know what this PMI can do to help us since my husband can’t find a full time job. I feel so tired, sometimes I feel that giving up the American dream is the only solution. Although, it is hard for my children to accept that we are loosing our home because the bank refused to work with us. We attended several Foreclosure Prevention here in Las Vegas but Wells Fargo is hard to deal with. It seems like people working in these banks does’nt have heart at all. They’d rather helping people living in another country than helping the American people in our country.
I am with Flagstar Bank and Started the procees right, first they had to see if I qualified for a refinance, which I didn’t. The after several phones calls i finally got to the correct department got the paperwork after 6 request and never showing up. faxed the bank 72 documents and know i’m told that it will take another 90 days just to get the paperwork assigned to someone. we need the help now not in 90 days.. none of the money that has gone out has help my family one bit,,,,my brother in law can’t find work and they are trying to sell their home and move,,, we are losing family because of this. my younger brother worked for Ford in Kansas City MO, He had to take a severence package or risk being laid off with nothing, now he has been out of work for two years and can’t get a modification because of no job….I am at my wits end with this.. WHERE’S THE HELP–WE NEED IT NOW! Also on the health plan let me tell you. We make to much to get any type of coverage through Medicaid and we don’t make enough to afford it.. We are both very hard working and everydime we make (goes right back to the goverment) but we can’t get help (fast) when needed.
My husband and I tried to apply for a refinancing of our home with Bank of America. After submitting the necessary dox, we were just told that we didnt qualify. we inquired why, and they just told us that the computer says we didnt qualify. how helpful is that?
In Feb 09 I asked the bank to help me modigy my loan due to the loss of cash clients and lossing my medical insurance. I am ill but still working. I need surgery but it will have to wait but shouldnt. I aks the bank to take 3 month back payments and add them to the end of my loan and lowerer my interest rate. They said no. The came up with a plan. I had been making all the payments 1400.00 a month but they wanted those 3 months. and now. So they took the back payments and broken them down inot 6 months, a 2500 a month payments i told them i could try but I doubt it, That is allot and I am losing cash clients i made all my 1400 and now they are refusing my payments I went into forclosures and now thye will modify!!! I have my credit messed up with for closeure and a 10,000.00 fee added to my loan that is crazy. I have had accorn housing working on this from Feb 15 and no one has helped. I did all of it right. It doesnt work. I will never buy a home again. I am 54 and have had about 6 homes. Never ever would I ever try to get anyone into a home loan. Home owner ship has hurt me so much,
OK. Now I guess I feel somewhat better just to know how normal my lousy experience was.
I am/was current with Washington Mutual/Chase on my first mortgage of $375,000 and second of $95,000 but was borrowing money sometimes just to make ends meet. As a result, my debts were growing.
I went through a two-month effort of filing for modification with both loans through separate departments.
The 2nd mortgage people lost my first filings and after I raised heck, I got a supervisor to say send them directly to her. Then she refused to return my calls to check on them.
I finally got a person who was supposed to be monitoring my first mortgage. But in an innocent call just to check on paperwork I was told bluntly that my first-mortgage request was refused because it was less than 31 percent of my income. I COULD HAVE BEEN TOLD THAT WHEN I FIRST FILED. Then I was told that the second mortgage can’t be modified if the first is declined.
This failure to allow the second mortgage to be included in this “ratio” is ridiculous.
Now I am purposely not paying my mortgage for two or three months to pay down other debts.
Then I’m going to get into my 401k to get current again. Chase has a form letter all ready for me (of course, they do).
Maybe I’ll get more of a chance for help when I’m two months behind, but I doubt it. The same 31 percent rule seems to hang over everything. It’s not clear from what I ready whether Obama’s recent 2nd mortgage help plan can be used if the 1st mortgage doesn’t qualify.
I voted for the man and still support him, but this plan for “helping” is a joke.
It’s obvious the big banks are only going through the motions to seem to appear to help. And as usual rigid government regulations make common sense a casualty.
Sigh.
I am so so frustrated, stressed out with Indymac. They are giving us the run around about our Loan Mod..I dont think that the Bank will help us at all. We all should be given another chance because Its the Bad Economy to be blame.We lived in our hom for 5 years and never been late on the payments but when my Company closed dwn and used up all my savings and tried to modify must shut us off. I hope that Mr President will do something about this
I have never been through such a bad process and I have been in the mortgage business for 18 years. I worked for a division of Merrill Lynch that closed down a year and a half ago. I have been working odd jobs and make enough money to qualify under Making Home Affordable. I have a 15 year fixed and only asked my servicer, Home Loan Services (now owned by Bank of America) for a 30 year fixed. I started the process in December of 2008. I have been told everything from we do not have your paperwork, to we have changed our process, please resubmit. I have faxed my info numerous times and I call on a weekly bases, only to be told we are working on it. My house is now 30 days away from foreclosure because I can not get just a little help. This process is so messed up that it is going to take mandatory government rules to get these lenders moving. Just look at the report and see that my servicer, Home Loan Services, has helped no one with a modification. I think it is time for Washington to quit helping the big companies and start helping us struggling homeowners!
Get out while you can! We’ve been trying to get a loan modication with Wells Fargo since January 2007. All of the loan mods they came up with have been ridiculous. Always something we could never afford. We’d refuse the mod, and then we’d tell them that we were gonna sell the house. “oh no, don’t do that. I’m sure we can get a loan mod that will work for you.” Well 2 years later and 9 load mods, still nothing. They’d lead us on, and tell us that “if you send in $4000 today, we’ll be able to put this modification in action”.
We’d pay, and when the papers came for us to sign, it wouldn’t be the same mod that we had agreed to on the phone. “Well, verbal loan modications are only good for that day”. Ah, WHAT??? Shame on us for being so gullible…we’ve sent in over $12K! Now with all the late fees, interest, penalties, fines, lawyer fees, and taxes, there’s no way we can sell the house and pay the loan off in full. We should’ve just sold it in 2007 like we had planned. It’s sad that these conglomerates can get away with such tactics. Lets join forces, and go for a class action!
I wanted to modify my loan from an adjustable rate to a 30 year fixed. I wasnt able to refinance because like many homeowners, the value was 30% less than my 2004 purchase price.
So I applied for the loan modification in March. After getting the run around from Chase’s customer service, refaxing out dated documents 4 times, countless calls into their service center, I was given an answer on July 31.
Chase said I wasnt eligible because I was current on my payments and had more than 3 months cash reserve in the bank, so there was nothing they could do.
Furthermore, one of the Chase reps I spoke with said, “perhaps you should be deliquent on your payment. We’re more likley to help then.”
It’s just frustrating that we work hard, save, and then these banks just will not help the average US citizen.
I have been working on a modification starting on 06/08/2008 with Countrywide.
On 04/25/2009, I had to reapply with Countrywide for the “Home Affordable Plan”.
Finally on 07/14/2009, I received my loan modification papers from B of A, when I looked at the documents, I noticed that B of A left off the “e” in Marie my middle name. I was informed on that day that corrected documents would be sent out–they never arrived.
None of my other communications from B of A have had my name spelled incorrectly; just the most important document to me.
On 07/29/2009 a supervisor said to send in the documents with my misspelled name. However, when I went to the notary, he made me add the “e” to my middle name in order for the documents to match my driver’s license.
On 08/01/2009, those documents were returned with a rejection letter stating “data conflicts with original note modification created and sent (Loan Modification Document has been altered or changed when compared to original document sent out)”.
Since this has happened I have been transferred back and forth from the HOpe team and the Home retention team with each blaming the other for the error.
The end result is that I am suffering for B of A’s error. I have been told that I must start the process all over.
This is absolutely ridiculous!!!
If there is anyone that can help please let me know. I have already contacted one of the local news media.
We tried to get a loan modification or a refi under the Obama plan but we were told we did not qualify since we make too much money (65k/yr). Also the second mortgage will not be considered at all since HUD and the government consider that a LUXURY!!!!
Bottom line – this PLAN does not and will not work since it leaves out most of the homeowners!! If the government thinks that this PLAN will ease the mortgage crisis, think again – it is going to get worse!!!
After reading a New York Times article on July 30th, entitled, “Lucrative Fees May Deter Efforts to Alter Troubled Loans”, it all became clear to me.
This article is probably available online right now. It is well written and explains that lenders actually collect more fees from foreclosure then they would make under the Obama Plan. Surprise, huh?
It’s the INVESTORS who lose and the homeowners. The BANKS make the fees and they are the winners.
I have dealt with my mortgage companies (Bank of America and Chase/WAMU). Like everyone else, they claim they are overwhelmed and repeatedly request the same docs be sent in…then there is a huge wait,(seven months) a run around and a decline.
Basically they are saying, “You pay by the original terms or lose the house. We’re not going to give you a break no matter what your situation is. And the government can’t make us. Deal with it.”
Fortunately, I still have my home, but for how much longer I don’t know.
I’ve always known that bankers were bad guys, but this has given me and the rest of the country irrefutable proof.
I started a loan modification process with WAMU AKA Chase over 6 months ago, first time around they closed my file without telling me when I called to follow up. Chase claimed I didn’t have the correct supporting documents which I had faxed over to them twice. This was 3 months after the first request. Now what, well Miss customer you have to resubmit another request. Which means now I had to contact my accountant to update my profit & loss financial and since so many months had passed had to send 2008 tax returns. Being self employed it’s not as easy as faxing pay check stubs, you pay your accountant to reconcile your books, money that could go to the mortgage. After sending in the second request I was sent letters to send missing documents that had already been sent with a confirmation number, sent them again. Chase added another document they needed so off to fax more documents. Finally I was offered a pre-trail agreement where I would pay for 90 days a lower payment and then they would review my financial again to see what they could do for a final offer. Because Chase has taken so long to work with me (7 months) I am now in a position to have to file Chapter 7, so the pre-trail making home affordable agreement may become null & void. I will send the agreements back to them fullly signed with more requested documentation, it’s a miracle I have the money in the bank to make this first installment of the 90 day trial period and will let the cards fall where they may…but the frustration, incompetency, lack of compassion and understanding has been stressful to deal with.
I am not even sure what the term of the loan will be once the pre-trail period is over. Chase isn’t able to tell me what it is either…
1. Indymac Bank services my loan.
2. Freddie Mac backed loan.
3. Never late on mortgage payment since I bought the home 4-1/2 yrs ago.
4. Mortgage soon to adjust.
5. I’ve been sending papers/calling Indymac bank since 4/09.
6. Today is 8/6/09 and still no remodification.
7. All I am asking for is a low fixed rate. My home is worth what I owe on it.
Thank you for your help Obama.
Wells Fargo contacted me in March, and told me that the qualify under Obama’s plan to be refinanced. I began the paper work process in late March, and have been waiting since. I called today 8/6/09, and was told I needed to come in and sign some papers. When I went into the office they were not sure what papers I needed to sign, and or how much longer the process should take. I wish this program was set up so that if the banks did not hold up there end of the deal, they lost their bailout money. They might me more willing to help.
My house lost over 100k in value, my business lost income, my wife transitioned to a new job, then got breast cancer, so we sold a car and have cut way back. I have applied four times for a hardship modification from Counrywide, now B of A, and have been denied each time. I’m only asking for them to roll in 4 late payments, and they won’t. Didn;t my tax money bail them out? It is not working, and I voted for Obama, so help!!
I have been trying to obtain a mortgage modification from Bank of America since last January. After sending them my documentation twice, and making dozens of 45 minute to an hour phone calls I discovered that the agent who had been working on my loan had not removed the “codes” so it could be reviewed – its been sitting since last February with nothing being done, even though others have told me to call back or they would contact me. When I asked them to remove the codes so it could be reviewed I was told they couldn’t find the agent and only she could do it. After months of waiting – worrying and scraping money together to make the payment, I’m being told this. Its obvious that Bank of America has no intention of really offering any of the plans the President outlined. I have tried to work with them by providing everything they asked. In the end it has been a dehumanizing experience and has caused severe emotional distress. I will be missing my first payment since I bought my house in 2004. I can no longer keep up and there is no help in sight from Bank of America. Hopefully someone from the White House is reading these comments. If you are the Making Homes Affordable program could help people stay in their homes but for now its all words and no action. Hollow promises are of no help when your about to become homeless.
Regarding: Refinancing under Obama Plan
FYI: Don’t try to get a refi from Bank Of America! They scammed us for the $400.00 application fee and did NOT disclose discount points!!! I have filed a complaint at the Federal Level. Of course, we haven’t received a reply from that complaint. BofA said they would refund the fee, but as of today, we still haven’t received it back. BE VERY CAREFUL ABOUT THESE REFI’S….. BUYER BEWARE! Make sure you receive all the discount point disclosures.
Thanks! I THINK OUR ECONOMIC RECOVERY WOULD BE BETTER OFF WITH OUT GOVERNMENT BAILOUTS IN THE TRILLIONS OF DOLLARS!!! WAKE UP AMERICA!
I am mortgage loan officer with a major bank where I also have my mortgage. I attempted a refinance using the Making Home Affordable Plan. Unfortunately my condo, original purchased in 2005 for $141K, just appraised for $38K. The 105% MHA limit, soon to be 125%, does little to help homeowners who exceed that guideline. I have exceptional credit and have never missed a mortgage payment, however I could not refinance using the plan due to one of its many limitations. Even as an employee of the bank where my mortgage belongs I was denied a MHA modification.
I took what I though was a low risk real estate investment and it’s not turning out how I would have liked. While rates are low and home values are going to continue to fall, I have accepted that I signed-up for my loan based on what I knew was a good deal at the time, both home value and interest rate.
While I understand mortgages better than others, and I do my best to put homeowners into loans I would only feel comfortable putting my own parents in, the borrower ultimately has to take a majority of the responsibility for the loan they obtained and for the value they purchased or refinanced their home for. The government, the banks and all the investors of mortgage-backed securities are great at listening to the complaints of disgruntled real estate prospectors, investors, and homeowners and unfortunately there is very little they can do or are willing to do, short of spending a bunch more tax-payer money perhaps. The MHA plan will have very little impact, if any in turning around the housing crisis.
So for those of you own a home, I know how you must feel. And if you cashed out when values were high, took a chance on the pay-option ARM or other exotic mortgage, or simply lost some equity due to the sinking economy, and you’re neighbor or friend has a better rate than you and your mortgage company isn’t helping, deal with it and stop complaining. Next time you lose at the blackjack table, trying asking the dealer for some of your money back because you didn’t fully understand the game and see what happens.
We had applied for mortgage loan modification with CountryWide back in March of 2008, after much run around and them telling us we did not get the paperwork in even though we sent it to them three times they said we were in defualt and they would begin foreclosure in July 2008. We hired a lawyer who called CountryWide a couple of times and they agreed that our paperwork was in on time but was misplaced in their office he was able to help us get the modification finalized but Countrywide still entered a foreclosure onto our credit even though they never actually foreclosed on the house. So we got to keep our home but with the foreclosure on our credit anyway we should have just let them take the house as we are now stuck with them because no other mortgage company will refinace us.
We apparently are too bad off and can’t receive help from Obama’s plan. I have gone through our lender, and they went thru Freddie Mac who said that we don’t make enough for them to help us – we just need help until my husband can work again after having a brain tumor removed in Dec ‘08 – and of course SS denied him too, he is on his 2nd try to get those bennies…seems like none of our government agencies are helping us. We are hard working NON-illegal American citizens. I was laid off for 6 mos last year, then he got sick. He lost his business in the mean time – No bailout for him!! I work for the DoD and he served in the Navy. We have 2 girls, and are afraid we will lose our home in Oct…we were granted a 3 month forebearance to allow me more time to earn $1500 more a month – I am working 60 hrs a week to try and achieve that goal…but it does NOT guarantee their help…We are scared…too much in the last year has been taken from us…it isn’t good!
My property taxes jumped from $1811 to $2364 in a year’s time. My one credit card increased from 0 to 6.9 to now 15%
My salary didn’t – an I can’t get a part time job to help!
I tried repeatly to “HOPE”- no results
I tried through Tower Federal Credit Union ( who my mortgage is through)- and was told they didn’t receive any Obama money- can’t help me because the debt ratio is too high.
Then I go to Lending Tree- 5 banks say NO- debt ratio too high. One does agree to help me after telling him that my debt ratio was too high-Home Loan Funding, after I pay $300.00 (I had to borrow)for an appraisal, they tell me my debt ratio is too high and no they won’t refund my money.
We applied for a mortgage modification with Citi! We did the application online and fax them only recent bank statements and we’ve been waiting for a month! The n we called and checked a status on it and they said they will need to do house value! We waited 3 more weeks and called the other day -we’ve been approved for the modification program and they will lower our payment from $2240 to $1379 a month! That is so exciting!!!
Their customer service is great – they are very hepful and very polite!!!
We are completely satisfied and we are very thankful to Obama’s administration!
Wish luck to everyone!
I started calling Countrywide (now Bank of America) in March. My husband had lost his job and I wanted to get help before our savings ran out. I kept getting transferred to different people, then finally I was told to call back in a month. Since then, I have called back every month and each time I was told to call back in a month. Finally, I was told we didn’t qualify for the modification, but we could try for the refinance. But the refinance department told me to call back in a month. Then I called back and they said we could apply for the modification after all. Now our savings is out and we are being considered for the modification that will take 45-65 days. I get the feeling they really don’t want to help us. I think Obama’s plan was a good one, but I don’t think the banks really want to use it.
I’ll make it quick. I wish not to add any redundant comments already made by everyone here.
I have a fixed 30-yr @ 6.25% with Bank of America (BAC). According to the website http://www.makinghomeaffordable.gov/ I am eligible for refinancing. However, after a long…hold, BAC representative tells me that my loan does not qualify because of mortgage insurance. That’s right! If you have mortgage insurance, which really insures the lender (in this case, BAC) in case of default, you do not qualify for the program. BAC rep could not provide any further details other than the decision was made by the government (Freddi Mac, which owns by loan) and not BAC… that’s right! blame it on Uncle Sam!
BAC rep was kind enough to put my name in the “waiting list” for the next “phase”. Of course, he was not sure when that phase will be available, but promised to call me back when it is. Sure…
I will try again in a week or two, just to see if BAC’s story changes…but my impression is that the banks are not eager to help their debtors, I mean customers. Especially, when they have already been bailed out by Uncle Sam and the apparent market recovery at hand.
Does anyone really believe the banks are out there to “help” you save money in their own expense? To me, they are doing the bare minimum to be able to please Uncle Sam for bailing them out. So, that Uncle Sam can make claims that the current program is a complete success!
http://www.financialstability.gov/latest/tg252.html
I have to say that everyone’s experience with the program has to be unique, but the overall consensus seems to be “Where the XXXX is My bailout?”
I was all cheers when I heard about the Obama plan, and our mortgage company even told my family that the Obama plan would help us to save our home. My wife and I both lost our jobs in September 08 and I immediately called Wells Fargo to explain our situation. They told us we had to miss 3 payments in a row before they would talk to us about modification options. After two months, we saved enough money to make a payment. When I called Wells Fargo to check on our status, they told us we had to start over, missing 3 months IN A ROW. After 11 Financial Worksheets, 2 Hardship Letters, and constant updates, we were told in July that we didn’t qualify for one plan because we were too delinquent. What? Whose fault is that. We did everything they asked us too, and we called 1 time every week to check our status. Well, last week (August 09) we got our modification. READY FOR THIS??????
Our original mortgage was $1,386.29 NOW, our MODIFIED MORTGAGE IS $1,501.23 You read it right! IT WENT UP! My friends are shocked! I’m seriously numb, and I have no idea what to think. I have no idea what to do. I’m exhausted.
Charles Rowley in Florida
Nightmare! I’ve Wells Fargo Home Mortgage, I filed with WF on Oct, 2008 by phone qualification is acceptable to WF for loan modification when I was working at that time but shortly I got laid-off then Jan 2009, finally WF told I need to do their application plus other expenditure listing to approve I’m in Hardship, which I did then three months of follow up then one day I called to know I need to do second one in May, after more follow up to know WF is reviewing my case asked me to be patient, luckily I got a new job at that time in May, so I asked WF Home advisor do I need to do loan modification or refinanace instead, they told me I’ve a choice, so now I let WF Home Mortgage to do whatever they like for loan modifcation, because I decided to work with other lenders for refianace now, WF is not doing their job when I saw the interest rate was low so I pushed them to lock in then to find out not even close to that part yet. WF HomeMortgage is design to let those people to through foreclosure then just resell to others, because WF is not profiting this so they rather sell lower cost to new buyers. I think banks are not follow the US Governement ruling, this ruling will cost WF more money, bankers don’t care.
Obama’s Government should know this and launch some sort of investigation, people are losing their homes, this is wrong sirection we’re heading.
We have been trying to get WellsFargo to do a loan mod since Jan. 09.We’re told there isn’t anything they can do for people like us.We can afford to make our mortgage payments but we are about 50% underwater. We live an area that has been hard hit buy rediculous loans that people could never afford. We have a 30 yr fixed rate loan and have about $100,000 invested in our home. We paid $400,000 for a home that is now worth less than $200,000. They will not even reduce our interest rate because we are too far underwater. We just keep submitting our paperwork every 90 days because it expires and are being told that they come up with new programs all the time — but we never qualify!!! We are considering walking away. Why keep paying and throwing good money after bad. We did what was right when we bought a home we could afford and now all of us who did this are the ones being screwed!!
Our mortgage company is Wells Fargo.My husband took a different job and we lost some income. We have two children. Both him and I have stable jobs but with the lost income it was becoming harder and harder to make ends meet. We applied for a loan modification back in April. We got a letter in May saying we had to resubmit all of our paperwork. When I called to check on this they said they didn’t have the paperwork, we pressed further only to find out our paperwork was sitting on someone’s desk. So we waited and waited. We started getting phone calls giving us updates that they are working on it and it was on a Negotiator’s desk. We were told a Negotiator would call us. Well we never got a phone call. We got a letter in the mail at the end of July, 3 months later, telling us of our agreement. The agreement was to pay our regular monthly payment for the next three months and then the fourth payment was a balloon of what was behind (because we were advised not to pay while we were waiting). if we paid the 3 payments on time, they would consider taking the 4th payment and do a modification. The letter made it clear that we had to qualify at that time for the modification. The problem is we submitted all this paperwork because we were having trouble paying our mortgage payment. So how were they helping us, they didn’t lower our payment. So we called them and told them that the agreement was not what we applied for. They told us not to sign the agreement and resubmit everything. We called a week later to check on everything and they told us that we had to pay the agreed payment even though we didn’t sign the agreement before they would consider helping. We have explored many other options to no avail. Since our loan is a VA loan we called them to see if they could help. They told us there was nothing they can do. So here we are. We have come to the conclusion that we are going to try to short sale our house and if it doesn’t sell then it will go to foreclosure. Wells Fargo strung us along and lied to us several times. Instead of trying to help people to stay in their houses, they could care less. I will never ever deal with them again.
I heard today that only 15% of the people eligible for the home modification program are taking advantage of it. I was one of the people that tried to take advantage of it immediately upon its inception. I called my mortgage company as soon as the Obama modification was made public and I was told I needed to call back after a specific date in April to be apply to apply. I called back as they instructed me to do and they gave me a list of information to supply them with. I did this and kept calling them to make sure they had all the info and they said they did and someone would be contacting me. I finally got a letter, about two months after I submitted my application, that stated I was denied and gave me a number to call. I called and they said I hadn’t proven I couldn’t refinance through them. I worked with them and ultimately the holder of my home equity loan would not subordinate, so it was determined I indeed could not refinance through them (which they were goig to charge me $4,000 for anyway, only worsening my situation!). They put me back in the modification pool of calls and after being transferred multiple times, they determined they had never sent me the packet for the Obama modification, despite my clear request for that specifically. They had tried to run me through their own modification program which ultimately tried to divert me into refinancing so they could collect more fees from me.
I finally got the correct modification papers and submitted them a little over a week ago, and now I wait again….nearly 4 months from the time I initiated this process. I wonder how many other people are getting this runaround and are trying to be diverted to programs that will make the mortgage company money, instead of being given what they are actually asking for, the Obama modification packet. I truly believe this may account for the fact that such a small percentage of eligible people have applied. It likely is not that they are not trying, but they may be being misled. They get the denial letter from the wrong program and do not follow up, or do follow up and are told they need to try to refinance for the exorbitant fees (when they are already in over their heads), or they just get frustrated with the process and being misled and diverted.
I have made every mortgage payment, on time, and am trying to be proactive in preventing my situation from getting unmanageable. After all that has gone on and the position the mortgage companies are in with all the foreclosures, it seems they are still being motivated by greed.
It sounds like my husband and I should count ourselves lucky, in that our modification was approved. It wasn’t necessarily timely, but it was smooth. We started last October with a call to Chase, requesting modification. We were told it could take 8-12 weeks to hear back from an analyst. Someone called in December letting us know that we were being put into forebearance. We had to make 3 on-time payments as an act of good faith. Those payments were made and in April we were told we’d have another review to see if our modification could be approved. This is the only time I got nervous, as I assumed this was already a done deal. Our mod was approved in June and we signed our papers in July. Not only was it approved but our rate went from 6.50% down to 5.25%. To say we’re grateful is an understatement!
My husband lost his job as a market research analyst in November 2008, and has been job-hunting ever since, to no avail. Since we know we cannot qualify for a refinancing of our current mortgage based on my salary and his unemployment, we applied for loan modification in April 2009 through our lender, National City. We filled out everything properly, and they even recontacted us to get more information in June, which we quickly sent. In late July, we got a call from National City stating that the investors that have control of our mortgage have not yet bought into the Obama stimulus plan, so we cannot get a loan modification. National City did say that this could change at any time, but gave no time frame. Wouldn’t it have been nice to have known that in April when we first inquired about applying for loan modification? We’re back to square one with no hope in sight for a loan modification (and little hope for a job for my husband).
I am stuck in the single most ridiculous government sponsored hell!
I am being told by Homecoming Financial that I have to miss three consecutive payments before I qualify for loan modification, and I am unable to refinance without a substantial cash outlay because of the massive drop in value my house has experienced.
So, because I am responsible, although struggling badly, I get no relief from the Obama plan. I just get the pleasure of paying taxes that are meant to bailout Wall Street and and fund it’s Lawyers! Yippee.
We are middle class, (Not the $250k middle class; the $50k middle class) I am looking for work following job cut-backs. To date, we have spent $1,100.00 in an effort to refinance our Home Loan. We don’t have $1,100.00 these monies are on credit, now accumulating interest rates at outrageous rates! In each case, just as the loan is about to close, additional monies have been requested of us at closing. In the following scenario, $55,000.00! Monies that we do not have. Yes, we receive and sign the required “disclosure” documentation. But, as we are told these “dollars” are only “fair estimates”.
Following is an example of how “banks” are handling the trillions of dollars provided by our tax dollars. I suggest an investigation into not only CHASE home lending, but other lenders and brokers as well. The REAL middle class needs to be in a position to EASILY and COST-EFFECTIVELY refinance/finance our Homes. How can we take advantage of the newest greatest low interest rates ever? How can we afford to stay in our homes and to raise our families? We are desperate.
March 26, 2009
Dear Mr. Robertson – CHASE
We are requesting a refund of our $750.00 and then we will not pursue our refinance with CHASE or the fraudulant appraisal by CHASE any further.
As stated by Ms. Miller, “this has never happened before”. We believe that the appraisal has now been tampered with and that it is no longer valid. Please refer to the attached email to Ms. Miller. We do not wish to continue to work with CHASE as a lender. CHASE MUST REFUND our money.
Dear Ms. Miller,
Viki L. Miller Chase Bank HLD Senior Loan Processor
Please send me a letter, via US Mail and email, describing in full detail and providing all revised appraisal documentation per our telephone conversation on March 23, 2009 concerning our Home Loan. During that telephone conversation, you told me that Mr. Richard Walters, the Appraiser that CHASE hired to appraise our home was told to lower his original appraisal from $335,000 by Underwriting at CHASE. Mr. Walters, at CHASE Underwriting’s request then did lower his appraisal to $280,000.
We still have not been successful at re-financing our home. We did not get our money back.
Wow, I feel better seeing I am in the same boat with a lot of others trying to get help with my mortgage.
My mortgage company is Wilshire Credit Corporation and they are no better than the others. My husband is laid off and has been for over a year. We are struggling to pay 2 mortgages. We got taken when it was time to refi this one a few years ago and were told it would be 1 mortgage and fixed. Went to closing and it was 2 mortgages and variable. One is 10.5, other is 6.8 but set to go to 11.5 unless they do something!!. We made the big mistake of listening to a sales pitch to consolidate our credit card debt and boost our mortgage. Now our mortgage is double and more than our home is worth. I too have applied for the HAMP. I have been waiting since March. Every other week I call its the same old malarchy. Fax in updated bank statements or some other bull and they do nothing. I’m current but we don’t buy groceries only maybe once a month, twice if we are lucky! I even wrote the president to let him know how bad this is. I think he needs to know from more people that the big mortgage companies got money and are not helping us out like they agreed to do!!!!
We are also fighting Taylor Bean and Whitaker.
With the crashing market here in Las Vegas the value of our house has dropped almost 50% from when we bought 2 years ago. We have called/emailed/faxed Taylor Bean and Whitaker multiple times every week since March. If we actually get through to a person (after being on hold for at least 30 minutes), they are never the one who can help us and then transfer us to another department. Usually in the transfer we are disconnected and have to start again. When you email them, you get a nice automated response that tells you that they are swamped and that someone will be getting back to you. In 4 months, not one person has got back to us.
Since due to our current value of the house, which by the way the news is reporting is dropping another 2-3% a month, we do not qualify under the home owner affordability program.
We are a military family and will have to relocate in the next year. When this happens we will not be able to sell this house because it is not worth what we owe. On top of that, we will have to at least rent another place in our new duty station. There is no way to rent for our mortage and no one would want to rent knowing they could go out and buy our same house and pay 1/2 of what our mortgage is and way less than rent.
Recently they told us that we could send them the documents and apply for hardship. We sent them all 3 weeks ago, and big surprise no response.
We are not sure what else to do. We have called the VA, they can’t help us. We have called the HOPE line, they can’t help us. Each and everyone tells us to contact our lender and discuss it with them. We would, if we could ever get someone on the phone that was finally in the right department – whatever department that may be!
I have my loan with Chase as well, I have been “chasing” this modification dream for almost a year now without any real success. I have a higher than normal fixed interest loan with Chase , which is not affordable at this time- they decided not only to add my property taxes in but to increase my loan payment from $1300 a month to $1974, which is totally unaffordable at this time, my payments fell behind I went into foreclosure status. Have mailed, emailed, faxed modification paperwork at least 4 times-(lost, never received, can’t find it, did you really send it etc) was put on a “trial modification” at $1466 (still higher than my original payment amount) called them back they reduced trial down to 31% of my GROSS income- which is nothing of what I take home. I have a 14 month old with a disability as well as an 18 year going to start college in the Fall. /reduction of my income. I just want them to give me a temporary break on my interest rate- and they won’t let it happen. I have contacted a non profit organization NACA- they started out gung ho to help and now it has taken weeks and weeks just to get a status report on my paperwork. I have given up with them. I contacted a lawyer in Florida- they specialize in forensic studies of loan documents – which sounds like a great gig in the present time- but they charge a fee of $2400 to help you- I have figured out that the banks don’t have a reason to modify and get their $1000 payment from Obama- when they can in turn foreclose and get $12-20,000 from their investors(approx. don’t quote me- just know its more to their advantage it seems and their actions portray this as well)…yeah I dont see their incentive to keep my loan nor try to help me keep it. I feel very disheartened- and now is the time to get a new loan as interest rates & prices are at an all time low… I am just sad that there truly isn’t anyone who wants to help those already in their homes stay there. I havent given up the battle yet- I will continue to contact my local representatives- write on Obama’s website- contact every agency I find that states they can help without any fee’s until I get a resolution : ) Good Luck everyone!!! I really hope someone from Obama’s administration looks at this page!!
I started working to modify my mortgage the day Obama said the Banks were open for business. That was March 15th. After putting all the paperwork together and taking it in to Bank of America, I did not hear from them for 2 months. I called once a week for status. I was told they were working on it. finaly I called Tim Geitners office and they sent me to someome that took down some info. They told me to call the Bank of America in two weeks. By July I was finaly working with someone at Bank of America office of the Chair. Here is the Phone #800 838 6238 ext 2309 Irene. She was with the complaint Department. I now am working with another person named Veronica. I have been rejected once now. She is trying on more time. I seems like they want the house back. I realy have no hope that this will work out. I will never use a large Bank again!! B of A or Citi or any of them.
By the way you ought to look into the ARC loan with the SBA. I have tried to get it for my Business. This one is imposible. I would bet they have not given any of this money out. We were rejected on it too.
It’s another day, see my last post below, from yesterday.
I called to check to see if my file had indeed gone to underwriting. NOT! Shonda, at Chase, did not code it properly in the computer to get it moving.
So a nice chap, Rory, has assured me that he has coded everything properly. First the file goes to processing for a quick review/audit to verify that Rory was correct in sending it on for Underwriting approval. After that short stop, it will then go to Underwriting.
I am still working on the premise that we are looking at another 30 days. I was told that there are 60,000 loans in the pipeline.
I told Rory, that I would be calling back next week to check his work. He assures me that he’s been with Chase for approximately 30 years and he has done his job well.
I will still call.
Also, I will fax in new paystubs, over the weekend, and request they be added to the file.
I am trying to avoid Chase’s quest for additional documentation by staying one step ahead.
Earth to People!! After reading all of these, I just have to shake my head. Do you not realize that there are organizations that work strictly for the purpose of modifying YOUR loan? Yes, it will cost you a little bit of money (anything higher than a month’s mortgage payment is a waste of money), but think how much TIME, ENERGY, and STRESS you will save if you have someone doing the legwork for you. This someone knows exactly who to talk to with your lender, exactly where to send your paperwork so it doesn’t get “lost” and exactly what paperwork you need so there is no holdup. Why would you want to do it on your own? After reading all of these, do you trust your lender? I wouldn’t. I also wouldn’t trust a mortgage broker who decided to get into loan mods either. There are a lot of good people just waiting to help you. Quit being proud, quit being cheap, and quit thinking there is no help for you. There is. You get what you pay for, so if its free, you will receive “FREE SERVICE” Think: Restaurant vs. Soup Kitchen. Take matters into your own hands. Stop depending on the people that put you into the loan to get you out of it. Hope this helps!
I applied for a refinance through Countrywide/BofA under the Obama plan in late April. My previous financing was for a 15 year mortgage, but since then both my husband and I had lost our jobs and our income is now significantly lower, so we wanted to change it to a 30 year mortgage in order to cut the payment nearly in half. I was told I met the criteria and I paid the $400 application fee. I received the initial paperwork, signed and returned it within a week of applying. For the next three months I had no contact whatsoever from BofA even though I left several messages for a return call. In July, my checking account was mysteriously credited with the $400 application fee.
I talked to someone on the phone at BofA who gave me the e-mail address of my original BofA representative and he responded to my e-mail by telling me that my refinance had been denied because of a bankruptcy within the last two years. The bankruptcy was in 2004 after we were the victims of fraud and we were released from it over a year ago. Earlier when I had applied I was told that they couldn’t refinance because our income was too low. I am not trying to get any additional money, so what sense does it make to refuse a refinance so that I can afford the payment? I have tried to contact BofA but have received no further response. I have continued to make my payment but with the understanding that my payment would be reduced I have put off payments of other things. Now I don’t know what I am going to do. I can’t keep this up on my current income. I guess they would prefer to force me to default.
I would like to know when I get my bailout?
DO NOT SIGN WELLS FARGO’S FORBEARANCE AGREEMENT, THEY WILL MAKE YOU PAY 3 PAYMENTS AND IF YOU CAN’T MAKE THE 4TH LUMP SUM PAYMENT ( USUALLY YOU CANT, THAT’S WHY YOU ARE IN DEFAULT ) IT’S A TRAP, THEY WILL PROCEED FORECLOSURE. IF YOU ARE IN DEFAULT WITH WELLS FARGO, JUST WALK AWAY IT USELESS TO TRY TO GET A LOAN MODIFICATION, THERE IS REALLY NO HELP. DO NOT SIGN THAT FORBEARANCE AGREEMENT, AND SAVE YOUR MONEY.
Reduced salaries and cancelled bonouses resulted in me falling behind in my mortagage. I immediately contacted Chase Home Finance and applied for a loan modification, back in April. I went right to their office in Paramus with all the proper documents which they said would certainly fast track my application. I’ve followed up with my representative every 2 weeks or so looking for updates and have yet to receive any solid status. Each time I call I get another delay. In late June they told me I would certainly know by early July. As of today–nothing. My representitive told me that even if I do not qualify, Chase does not notify you – interesting…how are we to get through this??
I tried to modify my adjustable loan also with my lender and they ask for my information i give it to them at the time i was working i did it three times they still cant modify my payments and i think im getting closer to get a letter soon. If they cant modify whats the use of getting all that stimulus money they should give it to the tax payer and let the tax payer pay there bills and pay back the govt. thanks
I’m saddened to hear that there are such bad experiences- we were fortunate enough to have a relatively painless (if a bit drawn out- about 2 and a half months) refinance, and moved from an I/O ARM to a 30 year fixed with a better rate once this package went into effect.
These blogs are scary…As I also have a home mortgage through Country Wide/ BofA and have now for several months been trying to get our home loan modified. Initially every time I called in to find out what the lender could do for us, I got a different answer every time except for them constantly telling me they won’t do anything if we are not 3 months behind in payments, which is a absolutely ridiculous suggestion. We also currently have PMI and was told there was no help for us until a phase II was released for any refinance options. Every time I call back on the refinance option they keep telling me the release date keeps moving back and has been for several months now from when they told me this would be released and something that we could potentially be eligible for. I was finally able to find out what we needed to do to get our information reviewed for the modification, all the pay stubs, W2’s…and so on. I faxed that information over to them had to wait 5 days before they could even tell me if they received my paper work. It has been over a month now since my information has been sent, I have been calling a couple times a week to check in on them, and all I get is no update yet, and a couple of times the rep wanted to go over my financials again, which I sent in paper work for and also spent a good 2 hours on the phone updating their records prior to me sending them all the necessary docs. No one over at BofA is on the same page, and feel that we will never be helped as we are current on our payments, and no one over at BofA knows what is going on. Something needs to be done to get BofA to process the requests timely as stated by the stupid Obama administration. I have been seeing stats of what has been paid out to help homeowners and the percentage is still in the single digits…what are they doing with all this money??? Don’t they understand that this is a timely issue for home owners and the process can not and should not take over 60 days to process. I see goals set by lenders to help so many people within the next couple of years…do they really think if people are struggling now will make it for another year or two?? These people are nuts and will find the foreclosure rates will continue to rise at their pace.
We have been trying to modify our home loan with Countrywide now Bank of America since June 07. Since then, every excuse from a so-called rep has been from it’s being reviewed to we’ve somehow lost your documents (paystubs, financials). We have lost all faith in our mortgage company and feel we are fighting a never ending battle. I once told a countrywide representative that it must be nice to have a job where you pick up the phone from 9-5 everyday telling most of your customers, “sorry, no information for you at this time, but by the way, when will we be receiving your next payment”?!
I had a bad accident in my home on Jan 15th 2009 and now have a spinal cord injury.My income has changed drastically and I started in Feburay (after getting out of the hospital) to do a loan modification with Wells Fargo..I still get the same answer today I got 4 months ago..”You are under review”. I have worked all my life and have never been late on my payment.I called Freddie Mac and they said i qualify for the HAMP but yet i wait. The fact that i have had to run up my credit cards just to hold on and make my payments is only hurting me in the process for they tell me im current…The worst thing is I can NEVER talk to anyone who can really help me ,it is always just someone answering the phone who just looks at the file and tells me its in review…Why cant i talk to who it is review with…”OH WE CAN’T GIVE YOU A NUMBER FOR THEM” gezz
Hi-
I too just recently applied for this program. I was told by Bank Of America, that they would need $2500.00 up front to give me a modification. This $2500.00 would show my commitement to getting a mod.
I was told the reason this is requested is because i have had 3 modifications in the past. I have not had 3 modifications. I had a repayment agreement 2 years ago, that i could not afford after agreeing to it as my husbands hours were reduced. I then was given a modification that actually increased my payments. Shortly after that, my husband became completely unemployed. At that time the attorney general’s settlement with Countrywide was announced. I applied for that program, which reduced my payment, but it put me in a 10 year interest only loan and then reverts back to a 8% fixed. My payment will increase on a yearly basis until that 10 year mark. I currently am again behind. This payment i have now is about 36% of my gross income. I am trying to get under this MHA program to lower my payment to the 31% MHA guidelines and get a lower fixed rate that will help me stay in my home.
I did the trial eligabilty calculator on the Making Home Affordable Site, and it states i am eligable based on my info i submited. I understand there are other peramiters.
I dont understand how BOA is able to get away with this?
I wrote earlier but forgot to tell you
I think the only way we are going to get our loan modification is for the
Government to take the money back and
modifiy our mortgages themselves. They
should be fine without the money since
they have enough to hand out millions
to each other of the country tax money.
They must think we are pretty stupid.
My story is the same as a lot of people
I have done everything Wells Fargo has
asked me to do to get a loan modification. Hardship letter, 3 payments. I made a payment this months
so I wouldn’t get further behind. I called yesterday and asked where I stood and he said I was five months behind. I told him to check because
that was wrong. He said they are not
counting the three payments of $975.
Those payment are being held for the
loan modification process. I think they
are doing this to show of the books that they have a biger loss to get
write offs. HELP
This is NOT an Obama issue. This one belongs to the banks. We have kept up with our payments, but we are on an ARM set to adjust 10/09. We have contacted Hope and Hope Now, met with a HUD counselor and repeatedly contacted our bank, all to no avail. We had our original loan with WAMU, which has become Chase. After submitting a loan mod application in April we got no response. We then called and they said that they had moved and could not find our paperwork. So, now it had been to long, and we needed to resubmit everything again. We did this at the end of July, and of course have heard nothing.
When we tried to work something out to get a fixed rate on our HELOC, we were offered a fixed rate 4 points above the going mortgage rate–now there is a deal.
When we originally took the ARM loan, we were assured that we could easily refinance in 5 years. Of course, now we can’t because the house has lost so much value. And, though we make about the same income as 5 years ago, we do not qualify for the SAME AMOUNT loan. Go figure.
So, like all others, we have been trying to get through and get some answers from ANYONE since Dec 2008. Clearly, the banks have to be making more money on writing oof these loans, than on refinancing them. I do not understand, and we are as frustrated and paniced as everyone else. Unlike some people however, we built our home and inversted hundreds of thousands of cash into our home. We stand to lose much, while the banks, which have taken our interest payments every month for 5 years, stand to lose???? Not sure.
I’ve been trying to refi since feb.first countrywide gave me the run around now bank of america. they tell me we cannot refi because we have pmi on our loan and that they have not worked that out. why should that matter? either leave it there or take it out. At this point Im thinking they just dont want to do it and are waiting for interest rates to go up and than offer the refi. We bought a new car, we invested in America where is the help when you need it????
I have a 7% Freddie Mac loan financed with Wells Fargo. Everytime I talk to someone at Wells Fargo, I get a different answer on why my loan is not “qualified” for the mortgage refinance. When asked why it is not “qualified” I never get an answer.
Tried to work w/Chase…forget about it. Bought our house for $610K in ‘04…they are selling it for $449K now and hoping that they don’t have to go lower…others like ours are selling for a lot less but we had a big yard. Stopped paying our mortgage when it hit $6,500 a month!!! Didn’t want Chase or Ocwen to lower the mortage to match the current house value….just wanted them to reduce the interest rate so that the home was affordable. Ocwen offered to take our 2nd from $1100 to $400 but we had to waive all of our legal rights. Couldn’t take that offer since we were chasing the people at Chase for a loan modification. After a year of working with them, they came in with a 1% reduction in interest rate….Hmmmmm…let me think about that….NO THANKS. By this time, Ocwen’s offer was off the table too…and don’t try to call them. You get a direct line to India where they have outsourced their customer service. OMG!!!! The banks now have the house and we are moving on. We never bought a house with the plan of going into foreclosure. Almost had a nervous breakdown through this entire process. Our marriage; our kids and nerves all suffered through this. It’s time to move on. At the end of the day, a house is a house and we’ll be able to revisit home ownership in 3 years and will probably be able to get something a lot bigger at a lower price. Until then, I don’t have to pay home owners insurance or make repairs on a house. We’re happy renters that have learned a valuable lesson. Good luck to all of you that continue on the path of loan modification. We really hope it works out for you the way you want it to. I wouldn’t wish this experience on my worst enemy.
I am a broker from CA. This plan simply SUCKS. Endless waiting time, unneeded trial period. People want to stay in their houses and pay as much as they can afford. The program allows you to reduce the current interst rate up to 5 years. What is going to be in 5 years???
Guys, open your eyes – the program WILL NOT WORK!!! PERIOD!!!
I have a current Wells Fargo Home mortage at 7.35%. Called to refinance
and was turned down. Need help fast.
WellsFardo offer no other plan or option for me.
Credit issues in the past prevented
the refinance, even though I have never miss a payment or even been
late in more than 7 years.
NO! PMI, PMI, PMI. I have been told twice a month since April 09 from BoA that I can refi if I want (no problem) but that I will then have to start playing PMI. So here is the number crunch. If I refi rigth now I save about $300. But then I have to pay about $165 in PMI. Net savings of $135 a month. But that $165 over 12 months is $1,980 a year that is not tax deductible. So my savings in the long run is very little to nothing.
Now the reason I have an issue with PMI is that I was told under the Obama plan that if you do not pay PMI currently then you will not have to after my refi. Boa’s loop hole is that even though I am not paying it, they are for me. Now if I refi I lose the no fee plan that I signed up with and thus get charged the PMI.
Back to my April statement. Twice a month I call BoA and ask if there is an update. Because since April I have been told that the Obama plan will be rolling out Phase II to address this PMI situation. On 07/17 I was told BoA will have an answer by 8/1. On 8/3 I was told by the middle of August. See the issue, this is what I like to call the run around…
9 months of gut wrenching stress for me, my wife and 3 young daughters and still counting. Lost my job of 15 years in July ‘08. Am employed again after 8 months, but at a substantially reduced salary. First contacted BofA in Nov ‘08 knowing I wouldn’t have a new job soon enough and would start missing our mortgage payment. BofA wouldn’t help until we were actually behind. Called regularly for a couple of months thereafter trying to get help from them to no avail. As the Obama federal program regulations were not in place, we approached a not for profit organization NACA. They submitted a modification proposal for us in April ‘09. We were then served with a foreclosure proceedings notice at the end of June. We have continued to call BofA, contacted all our state reps and consulting legal representation to pester BofA any way possible to expedite a decision. As of last week we found out our foreclosure is now in dismissal pending a loan modification, so something seems to be finally moving, but we have yet to see the actual modification terms yet. You need to be tenacious and fight with every means at your disposal. It has not been easy, so hang in there!
I can’t believe Banks are being bailed out, but can’t pass the bailout along to the average consumer. I have been waiting since April to hear from Chase regarding my application for a modification. I lost my job (at a Bank) and was unable to find a comparable position. I am currently earning a fifth of my previous income. However, I am told that I can not even be given an estimate as to when my case will be reviewed. I am so angry. I hate Chase.
We thought we had seen the worst of the Michigan housing market when we purchased our house – but it dropped an additional 20% in the last 3 years. We contacted our mortage company and they spent more time trying to talk us out of a modification than trying to help. We were told that we would be required to have PMI (we don’t now), we would have to escrow (we dont now) and that the interest rates weren’t that attractive (I dont know how 4.78% vs. 6.5 more attractive). I finally just gave up and decided it wasn’t worth it. I’ll throw extra money at the mortgage. Like the gentleman in the first story – it would have given us some breathing room. I took a 7% pay cut. If you are making the payments and current – they are not willing to work with you. Better yet we have a house in Indiana that hasn’t sold and we can’t do anything with that because when we refinanced 6-8 years ago instead of a mortgage the broker wrote a home equity loan – so that house doesn’t qualify for relief because of the way they wrote the paper. Obama and his team of “wizzards” think they are helping, but it isn’t and with no bite to force the lenders to have to make modifications – 90% of us are basically left hanging with no recourse short of bankruptcy or a short sale – which hits our credit reports that the banks use to rate us moving forward….
Okay folks, here is my most current update. See my ongoing fiasco under BMK Phoenix, July 31.
I faxed all my most updated docs on Monday and I called today and spoke with Shonda at Chase, she confirmed everything was in order and that the loan was going into underwriting today. I will be calling tomorrow and asking for status. DO NOT, I REPEAT DO NOT listen to these folks or simply hang up and believe what you are told.
YOU MUST BE PROACTIVE. Be sure to write down every name and every date you speak to someone and keep calling. Because these folks are all new hires, expect that they do not have a clue.
Whenever I call the phone number it always says they are experiencing high call volumes, yet I never wait at all. They don’t seem to be that overwhelmed. Oh, and my call last Friday, I was told due to additional new government guidelines that not one Mortgage Modification was underwritten or approved in July.
More evidence that the program is just a HUGE MESS . . .
Requested home loan mod. Told we qualified, sent in loan mod fees and were told documents would be on the way. We were told to make reduced payment which we did. After 2 1/2 months of making the payment we were directed to make while waiting for documents, we got foreclosure notice on front door. This was first time we knew we didn’t qualify for mod. Bank said 1. we never sent paperwork back (we never got any from them to fill out) 2. Indymac doesn’t do home loan modifications anymore. Now we were told we had to pay balloon payment and much higher monthly payment if we wanted to keep our house. We went out and sold everything we could to come up with money. We were charged late fees, interest, penalties and attorney fees, because we had not made full payments, which by the way, was never disclosed because they gave us no loan modification documents, just a verbal agreement over phone. Finally, we were given a forbearance agreement. We are not sure account is being credited even though we have made payments exactly to the letter of the agreement. Today, I had someone who kept walking by my house, and I finally went out to see why he was there and he told me that my house was going up for auction tomorrow. Not sure if this was accurate information or not because we don’t get statements from this bank. Nothing!
I have made every payment since forbearance agreement and made them on time and in full. We called an attorney and were told that if we have proof of payments and they still sell our house, we will have grounds for a lawsuit. Lot of good that will do us if we loose our home. People are being tricked into asking for help and when they take it, they are sent into foreclosure because if you don’t make a full payment and make the payment that bank agrees to accept, they say you didn’t make a payment at all because it was in full (the original amount).
They tack on late fees, penalties, interest and attorney’s costs. These profits are far greater than the $3,000 that a bank gets for modifications and they are not regulated at this point. Only people who are able pay attorney will be able to get justice and if your losing your house, you probably don’t have money for a lawsuit.
chase what a fabulous joke told me not to make payments it would mess everything up now they are going to foreclose say i make to much money to get loan modification just keep sending papers to them and get transfored to different peop[le last time I was on phone one hour 20 min then got disconnected great customer service chase glad i got my home loan through you
We have been forced to file bankruptcy as National City Mortgage has really put us through the ringer. I lost my job and I called for help BEFORE I was late on my mortgage. They told me I needed to be 30-60-90 days late for them to really help me. Well, I had no other option I only needed help for one month then my income was back however they wont except a payment from me until we come to an agreement on a modification. NOT AN OBAMA modification a NCM mod. They have “lost” my documents that I faxed or “it was no complete”. Bottom line they do not want to help me and they will not take my payments, this has been going on since October of 08. They want me to pay foreclosure fees because they “accidentally” closed my mod request which put me through to a foreclosure attorney. This is a terrible joke. My assessment went down 20k this past year so they want me to pay $$230k in mortgage and “fees” on a house assessed at $179K. Nice, real nice
It is safe to say that the average American people, like you and me, are not benefiting from Obama’s mortgage rescue plan at all, but rather suffering from it. We need to arm ourselves and fight for something that we are rightfully given. And most of us lose the battle after a long fight. Has anyone had any success? I have been battling with my lender, Countrywide now Bank of America, for over a month now and I am just getting runarounds. Although the government plan states clearly that anyone with a mortgage of more than 31% of their gross income may qualify for the loan modification plan, Bank of America says they have their all guideline, which is 37%! Instead of helping me with the loan modification plan, they told me to cut down my grocery bill, sell the car, take a room mate or sell the house! What kind of service is that! Why can they have their own regulation when the government clearly states the rule? Who can we average American turn to for help?
We all have shared our frustration here, but what’s next? Who is going to stand up and say “We need to do something with the banks so they don’t run over the good American people any more”?
When can we have a government plan that works for us, the good American people?
We applied for a modification from First Horizon Home Loans, who is supposedly one of the lenders that agreed to Obama’s program. We had a huge medical bill debt from two unexpected surgeries in the few months prior and my husbands hours were cut due to the economy until finally he was laid off completely in March. I faxed the completed application they provided online and didn’t hear anything back for a month. I finally started calling them once a week through April and was told they hadn’t received anything. Finally I called and they verified they had received my application but that the supporting documentation was not received, so I had to refax everything again several times. After a few more weeks of calling they finally confirmed everything had been received that it would take 30 to 45 days to review. It’s now August and we still don’t know anymore now than we did when we started this process.I still call once a week to talk and leave a message to the voice mail that says they will return our call within 24 to 48 hours. We still receive letters telling us how much we’re behind.We haven’t gone into foreclosure yet but life is in limbo.We’ve lived in our home for 11 years and want to stay here. You would think they would want help families anyway they can as opposed to letting them foreclose. I don’t get it.
Why can’t you do a story about innocent victims of this mess, like we are? People who bought within their means, have perfect credit, never had a late payment, BUT are taken down due to the careless lending practices of greedy banks. Those of us who now have homes with underwater mortgages who would like to sell and actually move UP, but are stuck watching our neighbors foreclose. I am sick and tired of paying for those who look for handouts and help. What is the incentive to do the right thing? We pay our mortgage but cannot afford to sell because we would need $40,000 cash to close if we could even find a buyer. It’s so unfair when you need to move for a job, but are stuck watching your neighbors fill the U-Haul truck and leave you behind. These people never should have been given mortgages in the first place, let alone trying to help them modify now. They don’t have jobs! I’m disgusted at the greed of banks and mortgage brokers during the boom. Now we are stuck through no fault of our own
We filed our first paperwork with James B. Nutter in early April of late March. Then we were told, in writing that it would take several weeks. Then in June we received another request for the same documents we had filed in April and told it would take two weeks or so. Then we received yet another request of release of our income tac forms and were told it would take another 3-6 weeks. Then we were told we were in no danger of foreclosure since we had applied for the program. Less than 7 days from the last 3-6 weeks notice, we were told we could not even apply to the program. Why does the Federal government always put the money in the hands of profiteers and corporations. Our mortgage is on a 15 year note and it could easily be refinanced to an affordable 30 year rate with our arrears rolled into the loan, but now our credit is ruined and we wait to be homeless. Both myself and my wife of 33 years work full time and I donate plasma for $60 a week so we can survive. Thank you Mr. President. When you hand the next million to a foreign country, corporation of group of millionares, thjink of me and my wife out in the street. We hope our votes helped you with the “changes” were are experiencing. Hunger, stress, despair and now homelessness. That’s change you can count on. Remember?
I applied for a modification of my first mortgage with GMAC in June. Within two weeks I received a FedEx with the paperwork to modify my second mortgage, also with GMAC. I executed the paperwork feeling hopeful that the first mortgage would follow. Not so. My income was too low so the mortgage to income ratio fell below the 31% rule. I received a letter from GMAC recommending I sell my house. Apparently GMAC doesn’t share the philosophy behind the modification – to keep folks in their homes!
Everyone should understand most banks nave two different loan modification departments. One is their own modification department and falls under entirely different rules than the Obamma plan. Unfortunately the new hires are not familiar with the Obamma plan. Banks are not making money doing mortgagae modifications.
So, when calling for an Obamma loan modification, the first question you should ask is, ” are you part of the Obamma modification team, or the banks?” If you get a bank modification person ask to be transferred to someone handling the Obamma modifications. They will transfer you.
Next, if you get a person outside the US, and communication is difficult, ask to be transferred to a US representative. You will be transferred on the spot.
Numbers play an important part in whether you are considered a modification candidate or not. Loss of job, and an inability to make mortgage payments does not qualify you.
If you have little or no income, then their position is going to be, we are unable to help. If you can not make your payments at any level, modifying your mortgage will not help keep you in your home.
Be honest and above board about everything you tell the modification officer. Stay on top of the process. What ever paper work is required, fax it to them. It does not matter how many times you call, rarely will you get the same person. It is frustrating, I know, keep calm and re answer the same questions you have answered before.
Write down the names, dates, and times of each conversation you have had. Do not rely upon the modification person to make accurate and clear notes of your conversation. Each call is recorded and that is why it is necessary to keep accurate records. In case there is a mix up, you can tell them where and when and to whom you spoke.
During the process Be prepared to provide the same records several times. If you pre qualify for the Obamma plan, updates on pay stubs, and checking accounts will be required. Make copies of everything you send and as I stated earlier, stay on top of the process.
The Obamma plan has nothing to do with credit. Credit does not matter. All that matters are earnings, to expenses, to value of your home and the actual cause of your hardship. Unfortunately losing your job is not enough. As I stated earlier, if you can not afford to make any mortgage payments, you will not be considered a candidate for Obamma’s plan.
Don’t let hearing different advice from different people throw you. For instance, should I make a mortgage payment if I do not hear from someone within 90 days? You might get a different answer from everyone you speak to.
You need to get pre qualified. Once you are pre qualified your trip becomes easier. The people you deal with understand the system better, it’s very upsetting, but it gets easier to believe something good will happen.
It took many attempts and long anxious phone calls. But now I have received my loan modification program from the Obamma plan.
It’s the plan that goes to Fannie Mae for final approval. I was asked for up to date documents. I provided all the necessary information required of me. I signed and faxed back the affidavit of truthfulness. It is perjury to lie and that is the purpose of the affidavit. A signed 4506 was also required. This form gives the modification officers permission to review already filed income tax returns. This is to make sure that you are providing accurate information and that your hardship letter is for real.
Once you get this far, an approximate dollar amount of your modified mortgage payment will be sent to you. It is necessary to send a cashiers check when making your first payment. All subsequent payments can take any form of legal tender. Personal check, debit card payment over the phone.
Do not miss a payment. If you do not make
the required payments, in the required time, the modification will become null and void.
It does help the process if your mortgage is with a Federal agency.
I won’t bother to go into my personal story.
I will tell you it’s the equivalent of going from a smoking car, into a burning car, and then driving off the edge of a cliff.
I have not been officially approved for a loan modification. I know my numbers and circumstances have been presented accurately and truthfully. I do believe I will have my home saved by the Obamma plan.
Good luck to everyone. We are in rough times.
I have a countrywide?bank of america loan, when my wife lost her job I contacted the bank, first I was told i was a countrywide loan so i could not be helped. The second time I called I was told that as of right now I was nto behind in payments and I should fall behind by 2 months and then call back. I called back to be told to wait until July 15th for a new program to come out, I call on July 15th and was told to fill out a hardship affidavit and wait until Aigust 1st for new loan to value program. On July 22th recieved letter stating that they were accelerating my payments have to pay by August 16th or someoen will come into my home and do an inventory to see if they want to foreclose on my house. I called put through to a collection agency and told we did not qualify for any programs and wifes unemployment does nto count toward income, just send them their money. On July 27 recieved a letter from collection agency under bank letter head telling me i may qualify for a home program, I called talked to collection agency said wifes unemployment does count, but still do not qualify. tried to set up repayment, was told unless full payment is recieved it is held in a kitty until total is avaible. which was admitted that all late fees and charges would still be accumalted. Who can you turn to for help when the banks refuse to talk to you.
I had a very bad experience. We tried to modify an adjustable loan – 11.25% original with Countrywide, now BofA. My modification offer was 9.25% and they made me skip 3 payments. I applied and got approved in January. I have been paying ever since based on modification amount but my credit report says I haven’t been paying for 9 months now and my bank holds money in “other fees” and does not want to release it – I guess it takes 90 business days. So my statements still show I am behind 2 months even though I am current. I hate BofA. I am just hoping after this settles down I can rebuild my credit to refinance with a local bank.
I thought I might have a “happy ending” to this whole loan modification mess but at this point, it’s just bittersweet.
After first applying for a loan mod (ANY loan mod!) in October of 2008, my husband and I were JUST approved for a loan modification. We didn’t purchase a home we couldn’t afford, we were the victims of a scam when trying to refinance a previous mortgage and we feel like we’re being scammed AGAIN by the mortgage company that was supposed to help us (Bank of America)!
Our interest rate was lowered from 11.625% ($2,500.00 a month) to 5% ($1700 per month). Sounds great, doesn’t it? It would be, except the mortgage company has also tacked on over $15,000 in interest on our mortgage loan – taking it from $234,000 to $247,000. So now the amount we owe is MORE than what the house is worth! We continued to make the payments so this amount cannot be attributed to late fees. How does this help us? And they’re giving us 7 days to approve these new terms or they will start foreclosure proceedings. This is Bank of America and anything you could do to help us would be greatly appreciated! PLEASE HELP US!!
We have applied for the Homeowner Affordability Act (our mortgage is owned by Freddie and I have lost my job) and have heard nothing from our mortgage company. Hours and hours on the phone on hold, no answers. Filed all paperwork March 20th, 2009. Thanks for nothing Taylor Bean and Whittaker.
I sent paper work in the end of March to be considered for a home mortgage loan modification. I call them weekly now that it has been over 4 months and am told it is in the process and someone will be contacting me soon. Of course I’m still waiting for the phone to ring….
I was not able to continue payments on a second home and asked for a “deed in lieu of foreclosure”. I was given the run around. Countrywide/Bank of America asked for a slew of forms and docs, which I supplied. They wanted me to FAX more docs and said they wanted to do a short sale instead. I then got a realtor and we got an offer. Bank of America stalled for months and the buyer walked. They said they didn’t receive a form so I FAXed it twice. They received it when the realtor FAXed it.
wow, after reading all the comments about the nightmares with the mortgage modifications, Im not sure i want their help!! Did anyone have any good luck with them?? I do wonder about Wells Fargo, who I have my loan with, they are slow at getting some things mailed to me. I may just walk down to the nearest wells fargo office with my filing cabinet and make them all the copies right there as they ask for it. Then I know they have everything and demand them to expedite it. Is that possible??? ah ha, I think not!
Like a million other americans, my pay was cut, and no luck in getting a 2nd job, I decided to go back to school to change my career from sales to medical.
Wish me luck folks, after all this is AMERICAN, THE LAND OF THE FREE AND ALLL.
The scam of deceptive Loan Modification trial work-out claims by those lenders/servicers will come out on August 4th. Their fictitious and fake trial modifications that they claim they had sent to homeowners will from then be seen as false.
I like the idea of a CLASS Action. If all affected homeowners form a HAMP Implementation Network and help one another with info, legal assistance, even little cash contribution for legal fees to bring individual Foreclosure Default actions insisting on implementing existing government programs and guidelives, I believe the lenders will negotiate.
Okay, This a long running saga so here’s the update, as of today, you can only laugh at the stupidity of it all:
I don’t even wait for these folks to ask . . . I just keep updating my file. When I receive paystubs bi-weekly I fax them. I just called Chase, again, and now the 4506-T needs to be updated and I must send another copy of a utility bill to prove I live at the residence because it can’t be older than 60 days, for either of these documents. Of course, another month has gone by so I need to send new bank statements as well. Paystubs and bank docs & a utility bill to prove residency are outdated after 30 days. Oh, and there is a new document that is needed in addition to the Hardship Letter that was incorporated into the Loan Application. Per Chase, the government wants a Home Affordable Modification Program Hardship Affidavit. So the nice phone representative at Chase was going to email it to me as soon as we disconnected our call. I’ve been waiting 4 hours and no document. But piss off Chase because I just went to Fannie Mae’s website and download the document from their site.
If you want to know all the rules regarding the Mortgage Modification you should go directly to Fannie Mae’s website so you don’t get completely raked over the coals. DON’T TRUST YOUR LENDER OR ANY LENDER!
So on Wednesday, August 5th I will be calling these LIARS, first thing in the morning. I intend to force it into Underwriting one way or another.
Currently, they have not adhered to RESPA guidelines. When you send in any documentation they must respond within 20 days and they did not contact me for 45 days initially. Loans must be underwrittn within 60 days and they are now overdue by more than 30 additional days.
Now, there’s the issue with the original appraisal that in and of itself is a joke. According to the appraisal I have a Fireplace, but I been living in this house 2 years and I just can’t seem to locate that Fireplace. Maybe, it only appears on Christmas Eve for Santa and disappears after the gifts have been dropped?
Of course, the appraiser indicated that home values were stable in the neighborhood. Pretty difficult to say that when the builder began decreasing prices and including upgrades as early as October of 2005 and I bought my home in 2007. Additionally, new purchase contracts the month I was closing were getting incentive up to $ 150,000 off the home. That put me $ 60,000 in the hole when I closed September 30, 2007. The appraiser calls that STABLE. NOT . . . Then the builder began in December 2005 and every subsequent year, thereafter, to have blow out sales at pretty much any price to unload Spec homes. VERY STABLE REAL ESTATE MARKET! The appraiser just values the house so the sale & loan are completed.
To conclude: I asked the Phone Rep if I fax the additional items how long before I hear something and its 30 days before it will emerge from underwriting. Sure, it is, 30 days and another 30 days and it reminds me of the energizer bunny. But his good news was that they have a system in place to now IDENTIFY the completed loan packages that did not previously exist.
WOW THAT’S EXCITING NEWS! We might all have to pee our pants.
Again, good luck to everyone dealing with the MORONS. I will keep you tell you what happens this Wednesday. It’s sure to very EXCITING!
7/16/2009 – Whoo, hoo! I just received a letter acknowledging that I sent paperwork in for the Mortgage Modification Plan. Let’s see I faxed it on 4/27/2009 and Chase promised a letter within 21 days. Actually, it was 42 days.
Previously, I called and they acknowledged the paperwork was received and they wanted updated Paystubs, Bank Statement and this is really funny a Rental Agreement for a Sold Property. They had already received the 2008 Tax Forms which clearly spelled out that the rental was Sold. So we made it crystal clear by sending them six additional pieces of information to prove the property was sold. I just faxed the documentation.
Now, I call again to be sure they received the documentation and they have it. Yeah! I explain to the associate that the rental property was sold and someone needs to learn how to read the tax documents they already have on file. So she then asks for W-2’s for 2008. Okay, I am looking at the fax cover sheet, provided by Chase, detailing all the documents they want and it does not ask for W-2’s. Oh, it’s the government who wants the W-2’s, she replies. Well we also signed a 4506 that gives them access to three years of tax returns. The 1040 returns show the W-2 income. How many times and how many ways do you need the same information? Dead silence on the phone. I actually thought she hung up, but she was completlely befuddled and could not come up with an appropriate answer.
This is priceless, she tells me it will be reviewed in 90 days add that to the last 42 days and the process is at 132 days. My call a few weeks ago it was only at 120 days.
I ask for a supervisor. Okay, no problem. Then she tells me his busy. I told her I would remain on the line until I spoke to someone. Meanwhile, I have now faxed the W-2’s.
So the Supervisor comes on the line and says that it could take up to 90 days, worst case scenario. I replied with why don’t you just wait until interest rates go up to 9 % and consider the applications at that time. I told him I was pretty much done with the whole scenario and I should probably just walk away. I don’t even have a late payment, but our savings is dwindling because our income was cut in half. (Read below for the previous blog on 6/16/2008)
This guy at Chase tells me that I am speaking to the Modification Area that handles only borrowers that are late no more than one month or not at all. Oh, and by the way, they have hired more people. Good for them. All temporary jobs that they will dump later. You have to feel for the employees, because it’s not their fault it’s Chases’ inability to run a business efficiently. But they certainly have received alot of loot for being so stupid. Anyway, I told him the W-2’s are on the way it’s a clean file, just get it done.
By the way there is no communication from these people, you have to bug them over and over again. I hope that I become so annoying they will just get it done and be rid of me, because I made it clear that I was not only blogging this on CNN, that my next step would be to send the loan package to the White House, AZ Senator & AZ Congressional Representative. If all else fails, I will just send it directly to Fannie Mae. Surely, one of the aforementioned will know what to do, NOT!
I told the supervisor, I realize he has to deal with very upset people daily, but in all honesty, I don’t really care. So just get it done.
Okay, now here is an award winning thought. If they modify a mortgage that has no late pays, will they report anything negative to the Credit Rating Agencies? I have no TRUST in these institutions. But I will be all over them and scrutinizing their every move, until they just get it done.
I wish everyone here good luck, going forward. Stay on top of these folks, until you succeed.
Below is the previous blog I sent on June 16 which might be of some interest to new bloggers.
The Mortgage Modification Plan is “The Great American Scam of All Scams”, maybe Mr. Obama should read these comments. Like many of the people here we bought a new home in September 2007 and put 20% down with a 30 yr fixed at 6.25%. My spouse was layed off in January 2008 and did not gain employment until September 2008 and at a reduced income which equals our yearly mortgage Principal, Interest, Taxes and Insurance. Our credit scores are 800++. We did not miss a payment, we have no car payments and we pay off our credit card monthly. We now just work to pay bills. We used savings to keep pace. We paid $ 478,000 for our home with upgrades and the builder is selling homes to our Canadian neighbors at any price they will pay because they shell out cash. Our home is worth less than our mortgage. We sent in a Loan Modification in April to Chase and after 30 days with no reply, we called. They said that they had the paperwork; however, it had not been assigned and that they are looking at 120 days for this program. We guessed that was for any acknowledgement, not necessarily an approval or denial. They do not have enough people to handle the volume. We only want to have our mortgage payment reduced to a 31% LTV. Any banker or mortgage company that suggests that people miss payments to get help is completely irresponsible and setting up the American Public to be further screwed. The lower your score the higher your interest payments for everything you purchase on credit. What a great idea to make money for the already greedy banking industry, “Who and What was Washington thinking about when they came up with this half butted plan?” As a previous mortgage underwriter of 15 years, I know this business inside and out and trust me after 3 years with, Countrywide Home Loans, I got up and walked out. They wanted me to sign off on an FHA Loan so they could get documents out to title for a loan closing to please the realtor; however, the loan was in no position to be closed. They simply wanted me to sign it without even reviewing the loan file. The Operations Manager was completely unable to make a decision, because she didn’t know how to underwrite loans. Boo, hoo, maybe a little training for managers might go a long way. I stood my ground and they attempted to reprimand me so I left and that was in July 2003. Angelo Mozillo (Countrywide Chief Executive Idiot and Thief). I use to tell people Countrywide was the next Enron, but no one wanted to listen. He should be hauled away and thrown in a deep dark dungeon where he can live happily ever after with the other rats, just like him. Trust me this has been going on for a very long time with all the lending institutions. Nothing has changed. Credit is now tight while the industry figures out new ways to get back to being rich quick and they will. First they get all the money they made over the last years, then our tax dollars and then because their programs were sold by untrained loan originators to people who clearly could not absorb these payments in any economic down cycle, they will get big bucks again from all the loan victims with credit ratings that will be in the dumpster for 8 – 10 or more years. Wow, what a STUPID PROGRAM. Totally disgusted. WAKE UP WASHINGTON. You have no control over these institutions. You can have as many regulatory agencies as you like and rules for them to follow and you will not stop these thieves. Washington has given them a Carte Blanche mentality. They are not Harvard smart they are Harvard thieves. They refer to it as talented and creative. In fact, they are creative, talented master thieves. They walk with millions and we have to pay so they maintain their lifestyles of the rich and fabulously talented. We will all survive this, no doubt, but we will all have to suffer together and don’t bet on any help. If you don’t fit into the box they have built you will get nothing . . .
We are involved in a nightmare that just continues to grow more disgusting weekly.
We, due to legal problems, used charge cards (Bank of America)a sudden payoff caused us back in October to go over limit, just when the Banks were going crazy dropping limits raising interest rates at will every chance they could-never mind the fact I never asked for the limit that I had in the first place but now they decided to drop our limit and raise our interest rates We decided to try to refinance or cash in our 401K to get rid of Bank of America( we could not speak with anyone other than robotic so called staff at BOA. We went thru Lending Tree, and were quickly contacted by SurePoint Lending Brian Kruger who assured us they could help us plus save us a thousand dollars a month…I fell for Sales Pitch within 2 weeks we were at a closing but Bank of America was not paid off American Express was with us getting a large amount of cash back …why?are they in some kind of deal? we stopped the closing…they apologized reworked the paperwork to pay off Bank of America which over paid them by 2,000 after paying them and two weeks later getting a check back from Bank of America would you believe they are now billing us for 533.00 interest for the last month they forgot to deduct…they are thieves,
1 week later, I get a letter from SurePoint they sold my mortgage to Bank of America How deliberate is that… knowing the reason why I had come to them in the first place.
I do not want to do business with a company that is dishonest and disgusting. SurePoint can candycoat this sugarcoat this, roll this in lard
you mislead us bottom line. What is your deal with Bank of America? Should have told us….I do not want my loan thru BOA and I paid far too much closing cost to refinance again…
I am having my loan modification handled by Ocwen Loan Servicing, LLC and not by choice either. My original lender, Downey Saving and Loan “sold” my mortgage to Ocwen and I have nothing but frustrations!!!!! I am trying to get a loan modification and at first I thought it was going to be easy…NOPE!!! I faxed in all the required documents, then I heard nothing for weeks, I would call to check in, and they told me we have investigated and we need proof that you live in the residence, so I sent them my gas bill. Waited, and called again they still assume I am not living in the residence. Unless they got on a plan from Florida and flew to California and knocked on the door I don’t know where they came up that idea. Then every other day I would the receive the recorded message, “please call Ocwen at blah, blah, blah” and I did we would go over the same information and I was told for a good 60 days “your loan modification is the underwriting department waiting for approval.” Then in May I received a call from them asking when I would be sending in my payment, I stated I was waiting for the loan modification, they said, oh it was sent on April 30th…I didn’ receive it. So for 4 weeks back and forth of “we sent it to you again, you should get it in 24-48 hours, NOPE, again, and again, I think we did that about 7 times and when I finally received it June, I was already late on the May payment, so I simply asked them to change the date on the modification to reflect June instead of May…Nope, can’t do that have to reissue a whole new modification meaning I need to send new paycheck stubs, etc. Now they tell me my loan modification under Obama’s plan is denied due to my income, my paycheck stubs I faxed in July were MORE than the paycheck stubs in April..how can that be??? I am in shock, so now they are telling me to fill out an expense form and they will try to get me into one of their own modification plans…..what choice do I have??? I am stuck!! I wrote a letter to the BBB and unfortunately they can’t do anything except send my compaint to Ocwen and I received a copy of that letter dated July 7th, and in the letter the Ocwen Rep. said I was denied the loan modification. I was ready to write the BBB and tell them that the Ocwen Rep. was mistaked, when in fact I received a call yesterday that is was denied. A whole 22 days after it was actually denied and during this time I had been in contact with them and they told me the sametime “your loan modification is in the underwriting department waiting for approval.” NO ITS NOT!!! You idiots denied me 22 days ago and have yet to tell me. Great customer service and communication you have with your clients…just really unbelieveable!!!! I hate OCWEN!!!!
I hate Chase. I hate Chase. I hate Chase. They lie. They are the worst bank. Have had my loan modification since March 09, no receipt of fax. Then April I refaxed, they received. Said it was waiting to be reviewed. Called in July, many times before that and was told none of the files were looked at. We were lied to, but they couldn’t say why other than guidelines changed and it would be another 90 days. Over and over when I call they want some other documentation. Still nothing as of today. Had to fax more info. About 2 weeks ago they offered me a credit card. Said that I could use it to pay my credit card. They lied. Can’t use it, sorry. Went to the bank today to pay my 29 day late mortgage, told me I couldn’t use it could only get a cash advance. Called the credit card cust svc told me same thing but when I called back they told me I could. Needless to say I tore up the card in front of the bank teller. Told he I wanted to close all accounts with Chase. I have none other than the mortgage and credit card. But had to call the credit card company to close it. They don’t like the fact I have a $12,000 limit and want to close it. They can stick their mortgage and their credit card where the sun don’t shine. The only reason why I got the credit card was to pay my mortgage. Oh and by the way. I can’t even use their forbearance assistance. Don’t qualify. Some say I do at Chase and others say I don’t. This whole Obama program is a joke. By the way my friend had Countrywide, they offered to lower her payments by $300, they asked her not the other way around. Then when BofA bought out Countrywide just recently they came to her and said they would lower her payments. She only had to fill out two pieces of paper, that’s it. Now her mortgage is getting lowered another $400. Here I wait and wait and nothing. I hate Chase. Many of the people that work there are very nice, but some of them don’t have a clue what they are doing. Is it possible to get a class action lawsuit against them? They are not following the government’s guidelines from what I see…..
My experience is similar to others here. Called Hope Now in Dec 2008 to try to get a modification worked out. Hope Now referred me to a local housing counselor. They spoke with Wells Fargo and Wells offered forbearance but I must make 3 payments on time and with in a certain time frame. After that they would review me for a modification.
I did this and met their requirements so in June they said they would review my file for a modification. On Fri June 26 at around 6:00/6:30pm I received a letter from UPS which was from Wells. It was dated Wed June 24 and said they approved a mod but I had 5 days from the date on the letter to accept it (really I had less than that and what if I was out of town and didn’t receive it??). The mod did nothing but stack the past due amount on to the loan and gave me a fixed int rate of 7%. It was already at 7% because of the arm adj down from 8% to 7% recently. I was very disappointed and on Mon I spoke with the housing counselor and we called Wells and they said if I was unhappy with it I could refuse it and then resubmit for another mod offer. So that is what we did. I felt they could have done better, just not much of a mod.
Well this week I received a letter from Wells which denied my mod request saying I couldn’t afford it although just 3 1/2 weeks ago they approved me for one. They are now going to start the foreclosure process. What are they doing at Wells that makes any since. I have been in this house for almost 6 yrs. Although I did get into a a bad loan I feel in the beginning I have struggled to keep things afloat. In addition I’m better of financially than at any other time in the last 5/6 yrs. I guess I should have taken the original offer and just dealt with it. My housing counselor says Wells is the worst she has dealt with. We contacted Wells today (072909) and resubmitted some updated info to show that my financials are better than what they said in the letter. I hope I don’t lose my home and I would gladly accept the original offer. I’m lucky I still have a job and my wages have not went down etc. Now if I can just keep my home I will really fell lucky.
Last Sept.2008 I informed Wells Fargo that I was having problems with making my payments. All the paper work that was requested was lost. On numerious of occassions I have resubmitted paper work and talk to different representatives stated that I would have to be diliquent in my mortgage in order for them to help me. I was always told that you must make all of your mortgage payment. My family members was helping me, until thay couldn’t do it any more. I received a letter in the mail to stream line with this service (hoping that it might make a difference of 100.00) that sent my loan back to Wells Fargo, because of the ecomony, illness and the lost of my mother, my finances just had gotten worse. I call affordablehousing.org and this hope hotline took all the same information that I had and sent it back to Well Fargo. Once again I was told to do what I have already done and that they couldn’t help me. I have been living in my home for almost 14 years with my son that I adopted this Oct. and I have never missed a payment until this month (7/09). The response from Wells Fargo is that they can’t help me, becauee I haven’t been with them under this loan number for more than one year. Consquently, I have been with them for more than a year, just under a different loan number. They didn’t offer me any type of deferred payment plan, instead told me to just call a consumer counseling agency or other offical that might help me in my community. Also, that my foreclosure procedures will come about in 90 days. I can’t believe that all the monies that was funded to these banks for mortgages; Wells Fargo couldn’t re-modify my loan to what the valve has been accessed by the accessor office in Springfield MA Maybe, if that was to happen, people like my self can stay in the their home, and help their community to continue to developed. We (USA)at home are becoming a undevelop nation. I don’t know what to do, because I have stop paying my credit cards to pay my mortgage and my credit scores have drop 300 point. I did try a counsumer counseling payment, but had to stop because that was too much money. I was leaving my son and I with no food or gas to get to and from work or school. NO HELP IN SIGHT -
We have been trying to get this so called “Mortgage Modification” program work for us to live in our home but be have been very unsuccessful and frustrated. It has been FIVE months we have been talking with CitiMortgage and we are back to square one. Every time we call CitiMortgage for this process, anyone we talk to at CitiMortgage has a different thing to say. We believe the guidelines that the government gave to these banks are clear and precise, its just that CitiMortgage acquired the government bailout to for its sole survival and not to help people like us.
I recently got laid off, we are maintaining the mortgage payment current somehow, and would like to get mortgage modification program start today, but this is what CitiMortgage told us today “Since you are not due for mortgage until September, you DISQUALIFY, our SYSTEM will not let start the process until September”. We wonder what kind of system that is not letting us take preventive action on time. CitiMortgage is just pushing the request for mortgage modification aside and buying time for something else, who knows what.
On the whole, the system at CitiMortgage is NOT WORKING for mortgage modification program.
I agree with T from Denver I too am eligible and I am current on my payments. I called Country Wide back in March when I first heard of the program Back then rates were about 4%. I never got passed giving them my information. Every time I called a new rep asked for the same inormation I gave before. Finally After Bank Of America took over I thought I would get somewhere. What a joke. THey tell me now Iam not eligible for any programs they currently have. Before I hung up I told the rep that maybe I should fall behind on my payments then maybe I’ll get a call back with some help. What a waste of time.
My experience is similar to others here. Called Hope Now in Dec 2008 to try to get a modification worked. Hope Now referred me to a local housing counselor. They spoke with Wells Fargo and Wells offered forbearance but I must make 3 payments on time and with in a certain time frame. After that they would review me for a modification. I did this and met their requirements so in June they said they would review my file for a modification. On Fri June 26 at around 6:00/6:30pm I received a letter from UPS which was from Wells. It was dated Wed June 24 and said they approved a mod but I had 5 days from the date on the letter to accept it (really I had less than that and what if I was out of town and didn’t receive it??). The mod did nothing but stack the past due amount on to the loan and gave me a fixed int rate of 7%. It was already at 7% because of the arm adj down from 8% to 7% recently. I was very disappointed and on Mon I spoke with the housing counselor and we called Wells and they said if I was unhappy with it I could refuse it and then resubmit for another mod offer. So that is what we did. I felt they could have done better, just not much of a mod. Well this week I received a letter from Wells which denied my mod request saying I couldn’t afford it although just 3 1/2 weeks ago they approved me for one. They are now going to start the foreclosure process. What are they doing at Wells that makes any since. I have been in this house for almost 6 yrs. Although I did get into a a bad loan I feel in the beginning I have struggled to keep things afloat. In addition I’m better of financially than at any other time in the last 5/6 yrs. I guess I should have taken the original offer and just dealt with it. My housing counselor says Wells is the worst she has dealt with. We contacted Wells today (072909) and resubmitted some updated info to show that my financials are better than what they said in the letter. I hope I don’t lose my home and I would gladly accept the original offer. I’m lucky I still have a job and my wages have not went down etc. Now if I can just keep my home I will really fell lucky.
This program is just a bunch of PR fluff, just like the cash for clunkers. It doesn’t help anyone that needs the help. We really don’t “need” the help either. But tried to refinance our home when the program came out. We were working with one mortgage broker that was awful. Wouldn’t call us back, and lost our info. So we dropped him and went with another guy. He was good about getting back to us, but because we owe more than 80% we would have to pay insurance on our loan, which we aren’t paying now. I understand why banks would want to add that to the loan, especially with everything that has happened recently. But adding insurance to our monthly payments would make it pointless to refinance. It would take us more than 6 years to pay off the refinance fees, and we don’t plan on keeping the house that long. I imagine that most people who need help, owe more than 80% on their loan too, and will have to pay for insurance if they refinance too. Although I’m sure the foreclosure will still hit their credit, even though they are paying for the insurance. We are just going to continue to pay the 6% rate we have right now, and scrap any ideas of refinancing.
We were not at risk of forclosure and had made every single payment on time since our purchase in 2006, but under Obama’s plan we were still eligible to refi since our home had lost value and we were under-water. I went through all the proper channels and waited patiently for the process to be completed. With only 10 days left in my rate-lock, I received an e-mail from Wells Fargo (owns my 1st mortgage) that basically said “sorry, your second mortgage holder (1st Mariner Bank) did not approve the subordination so you’re denied.” That’s it – just a “thanks for your $350 app fee and good night.”
I was furious. I called 1stM to find out why they refused to sign the subordination and they said they would lose their insurance on the mortgage because the house was under-water. I told them that I was applying under HARP and that shouldn’t be an issue but they said they refused to carry the mortgage uninsured. I then asked who held the insurance and they said AIG – THE LARGEST RECIPIENT OF TARP FUNDS!!!
THEN…I contacted AIG and, actually, they were extraordinarily helpful. I did have to go through a few transfers but everyone was very helpful and when I finally got a hold of someone he said that they absolutely would have kept insuring the loan and to go back to 1stM and ask for copies of the paperwork they submitted to AIG as well as the denial letter specifically stating why AIG would cancel coverage.
When I called 1stM back and asked for the paper trail their tone COMPLETELY changed. The man I spoke with very politely offered to call AIG himself and in less than 15 minutes I received a call back saying they were going to send the APPROVED subordination to WF. Turns out 1stM never submitted any paperwork, nor even contacted AIG and simply did not want to subordinate since the value of the loan would drop.
I thought everything from there would be smooth sailing, but boy was I wrong. From delays, unreturned phone calls and e-mails, paperwork issues, WF tried EVERYTHING to get out of this refi. They flat out lied about when they sent the subordination paperwork to 1stM as an excuse to let my rate-lock expire (1stM offered to send me copies of the shipping info to prove they were lying, so WF ended up extending the rate for free). And my loan processor was completely useless. She claimed they were swamped, but still managed to waltz in 30 min. late and leave 10 min. early every day, without denial.
I’m convinced that the only way I was able to FINALLY close was to make it perfectly clear that I was going to harass them to witts end until the refi was completed. I called, e-mailed, called supervisors and even sent letters, multiple times daily until they realized it would be easier for them to just approve the refi and get rid of me than to try and delay any further.
These companies are absolutely doing whatever it takes, unapologitically, to avoid refis. I caught both my mortgage companies in several flat out lies and they did everything possible to try to get rid of me. Do NOT blame Obama – it is the mortgage companies who are holding this back.
If you’re facing what I faced, don’t take it lying down. Fight back, tie up their phone lines, make it clear that you WILL NOT tolerate their excuses. You’ll have to do a lot of legwork but in the end we can succeed in forcing these companies to do what’s right and make up for what they’ve done to our economy and livlihoods.
The Obama plan is a joke – since it’s passage, I have written, faxed and called GMAC at minimal, twice a week with no results. If our government had been serious about this, they would have passed the bill allowing Bankruptcy judges to modify loans. This would have lit a fire under the lenders. What incentive do they have to even try? TO be nice? Not so much!
I read these posts and am just amazed that banks use these same techniques over and over to delay and deny a modification or re-fi. Once the economic storm blows over, and it will, who in their right mind would ever want to do business with these banks again?
I run an attorney-based loan modificaton firm and we charge a fee to successfully modify mortgages in Illinois. No mod, fee refunded – period. A lot of mortgage bankers made big money selling toxic mortgages to hard working Americans. At least when I earn my fee I know I have helped, not hurt, my client.
Countrywide / BOA is the worst.
At best they are incompetitent. At worst, I fear they are try to create a situation that a homeowner cannot clear up so they can and will foreclose on your property.
My story…
After falling behind (then catching up) on our mortgage several time over the last year, we received and invitation from Countrywide / BOA to modify our mortgage. In the letter they said we could either “catch up” the past due balance, then modify the payments on the balance or not catch up, add the delinquent amount to the balance, and then modify. Either way, the payemnt for the next 2 years would drop from about $2100 to $1564 per month, giving us the nedded cushin to manage each month. We returned the papers signed, along with income and expense info then waited. When the normal payment date came close and we had not heard from them, WE CALLED and they told us just to contin ue making out payment on the normal due date, but at the lower modified amount. This started in March and each month we call to try to find out “what’s going on” with the mod. We are told it is in the works and to keep making the lower payment, which we do. Then out of the blue, we get a letter stating their (BOA) intention on accelerating the mortgage, the first step in a foreclosure proceding. We called and was told they they tried to call us 10 times to verify some income info but couldn’t reach us, so they dropped us from the modification program. They couldn’t (wouldn’t) verify who tried to call us or what number they called and basically told us we were out of luck. Of course the delinquent balance now has grown because our payments have been for $560 less each month added to the 2 months that were skipped (an option they – BOA – said was OK in the initial letter. After much arguing, they aggreed to restart the Modifiation process and took all the information again. We have continued to make the lower mortgage payment but today reveived another letter saying we have 30 days to pay the full delinquent amount which now is $8800 after late charges. Otherwise they will foreclose. We called, agrued with them and they said our information just got to the modification (2 1/2 weeks) after the rep took our information for the second time and the someone would call us IF they had any questions. In the meantime, the clock is ticking on the demand to satisy the delinquent balance… which we do not have the means to do. I don’t know what to do because we have followed everything they asked us to do.
Has anyone thried the HUD assistance help with negotiating with the mortgage company. It is ACORN Housing Assistance, a part of Obamas band of thieves I believe. Any suggestions?
this is me and my wife’s first house we have two kids when we first bought our house for 189,000 we were paying 1200 a month after a year we refinanced and and payed our car off and bills and we were having our second baby my wife was out on maternity with no money coming in.Our loan was sold and our payments went up then after the first year with that loan we found out that they lied and our insurance and taxes hadent been paid so we had to refinance again and our payments after everything was 1900.We are currently with midland morgage and we mis a month and fell behind due to christmas and my wifes gone back to school and we are unable to make it so we called midland to see if we qualify for modifacation and all they did was put us on a 2 year catch up plan raising our morgage to 2000 a mounth we are unable to pay we are force to short sale my marriage is falling apart due to the financal stress if you or so one could help me and my family please we are a hard working family and we need help
Success – temporary at least. And NOT from any government program.
1st mortgage (Wachovia), HELOC (Bank of America).
Wachovia reduced the principal by 4%, reduced the interest rate, and increased the schedule of the loan in order to convert it from pay option arm to fully amortized; ultimately getting our payments down to 31% of monthly gross income.
Bank of America temporarily suspended interest to 0% for 24 months, and set a minimum payment that is applied toward principal.
The second mod is problematic for a number of reasons. Namely, at this present time, B of A is not the least bit interested in any settlement other than 100% of the principal. The home would have to double from its present value in order for B of A to recover the loan through a forced foreclosure (if we were to stop paying). And their break even point would probably be a 50% rise in value, if the home would even sell after a forced foreclosure.
So, we make the payments, continue to make almost daily phone calls, and hope of the best.
A footnote to this testimonial. Permanent employment was also secured 5 months ago (banking/finance industry), without which, the above mods would not have been possible. It goes without saying how thankful we are for all of these circumstances. We are struggling, but almost able to make ends meet, which is progress.
So to anyone looking for employment and/or trying to work something out on their mortgage, try to hang on and keep at it.
Has any one had any experience with Indy Mac Mortgage Service. We have been trying to modify a loan for over 4 months.
First we get the papers saying this will be your payment, then we get a paper saying the papers have all expired, so send in new ones. then we get a another modification package saying everything is under review.
I really do not think the people that have been hired to work on these modification have had a traning they need.
One Customer Service Rept. says one thing, then the other one says something completely different.
This stimulus was supposed to help those who need the help to stay in their home.
So if you have had any experience please let me know,I would so much appreciate it. Thanks
We applied for help through CitiMortgage in March and never received a response, in May there was no way we were going to be able to make June’s payment so we went back on line and filled out all the paperwork again when we tried to send it it would not go through. My husband called them and next thing I know they lowered our payments from 2146.00 per month to 1557.00, I did not believe him and said do we send in the paperwork and then qualify and he said no you qualify now they even canceled our automatic withdrawal on the phone. They said we have to mail our payments in on time for the next 3 months and then the loan would be the same for the next 5 years, then it would go up 1 point each year but cannot exceed what the interest rate was the day we called. Our rate was at 5.87 at the time we called was at 5.25%, until I see after 3 months I will still be skeptic.
Litton Loan serving is the worst.
I did an informal email survey recevied responses from 123 people who applied for Load Modification…NOT ONE got the Modification. All were lied to and dragged along for weeks until finally they were told they did not qualify. Who can stop this madness?
I am surprised no one here has mentioned INDYMAC BANK! My husband and I have an Indymac (now OneWest) mortgage loan ($500,00). Got our loan from QUICKEN in 2007- interest only @ 5.75% . At the time I was working, but after our 3rd baby in ‘07 I lost my job/income. I AM NOT included on the note- but at the time we were securing the loan the bank didn’t even want my income documentation at all… Weird… right?? I offered my income information several times and we were surprised they didn’t want to even include it on the mortgage (even though my husband’s income alone really shouldn’t have been enough to handle such a note- built our own house had some issues with builder that caused us to go over budget). Our taxes here in NJ are $12,500 a year. So, now we are struggling and I am trying to get a modification with the worst bank in the world— INDYMAC!! My husband started his own business on the side to make some additional income- but it’s slow. Anyway, I call Indymac all the time… same story “in review, call back in a week.” We were told our modification pkg was received May 17, put into the system, June 17, then later told it was put in June 26, now the 50th person we spoke to last week said we may hear something by August 26th. What the hell? OBAMA you have the power. You’re acting like you’re doing something. Just like you always like to start out answering questions by saying, “Listen…” PLEASE LISTEN TO THE AMERICAN PEOPLE- get the banks to modify!!!
I have read through many of these other comments from other home owners and I agree with most of them. It seems that the ‘loan modification’ or harp programs are nothing but another all talk / no action idea from the big boys at the mortgage companies in an attempt to show Washington that they deserve all the bail out monies they received. It also appears to me that it may also be just another ploy to convince the politicians that if they need more of the tax payers money the politicians can justify even more. I have very little confidence in the big corporate lenders as well as the politicians. My job in the real estate industry is to work as a negotiator between these big companies and potential buyers for the many forclosed and pre-foreclosed properies. I can tell you from first hand experience that these lenders have no motivation to exercise ‘good-faith’ on behalf of the general public. I tried to get a modification on my own home and like everyone else I was told that I dont qualify for some unknow reasons. Just like in the Wizard of Oz the man behind the curtain is not available to explain to any of us why we dont qualify for these programs. My belief is that since they already got our tax payer money they are not going to really help. Its a fact that they want to make the big money and keep it, or when they incur a loss they’ll want to share it with the general public. Zero confidence that the right thing will be done.
We are working parents living in a neighborhood where the value of our home has dropped around $300K. We tried selling our home when my husband took a paycut in 2007. WAMU would not agree to a short sale at that time because they would loos about $20K, as prices were already dropping. We continued to struggle and make our payments, trying to stay current with them. In December 2008, my husband’s salary was cut again (in leiu of lay-offs). Immediately we applied for a modification. We now owed approx. $300 more than the house appraised for. Multiple houses in our neighborhood were falling into foreclosure, families were disappearing in the middle of the night and houses say empty. We were struggling to accomidate the paycuts, I took on more hours at my office, but that meant a huge increase in childcare costs with 3 kids in daycare. After a month (Jan 09), even before Obama took office, we were told our file was complete and they were processing it. We were told to call back weekly, which we did. Every time we called we were told the file was complete and being processed. We waited and struggled to make our payments. In April 09 we received a letter from Chase/WAMU that our modification was denied because our file was INCOMPLETE! After the shock and outrage, which they ignored, we scrambled to re-submitt the documents they said they did not have. Multiple faxings, phone calls, lost documents, lost faxes, faxes to no where and 2 months after that (June 09)we received a modification offer for $1200 more a month than we already pay!!! When I questioned the person “helping” us I was told that the calculation was a stricked percetage off our gross income and that NO other expenses would be considered. They would absoulutely not consider increased child care costs, pay cuts, increased credit card expenses, taxes or anything else. I told him that was not acceptable and he told me to call and reapply some other time. We had been good customers, could not sell our house due to the loss in value, could not refinance due to the loss in value and when we experienced financial difficulty due to 2 paycuts, they refused to consider – saying their “investors” would not approve it. We are a young family working hard to stay afloat and would like to keep our house, but see walking away as the only way to get back on our feet. CHASE can have the house and get in line with the multiple bank owned homes rotting away in our neighborhood – there have been 8 on our street alone in the last year. Many sit empty right now. They will likely make back nothing, if they had worked with us and helped to make our payment a little smaller while we ride this out, they would have continued to have loyal customers paying our mortgage. They are liars and running a scam. AVOID CHASE/WAMU! CONSUMER BEWARE!
I began the refinance process in April with my current mortgage lender. I assumed this would expedite the process since they have my original paperwork (less than 18 months since initial purchase). This was not the case! During the entire process, I had to constantly keep contacting the lending officer to ensure the process was moving forward. Emails and phone calls went unanswered for days and weeks. Minute progress was only made after each of my calls. I was eventually contacting multiple people within the lending agency to ensure they were speaking to one another! Each time they delayed, the threat of a rate lock expiration loomed until it was extended each time. The process started at the beginning of April and ended at the end of July. Four (4) months to refinance through my current mortgage lender. Ridiculous! And of course, the fees were never straight forward and did not match the original “estimates”. You gotta love an industry that has no repercussions for dismal results. Once you start the refinance process, you are stuck with them, and they know it!
Dan
I have a Fannie Mae loan through Bank of America and have been fighting with Bank of America since May to work with me. They continue to indicate that I do not qualify during this phase, but yet Fannie Mae says I do. BofA has given me every possible road block and excuse. They are definintely doing this intentionally.
My mortgage servicer sent me the document package back in May. I completed and returned all the documents within a few days. To date I have made 18 phone calls (each ending after a 10 minute wait with a mandatory request to leave your name, account#, etc)they never once called back. I wrote 5 letters to the modification department and received zero responses. I received two different modification trial documents for two different trial amounts. I started paying the larger one thinking they could always adjust to the correct amount. I have paid three trial payments and a forth is due in a week. Still no contact from the mortgage sevicer approving the trial or giving me ay signed documents. They still are difficult if not impossible to reach. I am at my wits end. I don’t even know if the trial was approved after 5 months of aggravation.
Here’s my advice, try refinancing first. Chances are many of you may benefit more from a traditional refinance rather than waiting 2 mos. just to find out if you qualify for a re-modification. I have been in the lending industry for 8 yrs. now and since April, when the Affordable Housing Plan was released, I have talked to a lot of people who opted to wait 2-3 mos. to see if they qualify for a remodification rather than trying to refinance. The problem is that a lot of people already have low interest rates on their loans and already have affordable payment and don’t qualify for a remod because they don’t need it! Most of the applications that banks are receiving for remodifications are from homeowners who realistically don’t need help, but are making it difficult for banks to concentrate on those who do need help. If you have good payment history, credit, income and equity than you should just refinance. It will take 2 wks. rather than 2 mos. and you’re going to get the same market rate. Secondly, if you have a Fannie Mae loan you don’t to work with your current lender or servicer, most lenders are able to write these loans, including the one I work for and it generally takes about 3 wks. start to finish.
If you have any reasonable equity in your home DO NOT WASTE YOUR TIME. I lost my job in January and we burned through all our 6 months of savings. We started the Two Step process last April. We qualified and completed Step Two by making three trial payments on the modified amount. We signed documents agreeing to everything stipulated by the program in early June.
Two weeks ago, we were told that our modification had been declined because of the fact that we had some reasonable equity in our home.
The whole process is a waste of time and is just a “feel good” process for the Buffoons in DC.
How else could the banks have made billions of $$$$$$ last several months. Take our tax payers money and in return charge about $400 for each application. The more denials the more money they collect. Is this how our system should be working? I tried a three step loan with Wells Fargo. I did not get approved because my credit was too high. It would of lowered by monthly payments by several hundred dollars. It was not in Walls Fargo intrest to approve my loan because I am paying them more money with the existing loan. Tried other banks same results.
WE THE AMERICANS ARE NOT LOOKING VERY GOOD TO THE WORLD.
Take from the poor and give it to the few to decides who goes on and who dies.
I called my bank many many times for last several months. Asking help to modify my e-mail. I explained that I have hardship to my family and after 32 years work i have been laied off. They denied my request and now I will loose the house.
What is going on? Is this fair?
I applied for the President’s Making Homes More Affordable plan due to falling behind on my mortgage payments and reduced income and the bank came back and told me that the feds raised my payment more than what my paycheck. When I asked them how could this be when clearly my paychecks aren’t that much, I was told that the feds said that this was the amount they felt I could afford to pay and that I needed to cut my expenses. What expenses? I have things that I need. For example car insurance, a light bill, homeowners insurance etc. This doesn’t include fuel for my vehicle and food to feed myself. I’m extremely disappointed in the President’s plan. I still like him but I doubt if he’ll get my vote again in 2012. Especially if I lose my home to this shady, gangster, thug bank people.
I have a mortgage through national City, originally bought my condo for $120k at 6.745%. Applied for refinancing, waited two weeks after returning my HARP paper work, called the loan officer every week after and got no response. Finlly called the customer service number to find out I am not qualified because my condo was appraised at $59,500! How can my home value be cut in half in two years? Now I am stuck with a high payment and no way to cut it down. Also out $500 for the refinance ap!! Now we have a second baby on the way, need a bigger place, and am stuck. Funny how they would push through any appraisal two years ago, but now appraisals are encouraged to go through as low as possible. I’m now trying for a short sale or Dead in Lieu, but I was rejected because National City claims they have no record of me trying to refinance. This whole situaton is out of control.
I just completed a successful refi under the HARP program!! I dropped my rate from 5.875 fix to 4.875 fix 30yrs with NO PMI under HARP at 90%LTV b/c I had a FNMA Note. I had first contacted Wells Fargo but they told me I didn’t qualify under HARP. So I called First Northern Financial Group at #800-737-1366 ext 205 and my loan officer, Jim Devine, was extremely professional through the two month process. He approved me with MetLife Home Loans and I am so thankful that the HARP program existed or I would not have been able to refi w/o incurring PMI(an added monthly expense that I never had to pay before!!). HARP does help homeowners with perfect payment histories, Fannie Mae or Freddie Mac backed Mortgages and will finance up to 125% LTV. I had lost $70K in value since my last refi but still was able to drop my rate a full percentage point, thanks again Jim Devine at First Northern Financial Group!!!
I am a Personal Financial Coach. I got burned in the last housing bubble in the 80’s and learned my lesson. I did not participate in this bubble and in fact called the end of the housing bubble back in June 2005, right at its height, (http://HouseCollapse.Blogspot.com)
Bush and Obama are pawns of the Fed Reserve which created and are profiting from the creation and destruction of the housing bubble.
They cannot or will not do what needs to be done to save millions of homwowners, which is to have the Government buy the criminal loans foisted on homeowners from the banks at today’s loan values, not the original amount of the loans and reissue them on terms the homeowners can afford. This is exactly what was done during the First Great Depression and it saved millions of homes. The Fed refuses to entertain this idea because it would require the banks to take actual losses they could not hide with accounting tricks. Their attitude is the Banks are too big to fail and main street is too small to bail! They are not going to offer any meaningful help as you can read from the majority of these posts. Therefore, I recommend to my clients, DON’T waste your retirement money, your children’s education money on trying to keep your home which you will then in most cases, lose anyway. I advise them to Stop making payments on their mortgage but do Not move out!
Particularly in mortgage states,as opposed to trust deed states, you will probably be able to stay in your home for 1 1/2 to 3 years before you are forced to move, if you have good advice from a lawyer or mortgage consultant. Use this time to replenish your savings and be ready to start anew. Will this hurt your credit rating? Absolutely, but would you really want to be the only family living in the homeless shelter with a 700 FICO?
We applied for a loan modification. Countrywide called finally (after a couple of months)to tell us that they had worked out a modification and were sending us the paperwork. We got the paperwork and all they had done was to add in our previous late payments and several thousand dollars of fines and fees which made our payments jump from $1300 to over $2000. So we just moved and decided to let them have it since, if we were struggling to pay $1600 per month (the loan plus taxes and insurance), how could they expect us to pay $2000 plus and additional amount for taxes and insurance? That was almost a year ago. That house is just sitting there now and they have never foreclosed on it. We could have saved the rent we have paid for nearly a year if we had known they weren’t going to do anything. I don’t know what is going on with them.
All we want to do is a simple refi.
I have a job, my credit is excellent, we have money in the bank. We cannot refi because the LTV is not there. Some serious OMISSIONS on the appraisers part DOOMED us. They missed about 800 square feet of house, missed a 4500 square foot barn. These were not reported. Our bank told us we are out of luck, they directed us to the mortgage modification hotlines.
I don’t need or want a mortgage modification, nor do we qualify. You would think the bank knows our account. What a sham. I want a fair and accurate appraisal and I want to refi to a FHA or conventional loan.
We are fortunate to be employed and have a very high credit score. Nonetheless, we applied to refinance our 7% 30 year loan into a 4.5% 15 year loan. We were denied because our appraised value was $20,000 too low and were told we had no recourse.
I’ve been trying to Refinance under the ‘making home affordable refinance’ option. Fannie Mae owns our loan, and we have to go through Bank of America/Countrywide, and they have been giving us the run around since mid April. Because we like millions of others are paying PMI, they are saying that when phase II of making home affordable is introduced then they can refinance our loan. Well, it’s 5 months later, and we’re still waiting. Now they’re saying mid to late August. I’ll believe it when I’m at a closing table. So much for the ‘making home affordable’ program.
We were unable to obtain the refinancing of our Fannie backed mortgage from Chase through this program. My husband lost his job earlier this year and my medical insurance responsibility almost doubled (this is an employer backed program which now takes over 10% of my annual gross income as co-pay).
I applied for the program in early May. Fortunately the person I finally reached at the other end of the phone was very helpful and gave me a number to call back to avoid the continual transfers and long hold times. I followed up about every three weeks. Mid-June I was told that I would hear something by the week of 6/22.
On 7/15 I called to check the status. I was told that on 6/22 it was determined we did not qualify for the program. I still have not received any such notification from Chase. The only reason I found out was due to my follow up. She was unable to give me any reasons, numbers, etc – only that we did not qualify for the program parameters.
I believe we are one of many who will fall through the cracks. We do not qualify for a traditional refinance as the house value has decreased and now do not have adequate income to meet the required ratios. We do not qualify for the government program for reasons yet unknown ( I believe that we do not fit into the ratios the other direction – we do not owe enough on our mortgage).
For the time being we can maintain however if unemployment benefits cease (we are already looking at a reduction this month), my insurance premiums again increase, or some other unforseen circumstances arise we will hope that Chase is willing to work with us.
I recently lost my job, and we did a VA IRRL (interest rate reduction loan). Thankfully there is no appraisal needed or we would have been out of luck. The new loan lowered our interest rate from a 6 to a 5.25 the reduction alone will pay for the closing costs in 12 months. Due to approx $250 less a month on our payment. We will now be able to skip a payment for a month while my job searching continues. Lets keep our fingers crossed.
I applied for a Loan Modification through WAMU Chase in December, 2008. I was told that it would take at least 3 months to go forward and could expect an answer or approval sometime within that time frame. February came and I had not missed a payment. I was told that if I missed a payment, it would add more validity to my situation. I was going to miss the February payment anyway. So, I did not pay my mortgage payment and was then told that I had to sign papers for a Forbearance, which would prolong the process, but would actually prevent my house from going into foreclosure. In late March, I was told that I would have to fill out new paperwork and a new package was sent through to me. I filled it out and provided all that was requested. My April, May and June payments were reduced temporarily, yet considerably, thereafter. In June I was asked to sign more documents and was told that I was going to be on another temporary program with a slightly lower payment. I am now paying this payment and have coupons through October of this year(09) and still have not a clue as to whether or not I will qualify for the Loan Modification. I was told that I would find this out in October (09). I am in limbo and do not know if I should be looking for a rental or if I should Short Sell my house…I am truly hoping that I am approved for the modification, however, there is a huge margin of FEAR that I face daily, thinking that I may NOT be approved and the thought of not having enough money for at least a rental for myself and my family is a haunting reality.
As a recently unemployed person since March, I have been trying to get a loan Modification From Chase FInancial, Well I did all their long paper work then, and faxed it all in. I called a month later and someone said, “In the next 30 days, you will hear from someone regarding this.” I thought ok great. BOY WAS I WRONG. I called them back in June finally and asked what was going on, they said, “well actually it has been more than 90 days, so you need to resubmitt EVERYTHING ..that is all 30pages of it…. IT expires after 90 days. Plus we have been really busy and just opened up a new department to deal with this.” BANKS are getting crooked and greedy. Sure if they loan you the money on a high interest rate they will make a killing, but the moment they need to help you, or you become behind. HA HA GOOD LUCK. Hopefully this meeting with Obama takes care of all of this today. OBAMA Administration, Please Help!!!!
We had a 20% down on our home when we purchased it. Since then we have seen that 20% in our home vanished and no equity in our home. I would have like to refinance our loan so that we could have saved $200 a month. Our loan originator was the builder, but the loan is now with Chase. Every time I call the bank they say we do not qualify at this time because the loan was not originated with them, and call after a month as the goverment keeps adding new rules. I have been trying this since March and nothing seems to have changed.
My loan rate went from 3.875% to 6.875%
CitiMortgage would not discuss a “Loan Modification” plan. In fact they did about everthing in the book to circumvent the process.
CitiMortgage did everything possible to encourage me to go to a different mortgage lender. Citi wanted me to refinance, to pay-off existing loan, raise capital, due to their rising quarterly loan losses. However, their rates/costs were also too high. I was forced to use another lender by CitiMortage.
CitiMortgage is unethical and practices fair lending discrimination, price gouging and deceptive business practices.
Victimized by CitiMortgage
in Atlanta, Georgia
Its all a JOKE! There is no “modification program” available for normal homeowners being punished by a sinking housing market.
My wife and I contacted our lender about a mod/re-fi…we were told that since nothing has sold in our area for 18+ months it would be diffccult – but somebody would call us back. After calling the lender 5 more times having to give all the same information, repeat the application process multiple times and authorize our credit reports to be pulled…of which we were told our scores – 740/725….”someone will be in touch to arrange an appraisal”. Then two days later we receive a form letter indicating that we could not be approved for financing based upon our “unsatisfactory credit history”???????
Its ridiculous…the lenders are playing the run around game blaming the govt. for not setting more defined rules – the govt is blaming the lenders for being too tight with the loans…in the meantime the homeowners are still trying to pay mortgages and do the right thing. Where is the reward in that?
I am starting to think my neighbors had the right idea – they put the house on the market, moved and found new jobs, a new home and then mailed the keys to the house back to the finance company – WALKING AWAY FROM THE MORTGAGE ALTOGETHER! It goes against everything were are taught morally….but geez where do we draw the line?
I am a senior person at a strong community mortgage bank. I personally feel that the investors put so many additional guidelines on all products that the government rolls out making it impossible to get these loans closed. If the goverment wants to really make something happen they need to control Wall Street and realize the challenges in the secondary market.
i was unemployed for 7 months in ‘08…got behind 3 mortgage payments but due to houston’s huracane, mortgage pmts were frozen until mid december…in the meantime i got a job, began to send 150% of mortgage pmt to catch up but in mid december bank froze all payments and since then have not accepted, that’s right, they won’t accept a single dime…so now they come about 25 days ago stating give us $21k plus new mortgage payment is increased 25% or we’re going into foreclosure…this from a bank that got over $20bls from Bush/Obama to do something about late mortgage payments…to top that the home price has decreased about 33% so our mortgage balance is almost $100k over home value…we’re willing to stay in the home and pay mortage but as original not current conditions…otherwise, we’ll become renters again…why is the fed absent from this scenario??
Obama’s plan is a joke. It was suppose to help the unemployed and isn’t! We are the most of the forclosures not the employed. The banks are a joke fax, fax, fax, call, call, call and no response for months. Even washington rep can’t get an answer or help, what a sham!!!!
We are now homeless in MI, we have a Fannie Mae loan. My husband works for Ford laid off and on for the last three years. Lost $200,000 from 401K almost overnight. Called Governor Granholm, Atorney General Mike Cox, Senator Levin, Senator Stabenow, emailed the President, Vice-President, used the “Save the Dream” housing counselor. Filled and faxed out the paperwork four times, numerous calls, e-mails and faxes. The mortgage company PHH wouldn’t even return calls to us or the housing counselor. Showed up July 15, and evicted us threw what was left in the house in the trash, drilled holes in the steel doors and padlocked the house. I tried since September 2008 to get a modification loan. I am terminally ill with systemic lupus, we have two special needs children and now we have no home. I work two full time jobs to make ends meet and get Rituxan infusions and am violently ill through those and I still go to work. I have no choice, my family needs me. I can’t believe that they voted to give these banks our money and these banks aren’t required to help the taxpayers who saved them. Shame on Washington!!!!! Shame on us if we don’t stand up for ourselves the American people and vote them out of office.
I have been trying since March to refinance under the HARP program. Each time I was told Wells Fargo had everything and the loan would close, they came up with something else. I had been reading the guidelines for Fannie Mae & Freddie Mac loans. After I was told again last week the loan would close, at the eleventh hour I was advised that our HomeOwner’s Assoc. was underinsured on the Fidelity Bond. According the HARP guidelines, it clearly states that if the property met guidelines when it originated, it meets them now. When I pointed that out to the Bank, I was advised that Wells Fargo can make their own guidelines.
I would be very interested in finding out if ANYONE has had a refinance approved.
I did contact another Bank and asked if Wells Fargo or any other Bank had authority to deviate from the Federal Guidelines and I was advised they could not.
Wells Fargo is collecting $365 from every person applying under the HARP program. How many thousands have applied? How many loans have been approved?
It appears there may be fraud here.
CitiMortgage Rocks. We purchased our home in 2006 for $154,200 with a 5 yr ARM @ 6.93%. After losing my $45K job and medical insurance in October 2009, we struggled to make our payments. We finally fell behind and contacted CitiMortgage in Febuary 2009. The last week of March we signed new loan documents that took $119K off the top of the loan, put all late payments to the end of the loan and went from an ARM to 30 yr fixed. Our payments were $1200 a month, now they are only $239.00. I can now afford my monthly medicines and other expenses without the stress of robbing Peter to pay Paul, and not worry about losing our home.
The whole process was smooth and fast, I don’t know if it was because we were the ones the plan is supposed to help, or if CitiMortgage is just much better at customer service. We spoke with 2 people during the entire process and did everything by fax and Overnight Mail. They didn’t ask for a lot of information just proof of my job loss, monthly prescription amounts, other bills and my husbands income.
How about 2 YEARS trying to make it work! I bought my house in 7/2006, the loan was sold to Bear Stearns within a month, Bears Stearns collapses and now with JPMORGAN/chase and the SERVICER is EMC. Google complaints against EMC. It is staggering. I have called and re-faxed and called for 2 years…we have been lied to by those we voted for to govern the American people fairly and honestly and with transparency. And now they want us to hand over health care???!! LIES! OMG
First of all let me say that most banks are only participating in the program if these loans are government-backed loans (Fannie and Freddie). They are not required to participate otherwise, so for those of you screaming that your bank is doing nothing check to see if you have a loan backed by Freddie or Fannie first, then scream bloody murder at the Obama administration. This is how the program is set up.
Recently, I have just completed my loan modification through BB&T(yes the loan is backed by Freddie MAC). It only took about two and a half months to get it done. I myself created a three week delay in that process due to traveling for work. I had a very good experience. My loan officer was very good at keeping in touch with me and whenever I had a question, he contacted me within 1-2 business days with an answer. I was never in any danger of defaulting on my loan(some of us have acted responsibily and purchased loans we could afford). In fact my loan officer knew nothing has changed about my financial status and that I was capable of paying the mortgage as stated. He thought it was a great opportunity to refi and worked to get me through the process.
My advise to those with Fannie and Freddie loans: When you make a house purchase contact a specific loan officer directly and only deal with him/her. This gives you a personal contact at the bank. I know his number directly and he knows all my information as well. We are on a first name basis and he provides great customer service. My loan was adjusted from 6% down to 4.8% and I am just so happy because that is saving me $180 per month. A great time to save more in this recession!!! Thanks loan officer from BB&T
I meet all of the qualifications under home modification program and have been trying to get it through Citimortgage. They finally inputted the data into the “federal computer tool “MAT” and it rejected me (even though they said I appeared to be pre-qualified). they wouldn’t tell me why, after several phone calls someone finally said their appraisal came in to high relative to the amount owed on the mortgate?? DOES ANYONE KNOW THE FEDERAL GUIDELINE FOR WHAT IS TOO HIGH? Their appraisal came in higher than one from the county tax assessors office, so I requested a new appraisal (could take another 6 weeks and I owe a balloon payment as I have paid a modified amount for 3 months per their istructions). I am sending in the tax appraisal to them. help!!
I have called BofA, and since our mortgage is not owned or guaranteed by Fredie Mac or Fannie Mae, they can’t do anything, (mortgage is 520,000) we are still making payments on time, but there’s no help for us, maybe i need to be laid off so maybe and maybe they’ll do something, I wonder wouldn’t it be easier to just reduce the interest and let us refinance our home if we can make your payments on time, i think because all of these auto companies, got a bail out, why wouldn’t I get a reduction on my mortgage, I’m not asking for the bak to forgive my loan, I know what I owe, and I’m willing to keep making my payments, but I guess, it will be easier to just walk out of our home and 3 or 4 years, I’ll have enough money to buy me a new house.
I have a mortgage with wachovia under Bush Plan i was turned down by every reason on the form but i first got a phone call to tell me i was denied after papers being lost and getting phone run around now under Obama plan i have been told they are working on a plan it should be available mid june then end july. oh but before that i almost forgot they told me i was a VIP and they had a special offer for me and transferred me to wells fargo i was offered 6.5% rate for only 200.00 no credit check or anything because i am a VIP that was so ridiculous because i built into my loan a fixed rate option on origination and they tried to trick me into believing they were doing something special for me because remember i am a VIP and there aren’t many others like me they have only seen 4 other VIP’s since Jan. i was so offended by them thinking i was stupid i couldn’t believe it and the wells fargo rep got upset because i told him so. i suggest everyone pull all their money from these banks and see how they like that its a lot of our money that they use to invest and make more money and we cant get help for our most basic need Shelter for ourselves and our Children “GOD BLESS AMERICA” and Save us All
Back in April I applied for a loan modification at Wells Fargo Bank. I would call every 2 weeks to find out some info. As of July 20, 2009 I was denied a loan mod. I was told I am best qualified for the HARP program. I called the HARP number and told that freddie mac denied my refinance. I was laid off in January 2009 and decided if I don’t find a job by October 2009 I will retire in January 2010. I am down to my last money in my savings and Wells Fargo still refuses to help me. I have never missed a payment and I don’t want to. I have called so many different phone numbers at Wells Fargo to get help and no one seems to want to work with me. I don’t know what to do.
I’ve read so many homeowners comments and many of you are handling it incorrectly. 1st. Call up your lender ask what is needed. Usually you can go to their website and download a loan modification package. 2nd. Fill it out completely, Gather your Check stubs and Bank Statements last. Write your loan number on every page. Call your lender again. Ask what Fax or e-mail it should be sent to. It will usually take about 10 days for it to be uploaded into their system. Once It’s uploaded, call the following week and see where it stands. If they tell you it’s in reveiw call once a week, don’t wait for them to call you. They are to overwhelmed to do so… If you’re upside down rent a room to supliment the income. (You will continue to receive calls from your lender, it will just be collections. You won’t need to make a payment they’re a completely different department. Once your are approved, you’ll possibly be placed in a 3 month forbearance plan. DO NOT MISS A PAYMENT! Once that’s complete you’ll receive your modification. Stopping a foreclosure or trustee sale is also very easy. Trustee Sale Saved… Good Luck!!!
this is for the B of A homeowner. If you are current they will not help you. Yet wait until August. They are planning on having the LTV possibly go upto 125%. You do have options.
We’ve been trying to work out a lona mod with Chase since last year, but every time they ask us to send in the paper work, and I send it in, no one has any idea what happened to it. April this year, they qualified us for a temporary 3 month forbearance plan, I faxed the paper the paperwork they requested and sent it by overnight mail, nobody in the whole company had any idea where the paperwork ended up. I spent $14 at 3 different times sending the payment they asked us to pay for the forbearance plan, and was returned each time, and no one could explain to me why. So, I called again in June and the rep I spoke to said he was setting us up on a new plan, never received the paperwork, next thing I see is a foreclosre notcie for August 4th, I called on July 3rd and spoke to a rep who gave me her name and direct phone number and extention, I called her back 2 days ago to make the foreclosure sale date has been posponed like she told it would, she denied ever speaking with me and said she has no idea how I got her name and phone, but it wasn’t from her! We are about to lose our 4 year old home just because Chase Home Finance has made sure you can’t speak to the same person when you call in, and no one knows the status of your file each time you call in. I’m just exhausted.
I too have delt with Bank of American. They are everything people say. I have not missed a payment but I am 85000 upside down in my house. The bank said I did not get a mod because I am current in my payments. Even when i explained tha t I would be retireing from my job soon and would have a decrease in income so a mod would help both myself and the bank because I would continue to pay. But as I told the bank if they want a house 85000 less then its worth then its all thiers. They don’t really care. I think this whole program is a joke. If there is a program out there were we can get together and stop payning for a lot of houses at once maybe the banks will get the message.
My wife and I have been in the modification request process for 60 days with Wells Fargo. I received a call from them today and they told me that the loan negoitiator had denied our request because the investor that holds are mortgage note (Freddie Mac), which is now government controlled I might add, stipulates that a homeowner must apply for a HARP refinance first before preceeding with a modification request. Certainly would have been nice to know this in the beginning instead of jumping through hurdles with them. But wait, it gets better. So Wells Fargo provides with with their HARP for Homeowners refinance department number. I contact them and they advise me that our current loan type is not eligible for a refinance under the HARP program. So let me get this straight…..the investor Freddie Mac, did not have the ability to check to see what kind of loan we have before telling us we needed to apply for a HARP refinance that we don’t even qualify for to begin with??? Now, we have to reapply for a modification request and start the WHOLE process over again. Glad my tax dollars are paying for this mess!! What a joke!!!
We also applied for a loan modification with Bank of America (Countrywide) and a 2nd Mortgage company since our property has declined in value by over 25% and the indebtedness exceeds its market value. We do not qualify for a regular refi, and unless the loan principal is modified, we could not sell the property without a substantial short-sale or loss. We are not in default nor have we ever been late, but due to pay cuts and job loss, we are struggling to keep all current. While the clock is ticking and now nearly 45 days has passed, we have not received any response from BofA. I call BofA once a week and obtain the same “non-information”. Very frustrating. We need an “appellate” oversight by the Fed or some agency to make sure the servicers are complying and being consistent in applying the eligibility rules in a timely manner.
OK, I UNDERSTAND THAT MOD COMPANIES ARE BUSY, BUT I JUST WAITED 45 MINUTES TO SPEAK TO SOMEBODY, SO SHE CAN TELL ME TO CALL BACK NEXT WEEK AFTER MY DOCS ARE REVIEWED. THEN SHE GOT ALL BENT BECAUSE I HAD SOME QUESTIONS. THIS IS NOT FUN FOR ANY OF US!!!!!!
I want to make one more comment after reading most of these comments:
It’s true, lets start getting help for us, the middle income families – never mind the automobile industry, the banks, and all the big wigs, right?
OBAMA WAKE UP – YOU NEED TO HELP THE PEOPLE WITH THESE LOANS….DON’T LET THEM LOSE THEIR LIVELIHOOD THEIR HOMES!!!!!
What I really believe now is that these loans are a fass, they probably don’t even exist…it’s just a pacifier
there are no such loan modifications…
In 2007 I had to quit my job to take care of my mom as she was sick. Then she passed away Dec. 23, 2009. I lost my income 2 years ago. Then lost my mom’s as she was helping with the mortgage payments. Two losses of income and Wells Fargo just denied me tonight. They said it takes 3-4 months to get approval or denial. It took them 3 weeks. They said they offered 2 programs Obamas and one they offer. How did they do this all in 2 weeks? Go figure. Then they mailed a letter stating they wanted a copy of the deed and labeled the letter “estate of _____)my mom (who was on the mortgage. It’s not an estate of as it is owned by me and my husband. Parents were on deed as life estate to protect them. Now it’s directly my husband and my home. No estate. But Wells Fargo NEVER called for any paperwork or told me that there may be a problem as they thought there was an estate involved. Never called about it, just went and denied it. They are not very professional about these modification loans. They don’t care. Obama’s help is not helping. It stinks..No one should ever have to struggled to help themselves by applying for a modification. This should not be as hard as it is. Why do they make it difficult when they tell you there’s help out there. There isn’t. It’s an Obama elect me way of getting in I suppose. They are doing this as if they are giving us a loan (money), they are not. We will pay for this in the end. WHY CAN’T THEY MAKE THIS EASIER FOR THE STRUGGLING WORKING PEOPLE AND THE ONES NOT WORKING FOR GOOD REASONS. I had 2 losses of income and still don’t qualify. This is pathetic. We’re struggling to make the payments each month. It’s not like they are giving us a loan, monies or anything, it’s just a reduction to same our home (like everyone else). They are not losing any money…they will get it at the end. Who are they giving these loans to. Anyone?? I doubt it. This stinks. After 10 years I will probably lose my home. Children involved as well. Awful, this country I wonder sometimes why we can’t get the help when we really honestly need it. Make it easier for: we the people – too many reasons not to help…..I NEED HELP as we all do – Obama – you need to look at what’s going on and start really helping people…
I applied for a Freddie Mac Relief Refinance Mortgage thru my current mortgage holder, Fifth Third Bank, on April 11, 2009. We have not closed yet and I have not been given an estimate for when I can expect to close. My loan officer did say that Freddie Mac has given them (53)a deadline of July 27th to get these loans closed although I am not sure I understand why as the program is certainly not going anywhere. Now, I am sure there are much worse stories in this blog but keep in mind that this program is for borrowers that are current on their mortgage payments, requires no income or asset documentation, & no appraisal is done. So what is there to look at besides the prior mortgage history & why is that is taking so long? June 9th a payoff was ordered & my insurance loss payee information was changed… nothing since. Then I read that Fifth Third has been loaned 12.3 Billion in April & May as part of their new partnership with Freddie. GREAT!!! So when is any of this going to start affecting ME the average american??Maybe 53 is not getting the incentive pay since my LTV is only 61%…
LADIES AND GENTLEMEN: I HAVE THE ANSWER TO YOUR PROBLEMS! OR AT LEAST I THINK I DO! After reading hundreds of your comments, I’ve got the answer to what I’m gonna do. I’m also $115,000 underwater and about to be 30 days late as of Aug 1st. 2009. I’m not going to pay! I’ve been laid off for 3 mos and am stuck between a rock and a real hard place!
BofA says I’m not eligible for a loan modification because unemployment ins “is not a form of income they can count as income”. Ok sure I understand, I have close to a year’s salary in the bank and they won’t work with me because I’m laid off. Cool, If I can get the lender to approve a short sale, beautiful, if not, then screw it! They can have their condo back and I’ll just by a new one with “mom’s” good credit or be a “partner” with somenone else, and get a better condo for $115,000 cheaper!!
Please understand that I know moving will won’t be easy, but after learning, reading, what some of these families have been going through to keep their homes; one thing is crystal clear!! If you are going through a financial hardship, most, but not all, your banking institutions are not going to give you a loan modification. Second, it will be to your family’s detriment, to spend all of your money on a mortgage that is more than $40k underwater. Bite the bullet, do the short sale if you can. If you can’t for whatever reasons (lender won’t approve, no one wants to buy it) then save your money that you used to pay your mortgage and rent for awhile, or buy another place with someone else’s good credit for half the price!!
These scenarios will happen again in about another 10 years!! Trust me; history repeats itself, always!!
We are professionals that own two homes in California, both modest homes. We bought the second home as our “retirement plan” with the plan of cashing in on the real estate boom. Our boom went bust. The drop in the economy forced us to both start our own businesses, because our clients were wearing tired of moving from one failing organization to another. Due to the cessation in revenue that’s necessary to start the businesses, we do not have money to pay mortgages and sought a home modification loan for the primary and second mortgage on our first house, and a home modification First, you can’t get good counsel on preparing paperwork. Second, you can’t get good counsel on whether the paperwork was received in good order. Third, the process of determining eligibility is a cookie-cutter approach that varies by bank but is not modified to fit a particular state, e.g. California is treated the same as Minnesota for purposes of debt-to-income ratio, for example. Anyone living in California wishes that they had the bills of someone in Minnesota. Salaries are higher in California, particularly in the Bay Area, because bills are higher, making the impact of a higher debt-to-income ratio in California similar to a much lower debt-to-income ratio in Minnesota. One modification process said that we don’t make enough to pay the bills even after a modification, and they based their analysis on a shallow look at our current income without considering the business income that will be received in a matter of months, which was the whol reason we asked for a modification. Another process said that we make way too much money, and they did their calculation by incorporating all business monies received in trust for clients without considering that the money is going out for the clients interest and not in our pockets. THE MODIFICATION SYSTEM IS AN UTTER COMPLETE FAILURE AND WASTE OF TIME. ITS AN EMBARRASSMENT. ITS AN INSULT. ITS INCOMPETENT. THE BANKS NEED TO GET OFF THEIR LAZY CARCASSES AND SPEND SOME OF THAT FREE MONEY ON CLEANING UP THEIR MESS. THEY NEED TO START BY TAKING CARE OF THEIR EXISTING CUSTOMERS AND DOING COMPETENT ANALYSES THAT ARE IN THEIR CUSTOMER’S INTEREST AND NOT JUST THE BANK’S INTEREST. THE STIMULUS MONEY SHOULD NEVER HAVE BEEN GRANTED TO THE BANKS, AND THE BANKS SHOULD HAVE BEEN FORCED TO DIE THE SLOW AND PAINFUL FINANCIAL DEATH THAT THEY ARE CURRENTLY IMPOSING ON THEIR CUSTOMERS.
I wrote an article about my situation with Bank of America.BOF increases interest rate to %8.5, I used to have 6.5, this is getting very fustrated because I don’t see where is the help for homeowners.If you hire a lawyer be sure they look for violations on your paperwork, then they can fight againts the bank.My neighhbor is in the same situation, he hires a lawyer about 7 months ago and he got the forclosure paperwork 3 days ago,just because the lawyer didn’t check for violations,so be careful.But I am very angry with banks, I voted for Mr.Obama, looking for some help, but in the next election you’re not going to be my candidate and neither the candidate of my family(we’re 8 people in my family).
I called my mortgage Countrywide that is now owned by Bank of America. I am one of those that is upsidedown. They said I didn’t qualify for modification nor do I qualify for refinance and to call back next month. I paid $100,000 down on a 330.000 mortgage. I have not been able to get a refi nor modifi on this loan from my original co Countrywide now Bank of America. this is getting to be frustrating. I have paid my mortgage on time and am not late. however, with job lay off I would like to get my mortgage which is an apr fixed with a lower payment. I do need help here so I can prevent my mortgage from increasing.
We applied for a loan modification with Chase in March 2009 after taking the eligibility test on the Making Home Affordable website. We qualified and submitted all paperwork several times because everytime I called Chase they had no knowledge of my paperwork or I was missing something. Of course, I refreshed their memory everytime I called with who I spoke to, time, and what detailed document I furbished to them. I have lost all faith in the process and we need to realize that banks have no interest in helping struggling Homeowners. They want to repay the money as fast as they can so that they are not subject to the terms of the plan.
I lost my battle with Chase today July 20th as I received a verbal rejection of you have “null financial hardship.” I’m astonished. Still have not received 1 shred of written communication from them ackowledging my application or confirming the stage that my application was in. After 2 weeks in underwriting ( I called every other day) – they tell me I have “null financial hardship.” This is completely unacceptable and maybe it’s for the better because undoubtedly this disorganized Company would have given me worse terms for a mortgage.
B of A sent me a loan modification due to the lawsuit by the Ca attorney general. I was told that it would start in feb and I could send the new amt starting in Feb, I did, and every month I called to ask how it was going, I was told on 5-6-09 that after waiting for 6 months it was dn because I was not at home to ansere a phone call, I have contacted everyone that I can and on 7-13 the hope team took my info and they tried calling B of A, no luck, they waited just like I did on the phone and no one answered, on 7-14 I got my original paper work that I send in Dec and now I go on line and I am delingquent 4500, as I sent in the new payment amount but now come to find out it was not approved so I should have been sending in the orginal amount, Bank of America has no intention of doing any modifications they are hoping everyone gets foreclosed on and then they can resale the propertys take a huge loss, for their taxes then resale the properties at a loss. All I can say is Mr. President nice try but the banks who got the money from the tax papers have no intention of helping the struggling families.
In summer of 2007 I had to take time off work to take care of a sick parent. I eventually used up all my savings and called Indymac bank for help. They couldn’t help me because I was not behind on payments. My house has been into foreclosure twice and here it is 2009 now and I’m still getting the run around about a loan modification. I have been turned down twice and had to get an attorney that I can’t afford to help me save my home. Half of 2009 is gone and nothing has been resolved.
Attention borrowers with CitiMortage as your Loan Servicer:
Don’t waste your time calling the boneheads in the customer service, loss mitigation, collections, or loan modification departments. Your paperwork will mystically disappear, you’ll rarely receive calls or information when you’re told you would and none of their departments communicate with each other. Jumping through their hoops is an act of futility.
With that being said, their is hope! Call The Executive Response Unit @ 866-255-3901. Ask for Andrea Seligman @ ext. 52854. While I cannot guarantee she’ll give you the answer you’re looking for, you will receive excellent customer service. She handles your case from start to finish – no getting handed off to 15 different people in 5 departments and getting disconnected on the phone repeatedly. They also fast-track your application, getting you answers within 3-4 weeks.
WE too have tried, tried, and tried again to get a refi on our loan from BOA. We have a fannie loan that BOA “bundled” with PMI loans….and so although we do not pay PMI, we can not refi until Phase 2 inacts. Every time we call we hear that Phase 2 has been pushed back: to April, June, July 8th, and now “several more weeks, maybe September”. Frankly I think they have no incetive to deal with us, as we pay our mortgage.
CITIMORTGAGE!!! Oh and I would like to add to my previous comment… we do not have credit cards, student loans, etc… we live within our means and always have. My parents taught me if you don’t have the $$ to buy what you want then, you won’t have the $$ to pay off a credit card either. We don’t have big screen tv’s and fancy furniture. We have one car payment and one truck that is 13 yrs old on it’s last leg and we can’t afford to fix it or buy a new one. We can’t even start a family after being together five years and married for three because we can’t afford them, not to mention we aren’t even sure we are gonna have a house in six months!!!!
CITIMORTGAGE!!!!! I had an unexpected emergency surgery that I knew would keep me off work for a month and immediately (a day after surgery) I called CitiMortgage to get help because I KNEW we were going to have issues with me being off work (my work doesn’t offer Short Term Disab). They told me where to print up the Financial Assistance Forms from the website and to fax it in. Not even 24 hrs later I had everything together, 42 pgs worth, and I had not only faxed it in, but I send it to them certified mail with return rcpt. I got the rtn rcpt and waited about 10 days to get in the system and called to check the status and they said it takes 60 days for a review. 60 days, why didn’t they tell me that before I did all this work? So I explained to them what the deal was and they said I could apply for a Loan Extension request, ok, so I did so. Two weeks later it got denied because I wasn’t behind on any payments. Well, duh, I am trying NOT to get behind. Why didn’t the person who told me I could apply for this loan ext program tell me that I wasn’t eligible before hand? They said my Financial Assistance application was still in review though. So I called back two weeks later to find out what the status of my application was because it was supposed to go to a case manager and I could get that name and phone number. They said it hadn’t even been reviewed and they are too backed up. Ok… now what? My husband and I were now one month behind by then and the phone calls had already started. Considering I had been asking for help for 6 weeks I couldn’t believe that they would even call. At the beg of June now I called one again and the lady said I could do a loan modification for the new law Obama signed where our house payment with escrow shouldn’t be more than $30% of our income BEFORE taxes? Hello… Obama, we don’t get to take home our taxes, what the hell are you thinking??? My husband and I pay like $1500 a month in taxes because we have no kids. So our house payment for the loan modification was $20.00 less than what our payment had already been. yeah, not gonna help much but I went ahead and did it because by then we were 2 months behind and that two months would be taken care of. So now I have two months behind showing on my credit report. The loan mod has done NOTHING for my family and I, we are STILL struggling and CitiMortgage and Obama continue to piss me off and I voted for him. I just don’t get it… I owe CitiMortgage $175,000 @ 9.7% the value of our house came back at $155,000 for the loan modification due to the economy it was worth $185,000 in Aug 07 when it was appraised and re-financed. So I don’t get why CitiMortgage can’t go ahead and do a FULL refinance with my husband and I’s 700+ credit scores and give us a $6% interest rate and save $400 a month. Either way we are going to owe them $175,000. So they either lose us to foreclosure at the 9.7% payment and fork out $$ for all the legal stuff and auctions and whatnot to foreclose or they refinance us and keep us at 6% payment. Wouldn’t you think they would pick the plan to keep us and keep the $$ coming in to them… nope. I have ten pages of names, numbers, times and dates that I have dealt with since March and not one has been able to help my family and I. Not to mention none of them are ever on the same page, I get different answers every time I call.
I was downsized 3 years ago, and every payment has been made with a struggle, but due to overtime on a replacement job that did not pay as much, I was able to keep up with my payments. Then the overtime went, I started to get late with my payments, fell three payments behind and on Feb 14th was served with Foreclosure papers. I had earlier tried to work out something with my mortgage server but could not. Since that time I had to hire an attorney to keep the roof over our heads. The attorney got to talk with someone at the servicing company in April and was told the supervisor was reviewing the acct. June they were still reviewing, and July 1 their attorney filed for a summary judgement to be able to sell my home.In Fl. you have to go to mediation before they can get a summary judgement
The servicer had offered a $1565.00 payment for 3 months and $16,000 on the 4th month and no reduction of an 8.75% interest rate that is adjustable. When I said I could not accept that offer, I received a letter from that servicer saying this is our best offer and you did not accept it so we are proceeding with the foreclosure. They went on to say the investor will ntot accept any type of mediation.
I received a forbearance agreement from Aurora Loan Servicing and paid $40,000 towards this agreement. Never missing a payment! Then once they received all these payments they sent back a check for $10,000 and $6195 which was the payment in the agreement stating that I did not send them documentation. My home is in auction on July 21, 2009 and Aurora will not give me a chance to give them the documentation. My question is why do they need the documentation when in fact I was making all the agreement payments until they would not accept any more payments?
The mediation and the courts will not help either. When you present all this to the courts they say that you have to go through mediation. When you talk to mediation, they say you already had a forbearance agreement.
Know one is helping the consumer even when the consumer wants to pay and catch up. If Aurora kept accepting my payments, I would have been current today and not in auction. This is such a farce.
Litton Loan Prommiss loss mitigation is a load of an unassisting circle running people. I sent in and kept following up making head way being told I could be assisted from the get go. I was qualified for the program and was certainly to apply. I just finished a chpt 13 BR (did so and actually got my mortgage out by doing a modification back in 07) and actually was told that not many finish the 13 they usually fail. MADE IT. The wife and three kids survived with me. Then the wife loses the job in 4/08. I start to fall behind in september of 08 but keep sending payments not getting kicked back and going through… Then it got bad, the unemployment stopped and all hell broke loose, but i kept sending payments and overdrafting the account by $300 and $400. I am waiting for this program to get rolled out and think this is the assisance I need. Finally when it is out I apply and get the applications through the lawyer and do what i need to do. 3 months later I get a letter tellig me I don’t have enough income to be modified. Really… I thought this was why I was applying for the program…but here is the beauty of it…I am told by my case person in promiss solutions that it looks really good. It looks like you can afford the house… Great!!!! Letter a week later telling me “not sufficient income” sign by the case person who managed me and was telling me its good. I am ripping because the letter says if it changes to contact them and they will review it. Hey if I had more income I would not be asking to be considered for the making home affordable program. “Oh we don’t participate in that program we have our own program that we use…that follows the same guidelines…Did you know Duetsche bank was part of the Huge bail out all linked to AIG and what not… i do and guess what, they use Litton to manage their loans…and guess who owns my loan…what are you trying to double your money? We are thinking of walking… rent for two years establish a good guideline go back and get a loan and buy a foreclosed propety from bank that needs to dump it. I will revel in it.
We should all stop making mortgage payments at one time. This is the only way banks will respond to the needs of American citizens. I truly don’t believe banks care and this bailout is nothing more than a huge a scam at taxpayers expense. What a shame President Obama, my support for you is slowly dripping away.
It took months working with Wells Fargo. I have an adjustable loan that is due to reset in about a year. While I went back and forth with Wells Fargo my job did a massive lay-off (twice) and those of us who did not lose our jobs had our salaries cut by 85. In the meantime, the realestate market in my city took a nose dive and I ended up owing quite a bit more than my house was worth. I also have over used my credit cards, etc. remodeling the house prior to the crash. After months of communications between me and Wells Fargo the modification application was denied. I think this is a racket. I think that those homes that have lost their value will be scoped up by other looking to make a profit as people lose their grip on their homes. Granted, I made some bad decisions, but I am not alone…so did the banks and they were bailed out.
In the last year have you been approved for a loan modification from Countrywide Home Loans only to have your loan modification rejected? That’s what happened to me and evidently thousands of other customers of Countrywide Home Loans (Now owned by Bank of America)
If so call Jack Thomas 513-899-3478, leave a message and tell me your story… a class-action lawsuit may be soon file against Bank of America
I have an FHA loan and had to wait until my loan was a year old before I could even discuss modification. I was laid off and now 4 payments behind. I am working but make less than 50% of what I made when I bought the house and I work a part time job too. I was sent a forbearance for three months and if I am a good girl Chase may modify my loan after the three months but they also expect me to come up with the 9k I owe them. LOL how in the world that will happen is beyond me. WHy cant they just extend my loan a few months. Hell I will pay it but can’t now or in one lump some.
I unravelled B of A’s position. They are NOT participating with the MHA modifications if the mods are non-government-backed loans (Fannie and Freddie). The gov’t plan is set up to help these loans, but banks participation is voluntary. B of A is only participating in the much less risky gov’t backed ones though.
They offer their own mod’s for these millions of borrowers in need, which they claim “mirror” the gov’t plan. But, it does not in many, many ways. Ex: it does not have a component requiring the holder of the second lien participate if the borrower is approved for a mod on the first. The servicer of the second lien doesn’t have to participate even if the servicer of it is B of A itself!
Thus, they are misleading the public claiming they are participating when facts are, they have opted out of the government, MHA plan, for that part with the higher risk, but very needy borrowers – those without gov’t backed loans.
Worse, they told the financial community they were solvent, with Uncle Sam behind them, never signed the contract with the US and now say they owe no interest. But they think their borrowers have a moral duty to repay their loans, even though B of A has no problems taking our taxes, not helping those in need, and using slick PR to mask how little they are doing.
Well, after 3.5 months dealing with WElls Fargo (the servicer we found out), we were denied for any help by Bank of America (the investor) because we are not 90 days behind on our payments. This process has been the most annoying and disolutioning process I have ever endured. Our paperwork was lost three times, week after week I was told different stories, rep after rep was rude and not willing to help. Was told if your paperwork has gone this far in the process they are working on a solution. Then the letter came, we can take your tax money but we can’t help you because you aren’t 90 days delinquent. We suggest you do a short sale or hand over title. What kind of crap is this? Thanks a lot Bank of America. How about you return my tax dollars so I can make my mortgage payment. Bank of America is a bunch of crooks.
I truly don’t think that anyone cares about the Homeowners that are losing their homes. There is supposedly a program Save your home.com but I saw on The Today Show that Barbara Cochran I believe her name is said that is took her 28 hours to figure out how to even use the information
there. I have gone on that site and according to the questions I answered we should be eligible for help but according to the numerous calls I have made I keep getting the same run around. Why are the banks making it so difficult to get help?? Where is the government help for the every day people? Does anyone read these or care about all of the people losing their homes? Sign me desperate.
We were denied for the Making Home Afforadable plan on 6/18/09 due to “The minimum income to deficit ratio requirement has not been met”. Isn’t that the reason people are applying for this modification in the first place? We submitted the necessary documents initially on 3/9/09 and had to fax additional information in between. It took 4 months for a response from them. Our loan is also owned by Freddie Mac which makes no sense as to why we were denied.
After waiting for so long(6 months), I opened my mailbox today and got a package from Bank of America, the offer was worse than the preliminary loan.I used to have 6.5% and they offered my 8.5 % today and variable.What kind of help is this one,this is ridiculous,where is the stimulus in this offer.I’m so sorry folks but Banks are laughing on our faces.I guess,I will file Bankrupcy and live in the property until they kick me out.I’m tired of this crap.I’m not going to pay a real state anymore, I will visit a Bankrupcy attorney and bye bye Bank of America, I just got tired of this game.Where is Obama?where is the help?. Sorry, guys but I’m very disappointed about being fooled by this banks.
Tried to get help with our payments which more than doubled over the course of the last 2 years.
Had the mortgage reviewed by attorneys prior to closing and was told that this 1/2 inch thick mortgage was “standard.” Still haven’t figured out how we get to 10.8% interest plus fees.
We have filed for bankruptcy and the house is going back to the lender. Total loss to us is about $200,000 plus our pride. Looks like the banks will be fully covered.
We have been totally unsuccessful in getting refinanced as our credit isn’t good enough. The American Dream lost to the greed of banking and the banks are the ones being bailed out by our tax money!
BofA tells me I’m not eligable for any form of help. My property is now only worth a fraction of what I paid for it in 2005. The first and second mortgage payments combined total 48% of my income. Is anyone getting help from BofA?
There was only one solution to this mortgage mess and that was mortgage deferment for up to two years on mortgages over five years for those that needed it and even those that did not. No time consuming refinancing that inevitably slowed the process down to an unmanageable crawl just add the extra years to the mortgage term.The fed could have payed the mortgage companies their interest payments for two years.
Those that were desperately trying to keep their homes after losing their jobs would get a break for a chance to restructure their lives and maybe improve their education and get a better job when things turned around..Those that had no financial problems would have been freed up to spend their money on new cars and toys to re-invigorated and stimulate the economy.
Only one problem,it is now far too late the banks have their money and don’t want to share it and those who have been living off their savings will soon be defaulting on their credit card payments which will now lead to the second banking crisis.This will happen right in the middle of the worst flu pandemic since 1919 which will also throw the world’s economy into yet another loop.
But I’m off to pub and after a few beers I won’t worry about a thing…..being able to forecast the future is more work than I can handle right now,
We bought our home in 7/06 for 350k. 3600 sq foot house, 6 bdrms 3 bath, which was perfect for our large family. This was a home we planned to stay in for a long time.
I was laid off from a very large corporation (my primary income) in 8/08. As the economy worsened, it became apparent that finding a job was unbelievably difficult even w/ a college degree.
As time progressed, AZ home values dropped monthly. This is about the time our neighborhood began to slowly empty out. I called GMAC (CW sold the loan to GMAC) on 11/01/08 and said I’m not paying this month. They said OK, thanks. That’s it, no further discussion after I said I wasnt paying.
I called GMAC weekly asking what could be done, each time getting a new person and a new line of bull. I was amazed at the lack of mortgage knowledge that these people had.
The letters and calls started arriving in early 2009. I stepped up my calls to GMAC to twice weekly, with no results. In March 09, they began to request financials on myself and wife in order to “help” us out. Our financials were sent in many times via fax, and were conveniently lost multiple times. Apparently, GMAC is not equipped to accept scanned finacials via email.
More than once, we were asked why we werent paying since our bank statements clearly showed we could pay. The lenders do not care, they just want money….and from a business standpoint, I do respect that.
We are allegedly in a loan modification process based on 3 months of consecutive on time payments. We have made 2 of the 3 payments but are seriously doubting that GMAC will really work with us once the 3rd payment is made.
Bottom line is that we owe 350K on the house. 4 of the same exact models in the neighborhood (120 homes) have been sold as foreclosures for between 119k and 135k.
So we are basically at least 200k upside down through no fault of our own. The housing industry just crashed at the wrong time and coincided with my job loss.
In short, some people need to stop suggesting people bit off more than they could chew. I did not buy more than I could afford. I could still pay, but seriously let’s be smart about this. Finacially, it will be much better for us to walk away from a 200k debt (if GMAC wont work w/ us) than to let it destroy our retirement and our children’s future.
Sad, but true.
Bank Of America had me submitted my loan modification paperwork 4 times during the last five months and the reasons given are the following:
a. we did not receive them
b. We received some of them
c. They are lost; send them anew
d. Request for more info
Ladies and gentlemen, this process is a facade; it is designed to appear to the Government and the media that the banks, being rescued, with billions are helping to stabilize the housing market in absence of which this economy will go nowhere. Most homeowners are not seeking a bailout, but a simple reworking of their mortgage terms. This is a win win situation, but the banks and their political supporters are too blinded by greed to see.
We, the tax payers, need to organize and fight back. Hold your local senators, congressmen accountable; take your banks to court and force them to produce the original note.
One for all and all for one.
I have a mortgage with wellsfargo, called them twice regarding the refinance, everytime I call they take my details and tell me that one of their mortgage consultants will call back, but never heard back from them.
I have been a mortgage lender for 13 years and work for what is now probably the largest lender in the country.
My company is closing 3-4 times its normal volume of loans, using basically the same staff it had when the mortgage business was slow. There is just not enough time or manpower to attend to everyone’s refinance request in as timely a manner as all parties would like.
The borrowers who need the most relief are those with subprime loans, option ARM/neg. am. loans and bank-originated home equity loans and lines.
Tragically, none of these loans are covered under the government’s current HARP relief plan. These are the loans which should have been addressed first, with relief for Fannie/Freddie serviced loans coming later.
The new, increased CLTV of 125% is a help, but here in Florida, most borrowers who seek relief owe far more than 125% of their home’s current value.
Additionally, the price adjusters for fist mortgages over 90% often increase the interest rate to about the same as the borrower’s current interest rate, making a refinance unfeasible.
Glitches in the national system also slow down lenders’ abiility to close these loans. With Fannie Mae, if the property address is not recognized by the automated Fannie Mae underwriting engine, the loan is not eligible for a HARP refinance, even though it is a perfectly approvable loan, and clearly serviced by Fannie Mae. (This sort of thing happens more often than anyone would believe.)
There is no perfect answer to the country’s monumental housing and mortgage problems, but borrowers need to understand that the system is so broken, it is taking MUCH longer than the normal length of time to process and close a loan, and the underwriting obstacles are tremendous.
My best advice is to practice patience, don’t let frustration get the best of you, and focus on a positive outcome!
I am extremely frustrated with the situation. I have been unemployed since January, 2009. I have been trying with Countrywide, who was bought out by Bank of America to help us with modifying the mortgage. Every two weeks I called to no avail. Excuse after Excuse. I do not even think these banks do know how to implement the program. I have been getting calls left and right from my creditors, this is why so many people resort to even committing suicide. I do not want to lose my home. All I want is some help from the bank by modifying my loan, this would help us ease our situation. How can I keep my home?
First of all let me say to anyone that has lost a job, a spouse, or had another tragic life event that has caused a financial hardship I feel sorry for you. You are not ENTITLED to anything, but I feel sorry for you.
To everyone else: get over it. You either bought a house you couldn’t afford, or you bought too much other garbage on credit you couldn’t afford. It was easy underwriting guidelines that allowed everyone with a pulse to buy a house in the late 90’s and early 2000’s that got us into this decline. Now, everyone is complainging about the tough underwriting guidelines and wants them to be relaxed again (“if you don’t learn from history you are doomed to repeat it”). It is not the government’s responsibility to rescue you. It is not the bank’s responsibility to rescue you. If you can’t pay yours bills (that by the way, you signed up for) then you SERIOUSLY need to take one of the traditional remedies of bankruptcy or short-sale or forecloser for your home. The only TRUE way we will get out of this funk is for those who can’t afford the homes they live in (and all their other bills) to go belly up. Helping these people will just prolong the inevitable. Once all that’s left as homeowners are the responsible one’s that can afford the home they live in (this includes everyone that has had a financial hardship and is now back on their feet and those that were in too expensive of a home and have now purchased a smaller, cheaper home) will this end. It’s called equilibrium. We have not been there in many years. Everyone has been trying to push equilibrium forward. It’s time for those (you know who you are, and if you don’t that’s part of the problem) to shift back and set this equilibrium in the middle.
We have our home loan with Chase. I tried for a year to get them to work with me to modify the loan when our payments doubled. They wouldn’t work with me until we were 4 months behind. Finally got them to talk to me when Obama “plan” became official. I was told we would get a modification in 2-3 weeks, but in meantime must agree to Forebearance of 4 months. Four months have now gone by, they are trying to tell me they don’t have all my information and maybe I can get another forebearance and I don’t qualify for Obama plan, but “maybe” would qualify for another of their plans. I called them back with info they wanted, got another representative who told me to forget what I was told and my payments would be going up $400 a month. Raised a rucus and was able to get the original person I spoke to and that person told me no, that was true and she could get my payments down for the next forebearance contract, but still no news on modification. WHAT is going on??? The banks are robbing us blind. I’m just totally disgusted and also terrified.
I’m sorry for all of the people who have had real hardships, paid the bank what they could only to have it not applyied to priciple and have 120 day lates or more show up on credit. Which by the way is considered a forclosure, by 99.99% of banks. Also those lates only stay on your credit for 7 years and currently counts if it is 4 years or less when buying a home. Home prices will be at a bottom for 4 years or longer, you make the call on how that would effect you. Do not listen to the misinformed people who say mods work. READ 95% of THE STORIES HERE!! I’ve put in 20 mods in the last month and have 2 of the BIG banks tell me they do not want to modify any loans. I have been working more than 30 for over 6 months!!! Yes I have got some done with good terms but the majority do not and people send money to the bank to “catch up” as goood faith payments and the bank sends the sheriff anyway! I have seen this happen to 4 families with real hardships. When that happens they have spent all their money sending it to the bank and received the same result had they just kept their money. Now they are worse off because they could have used that money to find a place to rent. Let me tell you it’s tough to see little kids in a packed car with no place to go and have to move to Grandma’s house. Mark to market rules were just changed, it was changed to benefit mortgage back securities. That change helps the end investors and the banks to be able to prolong and manage their losses in mortgage backed securities, thus giving them time to give you, “the consumer” the run around. Banks can now wait longer for the market to turn around and take a smaller loss.
Have submitted all loan modification paperwork to GMAC 3 times now. Have been told now it will take 45-60 days from the date they received “complete” loan workout documents. Nevermind they received the completed packet back on 5/28/09 from the HUD approved housing counseling agency I submitted this to. Now it will be 45-60 days (I’m sure that will become longer the closer we get to that timeline as well) as of 7/1/09. Funny, it seems to me it only took about 2-3 weeks for our wonderful government to hand out several BILLION dollars of bailout money to GM/GMAC, but their customers have to wait indefinately for their assistance. No change here, same old politics that have always run the show!
I was told to wait for Phase 2 because our home has PMI as well. Our agent also said that we were going to have trouble because our house is now worth 65K less than what we purchased it for. Does anyone have equity in their home who purchased in the last 5 years?
same here!!! banks arent doing a thing… Im in a 13% 2nd mortgage that i signed for 2 years ago… Banks give nothing but the run around and Ive spent at least 4 hours per week on the phone. The best thing is.. I signed for a 6% mortgage and the 13% is what showed up… trust me attorneys will not touch it. As soon as I get out of these prepayment penalties. All I can do is refinance. Thanks Chase!!! Love ya
I have a loan with EMC mortgage and I have tried 3 time to do a loan modification. Emc denied me 3 time. I think the loan midification is not working and EMC are hard to work with ,very hard. They really dont care.
We have First Mortgage Financial and we have tried to modify our loan to extend the note to a 40 year loan so our payments would go down. The attorney we hired said we qualified but they don’t want to work with us they just seem to rather have another house in foreclosure. This new law is just a load of crap. We don’t want to lose our house, but my husband is the only one working and he can afford to make the payments by himself. The only thing they will do is put all the payments that we are behind back into the loan but know we have to requalify , it makes no sense, we are telling them that we can afford the house. It seem that we no longer have any options how are we suppost to prove that we can afford the payment with me not working, we preatty much have to just let the house go. Three years paying our home and now we have to let go, they just don’t care.
Whoo, hoo! I just received a letter acknowledging that I sent paperwork in for the Mortgage Modification Plan. Let’s see I faxed it on 4/27/2009 and Chase promised a letter within 21 days. Actually, it was 42 days.
Previously, I called and they acknowledged the paperwork was received and they wanted updated Paystubs, Bank Statement and this is really funny a Rental Agreement for a Sold Property. They had already received the 2008 Tax Forms which clearly spelled out that the rental was Sold. So we made it crystal clear by sending them six additional pieces of information to prove the property was sold. I just faxed the documentation.
Now, I call again to be sure they received the documentation and they have it. Yeah! I explain to the associate that the rental property was sold and someone needs to learn how to read the tax documents they already have on file. So she then asks for W-2’s for 2008. Okay, I am looking at the fax cover sheet, provided by Chase, detailing all the documents they want and it does not ask for W-2’s. Oh, it’s the government who wants the W-2’s, she replies. Well we also signed a 4506 that gives them access to three years of tax returns. The 1040 returns show the W-2 income. How many times and how many ways do you need the same information? Dead silence on the phone. I actually thought she hung up, but she was completlely befuddled and could not come up with an appropriate answer.
This is priceless, she tells me it will be reviewed in 90 days add that to the last 42 days and the process is at 132 days. My call a few weeks ago it was only at 120 days.
I ask for a supervisor. Okay, no problem. Then she tells me his busy. I told her I would remain on the line until I spoke to someone. Meanwhile, I have now faxed the W-2’s.
So the Supervisor comes on the line and says that it could take up to 90 days, worst case scenario. I replied with why don’t you just wait until interest rates go up to 9 % and consider the applications at that time. I told him I was pretty much done with the whole scenario and I should probably just walk away. I don’t even have a late payment, but our savings is dwindling because our income was cut in half. (Read below for the previous blog on 6/16/2008)
This guy at Chase tells me that I am speaking to the Modification Area that handles only borrowers that are late no more than one month or not at all. Oh, and by the way, they have hired more people. Good for them. All temporary jobs that they will dump later. You have to feel for the employees, because it’s not their fault it’s Chases’ inability to run a business efficiently. But they certainly have received alot of loot for being so stupid. Anyway, I told him the W-2’s are on the way it’s a clean file, just get it done.
By the way there is no communication from these people, you have to bug them over and over again. I hope that I become so annoying they will just get it done and be rid of me, because I made it clear that I was not only blogging this on CNN, that my next step would be to send the loan package to the White House, AZ Senator & AZ Congressional Representative. If all else fails, I will just send it directly to Fannie Mae. Surely, one of the aforementioned will know what to do, NOT!
I told the supervisor, I realize he has to deal with very upset people daily, but in all honesty, I don’t really care. So just get it done.
Okay, now here is an award winning thought. If they modify a mortgage that has no late pays, will they report anything negative to the Credit Rating Agencies? I have no TRUST in these institutions. But I will be all over them and scrutinizing their every move, until they just get it done.
I wish everyone here good luck, going forward. Stay on top of these folks, until you succeed.
Below is the previous blog I sent on June 16 which might be of some interest to new bloggers.
The Mortgage Modification Plan is “The Great American Scam of All Scams”, maybe Mr. Obama should read these comments. Like many of the people here we bought a new home in September 2007 and put 20% down with a 30 yr fixed at 6.25%. My spouse was layed off in January 2008 and did not gain employment until September 2008 and at a reduced income which equals our yearly mortgage Principal, Interest, Taxes and Insurance. Our credit scores are 800++. We did not miss a payment, we have no car payments and we pay off our credit card monthly. We now just work to pay bills. We used savings to keep pace. We paid $ 478,000 for our home with upgrades and the builder is selling homes to our Canadian neighbors at any price they will pay because they shell out cash. Our home is worth less than our mortgage. We sent in a Loan Modification in April to Chase and after 30 days with no reply, we called. They said that they had the paperwork; however, it had not been assigned and that they are looking at 120 days for this program. We guessed that was for any acknowledgement, not necessarily an approval or denial. They do not have enough people to handle the volume. We only want to have our mortgage payment reduced to a 31% LTV. Any banker or mortgage company that suggests that people miss payments to get help is completely irresponsible and setting up the American Public to be further screwed. The lower your score the higher your interest payments for everything you purchase on credit. What a great idea to make money for the already greedy banking industry, “Who and What was Washington thinking about when they came up with this half butted plan?” As a previous mortgage underwriter of 15 years, I know this business inside and out and trust me after 3 years with, Countrywide Home Loans, I got up and walked out. They wanted me to sign off on an FHA Loan so they could get documents out to title for a loan closing to please the realtor; however, the loan was in no position to be closed. They simply wanted me to sign it without even reviewing the loan file. The Operations Manager was completely unable to make a decision, because she didn’t know how to underwrite loans. Boo, hoo, maybe a little training for managers might go a long way. I stood my ground and they attempted to reprimand me so I left and that was in July 2003. Angelo Mozillo (Countrywide Chief Executive Idiot and Thief). I use to tell people Countrywide was the next Enron, but no one wanted to listen. He should be hauled away and thrown in a deep dark dungeon where he can live happily ever after with the other rats, just like him. Trust me this has been going on for a very long time with all the lending institutions. Nothing has changed. Credit is now tight while the industry figures out new ways to get back to being rich quick and they will. First they get all the money they made over the last years, then our tax dollars and then because their programs were sold by untrained loan originators to people who clearly could not absorb these payments in any economic down cycle, they will get big bucks again from all the loan victims with credit ratings that will be in the dumpster for 8 – 10 or more years. Wow, what a STUPID PROGRAM. Totally disgusted. WAKE UP WASHINGTON. You have no control over these institutions. You can have as many regulatory agencies as you like and rules for them to follow and you will not stop these thieves. Washington has given them a Carte Blanche mentality. They are not Harvard smart they are Harvard thieves. They refer to it as talented and creative. In fact, they are creative, talented master thieves. They walk with millions and we have to pay so they maintain their lifestyles of the rich and fabulously talented. We will all survive this, no doubt, but we will all have to suffer together and don’t bet on any help. If you don’t fit into the box they have built you will get nothing . . .
Posted By BMK: June 16, 2009 11:06 pm
MAN!!!! Reading all this it’s a no wonder the Banks think we’re all stupid. Maybe they are right. If you have taken out more than 80 percent financing on a home since 06 what are you doing still paying!?!?!?! Rich people rule number one. (Don’t pay interest on a depreciating value). All homes are no subject to that rule. Rental space is at a 20 year high!! AND it’s cheap!! Forget getting a Mod. I know people who have not made mortgage payments in 24 months living in that same house and are mkaing over 150k per year. They are stacking all their funds and will buy a home for cash.
Frustrating…I am on my THIRD set of trial payments with Citimortgage. I was previously told I was on trial payments and then my modification would be permanent. I am about to make my 3rd trial payment and was told I have to start trial payments over then mod is permanent…
I been waiting to get an answer from Chase since Dec. 2009 and still I am getting the runaround. The told me that their systems are down and call back on Friday. I was told to call on Wednesday when I called on Friday. I have been told on several occassion that they are working on my Loan Mod. and come to find out they were not working on it at all claimed I didn’t call so they cancel the request. This is getting crazy and I need to know what I can do bc they are draging this out for what reason?
We have been trying to refi since Dec, because we found ways to pay it we don’t qualify. National City has been rude, they don’t listen to why you are calling and no one has their story straight!!
I’m writting because my husband has tried to get help from our mortage company. They don’t call back he has contacted them several times and he gets answers like we don’t have all you paper work, or he makes to much money. Do to the ecomony his imcome has decresed quiet a bit. They even said his payments where on time so he can get help.So he has gotton behind and he is behind right now and they still wont help us.My husbands work is contruction.we could sale but the price of our house has droped and we can’t get what is owed on it. We would love to keep our house but our payment is more then we can handle right now. If we could get it lowered it would be a greet help to us. please give us suggestions you may have.Thanks
One my third try (starting in April, ending in Mid June) I finally reached someone at Citibank that could help. Seems they really didn’t have the system up and running until then. Everything before June basically went into a giant black hole. The rep took all my info, told me I qualified and said I had to wait 14 business days for the market appraisal on my home. I called back in exactly 14 business days. The appraisal was in the system. Twenty minutes later I had my rate reduced to 4.125% for the next five years at which point the loan can vary with LIBOR up to a max of 5.4%. Took about $400 off my payment. Now I was not behind on payments, have a stable job and make a good salary. I didn’t “need” the program the way many people do. But I qualified so I took it. So Fannie Mae makes slightly less money off me over thirty years. The government will make it up in tax increases.
Many lenders are not applying the “Obama Guidelines” on conventional mortgages because they aren’t owned by Fannie Mae or Freddie Mac. This is giving the lenders an out to modify the loan using their discretion/guidelines which aren’t as beneficial to the customer. We are a law firm specializing in loan modifications. http://www.home-rescue-usa.com
We got into this mess almost 2 years ago. When my husband lost his job we put the house on the market but in order to short-sell we had to stop making payments. Which we did.IndyMac had the loan. The house never did sell. We renegotiated when he got another job( we thought) but this January after making the payments for 9 months – on time without fail, they suddenly sent our payment back and said all bets were off because they didn’t get the September payment until the day after Labor Day so they considered it late. No arguing with them – they promptly put us in foreclosure. We filled out the newest paperwork that had the government standards on it – faxed it in June 2nd. It just got put into their system on the 26th. We’re supposed to foreclose 9-16 and we’ve been told it takes them 30-60 days to look over the paperwork once it’s in their system. If the house forecloses before then, too bad for us is what they’ve told us. What is the deal with these banks? Does it really make sense to let a house get resold for $200,000 or more less? There’s no customer service and the right hand doesn’t know what the left hand is doing. They could care less about servicing these existing loans. And IndyMac just got bought out by a new group of investors.
My wife and I have hit all the major roadblocks thus far in the refi. Told we havent missed a payment so sorry cant help, sorry dont have enough equity in your home (190,000 loan home appraised 200K). I want to know why persons with excellent credit (both of us have over 720 credit scores) cant get a refi (just combining two loans here, not trying to renegotiate the terms) under the Presidents plan. We fit all the terms but the lenders are the ones saying no. There should be a way or agency to handle this expidiciously. Why talk up a great plan but have non of the resources in place. JP Morgan toughting 87,000 refis that sounds like a huge figure until you look at the number of mortgages held then its less then 10%!! Who are all these lenders trying to kid! They are doing everything they can NOT to help folks. Why else are all these run arounds happening? When the mortgage bubble was at its peak dial a lender 24/7/365 and within moments not minutes or hours you had someone selling you a loan for whatever you wanted. now ask for help and its nothing but runarounds. I have one word for these lenders, loansharks!!! Yes folks the deceptive practices and exorbanite penelties are the same yet these “lenders” are not investigated. Shame Shame Shame
Has anyone else run into the issue that when they refinanced during the boom 5 or so years ago, and thought they were being refinanced into a mortgage they were refinanced into a home equity loan? Our home in Indiana that we have not been able to sell was refinaced 6+ years ago for what appeared to be a mortgage – then when we try to utilize the home affordability we find out our loan doesn’t qualify…..we are trying to sell the house, but there is almost a $20K difference between the loan and the value of the house – it would qualify under the new phase (125%) but because of the way it is written it doesn’t. How many are now caught in that trap. It appears that US Bank was big on doing home equity vs a refinance into a mortgage. We are stuck and there appears to be no avenue to get any type of adjustment or remediation. Believe me it has crossed my mind to just send the keys in and walk away.
The first day in March when the 800 help line was announced, I called and received all the instructions for applying for help. I sent in the hardship letter, paycheck stubs, etc and mid-May the response was–your loan was sent to a negotiator–give us 30 more days–finally the negotiator called to say since u haven’t missed a payment, we cannot help even though your loss of income is substantial. They referred me to to Freedom Mortgage who said that to refinance my closing costs would be $4500 and my fixed 30-year rate would only go down from 6.6 to 5.5…$185 savings when my income went from $3500 a month to $1000
What a grabage half-effort system! Forget it! We unfortunately not only CAN afford the mtg on our worthless house, but also are not backed by FNM/FRE. So we’re basically S.O.L. Our house is worthless because of the crash so we’re throwing thousands into a hole on a monthly basis. We should seriously consider not paying a dime anymore whats the point?
I received a mortgage thru Countrywide
Home Mortgage for a 2 bedroom condo property in the Orlando area. When the sale of this rental community turned to condos the ‘preferred lender’ to use was Countrywide. If we used them we would get a 1/2 point shaved off your rate.
I used them and so did many others in the same 360 condo complex. The problem was they put in a 5 year ‘pre-
payment penalty’ that slipped thru during the closing. The fact that this was in place kept me from selling my unit in a falling market and pay them some $4000 in early termination fees. The market was falling because they gave out so many ‘toxic’loans to individuals who were probably not qualified to have a mortgage in the first place and eventually when these people started to ‘go under’ they pulled down the selling prices of all others condos in the development. That is one problem. The 2nd problem stems from how the actual Countrywide Corporation works. I might mention the I bought this property as a ‘eventual’
2nd home one day. But, finding a renter sometimes was difficult. The
problem I am having is with the actual way the Countrywide customer service
is set-up. I am having trouble with the mortgage and have asked for a modification since November of 2008. Everytime you want to follow-up with the process you never get the same person twice. There is no continuity in working with the same customer service person or work-out person twice. There is no thread to the original request and I am finding you have to explain the whole situation over and over again to a new person, who in the end cannot provide an email address for themselves to be contacted,
nor a last name, nor a solution or accountability.
Apparently, owners like my self who are trying to do the right thing, pay on-time, want to hold on to their property are finding that because I don’t live in the property I have no options at all to get a modification under the Obama plan. The values are under what I owe and I acnnot refinance either with them or anyone.
I had been told by Countrywide/Bank America Reps that people will be reviewing my account but, they cannot actually look at my request until I am 1-2 months late. You have to be late before they can do anything! It sounds ridiculous to me to have to put yourself in a bad credit situation to get noticed. They have virtually no follow-up in the process at all. You won’t get a call back nor a letter specifying your request. There is no acknowledgement. If you are lucky to get a call back and miss the caller,
it is virtually impossible to find the caller again. Something else about their customer service, you sometimes are sent to an India call center and speak to people who have no idea what you are going through in the states and your problems with the market here!
My last comment is that there sems to be no help for a home-owner who bought a 2nd property and is not living in it.
The fact is that my condo development has an mix of owner occupied properties and owner (2nd property) rentals in the
same complex and we are all in this together. The fact that is that once people realized they were under and did not care enough about their credit just picked up and left vacant properties to be foreclsoed brought the values down for everyone regardless if it is your first home or 2nd home. Right now, I have to be late before someone will act on my modification request. I sit here waiting to hear back from people who are analysing my financial statement I submitted 3 weeks ago for the 2nd time!
There is nothing that forces the banks to modify your loan. They are busy making new loans and business that will generate them $$ 
Your loan modification will only force them to take less than what they want. Banks already have the stimulis money so why should they give it to you? There is nothing in the bill that forces them to lend it. Our Polititians get HUGE contributions from lobbyist from big business. Which allowed AA ratings on B securities that were sold to the public, and Big business pocketed profit off those same toxic assests. Now some of those profits get contributed to the campaigns of our politicians, so deregulation can be successfully lobbied for. Listen to me. If you are behind DO NOT send your money to the bank. IF you are going to get behind stop sending money to the bank. Save your cash cause you will need it to get a place to rent. Stay in your house as long as you can and have a rental in place. When it’s time to move take your saved cash and settle your credit cards for 60% of the value and be debt free. You will have cash flow that you can save up and when the market bottoms in the next 5 years you can buy that house you’ve always wanted cheap! The forcloser has an effect of 4 years only, and probably will have lost it’s stigma becuase of it being the norm by then.
We have the same problems with Chase. I lost my job and went back to work months later but took a HUGE pay cut and now we can barely afford our mortgage payment. I called Chase and they told us that they are only helping out those borrowers whose loans were originated with Chase that they service. Our loan was originated with TD Banknorth so we called them and they said because they don’t service our loan they won’t help either! I finally called Chase and told them that at this rate we will end up paying late. The rep told us we could refinance but we would have to come up with over $9000 dollars! Heck if I had that kind of money I wouldn’t be behind! Needless to say we may end up losing our home because we originated at one bank, who sold our loan to Fannie, which is now serviced by Chase who doesn’t care if we are late or if we go belly up. I wonder how long these financial institutions will be around once everyone ends up losing their home!
The concept of the program is admirable, but the execution…
I think the idea behind the assistance is great; however, it does not solve the economic problems when the financial institutions are moving to slow.
What about the families that have been forced to abandon their home, move to another state for employment, and are now facing foreclosure? There has been no mention of help!
My husband lost his job and was unemployed for four months. Finally, he found employment, but 1200 miles away. My husband and kids moved while I stayed back to try and keep us a float. That only worked so long and now we are facing foreclosure. The house has been on the market for 9 months and we have already dropped the price by $50k and still no bites. We have even tried a short sale to try and salvage our credit but that does not seem to be working out.
There is no help for us at all!
When you bailout the bank industry after unprecedented greedy and reckless behavior, you instill a message that they can do whatever they want with impunity.
Why is anyone surprised they are not “doing the right thing”?
We got our mortgage responsibly, above the income to loan ratio and lived a comfortable life. Husband and wife borrowed with a ratio of income 2:1. The larger income earner of the two lost a job, bringing down the income to loan ratio to 25% and expenses rose more with a new baby being born and day care costs. Our house was underwater by 105%, we are a typical case for loan modification or refinance. We are still current and our reserves are running out, next step will be take out loan from the credit cards and we have approached the bank 6 times, faxed papers, filled out four online applications which says give us a 30 days time, we have 6 different numbers to call and banks have named the government’s plan diffrently and we have not got any approval or help. The bank is making us go around in circle. We will be calling next week again and see if we get any help, we are beyond frustration when we are already distressed with a loss of a major income coming into the family and a change in our lifestly. our mortage is with citimortgage.
I’m with all these people in the same position with Chase. I put in the application in Feb. and got no response until June, still not been approved for anything and have called the assistance department at least 3 times a week since Feb with no returned calls. Chase is the most difficult mortgage company to work with because nobody knows what is going on there
My story is almost identical to Jose’s. In February we started the refi process with Countrywide (They held our mortgage already 6.25% on our first home bought almost 3 years ago, with the principle around $215K on a house we paid $269K for which is now estimated at $240K.)
Things started well. They gave us a great rate (4.350) and depending on who we talked to 1.5 or 1.25 points. And then BoA engulfed Countrywide and…
We called, they didn’t call back. We called, they didn’t call back.
But then, one day, a guy calls up and says: We are really sorry, we are backlogged with all the refi and the corporate change, but we have looked at your offer and this is what we can do, its even better!
So I said, ok, and we started again, after all, they still had the $400 I had paid to start this whole process, and…
They didn’t call. So I called. They didn’t call back. So I called…
And then one day, in June, they called and said, they were sorry, we were still locked in for our great rate (which was significantly better than I could find anywhere else) and now they wanted to streamline the process and get this done, could we resend all the information we had sent before…
Ok. So we did that. And the next thing we know, a lady shows up for closing (with paperwork and numbers that closely resemble what we were offered, but the 1.5 seemed to win out over the 1.25 we were told…) but we signed on the dotted line anyway, because it was still a million times better than what we had and a rate that low couldn’t be bought with 1.5 points anywhere else.
Why did things finally start moving? The appraisal they made was about to expire and they didn’t want to spend another $500 having an appraiser come out to our place and have the number come back lower.
That said, the appraisal was so low we had to kick an extra 5-6K at closing +3K for the next months payment essentially.
We passed on the FHA loan because even more money would have been due at closing and we would have been locked into mortgage insurance for the next 5 years, but if our appraisal had come in $10K lower we would have had to use the FHA loan.
Anyway, the term of our loan is now 15y instead of the 27.5y we had left on the old loan and our payments have actually gone down. So… its worth it. We will save $140K over the life of our mortgage, which more than makes up for the $30K we lost in the appraisal, which I suspect we will get back slowly but surely over the next 10 years anyway.
Where is the love????
I,like many others here,have sought to refinance just to bridge the gap until the home market recovers.I’m told my DTI (debt to income ratio) is too high to refi…!!!I’ve never been late or missed a payment. Why don’t the honest ,hardworking Americans who are trying to weather this economic storm being rebuffed at every turn?
I’m not seeking freebies. I just want an adjustment so I can survive. Why do banks tell us that they can’t help because we’re NOT in arrears?That is ridiculous.They will ultimately force people into foreclosure who didn’t have to be there.Where is the banks’accountability???
PLEASE help, Mr. President.
I love this country and could now use some help…God Bless America
PS I came out of retirement to work again, and my business just shuttered the doors yesterday afternoon.
We tried over a 4th period to get Countrywide –> Bank of America (BOA) to process our loan using Obama’s refinance loan plan. We didn’t require an appraisal nor did we require to pay mortgage interest through this plan. However, that was all that good about this plan. Each time we received papers from BOA, the interest rate and other figures were wrong. After fighting with them for about 4 months, it finally came down to the closing and the papers we received which indicated how much we had to come to closing with was over $2000.00 more they originally stated on the good faith estimate. We ended up cancelling and now the $400.00 we were forced to pay for an application fee and a $35.00 fee for a credit report was just thrown in the wind as they are refusing to pay this back to us. The whole thing is a scam with the banks getting money from the govenment and from us that are trying to refinance due to hardships.
In all the “hard work” banks are putting in with “helping people refinance,” it has affected new loans as well. I put an offer on a house in early April and wasn’t able to settle on the house until June 10, because my loan sat in underwriting for weeks. And this comes from 2 applicants with enough cash, income, and credit scores over 750. The excuse? Lenders are swarmed with refi’s. From what I’ve read, the lenders haven’t done much on that end either..
My only solace is that we have a really low rate and are finally in the house. All’s well that ends well, right?
The scheme of home mortgage loan modification is currently a sham in many cases and it has several billions of manhours and resources of consumers tied in just for applying. I did a thirty page fax work for our bank and nver heard for more than two months, that was when I approached the Controller of Currency with a complaint, it is now two months since that happened -finally we only have a letter this week from the bank stating they will decide in another thirty days. Some days ago when I contacted the bank (Chase Home Finance, lender), they said they would seek about ten thousanbd dollars upfront costs and refinance my loan but not modify it -even though I am UNEMPLOYED!
So much for the federal guidelines and enforcement, having given hundreds of billions of taxpayer money to the banks!
I have been trying to refinance my loan for several months now due to medical reason. I am not working the same amount of hours that I was previously working. I submitted my paperwork three times to National City Mortgage. The first time I was told I have a budget deficit so they could not help me because I do not make enough money. The second time I applied I added my husband’s income which I did in the first application as extra income even though he is not on the loan. The second time I was told that I make to much money because I have an extra 1200 per month which is not true because I have medical bills to pay which varies from month to month. So my question is how can I not have enough money one time I apply and two much the next even though I listed my husband both times. It is so unorganized and insane I don’t think they are really trying to help anyone.
Yes, and everything was going well until the bank manager realized the loan officer who refinanced me with a fixed rate in 2005 made it a “sub prime” loan; which she said should have been impossible; I never fell under that category with the job I had then and my credit ratings all in the high 780’s. She doesn’t know how he even got that paperwork to go through, but … I’m screwed.
My problem is that I am current on my mortgage payments. If I would just get behind a little, I would qualify. WHAT A JOKE!!! I get punished for being on time and current with my payments.
Why are people falling behind on mortgage payments? I know that some have lost their jobs, but others (like the family pictired in the previous article) must have made poor financial decisions. I have a blue-collar job, I make good money because I work a lot of overtime (20 + hours a week), I have one child in college, and one who just graduated law school. I’ve never taken out a student loan (although I do have several thousand in credit card debt, which I will have paid off within 6 months of my younger childs graduation), instead paying for tuition, room, board and books out of pocket and with savings. I also do not own any toys (boats, motorcycles, etc) although I will in a few years WHEN I CAN AFFORD THEM! Many of the people crying poverty bought more house than they could afford, own boats (and with them trucks to tow the boats), motorcycles, etc. If the government bails all these people out, MY taxes will go up…and I will be NO BETTER OFF. Americans have become spoiled by living in a society where one is not expected to be held accountable for their actions, and as a result, people who are responsible are continually forced to foot the bill for those who aren’t…It’s time for this welfare mentality to stop!
I paid $82K for a condo 3+ yrs. ago. I have surepay……pays every month on the 1st. Same Lender/with Others have foreclosed on 8-10 units in the past year. They are now selling those units for $12-$18K. I called to see that a modification should be in order. My credit score is above 800. I was told, we (Lender)can not talk to me until I am 90 days behind on payments.(Behind on Payments). This is asinine!!!!!!!!
What do I do…..I’m going to give it to somebody if they want and will make payments. No more surepay as of July 1st. Who in their right mind would keep this condo/loan? How many years before it’s even a break even situation paying on $82K.
I had hope when I learned of Obama’s plan to help home owners refinance mortgages to more manageable terms.
It made sense, after all my mortgage company was one of the banks that received my tax money in the form of a bailout.
But, I soon became disgusted. My mortgage company said I didn’t qualify for restructuring because I was current on my payments.
So, I let my mortgage run past due and reapplyed, and I was shocked again, when I was told that I still didn’t qualify because I was current on my payments.
Bottom line, I think Obama’s claims of helping the middle class working people with their mortgages was a publicity stunt, to justify giving our tax dollars to the bankers.
I am so upset that all I can see right now is red. My husband called Wells Fargo yesterday to finally find out what happened to the so called “letter” he was suppose to receive from a customer service rep he spoke with two weeks ago. He asked him what was going on and he told us he didn’t know and that we would have to wait for this packet of information fill all of it out and send it back. Apparently one was already sent out to us that we never received so my husband requested another one. When he talked to the rep yesturday we found out our plan that we qualified for was terminated because we never payed the 1300.00 on the first. WHAT!!!! We knew nothing about this!!! They said this was approved on June 11th and that a letter, not a packet of forms, was sent out to us to sign and send back. We told them we did not receive it and that we requested another one. They see the call but the rep did not put a request in to mail out the letter. AND he put notes in the system that he explained the whole plan to us. This was taking our mortgage down from 2700.00 a month to 1300.00 and we would just let it go and let it terminate!!!!!!!!!! What the H**L!!!!!!!!! He LIED!!!! These people are playing us and they want us to lose our homes. I have 3 little kids. A 5 year old a 3 year old and a 1 year old and they don’t give a d*mn about anything except their own stomachs. We spent months trying to get approved for this and we would just throw it away!!!!! I cried my eyes out last night. Now we have to spend money on a lawyer because we are not letting this rest. My husband spoke to several people and they told us to reapply. We don’t have the time or money to reapply and we would probably get turned down since it looks like we didn’t care that we got approved on the first one. In the meantime we lose our house. I am just sick… And I don’t know what to do…
we have CourtryWide/Bank of America Trying Dec 08 for a loan mod with the help of NACA was turn down 6/18/09 it was resubmitted on 6/23/09 there is no help!!
We are not behind on payments but have a fixed rate (Fannie Mae Guaranteed) loan with Countrywide/BoA that we want to try to refinance and get a lower rate. We do not qualify for any relief because #1 we have mortgage insurance and #2 our loan to value ratio is now a whopping 134%. Tried calling Countrywide several months ago and was told that I needed to wait while they figured out all the details. After no response, called in again…this time to BofA…and now I have these other obstacles to overcome. Seems as though the only way to get help is to actually stop paying my mortgage payment…why does it take that extreme measure?
I work in the finacial services industry in sales and my comissions have been cut in half. Additionally I live in a state, AZ, where property values have delcined over 50% since the peak in 2006. I tried to get help from my mortgage company, First Franklin, with my ARM but they turned me down. They said I make to much money? No I am stressing about how I am going to pay the balloon payment due in 3 years? My ARM continues to adjust every six months and I cannot refinance. HELP!
I’ve been attempting to work with Wachovia over the past several months (since March-09) in hopes of doing a loan modification to reduce the interest rate and monthly payment.
So far, I’ve been getting nowhere with anyone I’ve spoken with at Wachovia. The government Home Affordability act is a huge joke. I’m ready to walk away. Has anyone had any luck with this bank?
I voted for Obama hoping he would keep his word on mortgage help. Now that he is in office…nothing! Just like all broken promise elections. They are all the same. The banks run this country. I have tried with BofA and GMAC to get help after losing one of my jobs and all they do is come back with a plan to “Get caught up”. That’s not help. So as one house has lost $400,000 in value and the other $150,000…they can have them. Obama’s plan is nothing but air.
I forwarded the required information to Bank of America (CW) on March 3, 2009 and July 3, 2009 requesting a modification under MHA. Over the past four month I have been lied to and deceived on a number of occasions from do not qualify to you will receive a call in 60 days to you need to apply for a conventional refinance to be denied. I have sustained a 50% reduction in income since the loan originated and fit the other requirements to be eligible for a modification. Lastly, I am in touch with A HUD counselor to move the process along. The service and deceit is dispicable with B of A.
If your mortage is with Wells Fargo Bank, good luck. They are the most difficult and inefficient banks. It seems to me that they do not understand the meaning of being customer focused.
I have been working with them for more than eight months and I see no resolution to my case up to now. They keep telling me that my cases is being reviewed and it is on the negotiator’s desk. My house is in active foreclosure now due to Wells Fargo Bank internal mistakes made by them and/or its own inefficiencies.
I applied back in April for the Loan Modification / Refinancing under President Obama’s Home Affordable Program. Bank of America (Countrywide) has not been helpful at all! I have two loans with them and struggling with both. They refuse to help me even though of my job loss. Everything is falling way behind.
Our tax dollars went to bail out these banks and in order to get this economy moving. They need to help the people.
Also, I have been seeing a lot of new construction of new banks being developed in my area. Is this where the money is going? The government needs to step in again.
I’m a small business owner that has been affected by these hard economic times and like many of you I have applied for the loan modification with Chase which has our mortgage. Chase has had our documents since May 4th. I was originally told that it will take 30-45 days to process our application. Once that 45 days past I began to call once a week and every week I would get the same bsa answer “Your application is still being processed.” Meaning it has not been given to an agent to review yet. I can never get an answer from anyone I speak to at Chase. They keep giving us the run around. I was told that if I do not make my July payment then call in after the due date I may be able to get further assistance. When I asked if I would get a negative hit on my credit the rep said yes. What kind of since does that make. I don’t blame Obama for the mess that’s being made by these banks but he can put the pressure on them to process these modifications.
Agreed – No one really cares about the banks that AREN’T helping! I’ve been trying to modify my loan since November of 2008! NO response from Indy Mac YET!!!! Indy Mac reps continue to give me different responses (1) “You haven’t applied to anything” (2) “You were denied already” (3) You should have a response soon… :: Then my primary home loan company COUNTRYWIDE has denied me once because I was making payments (the 1st time I applied it took 5 months for a response). Then COUNTRYWIDE denied me again b/c I WASN’T making my monthly payments, WHAT THE HECK DO THEY WANT, my kidney, liver?! Now I am in the process of applying again with the Obama plan supposedly helping me…and I just won’t make any more payments, Countrywide has made so much money from me it’s ridiculous.
I have been trying to get Wells Fargo to redo my loan for 6 months now. At first they asked if I was behind, and when I said no, they acted like I didnt need any help. So I quit making them, and now I got laid off from work and they say I need income. I have a 15 year mortgage, and all I wanted was a new 30 year mortgage which would reduce my payments. But now I am facing bankruptcy. I dont have the leisure to just sit around and wait for them. Meanwhile a lot of taxes are going up in Florida, and I will bet taxes are going to rise everywhere to pay back all this money that apparantly is not going where it needs to go. The banks will just come out richer over this mess and the average american citizen will get screwed again !!!
Because of the PMI on my mortgage, Bank of America tells me that I have to want for Phase II of the Obama program to apply for refinancing. The traditional refinancing was denied because the value of my home has declined because of the market. I have just about drained my savings to keep up with my mortgage payments. When will the next phase be implemented? when I finally lose my home?
We got behind when my husband lost his job, we ALWAYS sent some $$$ toward our payment, I started making full payments, was then served with foreclosure; I freaked! I spoke with 5 different people~got 5 different stories, was told all the money I had been sending never went toward the payment, it is ALL in a “Suspense Fund” this fund will pay my Attorney fees and penalties!!!!! So please tell me..Where is ALL this help from our Government???? Now I work 2 jobs (glad to have a job), have no Health Insurance and not getting a straight answer from Chase….Mr. Obama where are you?? HELP!!
Really, IS ANYBODY READING THIS? I have the same problem with BofA giving me the go-around. I have applied to all the different programs and it always the same story. Then all that you hear from the so called expect on TV is what the step are and that we should keep calling. Why it is that, nobody is talking about THE BANKS NOT REFINANCING!! I have not heard or seen one report on any media, Let face it people they really don’t care.
Obama’s “Home Affordable” plan is a HUGE scam in that banks don’t have any set time frame for processing applications. I applied for a modification under the Obama plan in March with my lender US Bank. I was told I would received a packet of paperwork in 2 weeks. In 2 weeks I called back, was told to keep watching the mail. One month later I received a letter saying it could be 45 more days to reach a decision. At the end of that 45 days I called back, was told it could be longer, but they couldn’t say how much longer. One month after that (i.e. FOUR months after applying) I called back. They told me the original letters were sent out prematurely. Nothing had been done on my case, but they will request an application be sent to me in the mail, should arrive in the next week or so.
This is OUTRAGEOUS!!! The bank is doing nothing. And they are getting away with it because there are no laws forcing them to honor the Home Affordable arrangement. In four months, the bank has not even assigned me to an employee, and now they are requesting all the same info all over again.
It’s good to be a bank. No accountability whatsoever.
We relocated Michigan –> Florida 8/07 for a job and were unable to sell the MI house due to the poor market. We have struggled to keep paying for homes in both places and after 2 years we are at the breaking point. We contacted the lender in March re: the new Obama plan to see if we were eligible, followed up monthly since then and are still being told it is “processing”. Don’t feel that our lender has been helpful at all. We were very sensible with our purchase in 2003 of a starter home with a 30year fixed, thought we were doing what was expected and living the American Dream. What a joke.
I’ve been told for MONTHS now that I cannot simply refinance for a lower interest rate because my mortgage loan has PMI. What sense does that make?
The bank rep even suggested that if I miss a couple of mortgage payments, perhaps then I could qualify for the modification program instead of refinancing!
I keep being told that “Phase 2″ has not been rolled out yet and those of us who carry PMI cannot do a single thing.
To Los Angeles posted July 1, please see my post of June 19th by Nancy in Ocala, Fl. I did all the steps you say work and guess what, they don’t as you can see by the log I posted. To the numerous other posters that say all of us bought over our head or are trying to cheat the banks, many of us are in this position because of layoffs and medical bills, us included. Our income dropped approximately 50% in the past two years and we have great credit scores over 750 and over 800. We did not buy a house that was too expensive for us nor have we missed payments. We are not trying to not pay the loan nor are we walking away. So far we are paying out of our bank account. We are simply trying to get some temporary relief so we don’t have to go to foreclosure.
I was fortunate with dealing with Ditech GMAC. Requested a lower interest rate on second mortgage and they approved my modification in 30 days. Went from 10.5% to 5.0%..,was really suprised and greatful,however the process with Bank of America is still up in the air. This is my 1st mortgage and I waited 30 days after sending in request to follow-up, was told there are 6 stages and I’m just in stage 1 which means they are reviewing it. Also told it could take 3 to 4 months, which is totally ridiculous. President Obama needs to hold these banks accountable for processing modifications within 30 to 60 days. If one bank can do it..,why can’t all banks do it? 
. So the juries still out on my 1st mortgage.
I want to know if anyone is reading these comments??? Where is the help that the government keeps talking about???
I am trying to do Loan Modification / Refinancing my loan under President Obama’s Home Affordable Program but its always denied by my lender Wells fargo.
I have home loan from Wells Fargo .
I am trying to get help from Wells Fargo to retain my house as I am having difficulty in paying mortgage. My father had Cancer operation and I spent lot of money on his treatment and now every month I need to send money for my parents.
Horn able President Mr. Obama announce that borrowers whose loans are now worth up to 125% of their home’s value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit was 105%.
I already sent my pay stubs and all financial details to Wells Fargo, so its like I am in circle and not getting any help from lender side.
The sad truth is that the Obama plan was never meant to really help the public at large. Its sole intention was to be part of a great propaganda campaign to stop the free fall in the housing market, DOW, S&P and the Nasdaq. Reading all the stories before this posting confirms this. I work in the mortgage business, its been my profession for the past 12 years. I see no help for the majority of Americans. We are fast becoming a society where the majority will not have a sustainable wage. They were middle class Americans, but now, after sustaining major shifts in their household income, are reduced to a standard of living that cannot support them. For years I’ve talked to countless customers, none came to me about how their job was created from the brilliant “free trade” concepts that was forced on the American people. On the contrary, it was the exact oppostite. I was told story after story about how their job was outsourced to a distant country on the other side of the world. We will be a socialist society when Mr. Obama is all done with this country. We will be like Russia, a country with a powerful nuclear arsenal and controled by our Central Bank (which refuses to be audited by our Congress or any of the other legislatures that’s suppose to represent us)! The only hope we have is to raise such an outcry that those we elected must act in a meaningful way. Don’t give up on the tea partys! I hope to attend one soon, saw one advertised on someone’s back car window driving to work today. I’m not surpised that would be the only way I would hear about it, certainly not in the government friendly media!
Not for nothing, but the fact that the banks are continuing to keep overhead low by not rehiring the necessary support is just another sign of the problem.
May I remind how muc TARP money was given to the people who orchestrated this fiasco?
May I remind you that the same banks now supposedly helping are sitting back and not helping. They’re staying at reduced levels of employment to handle the load plain and simple.
Not sure when Americans will wake up, perhaps never, but the simple truth is you’re being victimized by the same people that caused the problem and now have the money (OUR money) to make matters worse.
C’mon folks wake up.
These banks are greedy and extremely difficult to work with. My bank only decide to work with me after I was two months behind in making the payment. They drag their feet on every transaction. Also the banks do not like you going through a third party for loan modification. I went through a third party because I was not getting fair treatment.
I am currently working for and consulting to a law firm that assists people with Loan Modifications and I must say it is disgusting how little the Loan Servicers and Lenders actually care for their customers. On a daily basis we find that we are routinely sending, resending and resending documentation that has been faxed and FedEx’d – we have to fight daily to get lenders to agree to modify for these clients who have legitimate hardships (medical expenses, deaths of a spouse or loss of work) people that in the past were able to honestly afford the mortgage they are in and due to unforseen circumstances can no longer – people who have liquidated their life savigns to remain current on a home that is now worth far less than they owe while the mortgage servicer has delayed the process for month after month becuase they are ill equiped, under staffed and uneducated on how to respond to the client’s needs. When we are finally able to get past the Customer Service “gate keepers” who protect the Negotiators from all outside contact we then usually come to find that the Negotiator is now requesting all new documentation becuase what they have is “too old to work with”. And the best of all the excuses comes most commonly from Bank of America (Countrywide) “sorry but this loan does not qualify for a modification becuase it is not owned by Fannie or Freddie and we will not tell you who the Investor is . . . just that they are not eligible for a modification.” Until the lenders and servicers are held accountable for their actions and motivated with some form of penalty for not modifying (in addition to the bonus payments they recieve for modifying a loan) then this problem will only get bigger and we will slip into another Depression.
I refinanced due to medical hardship with Countrywide/BofA. Locked in on April 8, 2009 at 4.75%. Closed the loan on June 14, 2009. BofA extended the lock. I did my research, and Iunderstand the loan process. I think perhaps it should be mandatory for borrowers to understand interest rates, payment shock, ARMs, etc before signing loan papers on a house they really can’t afford in the first place. I wanted a bigger house with an inground pool and a 50″ plasma for every room too — but live by the concept “if I have to buy it with a credit card instead of paying with cash — then I really can’t afford it.”
We are trying to refinance but are getting the runaround from the bank. If we had a Fannie Mae-insured loan, we would have already refinanced through our broker, but since our mortgage is with Freddie Mac, we have to go through our lender and they keep stalling, missing appointments and forgetting to send us paperwork. It seems like when the interest rates are up, they are on the phone trying to work with us and when the rates are down, they won’t talk to us.
I think that it’s unfair that Fannie and Freddie can have different rules for the same program. Fannie Mae seems to be on the side of the homeowner and Freddie Mac seems to be on the banks’ side and I am caught in the middle.
I lost my job at a bank and fell almost a year behind in my VA mortgage payments. I was in constant contact with the lender homeowner assistance department. I went thru a program and made payments once I obtained another job. After completing the special payment program I submitted revised financial information and was called by the Bank and told I qualified for the “Obama Mortgage Program”. I was quoted a new payment amount and told loan papers would be forthcoming by mid-April. All I got from the Bank in April was a letter telling me they were proceeding with foreclosure. Since then I have been unable to talk with my assigned analyst. They say she is the only one working VA mortgages and the department is 90-120 days behind. I have a July foreclosure hearing and an August sale date. The VA has tried to contact the Bank via e-mail and I have tried faxes and certified letters. No respponse at all from the Bank. As a disabled Vietnam vet and a single parent with a minor child at home and two children in college, this is not good. Now their system is “down” for maintenance and when you call in even the receprionsts can’t access records and nothing can be attempted until after July 6. Can you imagine the backlog by then????
Jason from Georga said it all!!!
The government has gotten us into this mess. Now we’re looking to them to solve it. Greed is good and it is what we need to solve this problem. Letting the Govn’t take over will create so much inefficiency that nothing will get done. Your banking will now be the equivilant of going to the Department of Motor Vehicles. Anyone know why the Govn’t is so inefficient? Because they don’t give a dam. Taxes are the revenue and they will always be there. Until…who knows what.
If you can handle a credit hit, just stop paying the mortgage. That will get the bank to call. Then after a year of living for free, tell them that they can either lower the principal, or else a family member/friend will win the auction and give it back to them anyway. The banks are helpless, they know it, but the citizens havent figured that out yet.
We tried to refinance last year, but were turned down.
Our credit scores were (and still are) in the upper 700s. Everything looked good until the appraiser came back with her appraisal. It was too low for us. When I examined the appraisal, I discovered she missed several very big items from her report. We pointed this out and argued with the bank. They said we could spend more money and they would bring in their alternate appraisal.
My biggest problem with the process is that our neighbors on each side of us just refinanced. In both instances, their appraisers came in and increased the value of their houses 10% and 20% from the time they bought. All three of us bought around the same time. Our house goes down 10%, but there’s go up 10+%.
When we told our bank this, they said well things have turned around and their appraisers are also increasing the values. They want us to spend more money on an appraiser, but demand we use the same appraiser.
Please sign this petition http://www.hvccpetition.com . It will take about 1 minute of your time. This is affecting appraisers, realtors, mortgage brokers and anyone who may be thinking of refinancing or purchasing a home, now or in the future!
I’m a snnior loan officer with a mortgage broker and it amaxes me how people focus on the rate and want a Good Faith Estimate yet won’t provide any substanial information. Can we agree that underwriting guidelines are more stringent than ever? If people want professional help from reputable loan officers it would make sense to provide real and complete information instead of playing the “what’s your rate” game.
The modification plan is difficult to apply for and the refi plan is as well. My front end ratio is good, the back end ratio from credit card debt is what is killing us. The credit card debt in turn isn’t helping our credit scores so with the adjustment on the rate based on our credit score, we’re right back where we started.
Plus, our lender is only doing the fixed option and not honoring the 5/1 ARM option that was available in the Fannie Mae announcement to the lenders.
I owe less than the house and property are worth. It is a doublewide. When trying to refinance at a 15 year loan for less in interest they took my goo faith money and then told me they could not do it because it is a manuifactured home.
Everything in the program is for
people that are behind in their
mortgage payments;nothing for people
that are up to date in their payments
and doing things as they should be. To
qualify I will need to fall behind in my payments! It makes no sense !
To everyone having issue:
I am a mortgage BANKER.
I RETURN phone calls.
I TALK NICE to people.
I get loans CLOSED within 30-40 days.
I can do loans in ANY state.
I have lots of very good processing and underwriting support.
I will tell you within 15 minutes if I can or cannot do the loan.
I am asking for your business because I am good at what I do.
Joe
Loan Officer
Office 815-765-0220
j789ellis@gmail.com
We tried to re-morgage with our bank but they keep telling us that they they are still waiting for information on the stimulas programs (Bank OFAmerica).I think its a big scam
My loan is with Chase and I am in the same boat as everyone else. I’ve been in the loan modification since March 09 and still waiting! One thing is clear, if we try to do this honestly and by ourselves, the greedy banks will never help us. That’s why I propose a “D” day for banks. JANUARY 1st 2010, everyone accross America STOP making your mortgage payments if you applied for modification and got a run around. UNITED WE STAND! DIVIDED BANKS LAUGH!
I have read several of these stories and a couple things come to mind.
1. Think about it, no bank will want to work with you if you are making payments on time and in their opinion not a risk to default. That is just not a smart business practice especially when we know the banks are hurting just like many of you. So, how do you get around this, GO SOMEWHER ELSE OUTSIDE OF YOUR CURRENT LENDER. Everyone keeps saying my lender won’t work with me, do you blame them? There is no incentive, okay there is, but definitely pails in comparison to what you are paying over the life of the loan. I had my mortgage with Countrywide, they didn’t want to work with me after a couple of attempts, so I said screw you then and took my money to Wells. Wells gave me a refi loan that is saving 500/month, granted I had a great credit score, good job, and equity in the home. If you have all these, which I realize many do not, you should have no problem refinancing AS LONG AS YOU negotiate outside your current lender. At my closing the attorney told me 97% of her refis are all done outside their current lender. Just food for thought.
2. I do get really angered by the ENTITLEMENT many feel here. It was probably obvious you had no business buying the home in the first place and just since some idiot donkey gave you the money, doesn’t mean you should have taken it. Why can’t some just be accountable for their own actions? Yeah, it sucks your home has gone down in value, so has mine, but it is not the end of the world and I am going to bet it will come right back up even if it is several several years out.
I am a mortgage lender and the lenders simply do not have a handle on how the Making HOme Affordale Program works now much less adding or expanding the LTV limits.
This is again a typical Obama fix. You can’t simply throw more money at a problem and fix it. The current plans are fine it is the implementation that is the issue. The time that it is taking for the lenders to review these files is extremely long.
What would be a better solution than giving TARP money to banks would have been to subsidize the mortgage refinances of customers who were underwater.
This would lower payments, lower company delinquency, reestablish the original LTVs based on current day RE values and cash flow would return.
What a shame. By expanding the mortgage refi plan, Obama once again stays in the news but delivers little substance.
Just want alot people to keep in mind that the lock periods(amount of time it takes to get results) get extended alot because the people who process these loans are doing 10 and 15 times the volume they usually do therefore pushing the time back more and more.
Regulation, regulation, regulation…all this does is create government jobs and a bureaucracy that slows down processes, limits consumer choice, and increases costs to the consumer. We all see how well the VA and Medicare are run…now they will try their hand at regulating banks, nationalizing healthcare…we are headed for a mess!
I’ve tried refinancing for the past 2 years and I cannot. I have a subprime mortgage and NO BANK wants to refinance my loan because I am upside down on my loan. Obama’s plan does not help me because my loan is not own by Freddie or Fannie. They also need to come up with a plan to help home owners that are not own by Freddie or Fannie, or extend the benefits to those that have subprime mortgages outside of Freddie or Fannie.
I actually have a very positive experience. I refinanced a $417K dollar mortgage (house appraised for $650K) and went from a rate of 5.75% down to 4.875% and my total closing costs were <$2000. There were no problems and mininmal delays, but I also had a good credit score (750).
Sounds good but the Banks (BOA) and Lenders (Lending Tree) aren’t interested. I bought a house 10 months ago at 6.25% from BOA and got the loan with no problems. Tried to refi last May at 4.875% (save $190 per month) and I didn’t qualify from BOA or Lending Tree. Bet if it was 7% they would come to my door with a pen in hand! They sure didn’t have a problem in keeping the $1050 I had to give them though. ($450 to BOA, $600 to Lending Tree)
Banks loose money if you refi for a lower interest rate, their greed make Bernie Madoff look like a saint.
This is my 3rd house purchase (sold two) and I never missed a payment on anything I’ve ever purchased on credit, I have no credit card debt, with only a car payment owed and up to date.
We should have let the banks fail, New ones would have WANTED your business. Again, ONLY the wealthiest people are eligible or your house is nearly paid for to qualify. Otherwise you will need to be in foreclosure for them to talk to you before giving them money.
And beware of Appraisers! Had two done within 45 days and they were $30,000 different from each other. House prices are falling but not that fast. Remember they are working with the banks, not you.
if they want to help people then they need to do something about the rates…which are low but not low enough and do something about the dam CLOSING cost associated with with refinancing. The closing cost are the main reason most people are not refinancing…if people don’t have an extra 6-10k to spend on closing cost.
Hey J from Louisville, I guess you have never been throw anything in your life. So when you need help because a family member gets put in the hospital, you lose your job, a tornado tears down your house, we will make sure our middle class tax dollars dont go to you.
Both the Republician and Democrats simply do not get the idea of economic stimilus. These politicans should work to reduce the mortage rates to around 4% or lower. Private ownership is imperative in any society. Once a person owns a home, he tend to spend on everything including autos, tv’s, funiture, appliance, landscaping and a host of other home needs. The economy flourish. Why Obama and past Bushes do not see this is a puzzle.
I did not read all the posts, but, am I the only one that realizes this program is only delaying a major problem. Countrywide wanted anywhere from 3.5 – 5 points added to my mortgage. Let’s take everyone that is under water and pile more debt on them. I don’t get it.
I refinanced outside of the Obama plan and this is what I ran into. No call backs, no emails back. When I fianlly got someone the refiance package was all screwed up, I asked for the current ins and tax escrow to be put into my new refianced mortgage and it was not.
The banks staff are overloaded and thus become incompetent, plus now the banks have a application fee of 600.00 which is non negotiable, you can
negotiable the points off but they put 600 application fee on.
By the time you get through to a Loan officer your refinance rate has gone up .2 to .4 points. Banks really suck
Why does everyone in America expect a handout these days? What happened to working hard and taking care of yourself? I’m against all of the federal bailouts and I’m definitely against helping someone live in a house they should never have purchased. Take some responsibility and quit begging for something you haven’t earned.
WE ARE ALL EXPERIENCING THE SAME THING WITH THESE GREEDY BANKS. I WOULD LIKE TO URGE EACH ONE OF YOU TO CONTACT YOUR STATE ATTORNEY GENERAL WITH YOUR STORY. IT IS THEIR JOB TO INVESTIGATE THESE PRACTICES AND IF WE FLOOD THEM WITH EXAMPLES OF THESE CORRUPT PRACTICES THEY WILL HAVE NO CHOICE BUT TO DO SO. I EXPERIENCED THE SAME THING WITH BOA, BEEN GIVEN THE RUN AROUND FOR 4 MONTHS NOW. IT IS PURE GREED.
I qualified with Wells Fargo and they agreed that they would refinance my 5 3/8 loan at 6 1/4, I passed on the loan.
The program is not working: I applied for a Loan Modification loan with Bank of America due to my economic hardship after I lost of employment of 21 years of service. I presented all documents as requested. After 6 long weeks, I was able to contact Bank of America’s loan department again, and verbally, I was informed that I was denied because I did not have a job and my income was not sufficient. I’m paying my mortgages taking money out of with my 401K, as of today, my mortgages loan payments never been late.
Democrat from Naperville, IL
This is what happens when BIG GOVERNMENT promises somthing they can’t deliver. Does anyone believe banks are ready to deal with the millions of people that either can’t pay back their loan or don’t want to pay back their loan? The sense of ENTITLEMENT by many people on this blog sickens me. It’s one thing to lose your job, but it’s another take out a loan you can’t pay back. Why isn’t anyone accountable anymore??
I was eligeable for the refinancing program, was sent all the paper work and returned it to National City. Now it has been a month since I returned all the proper paper work and have received no correspondence. I call the loan officer I spoke with at least once a week and she refuses to return my phone calls!! Getting a person on the phone who is knowlegable is next to impossible since everyone there makes Forest Gump look like Albert Einstein. I’m simply fed up with this whole process.
Me and my wife called Countrywide with whom we have a loan with. They took down our number and said that some body will call us back later. Nobody ever called back and we get the same reply every time we call. We have been making all our payments on time and never been late even once. It is just one big scam over another. Both of us have excellent credit scores.
It also got me thinking – why should Countrywide lower my payments and make less money just because the government is giving them a $1000. It definitely makes it more profitable for them to just sy that we are not eligible for a refi.
I have a mortgage with JP Morgan Chase. We won’t get into all their past antics. However, I applied for a mortgage modification back in March. It took 20 days or so to be assigned to a loan officer for review. Every time I can the answer is still no news and what was “90 days” to review and get back to you just went to “90 to 120″ on the last call. Sounds to me like I am being played and they really have no intentions of acting. So it makes me ask What is the point of Obama’s plan if the banks are actually doing it?”
I applied for a re-fi back in March, locked at 4.375 on a 15 year mortgage and will close tomorrow. This is our second home, never have been late on payments in 18 years and other than taking longer to close than I’d hoped, the process has been relatively painless. I figure we’ll save $50,000 in the next 15 years, although the monthly payments will increase by around $100. Seems to me to be a worthwhile effort for the savings.
I just tried to refinance my first mortgage with no rate reduction, just to convert to a fixed rate, and GMAC refused to subordinate the second mortgage because I have ‘no equity’ HELLO? Who has equity?
I lost $60k worth of home value in the last two years along with everyone else.
So they ‘offered’ to refinance if I brought a $50k check to closing AND paid $5k in PMI insurance premiums up front on the loan because it would have been over the 80% LTV. How ridiculous.
Didn’t GMAC get government money?
Aren’t they now a federal bank.
Isn’t this what the program is designed to do? Instead I’m having it stuck to me. Maybe I should stop paying my mortgage all together.
My request for the loan modification was denied because they say I do not have a hardship.
Additionally, my request for a loan modification for my investment property was denied because it is the investment property.
We are so stuck in the middle of it all.First of all we paid the july 07 premium for our home. It has a 670K loan that is 80% of what we paid for the house. we have a int only loan at 6.5% for 8 more years. we cant get a better loan because the equity is gone, the rates are high for Jumbo loans and we cant even walk away from the house because it has more than 2.5 acres. If we let it go back to the bank they can attached any and all or our other investments for amounts due. Help!!!
Hearing all this makes me sick. This whole problem was caused by people buying homes and other things they can’t afford and banks encouraging them to do it. Now they want sympathy and for taxpayers to reduce their burden of debt. Instead of moving up to a 500k house I paid my 180k house off a few years ago. Where’s my check for being so responsible. Oh I see– only irresponsible people get relief. All these modifications are a lie to further try to allow people to stay in their unaffordable homes. We are all going to pay DEARLY for this horrifying greed and stupidity.
Hi all, I have 5/1 ARM interest only loan, which is expiring soon. I am current on my loan payments from the begining. Got inspired by Obama’s program and i have applied for refinance under new loan modification program in February. Both of my loans are by Wells Fargo. I had to fill bunch of paper work, send faxes for every month since documents expired. Had to call them every week for updates.After 4 months, last Friday, Wells Fargo sent me a letter stating that request has been denied. In that letter wells fargo gave 2 options for going forward. First Option is go for short sale. Second option is go for fore closure.
After looking at the letter i was stunned. All these days i am hoping for refinance and now all of a sudden i have to prepare for Short Sale or Fore Closure. What a help from the bank. I have no clues about what to do now.
We played by the rules, provided the necessary paperwork, called every week to get a status update on our loan modification. We cut back where we could, so we could save the house that we worked so hard for to provide a better life for our family. After being in the process for a loan modification with Wells Fargo for about six months, we were denied, as simple as that. I called to try to work with WFB and was told our only option is to foreclose and do a short-sale on the house. My husband and I have talked to several resources and they know they got us. As far as the the big banks are concerned, our home is their write off. Where does that leave us? We’re screwed.
I have to say I have not tried for any of these programs, but I have been in the process of just getting refied. I have to say under current conditions it is a nightmare, it would have been easier for me to just cut my arm off. It seems to me really simple Banks are Bank, they still want to burn the cigars with $100 bills the difference it is our tax dollars. They seem to forget that between Wall Street and the Banks we would not be in this mess in the first place. What about us who lost up to 40% or our assets, is this our fault? I agree with a guy below me we should all stop paying for everything, then see who comes to who? The bottom line is both the financial markets and Banks want to play the game as business a usual, Hey they did nothing wrong it was everybody else, Right? Bottom line they have shut off all credit, and if you are in business forget it you get no credit at all and what you have they are closing off too. Where is the Obama Administration? Why are they not watching what is going on? They say they see a turn around well I ask where? Ok I see the big shot in banking and Wall Street ok I see. Bottom lines if they want to help people why not just open the doors to Fanny & Freddie and make loan themselves? They have took over enough banks now, and look these people would still have a job, would that not me a novel idea?
The problem with this Home Affordable Refi Program is that it doesn’t allow people with PMI to refinance. The PMI companies did not receive and didn’t have any part in taking money from the Fed, so they don’t have any responsibility to renegotiate the insurance premiums borrowers are paying on their mortgages. This, of course, is not right and is the reason this program is just another one of many that have and will fail unless something else is done. Now it allows for people who are “underwater” to refi up to 125% loan to value but still does nothing about allowing loans with PMI to refi. PMI pays the lenders if the home is forclosed on. You’d think they’d realize that if all these homes with PMI go into foreclosure they will no longer be receiving monthly premiums and instead will be paying out huge settlements to mortgage servicers and investors.
I AGREE WITH A LOT OF THE COMMENTS ABOUT COUNTRYWIDE AND BOA THEY ARE A JOKE. THEY TOLD ME TO GET A PART TIME JOB AND KEEP MAKING MY PAYMENTS AS GOOD AS I AM NOW. NO HELP AT ALL. I AM READY TO GIVE UP AND LET THEM HAVE THE HOME WORTH ABOUT3/4 OF WHAT I GAVE FOR IT.
The new Obama/HUD plan still misses the point. I give them credit for the attempt, but if they do not understand the true issue, then each time they apply a bandaid it only makes it worse.
If we look at today’s announcement, it only means that people can apply if they have a Fannie Mae or Freddie Mac loan. Not those who have the huge backlog of Pay Option Arms held in-house by banks like Wachovia and others or FHA loans.
Further many will be kicked out by Fannie Mae due to their ongoing problems with their automated underwriting system, and then the borrowers will need to deal with the huge closing costs associated with the new loan.
When it comes to closing a loan everyone has their hands out. New title insurance (a joke), new escrow accounts instead of just resetting what the borrower has in place, and of course you have Freddie Mac limiting how much you can include while Fannie allows as much as needed.
Let’s not forget the new appraisal guidelines that now cost the customer another $100-150 just to see if they qualify. I sure would like to know who owns these so-called appraisal management companies that are now collecting huge fees. Thanks Andrew Cuomo.
Bottomline is it worth adding 5-10k in some cases to save $75 or $100 per month. Do the math!
Someone in Washington needs to truly look at the whole picture before just jumping in with another program that will likely not help enough borrowers.
If they don’t see that throwing programs insteat of principal reduction at these folks is better than feeding those who began this entire mess, this sprialing problem will just continue. Give people a reason to stay and not walk away. Stop with the loan modifications unless you’re serious about stopping foreclosures.
This program is not being implemented quickly by banks, which has made refinancing impossible. I have been trying to refi since the original program was announced. Perfect credit, home value hasn’t declined that much. But I have PMI, and Bank of America (Countrywide) “hasn’t implemented the program for people with PMI yet”. That is ridiculous. I lost out on the ability to refi below 5% because B of A / Countrywide can’t get their act together to implement the program.
It’s people like Nick from Chicago that are the real problem here. He’s the guy that probably purchased his house 2-3 years ago using 100% financing and is making interest only payments. He bought more house than he could afford and spent the money that should have went towards his housing payment on other non essentials. He probably has a huge amount of credit card debt that he can’t afford as well, but that was the market’s fault not his, right? Now he’s going to advise you to walk away and punish those “bad banks” for allowing him to live so high on the hog when he bought the house. I’m not worried, “I’ll be buying a monster home in 4 years at a great price.” I hope your going to pay cash for this monster house Nick because there is no bank that is going to finance you after your credit is ruined. It’s hard enough for a 700 credit score borrower to get approved nowadays. Do you honestly think things are going to change that much in 4 years? American needs to stop pointing the finger at everyone else and take responsibility for their own actions. Most of us know the difference between right and wrong and how you can and cannot afford to live. Things are never going to get any better until this happens.
I’m in the process right now – started on May 20th. I was laid off on Dec. 1, and am working part-time at a minimum wage job right now. With a couple of graduate degrees under my belt, I wasn’t expecting this at the age of 51.
Anyway, my mortgage is current but I’m forced to cash in retirement accounts to stay alive. After the initial phone call and application, I received a letter in the mail (this is WAMU – now CHASE) stating that “We have told a credit bureau about a late payment, missed payment or other default on your account. This information may be reflected in your credit report”.
There was no late or missed payment. Now my credit cards (most are CHASE) are getting into the fray. Minimum balance payments have gone from 2% to 5%. Hopefully I will get something out of this mortgage program, otherwise it is bringing bankruptcy on me at an alarming rate.
I tried to refi through Chase, but during the extensive wait for processing, my credit rating went from bad to worse as bills kept piling up. Initially, the processor had accepted my written explanations for a few past credit problems, and locked in a lower rate, but during the prolonged processing time, I got behind on a couple of credit card payments. Although I’d been making sure to keep up with my mortgage payment (the last bill I would ever be late on), Chase decided to deny my refi application as a result of my current delinquencies on credit cards. Thanks for the help,,, CHASE!
I am current on my mortgage – thank God I re-financed before the bank crash. But as I’ve only been in my home 3 years, the value of the home is now about what I paid for it (down about 10%). I called Countrywide a few months ago and they were clueless – they said that they didn’t have the details on the program yet. Since then BOA has assumed my mortgage and I haven’t even bothered to call them. I have a friend in Baltimore who is having trouble making her mortgage payments, so she applied for the program through her lender. After 3 months, she has heard no word at all from them. She has been advised by an outside party to NOT pay her mortgage, get a month or two behind, save that money in the bank, and then because she is in default, and has money in the bank, that will make her modification more of a priority and easier to close. What kind of a screwball plan is this? I’m earning about half of what I earned last year (in sales) but I plan on toughing it out. If the banks are taking this position, this true lack of interest in helping, then foreclosures are going to keep skyrocketing along with their toxic assets. In its current state, this plan will do very little.
Obama can allow refi’s on values up to 300% of total mortgage, but if lending standards don’t ease then there will be no relief in sight.
Most of the loans originated during this “bubble” were LTVs of 90-95% with PMI (lender or borrower paid). This program does not adhere to PMI loans. Boom the majority of the loans do not qualify.
Then you have underwriters needing 6 comp’s vs. the traditional 3 comp’s. In a declining market they are reducing the values of the properties which is creating a domino effect that will never allow for housing appreciation.
Obama can appease the public with his “widening” of LTVs allowed to refi, but with tight underwriting standards and long term rates on the rise, the housing slump should continue for the forseeable future.
i agree with one of the first posters from chicago the banks are just going to eat up all of this homes and sit on them (and of coarse ) write off there tax loose and then when things turn around to resell these homes at high prices
It is really disheartening to hear all the experiences here. What a waste of time and efforts. I too have been trying to refinance for the last 6 months but have not been successful. I have excellent credit, never missed a payment. Only that the house has lost 50% of the value and I paid additional principal so there is some equity. Why does the government think that it can partner with private banks to help fix the economy?
PEOPLE!!! Please, Call your local zoners and planners!!! They will provide the most help to you than any real estate agent or broker! Protect yourself, no one will do it better than yourself! You are the only one with your best interests at heart!!!
try to get a refi from Citimortgage since Jan09 when my wife lost her job:(…no success so far. they have outsourced the loan modification to a company called “mortgage outreach services” and their response sucks. sent a letter to CA state senators and to the President…no one wants to hear my plea.
my loan is around 110% of the house value…great credit rating but still nothing is working out. dont know if i will have to foreclose
I’ve actually had a difficult experience with refinancing my home mortgage under the modification program. I’ve been pleasantly surprised by the level of customer service I’ve received at my mortgage company, but underwhelmed by the limitations that Freddie Mac (the insurer of my mortgage) has placed on their modifications. To my understanding, Fannie Mae’s rules are more flexibile and fees are more reasonable. Has anyone else had a frustrating experience modifying a mortgage insured by Freddie Mac under this program? I’d be very interested in hearing about your experience.
Too little, too late Mr. President. I was out of work for almost 2 years and struggled to maintain a roof over my head and food on my table. In the meantime I managed to make most of my 11.8% mortgage payments. I finally found gainful employment and tried to get my lender,American Home Mortgage Servicing, to work with me to either refi or modify my 11.8% interest loan, and they would not. I wanted to keep my home, which had $40K in equity, but to no avail. So now what? Thanks for using my tax dollars to help the banks who REFUSED TO HELP ME KEEP MY HOME! Signed, HOMELESS
Even though I have a qualifying loan and my income has gone from $80K to $14K, Bank of America’s computer-based system says I don’t qualify for a modification. The customer service rep. couldn’t explain why. “I can only tell you what the computer says. Have you considered renting out rooms to less-fortunate friends?”
So I’m trying to re-finance and have been handed from person to person at BA, one of whom set me up with a 5/1 adjustable through Making Home Affordable, and then quit. The next rep. told me that adjustables aren’t allowed and we started over. So, months later, I tried to close on a fixed rate 30 year and the bank’s lawyer called in the middle of the closing and made us stop because of more paperwork errors by Bank of America that violated the rules of Making Home Affordable.
At least the national debt isn’t ballooning as much as some feared: this program isn’t giving any money away!
It seems like you are only posting the horror stories here. My wife and I purchased a home 6/06 at the TOP of the market. Our $100k cash down is long gone and we are left with our $400k note on a house worth closer to $300k. I hired a mortgage modification specialist who dealt with Wells Fargo on our behalf. Against his advice, I stopped paying my mortgage in April ‘09 on the theory that deliquent accounts get first attention. We last week received paperwork from Wells Fargo outlining the payments due for July, Aug & Sept….a “trial period” and if we are current for these 90 days, they say the monthly payment will lock in for 5 years at the same low interest rate of 2%. This new monthly amount represents HALF of what I was paying and about what the neighbor next door is paying in rent for a similar home. The modified note is supposedly a 40 year amortization with the interest rate escalating an extra point each in years 6,7,8,9 and caps out at 5.37% in years 9-40. If this is the final deal, it is a win-win since I was prepared to keep not paying until eviction time.They get a paying homeowner who can now afford the monthly payments (our income dropped drastically after ‘07) and will someday in the far future, be able to sell at or above the $400k owed.
I attempted to refinance, however my credit/debt ratio was to high, and I cosigned a two loans, which was payed late,dropping my credit report rate from 749to 673. I could of gotten a loan but the rate would of been higher, than what was initially quoted, negating any savings.
Wells Fargo has done a horrible job with my clients modification. All they do is promise a reslotion in the next 60 days. It has been 7 months and now she receives foreclosure notices after being assured she will not be foreclosed upon.
The new HVCC regulation brought on by the New York attorney general will only increase the number of consumers into these so-called modifications loans. The regulators are completely ignorant of what is going on in the real world.
I hope the White House and our legislators will read the letters posted here and elsewhere. The lending industry is a mess and not at all doing their part to get people and the country back on its feet. And after we helped keep so many of them afloat! It would be criminal to give them more public money. We refinanced but had a terrible experience and would not do it again.
I have been working with Ocwen Mortgage and have been getting nothing but the run around. I started the process in Feb. 09, submitting all my paperwork, to be told in March 09 that Obama changed the plan and I have to resubmit my paperwork again. I did that and after all was said and done, I finally got the notice that all my paperwork was received and in review on April 24th. I am now being told that since I am not in default on my loan, that I must wait 90 days before finding out if I am approved. In that time, I receive a notice from Ocwen telling me that my escrow is short and I will be asked to increase my current mortgage payment (1955.00) by $150.00 a month. Not sure how that plays into my loan modification request, but I have exactly 23 days left to hear as to whether or not I have been approved and since my place has dropped significantly in value, I am well over the %age for what I am paying…this process shouldn’t be taking as long as it is. There are many people out there having problems, and these mortgage companies and banks don’t seem to care.
Banks don’t want to modify loans, it’s not in their best interest. We recently went through an ordeal with Wells Fargo our original lender. All we wanted to do was modify our 15 year loan to a 30 year loan. We started the process with Wells Fargo in Dec of 08 it was finally completed in June of 2009. They gave every excuse possible and nit picked our information so much so that every 2 weeks we were pulling records or following up with them only to find out they needed more information. They changed our customer service rep at least 3 times and each time it seemed like we were starting over again. I agree Wells Fargo is totally stalling the process.
What is Obama thinking! Who has money to refinance when credit card companys and more than doubling the payments on my pre agreed loan terms or razing rates on my cards to over 20% and my banks are calling in unsecured debt. And I have great credit! We, including the economy are at the mercy of bank credit. All I know with the consumer being 2/3 of the economy if we don’t get the consumer back on their feet the economy will continue to tank. Good luck to all of us!
I tried to refinance under the new Obama Law and it was a disaster. I currently owe $215000 with Countrywide / Bank of America. When I called for Loan modification they told me I do not qualify because I am still paying my mortgage. I was told I have to do the regular refinancing. With the new refinancing, my new mortgage debt will end up to be $230000.00. Making the closing cost to be $15000.00. I told them they most be a joker.
This sort of bank charges is what is making people loose everything and at the end of the day, it comes to bite them in their behind.
Modifications do work! DO NOT listen to Nick from Chicago! He has no idea what he is talking about!!!! You let your house go back it will devastate your credit for 10 years! The lenders will work with you! You need to speak to the Loss Mitigation department. Customer service can NOT help you. Customer service is there to get you to make as many scheduled payments as they can and frustrate you into giving up. The reason for this is the bank wants to continue to get as many on time payments as they can before default and to weed out the people that are not in serious trouble.
You have to be persistent. Keep at it. Keep calling. Ask for the Loss Mitigation department. Never wait more than a day to get a call back. Call them back. Insist that you speak with a supervisor. Ask everyone that you talk to for their first and last name. They will not give you their last name but ask anyway. Ask for their phone extension. Location of the office they are talking to you from. Their job title. If they ask you why, tell them that you are documenting everything and everyone that you speak to. At that moment you will no longer be a number. You know who they are. You could complain about them. You could say the words “ This person told me this ” “This person did that” It will be much more personal. They will be much more careful with the information they give and how they treat you. Mostly, taking this course of action will get you to a supervisor right away.
Do everything they tell you to do. Make copies of everything you send them. Send it with a return receipt. Follow up with the person that signed for the package. They can tell you where they sent it. Get their contact info. When they see that you mean business they will work with you. DO NOT GIVE UP! This could save you some serious money. Good Luck.
I tried to refi through HSBC where I have my mortgage, and they said call back in 3 months due the the backlog of work they had. I questioned about the current rates, what if they go up (which they did), and they were like… “oh I wouldn’t worry.”. I think that maybe there should be a better process for fielding our calls, give us a date/time/confirm number and then we get pro-rated the rate at that time…? I don’t know… good initiatives with the mortgage overhauls, bad judgement with the banks and government.
Refi difficulty has no boundaries. I’m a high-net worth person looking to refi an accelerated 15-year Jumbo Loan on my second home in MI. I am being treated like a leper, even though I can comfortably make my mortgage payment – and all I want to do is to change my mortgage to a traditional 30 year term. Obama’s plan doesn’t help people like me.
Why cap the LTV at 125% ?!? What’s the difference between 105% or 180%? Nothing. If a homeowner is willing, and financing able, to repay their debt (regardless of the LTV) at a reasonable interest rate, then let them do so. Capping the LTV at 125% does nothing but hurt homeowners that happened to purchase in markets such as California, Arizona, Nevada, Florida, etc. These states contain the majority of the foreclosure activity and most of these homeowners are upside down MORE than 125%. IF THE HOMEOWNER CAN REPAY THE OUTSTANDING DEBT WITH A REASONABLE INTEREST RATE, LET THEM AND JUST DO AWAY WITH THE APPRAISAL/LTV REQUIREMENTS!!!
YES, I called Bank of America (my lender after countywide) for a loan modification. I read all information from CNN Money + Gov. website. Took the test-qualified. My hours have been reduced at work. I was routed into a home refinancing. After four attempts and long phone calls I gave up on tying to get connected into the modification (retention) department. My credit scores are 796, 800,806. I have not missed any payments. Bank of America is cashing in on this windfall making anyone who can qualify for a refinance closed out of the modification that cost thousands less. That is what I needed. Big guys are still making the money from main street.This how we got into this condition?
Yes, Wells Fargo makes caller feel really really bad. Their offer of help was for me to pay a SECOND mortgage payment in same month, on a Thurs. not even a payday, and then sent it to Loss Mitigation Dept. and started to make calls to my work to collect on it. Obviously the banks still think it is there way, or the highway!
This Plan is horrible and only brings you further into dept. I was approved for a Refi with my bank, saving $60 a month off my payment, however i would need to finance $9000 in closing costs. It would take me almost 13 years to break even, Thanks Obama!
We refinanced our mortgage from a 30 yr to a 15 yr fixed in May of this year. We did it with GMAC and had no trouble at all, except it took about 50 days to close, due to a high volume of refinancing applications. Everytime we called we either got to speak to the contact person or they e-mailed or called us back very quickly.
Locked a lower rate with Chase back in February 09, which will save me about $300 a month. It’s now July and still no word! Meanwhile, I’ve been out the application fee for almost 5 months now. Everyone’s happy and smiles until you lock the rate and pay the application fee. Then…”don’t call us, we’ll call you…maybe”. Thankfully, I’m not in a foreclosure crisis but, I can’t even imagine having to go 5 months after being assured a refinance if I desperately needed the savings.
I attemped to refinance my Condo with Bank of America.
They hired an appraiser to evalaute the condo. The appraiser has false information stating the development is not fully developed. Bank of America sent a letter rejecting the application. They did not call me. I faxed them proof to the contrary. Bank of America will not return my calls and will not grant the laon. What good is a lower interest as the bank will not make a loan. My credit is excellent. They will not make loans to anyone. Any further programs will be a waste of time.
They make their money charging fees and investing the TARP free money.
My mortgage was current with Countrywide (BofA) and I applied for a refi in Feb with them. Got it down from 6.125 to 4.375. Had no problems except the process took about 2 months.
We were contacted by GMAC about a refi since we have our mortgage with them and it’s a Freddie Mac backed mortgage so, we qualified for Obama’s plan. However, in order to refi at a lower rate, which would have saved us a couple hundred dollars a month, we would have had to have brought at ridiculous amount of money to the closing. To lower it to 4.5% from the current 6%, we would have had to have brought over $10,000! Considering we’re the typical middle-class American family scraping by right now, we don’t have that type of cash just lying around, so the “plan” really wasn’t worth it for us.
December 22, 2008 was my last day of employment. I worked as a bookkeeper for plumber who was contracted by the builders of large homes. My husband is disabled with a spinal injury. I have had my mother with Alzheimer’s move in to help. I was informed by Countrywide (after being on the phone for three hours) that my husband and I did qualify for the modification program. I do have to mention that the three hours wait included many dropped calls, being misdirected to the Refinancing Department and speaking to a couple of different representatives from that department that seemed to be outwardly misrepresenting the Refinance Department as the Modification Department. I finally did reach someone in the Modification Department that did go thought the questions to qualify us. He told me that we qualified for the Government Modification Program and that a mortgage representative would be contacting us within forty-five days. On Saturday June 6, about midnight I went to Bank of America’s website to check my account and see if there were any updates on the modification, there is a hardship page that lists documents and dates received. The web page loaded incorrectly and I had to reload it, when I did it said there was nothing attached to the account regarding modification – all my information (that had appeared for weeks prior) on what had been faxed in was gone, this frightened me. I contacted Bank of America/Countrywide on Thursday, June 11, when I believe my forty-five days were up. I let the representative know of the disappearance of our account information and I didn’t get anywhere with them until I told them that I had a printed copy of the website information from before it disappeared off their site. Once mentioning this, they put me on hold, came back and told me that the department does have that information and that there is one thing, because of the amount of people applying that the time frame of forty-five days for a call back, it has been changed to ninety – one hundred and twenty days. They then tried to talk me into refinancing, this is not an option in our situation, we are qualified for modification and that is the way for us to proceed as I see it. I have gone on-line to research this increase in days to hear back, I cannot find any information on any sites or blogs for that matter. I have connected my Senator’s office to get information on the situation and seek assistant in the matters described above.
I received a letter back stating that they are looking into the matter, and the Senator is demanding a report from the Currency department, I have yet to hear anything back yet and if I do I will update you.
I just want to know the answer to this: If we all go crazy from this terrible frustrating situation, while most of us do not have jobs, WHO WILL PAY THE TAXES??????????????? -oh and does anyone care anymore?
See post of June 11th of log from my experience with Citimortgage. Update, received letter yesterday from Citimortgage stating they have no record of my home modification. Letter received yesterday dated 6/10/09. Can’t for the life of me figure out what it means. Just shows they have no clue what they are doing and the customers are the ones losing out. Bah Humbug Obama
American Dream “Foreclosed”
Despite optimistic rhetoric from economists, Wall Street insiders and government officials, the economy continues to slide deeper and deeper into turmoil. Their optimism is based on the gradual rise of the DOW and stock market. However, they devalue the fact that the U.S. economy is deeply intertwined in housing and therefore can not fully recover unless the housing market also rebounds. Alan Greenspan, former Federal Reserve Chairman says, “The crisis cannot end fully until home prices in the U.S. are at least stabilized.” For the majority of American homeowners, their house is their biggest asset. Losing the equity in one’s home diminishes one’s wealth and often the desire to spend and borrow, adding to the slowing of Main Street and in turn Wall Street.
While the federal government has offered incentives to help spur real estate sales through tax credits and lower interest rates, they fail to understand that the true dilemma plaguing the real estate industry is the continued tightness of housing credit and the continued decline of home values. What benefit is the $8000 tax credit offered to first time homeowners if, one can not qualify for the mortgage to purchase the home because of higher debt to income ratios and credit score criteria? The pendulum has swung to the other extreme. Only a short time ago, acquiring a home did not require any financial documentation (the No-Doc loan). Today, a hard working couple with established 9 to 5 jobs, adequate savings and little debt may have difficulty under the extreme scrutiny lenders now exhibit. While other potential buyers are hesitant, due to the continued decline in housing values and the lack of confidence in housing recovery.
Most of “the to big to fail lenders and brokers” like Countrywide and American Home Mortgage who, pushed the No-Doc loans, teaser rates, and negative amortization loans for the billions in quick profits, have disappeared. In the aftermath of this sub prime meltdown, other predators have made their way into the housing market: investors who are buying these homes for a fraction of their price, feeding on the faltering homeowner, hoping to profit by renting these homes back to the very people who used to call them home.
According to the Mortgage Broker Association, foreclosures continue to rise and jumped to a record 3.5 percent of outstanding U.S. mortgages and that one in eight households had entered into foreclosure or were delinquent on payments. Despite government incentive to lenders to modify the terms of delinquent mortgages, the foreclosures continue. No longer are foreclosures limited to the sub prime overextended borrower, it has now extended to the credit worthy borrower with a prime, fixed rate mortgage who may have fallen victim to the other repercussions of a slowing economy.
Instead of working with the homeowner to maintain their home and their stability, lenders have taken a harsh stand by refusing to lower their payments. Is it not better to work out a realistic repayment plan with the homeowner than create a generation of potential slumlords who will rent out these properties for the purpose of pure profit with no thought to the community? The dream of home ownership is the American Dream, by allowing hundreds of thousand to continue to lose their homes, you replace the American dream with the nightmare of government subsided housing, food stamps, etc.. Tax payers will pay for the housing fall out in one way or another. In doing so we also leave people disillusioned for the future. When people lose the comfort and stability of their home, they lose hope and may become detached, isolated and lack trust, say nothing of a generation of children who endure the same.
We lost the opportunity to stop many of these foreclosures months ago through bankruptcy protection because the crucial legislation “cramdown” was left to disappear under the pressure of bank paid lobbyists. The irony is that bankruptcy judges can write down the mortgages on invest properties but not on a primary residence. Why is it that GM can seek the protection of bankruptcy and be allowed to restructure despite the years of poor judgment but not the homeowner? Is it not better to work with the homeowner who most likely owes more than the house is worth then give it away to an investor on the town steps? With each foreclosure the values in the neighborhood continue to slide and the cycle continues hindering the economic recovering.
Housing has been instrumental in leading the country out of recessions for the last 50 years. Until we stabilize housing, the economy can not fully recover. For every month, the “cramdown” legislation is put on hold and housing is left unchecked, the cost will quadruple for the taxpayer.
By Gabriel Ciccone
Do what I have been doing for the last few months, write letter to Wells Fargo CEO, I sent one every month, also to the President.
Euridice Santiago, Las Vegas NV
After four months of getting the run around from Aurora Loan Services, I received a denial. I had to resubmit some of my paperwork, had to send additional information, updated information, etc. I apparently was denied due to two reasons, the investor of my mortgage doesn’t participate, and they are also telling me since I have a surplus of $161. after all my bills are paid, I earn too much money. I want to cry!!! Don’t know where to turn anymore. Should I default??? Some of the reps are outright nasty and refuse to let me speak with a supervisor or the underwiter. Any suggestions would be greatly appreciated!
Based on the so-called “Home Modification Plan” created by FANNIE&FREDDIE”, line 18 allows the lenders to manipulate your
(LTV/CLTV). This also allows the lender (FLAGSTAR BANK) to add points
toward one trying to get the low interest rate at the time. (4.7).
The whole plan is a setup.
I am in the process with wells Fargo , they have been dragging their feet for a few months on my mortgage modification while the rates dropped to the 4’s while I am sitting here with a 6.375 they finally come back with a mod that lowers my payment by 30 dollars a month and the have not disclosed what they have changed about my loan.
Attempting to speak to a knowledgeable person at Wells Fargo is frustrating. You can make a call at 8am and speak to an associate and call back and get a different. It is quite difficult for a homeowner to receive a loan modification that can fit into a shrinking budget. Wells Fargo makes you the caller feel like garbage.
Listen, stop throwing your good money at bad debt. Bank do this and they call it write-offs. These modifications will not work because most banks would rather wait for the market to come back and take a smaller loss (in theory). You will sit in line for a mod for months as they play their wait game. And if the market does come back, no mod for you, they will take your house and sell it for a profit or break even (so they think). Becasue once again there is nothing in the bill passed to motivate them to go along with the progam. (I.E. fines, jail, takeover etc. and that was not done by mistake. Big business runs our governemnt. Here is the real deal. The market will not come back for 4 to 9 years. So what do you do? Stop making you payments, down size, stcok up all your money for the next 4 to 9 years. Whe the market does come back you will have CASH to play lets make a deal. And the beautiful part is all the banks that refused to give you your mod will go out of business or be split up. Send your keys back to the lender and take all your valuables before you do and force these institutions to close. Think about how much you owe, how long it will take before your house has appreciation, and how much interest you will pay in the time it takes for your home to get back to even or a decent return. If the numbers make sence then keep on paying. If the numbers don’t send you home back to the investor. They factored in the potential loss in the form of the rate you pay so don’t feel bad. They would do alot worse to you in a second. I’ll be buying a monster home in 4 years at a great price.
Aurora Loan Services approved a loan 3 years ago based on my social security/disability income alone. It is very clear based on the information I provided at the time that this loan would head for failure and be unattainable. Aurora insists that they did not force me to sign the papers. They hold no responsibility for offering me a bad loan that was headed for failure. I may have had a responsibility to know better but feel that the company mislead me and took advantage of my mental condition. They will not help me at all and I have done everything I can to stay current on my mortgage. I have asked for a reasonable modification since Feb. and keep getting denied. This Company is criminal!!!
Hello, I have applied for the loan moditication in January 2009 and I have just received the a call that it has been approved for the modification to start in July 2009, but I have not received the paperwork in the mail yet. It will lower my payment some $300.00 per month and I know that is a blessing from the God. It has taken a while and it did put me behind in some cases but it finally was done although I am still waiting on the paperwork. Continue to pray and have faith that all will work out, because time takes care of everything.
I have been in mortgage banking for 30 years. The solution to this requires the president to instruct lenders, servicer’s and banks to negotiate loans with a 50 year term. The product to do this is called a 3-2-1 buy down year one = 4.5% year two = 5.5% year three to 50 is at 6.5%. A current loan at $500,000.00 mortgage at 7.5% 30 year fixed has a payment of $3496.07 amortized over thirty years. The repayment of interest to the lender on this loan is $758,586.12 with a principal of $500,000.00. On a fifty year mortgage of $500,000.00 for the first year at 4.5% is $2096.95/month. Year to the payment goes to 2449.23. Year three to the end of the loan it will be $2818.58. Interest to the lender if the loan is not ever paid off is approximately $1,191,150.66. There is no loss to the lender but the payment is reduced $1399.12 initially to the borrower. There is no APPRAISAL necessary or underwriting. The government sends out a disk with the terms to the banks and servicer’s. A rider to the original note can be drawn in one week and sent to the borrowers for signature by a notary. ALL LOANS IN AMERICA COULD BE REVISED WITHIN 90 DAYS!!!!!!
This would end the toxic waste in the mortgage industry. The banks do not loose and neither do the borrowers. What this does is stabilizes America until the economy can stabilize. Individuals can stay in their homes and banks will not be writing off as huge a debt as predicted.
My husbad and I applied to our lender Wells Fargo (loan backed by FREDIE mAC) We are cuurent and never behind in any payments We have excellent credit score. We applied for motification because my husdand has been out of work for a year. I am still working. The problem is Wells fargo is totally stalling the process in hopes that people default. My application as been in since April 2009 every time I call to check the status I am being pushed off for another 30 days. I have no idea if I qualify. What I could get. We are in the total dark.
Here is the best stop. JP Morgan Chase funded a 1.5 million dollar loan and at closing promised me a certificate of occupancy to move in. Hey guess what I was locked out of the house for 9 months. And Chases’s repsonse is
WE FUNDED THE LOAN IN GOOD FAITH
JP MORGAN CHASE CHASE HOME FINANCE WORST BANK IN AMERICA.
My Countrywide now Bank of America. Get a load of this one.
I am being sued for foreclosure by 2 previous owners of a mtg for 400k and a water bill of 10k. I had to defend the foreclosure so stopped paying the mtg.
Bank of America will modify my loan by adding now 200k to the loan balance the house is already worth 800k less and know they want to add 200k more. Are they crazy. Any ideas woudl be appreciateed
My husband and I had a loan through World Savings which was bought out by Wachovia, which was bought out by Wells Fargo.
In October 2008, we applied for the Hope Now program. We did not purchase a home that we could not afford. The economy has taken a toll on our salaries by $40,000 annual.
After being told that we qualified and expecting the new loan paperwork in February 09, we were notified by mail that we were declined due to lack of equity. Really? Yes, we now owed $525,000 for a house that is worth $300,000.
We applied for the new modification program and received a ridiculous offer from Wells Fargo that did not include the second owned by Wells Fargo. We sent in a hardship, updated documents and a decline on the offer. 10 years interest only, 30 years fixed @ 6.875 loan amount more then the original $525,000 owing.
We received our 2nd modification offer. 7 years interest only totalling $127,528, then 33 years owing the remaining balance at 5.683.
The monthly payments will be lowered by $300.00 a month to begin with and increase each year for 7 years. For 33 years are payments would be more then we currently pay.
If homeowners are accepting these type of modifications I only see that in 5-10 years we have a huge influx of foreclosures again.
I have inquired about the HARP program through my mortgage company, Wells Fargo. I was denied due to my loan has lender paid PMI. I originally inquired about HARP in April 2009. As of today (when I inquired again), they still are denying loans with PMI. The programs is not reaching those for which it was originally intended. Someone in government needs to take a look at the banks who have received stimulus funds and how they are treating the consumers they are supposed to be helping with the money.
This program does not work,
I am making my payments, have no been late, but my interest rate is higher than the current rates, so I thought
it would be a good idea to try to work something out with my bank so that my payment could become lower and I could use the extrac money to pay off other bills. What a mistake that was.
After many unreturned phone calls and emails,
I applied for the program, we fill out many papers and send them about 70 pages of personal information, it took over 21/2 months for them to tell us that we did not qualify, because we owed to much money.
This is very frustating….there are lower rates available but we don’t qualify in the mean time we are stuck paying a higher rate that we can not afford.
Our bank is not willing to refiance our rate because they don’t operate in our state any longer and we don’t qualify for the obama plan cause we owed to much????
we really can sell, they are to many
houses on the market, so what is one to do?
I have been in the same boat with all of you. I have been trying to modify my loan since 2008. I do call an average of 3 times per week. Customer service representatives do not have all the knowledge I think they should have in order to help homeowners. I have called and talked to different representatives and get different answers. This is very frustrating since we are talking about my home. This is a very sad situation when we do hear in the media that this plan should be able to help us out. In reality this plan has been a big mess from the start. I wish and pray for all of us that are trying to get our loans modified.
I’m a real estate attorney in California and the biggest problem is that there is no sheriff for these lenders — I’ve had successes, but also some horror stories. Usually — Countrywide/B of A, they are utterly useless and uninformed.
The next time they follow the guidelines will be the first. They quote me guidelines for MHA that just don’t exist.
It’s heartbreaking. I have clients who are legitimately struggling, but no one cares. HUD and US Treasury have been no help.
Hey, CNN if you want horror stories, I can flood you with them. The more publicity we give these issues, the more public pressure will mount on these lenders to comply.
I did it with Countrywide/Bank of America. I was able to refi based on medical expenses. I started doing my research and making phone calls the minute I found out about this program. I locked in at 4.75% on a 30-year fixed FHA loann (refinance). I have a high credit score (over 800), never missed a payment, and I didn’t pay too much money for my home to begin with. I had spinal fusion surgery complicated by a staph infection and 3 additional surgeries, missed three months of work and had a lot of medical bills despite having good insurance. I had to be patient, and make a lot of phone calls and even though my 60-day lock expired, Fank of America honored the rate I had locked in at, even though interest rates rose almost a whole point.
I see a lot of WAMU folks here who are being short changed. I am in a similar wait and hold position with WAMU. If you’d like to do some collective bargaining, contact me at jfill99 at yahoo dot com, and I will coordinate the effort.
After getting laid off twice from the Homebuilding industry, I went to work for a Loan Modification Service. I have about 40 clients in the pipeline since January and only one has been approved. The rest have either been denied or are still in process…like 3-4 months worth of process. We do not take clients unless they have all the right criteria to qualify for a modification and yet they still are getting denied or on hold.
Also, I tried working with Chase (1st) and Wells Fargo (2nd) for my own home and couldn’t get anyware with these two lenders. I am now in a short sale process and that is taking about 3 months now. The whole thing is a fiasco from both sides, as a homeowner needing help and formerly working for a company trying to help homeowners.
Can anyone help us?????
I started our modification back in Jan.09, It is now June 23rd, and our property is up for sale on July 9th. I have cried over this night after night. We saved everything we had to purchase our dream home, which by all means it not something we couldn’t afford at the time. I have had a 30% pay reduction from my employer, and Wells Fargo is still saying we make enough to cover the payment. We asked that our interest rate be lower, asked if they could extend the years of the loan, asked if they could understand our house is only worth 1/2 of what we paid for it. All we qulified for was some type of piggy back modification, where the bank would put what we owe to the back of the loan. In 6 months we would have to start paying that. It a shame that you see hard working people losing the most important thing to them. I wish Mr. Obama could come through with what was promised.
I have had similar experiences with Bank of America and CountryWide.If you take a close look at the posts from those of us who are not behind on our mortgage,there is no available assistance. As I was told by someone from CountryWide: “I have good news and bad news” Good news-you can refi to a Government loan (loan to value ratio is higher), Bad news-you are “upside down in your mortgage “. Frankly, I saw this as all bad news,because either way-I am still where I was. We are not able to modify our loans because who in their right mind would give up receiving higher payments for “modified” smaller ones ?. That’s why the response is either “you don’t have enough equity” or you’re in the wrong program. There is no relief for the person who is trying to do the right thing. It seems one has to make a decision to either “suck it up” and continue to makehigher payments on homes that have lost equity, or walk away. Walking away is not easy for everyone-especially when you are they type of person who wants to do what is right. It is beyond our control that our homes have lost value, and when we request an “equitable” re-modification arrangement-we are given the run-a-around. Is anyone out there aware of our situation-or better yet- is there someone who even cares?
I am currently working in the loan servicing department for a major company. I can tell you that the “OBAMA” plan is not working. I have quailified 1 out of about 500 calls or more. I have turned down plenty of people that qualify on paper but not through the DU(desktop underwriting) system. I know that Fannie Mae did something to certain loans for them not to qualify.. So, the program is wasting the American people time and efforts. I speak to about 30 to 50 people a day. I cant help any of them. I do help the one or two people that call in with equity in the property under 80%. I speak to people that are on time, just underwater, and qualify 110% on paper. I have learned not to say yes to anyone until I put the application through the system. I know now that the application will be declined.
It is just another program run by people that”DONT” have the American people in mind but their own bottom lines. By the way, We dont have the Freddie guidelines as of today. It is 4 months after the roll out of the program and no guidelines. There is no money in it for Freddie to actually do the loans.. These peopel are stuck in limbo….. Why dont the OBAMA administration stop giving the money away to failing companies. AIG has received Trillion dollars.. That money could have gotten every american out of being underwater and stablized the housing market. The bottom line the PLAN IS NOT WORKING!
I had the same thing happen to me with Countrywide. I submitted my application in April, when the interest rates were low. The person handling my application, ended up quitting, and then he was kind enough to transfer it to a Branch Manager, she ended up getting sick, and transferred it to another person. Basically, now I am waiting in hopes, that the interest rates come down again. In the meantime, the rates now are 6.8%, and at the time they were 4%. I am almost underwater, and really don’t care if I foreclose. The banks are not helping the homeowners!!! They are not working in their best interest, but their own!!
Still waiting… FLAGSTAR Banks decision on our modification, time is ticking away and interest rates are going up…Maybe if they wait long enough we will default, they will sell the house in a short sale, collect the PMI we paid and make out better. What a shame that these banks are putting people through. Its sad you work hard all your life, be responsible paying your bills, have good credit and the economy goes bust and you loose everything and no one is willing to help responsible homeowners, Sad just Sad!!!!
I was laid off earlier this year and found a job earning about half of what I had been making.
My monthly mortgage payment was easily affordable under my old salary, but unmanageable with my new salary.
I applied to CitiMortgage over the phone, and after a two or three week wait, my interest rate was lowered from 6.125% to 2% for the next four years, then capped at under 5%.
It would have been impossible to even refinance without the government program, as it is a jumbo loan. The program saved our house.
I have also been getting the complete brush off from Bank of America. Each time I see one of their tv ads about how they are helping their customers, I get sick on the stomach. I feel as if I am being penalized because I am still current. I have been trying to get some assistance since Feb. I have sent in a hardship statement along with my documented debt and everything they have asked for minus a kidney. I think this is all a ploy not to truly implement the program so then they can say it did not work. It is really sad.
Mr. Bailey, I feel for you as you are not alone, believe me. Also, it is not just Wells Fargo. It is all lenders who refuse to hire the required personnel to do the job. They laid everyone off over a year ago and are focused on profits. Combine underwriting changes, new regulations and the consumer is really taking a beating. Beleive me I know as I have been in this business a long time and am watching from inside. It’s a spainful for those of us as is it for the consumer. You can thank Barney Frank, Chris Dodd and thier crew. Soon you find that you have fewer options and much, much, much less competition. Best of luck.
I’m still waiting for a loan modification from Litton Loan Servicing. They are playing games and the $2100 I paid a law firm who swore they could help my thru the legal angle they were sure my loan broke it would be easy. I paid the law firm $2100 in October 09 and I’m still waiting. I am not behind on the mortgage but now as the 80/20 loan adjust every 6 months, I’m getting there. I’m trying to decide do I pay July or walk away from the house. Litton Loan Servicing has taken my paperwork twice already. First when I started the process in Oct 09 then after Obama plan they took my paperwork again. In march they said they’d do a BPO and modify the loan. Then 3 weeks ago they said they were not participating in Obama plan and designing their own and it would be another 60/90 days. The law firm in CA while my house is in PA just tells me what Litton Loans says, they are not trying to do anything beyond that. I’m so frustrated and upset because I want to save my credit and continue to pay for the house but with loosing clients by the day it’s getting tuff to accomplish. I not sure were to turn anymore. If someone can help me to get Litton Loans Servicing to stop playing games that would be great!
It has been frustrating trying to refinance or modify my laon. I have been trying to do this since January. All I get is more unanswered questions and no return phone calls from my new lender Bank of America. The BoAm customer serivuce representatives do not seem knowlegde of the program that are available to home owners. I just get the run around when I call them.
I’ve been working with WAMU/Chase for over six months and have finally given up. The Obama HAM plan is not helping the middle class keep their homes. It is setting payments at 31% of gross income so after taxes I would be paying 45-50% of my income on my mortagage payments. It also does not take any second lien payments nor other debts. Furthermore the temporary modification terms are not being disclosed which I feel must be breaking some federal law! Home Owners are suppose to just accept blindly the new terms. Early in the modification process prior to Obama plan and Chase taking over WAMU I thougth I was making success as WAMU offered to lower my interate rate and extend the term to reduce my montly payment. The file was closed by WAMU twice in error and after March the Obama plan kicked in and the original modification offer was taken off the table by Chase. Also, I find it extrememly diffuclt to reach anyone at WAMU/Chase and when I do the employee that is working my file is extremely rude and doesnt care and is not willing to really offer any options that work for my family. And no one really understands how terrifying it is to lose your home… and the toll it takes on you and your family.
I bought my home 3 1/2 years ago and have a 30 yr fixed rate conventional loan with Citimortgage. Since then, the value of my house has plummeted and I would be lucky if I were able to sell it 1/2 the price I paid.
I was relieved when Obama’s plan was announced and saw it as an opportunity to lower my payments at least by $500.00 monthly. Since March I began calling Citi daily only to get transferred to call centers in other countries, and eventually to have a dropped calls. Finally when I was able to speak to someone they said they would begin the process for me. After several weeks of giving them the same information over and over, I was finally denied b/c they said I was making enough and could afford my payment. Interesting, since after monthly mortgage payment and other obligations there is little left. I believe that people have a duty to meet their financial obligations, but I am thinking hard about maybe just walking away. My house has become a sinking ship due to no fault on my part, and this now becomes a financial decision I must make. If the banks aren’t willing to help their customers after they received federal assistance from the government, then I say let them take the consequences.
I have been working with my mortgage company, Ocwen since Feb. 2009. Sent in original paperwork, called in my 10 days window and was told it was in review. Called 10 days later and was told that Obama changed the requirements and I needed to send additional informaton as well as the same information I already gave them. This was now March 09. I sent everything in, keep in mind, I never heard from them, I was always calling asking if I had everything I needed. I called again in April since I hadn’t heard anything and was told that they needed additonal paperwork. It is now June 09, I was told my paperwork is in review, everything was received, but it could take up to 30 days, they send me a notice that my mortgage payment is going to go UP!!!! because of a shortage in my tax escrow…I called them to discuss and have yet to hear back from anyone…once this is done, I recommend that nobody get there mortgage through this company. They are the worst place to ask for assistance and their communication and their lack of helpfulness to good customers, since I keep attempting to continue to not miss my payments, I feel sorry for those who are really in a bind and have to deal with them…Mid June, and still no follow up or answers.
I just received, Friday June 19, my response from Huntington Bank in Ohio. I was refused because I have too much equity in my house. Current value is 310-320k and I owe 335k with the 1st and second! Go figure. The program is a joke. All this happened after they refused a normal conventional loan because I did not have enough equity!!
I have chase make my payment on time have excelent credit. Started in april for a refinance piece of cake. Wrong they apraised my property . They didnt like the value and ordered another it was very low and poorly done never even set foot on or near the property. A house across the street sold for 32,000 more than my second apraisel sent the information to chase, they did a field review and it was even lower. They told me that we were the people they wanted to loan money to . 2 months and still no answer on original refi and piss poor communication from any of their personel. I do intend on filing a complaint . Only wanted to save money on monthly payment now I would like a loan modifacation THEY determined that Im upside down . Do I stay (love my house 13 yrs) or let them have it back?
My first mortgage holder, WAMU (CHASE) is in the process of working with me to modify my loan after 1 year of trying to get somewhere. However, I hold a second mortgage from a credit union, First Financial Federal Credit Union of Maryland. First Financial has been extremely difficult to deal with and aren’t even being friendly. I am attempting to write letters to the Board of Directors and my local Congressman for assistance. I really hope the President looks carefully at the whole picture and finds more ways to help more people.
With all it’s good intentions HOPE is a JOKE and I truly believe the banks would rather see you lose your house than help you keep it. I applied for assistance with Aurora, who is my lender, and needless to say, it has been nothing but a runaround since Everytime I would fax them my information, they would tell me that information was missing. Once I gave them everything they told me they would call me and/or send me a letter. I started this process in January and just recently now in June they denied because they said that the debts I provided to them exceeded my income. When I looked at the financial statement, they were wrong!!! Our income was above our debts and I told them that they must either gotten my paperwork mixed up or the information was not properly entered into their system. In any event I had to submit everything all over again. To make it worse they called me to see if I’d be willing to do a short sale at the current market value. Thinking they misunderstood I called and explained we were looking for the Presidents Modification Program and was told that they had until April 12 th to decide whether or not they would be participating. So I keep calling and as it turns out that the April deadline was for Fannie/Freddie loans only and that all private lender had up to 4 years to decide whether or not to participate!! What a crock of shit!! The plan is a joke. It doesn’t work. It is a waste of the taxpayers money and the taxpayers are broke. My husband and I have been trying to participate in the program since January and have since been contacting our mortgage provider (Aurora) to ask to participate in the program. They will not respond to me and let me participate in the program. I get form letters in the mail letting me know a decision hasn’t been made yet and when I call they can’t tell me when a decision will be made. Are lenders required to participate in this program? NO!! They have 4 years to string you along, to let you think that there is hope out there for the average hard working american to keep their piece of the American Dream while our jobs, lives and money are slipping through our hands and right into the greedy hands of the lending institutions while they laugh all the way to the bank!!
I got so frustrated with Wells Fargo I filed a complaint with the Federal Trade Commission… and I thought I was the only one having problems.
Thank you for contacting the FTC. Your complaint has been entered into Consumer Sentinel.
As a current customer of Wells Fargo I contacted them April 2, 2009 to explore refinance options of my loans with them. I decided to apply for the refinance and paid the $356. fee they requested to cover the application requirements. I immediately signed and returned all required documents, provided all backup documents they requested (W2s etc.) and went through the home appraisal back in April. The locked in rate I had with them was projected to expire on June 3 2009. I received virtually no information from Wells Fargo representatives during the 60 days of loan processing and was repeatedly told everything was fine and asked to be patient as they were way behind. On June 3rd I still had not received status of my loan so I called the loan processing specialist I had been working with and received voice mail. I left messages on June 3rd, 4th, and 5th and received no response. On June 4th I called the general number and explained my situation. I was told only my processor could help me since he was assigned my loan. I asked to speak to his supervisor and was transferred to the voice mail of his supervisor but the voice mail message said “do not leave a message, I no longer work in the refinance department and do not check this voice mailbox”. I then called each business day on June 8, 9, and 10, got voice mail and left messages and have yet to receive a reply. On June 10th my processors voice mail stated that his mailbox was full and I could not leave a message. I called the general number again and got another rep, explained my situation, specifically that my rep was not returning my calls and his supervisor’s voice mail said he no longer worked in the department. This rep told me all she could do was send an email to my rep, his supervisor and the department manager and explain my frustration. I’ve now come to the conclusion that either Wells Fargo has an incredibly incompetent group of loan processors or Wells Fargo is engaging in fraudulent activity by taking fees from consumers like myself and not providing any service whatsoever. As of today I do not know the status of my loan application, what my house appraised for, or what the status of my locked in rate is, and I am out $356. With all of that said, I am not your typical refinance customer in today’s market. I have near perfect credit, have a perfect mortgage payment history and actually have overpaid my mortgage for a # of years to pay off sooner. I am filing this complaint hoping that if the Wells Fargo issue is due to incompetence that elevating to the FTC level may get their attention, otherwise, if their issue is truly Fraud then perhaps bringing this to the FTC level will help other consumers from losing money as I have.
June 11, 2009
To Whom It May Concern: Below is a log of the phone calls that I have made to Citimortgage regarding our application for assistance. I have never received one piece of correspondence from them regarding this situation. Nor have I received any calls except one from them. All of the calls have been generated by me. And on each and every call just about I would have to give all the figures and information from the Hardship Package over again. It got to point I was carrying it in my purse at all times because of this. And respectively, we have a 756 and a 858 credit score so it is not like we are not responsible people to start with.
Log begins: January 2009
January 27, 2009 – Did the online application for Hardship Assistance at Citimortgage. Received email confirmation application received. Expected time frame from email is 30 days for completion of review process. Income has dropped approximately 35 % since we bought the house in 2005 due to my husband’s layoff and his current job only paying 66 % of what he was making before.
January 29, 2009 – Fedexed Citimortgage full Hardship Assistance Package. Original package requested information on any and all options available including short sale since we had put the house up for sale because we were drowning and just paying by drawing off our savings each month.
February 2009
February 3, 2009 – Not able to track Fedexed package so called them and faxed it to them at 301-696-4473. Received printed confirmation it had been received. Finally later in day able to track package and it was received on 1/28/09 as expected. Faxed package requested information on short sale also.
Not sure what date but did speak to someone at Citimortgage Hardship Assistance and was told the HOPE program that was in place probably would not be able to help us since we hadn’t missed any payments. I explained that I didn’t want to miss any payments and compromise my credit in the hopes that in the future we would be able to purchase another house if we had to sell this one. I was told at that time that there was supposed to be a new program coming out in April and that was supposed to be helpful for customers that were still current on their payments.
March 2009
March 10, 2009 – Spoke to Julie requesting status of situation. She ended up hanging up on me.
March 10, 2009 – Called back and spoke to Tina Penhaver who advised me that the package was pending in the Short Sale department since I had not sent them an offer on the house yet? I explained that I had no offers yet and was trying to find out what options were available including short sale as referenced in my original application of 1/27/09. I then asked how I was supposed to know that I was to submit an offer when I had heard absolutely nothing from Citimortgage either by phone or mail. She informed me a letter had been mailed on or about 3/7/09. I have yet as of today 6/11/09 to receive that letter. She also I believe was the one that told me that Jennifer Herrig was my counselor at 877-591-4752. I did leave her a message and she later left me a message that I would have to speak to Bonnie Ribbett in Short Sale.
March 10, 200 – Spoke to Bonnie Ribbett in the Short Sale Department who was handling my case. Took a couple of calls but she did return my call. I explained the situation and she said there was nothing they could do for me without an offer. I inquired about a Deed in Lieu of Foreclosure but since I have the Home Equity Loan from Partners Federal Credit Union, they would not be able to do it without the Credit Unions approval. I then called the Credit Union and they would not entertain us doing a short sale or Deed in Lieu of Foreclosure. At that point Bonnie Ribbett 866-713-4785 gave told me I would need to call the Refinancing Dept. at 866-713-4784.
March 10, 2009 – Called the Refinancing Dept. at Citimortgage and was told to call two of their partners to see if they could help me. One was Lennox Financial at 888-955-3669 or Sirva Financial at 866-550-4658. Because they were regular mortgage brokers Citimortgage didn’t think they would be able to help me much if I truly needed Hardship Assistance so I did not bother to call them.
March 19, 2009 Instead I resubmitted to Citimortgage ruling out the Short Sale or Deed in Lieu of Foreclosure and asking just for Hardship Assistance with the existing mortgage. Since we had never missed a payment and had credit scores of 750 and 825 respectively I still held out the belief that we would be able to receive assistance. I explained that since it did look like we would have to sell the house, if we could just get a lower mortgage rate and maybe extend the length of the loan even if it was a temporary 4 yr or less fix, we would be able to use that money to get the house up to the point of sale since it was not selling this time or the last time we tried after my husband was laid off.
March 20, 2009 – Citimortgage received second Hardship Assistance package by FedEx.
March 23, 2009 – Spoke to Derrick who confirmed they had received the package. Told me I need to call back in two weeks. Package could take 30 to 45 days for review after a counselor has been assigned and they don’t know when that will be. Hopefully within the next two weeks before I call back.
April 2009
April 10, 2009 – 2:45 pm – Called and someone in Hardship Assistance at 800-283-7918 who said they would leave a message for Peter and that he would call me back with information about the Homeowners Assistance Plan within 48 hours on my cell phone. Asked if since it would be the weekend that would really happen. Yes, I was assured, it would.
April 10, 2009 – Called back not trusting at this point that the call would happen. It didn’t. Still have not received any phone calls or one piece of correspondence from Citimortgage. Spoke to Vic Vysosias at 469-220-0841. he told me he would call me back in 2 weeks with an update. Never called back.
April 13, 2009 2:15 pm – Spoke to John at Citimortgage 877-971-9710 who again took all my information and promised me that his supervisor would call me back in 5 minutes. I explained I had already waited 48 hours for a call over the weekend that didn’t happen.
April 13, 2009 – At 2:55pm when it was obvious no one would call back I did. I spoke to Lynnette who told me a counselor would be calling me within 3 weeks with the new information on the plan that President Obama was putting out. Finally I gave up and scheduled an appointment online to try to actually talk with someone. I scheduled the appointment for April 20, 2009 again filling out all the pertinent information.
April 23, 2009 – Spoke to customer service. Advised that they still have not received the parameters for the Home Modification Program. Still waiting.
May 2009
May 12, 2009 – Spoke to Citimortgage again today. Letter detailing our options has been mailed according to customer service. The delay was because President Obama’s parameters for the Home Modification Program had not been finalized until April 24, 2009 so they were basically just starting now to process the applications. When I explained that mine had been in since January 29, 2009 the attitude was oh, so sorry. 4-6 weeks more before I hear anything. Also told that they would need to do an appraisal on the home. Advised them I was agreeable to that but they would need to let me know when as I live in a gated senior community and they would not be able to go in without my consent. They said they would note it on the file.
May 26, 2009 – We decided we cannot afford to wait any longer for help. Our bank account is dwindling rapidly.
June 5, 2009 – Saw on my caller ID that Citigroup had called. Called them back to find out what it was about since they left no message. Spoke to both Sharon and Winter. Advised that we do not qualify for the Home Modification program because our appraisal came back as the home being worth only 139,000. It is for sale for 193,000. Needless to say I was shocked. Especially since there was no appraisal done because my gate keepers never got my permission to let anyone in. After they finally admitted it was done on the internet they told me that we are over the 105% that Freddie Mac allows for refinancing. They then transferred me to the Refinance Department who also turned us down based on the home appraisal and the debt ratio.
June 5, 2009 – Have started looking for a house to rent in preparation for bankruptcy or foreclosure. Need to rent before we file so we are able to get a rental before our credit score bottoms out.
June 10, 2009 – Tried calling Citimortgage as a last ditch effort to get assistance prior to filing for bankruptcy. First spoke to Sushant at 4:40 pm in Customer Service requesting a copy of the home appraisal and gave me the incorrect account number as my mortgage account. Put me on hold for 6 minutes then was hung up on. Called back and spoke to Dolly requesting a copy of the appraisal. She stated my case was still open and she didn’t see where I had been denied anything. She said she couldn’t do give me the appraisal and gave me some long complicated story as to why not. Transferred me to her supervisor Renee. Again got a long complicated story that it wasn’t really an appraisal that they based their decision to deny me the Home Modification Assistance on. Finally she told me it was done through Freddie Mac and our local county assessor. If that is the case 139,000 is what I am paying taxes on but in Florida if your home is your primary residence you get a 25,000. Homestead exemption which means my house is actually worth 164,000 by their records. She said she couldn’t send me that info but would send me some info out. Not sure what or when or if it will get here based on their past performance. I think they are trying for deniability by not sending anything in writing that can be challenged.
Called back and spoke to Ty in Loss Mitigation, finally someone that had a clue. He said first of all Sharon and Winter on 6/5/09 had no authority to tell me that Citimortgage was not going to help me and that my case was still in fact open. My counselor is Mr. Darfoor who I have yet to hear from. Ty was very nice and agreed that we had not been treated well through this whole process with the lack of communication to us. He gave me Mr. Darfoors direct line.
June 11, 2009 Called Mr. Darfoor and left a priority message at 6:15 pm yesterday and again today at 12:00 noon and still no word from him. Why am I not surprised.
June 19, 2009 STILL NOT ONE PIECE OF PAPER FROM CITIMORTGAGE VERIFYING ANY OF OUR CONVERSATIONS OR THEIR DECISION
I have a citi mortgage. I was not able to get help with my mortgage last year when my property was reassessed. My payment went up over 350 a month, pushing it over 2000.00 a month. The value of the house dropped out from under us, but still my property tax was raised. After numerous calls for help, citi would not help because we were current. We went in default. Five months later, they were willing to help. Lowered my rate to 3.75% and stretched the loan out to 40 years. This lowered our payment to an affordable amount. Later, our property has been reassessed again and again, and citi mortgage now has our payment back up to where the original payment was. If only our incomes went up as fast as mortgage payments. -Frustrated
President Obama, I hope for the people someone in your organization is reading these messages as it’s a housing pandemic which will bring this country down.
Mr. Obama your administration needs to truly get on top of this issue and forget Barney and Dodd as they have no clue what they’re talking about. The administration needs to put accountability in place immediately. Gather feedback from folks in the trenches (not bank Presidents and CEO’s). Find out the truth about how homeowners from all walks of life are being steam rolled by the same banks that 1) were the root cause of the mess, 2) received taxpayer monies to bail themselves out and supposedly help borrowers, and 3) who continue to boast of profits yet cannot implement any of the plans you sir are touting as your ‘Housing Recovery Program’.
Mr. Obama you need to get Fannie and Freddie as well as all the lenders in a room and enforce upon them that it’s “housing stupid”. That is unless the banks have figured out that they want the property versus helping everyone out. I doubt this is the case, but in these heady days, one cannot be so sure.
Fannie and Freddie need to get in step with each other. Not different loan modifications just because you have a Fannie loan versus a Freddie loan. Knock off the restrictions to closing costs as anyone with a brain can tell you people do not have thousands of dollars to save One hundred dollars a month.
Perhaps Mr. Obama, you need to enforce upon the banks, Fannie, Freddie and non-banks that principal reduction is necessary. These folks were quick to offer programs that allowed people to finance 100%, and in doing so fueled the real estate frenzy and the increase in prices, yet now they do not want to help these folks after they ran up ridiculous profits off of their loans? Please show me where the ethics are in this type of gouging?
Lastly, Mr. Obama you need to see what’s really going on inside the banks as it pertains to short sales and foreclosures. The irony of short sales today is that the banks appraise a property at a higher value which as it turns out once an offer is accepted and the buyer plunks down money for an appraisal, it comes in less than the bank had valued it. DUH!!! Talk about a stalemate! Bank says we want 200k. Buyer agrees, appraiser says sorry, only worth 150K, DEAL DECLINED! Mr. Obama, can you please bring some common sense to this picture? If not, this will be a short first term, as it won’t matter about healthcare, security or anything else. It will be housing and jobs, housing and jobs! Do you hear us?
I have applied for the refi with Wells Fargo. I have had to fax things multiple times. They lose everything. The latest scam to put me off is they need my original loan doc on my second mortgage and they have orderd it internally, but it is taking too long. They are basically dragging their feet till my rate lock expires and they don’t have to refi my loan at a lower rate which would save me $ and keep me in my home. My husband and I both are employed, have never been late and are more capable of paying the loan. Our LTV is like 95 percent. If I keep losing $ on my home and they keep putting off the refi – they will leave me no options. Nobody returns calls or emails. The whole obama plan is a scam.
Frustrated!
I applied with BofA and was approved. I then paid my deposits requested and locked in my rate. That was over 85 days ago. My problem was the Escrows! I have on deposit over $4000 paid in escrows. BofA would not refund the money, nor apply it to my closing costs, nor transfer it to the new loan as Escrows. Actually, depending on the day you talked to your loan officer it was a different story. I had a closing date of June 8, under the assumption that BofA was refunding the $4000 so that I could pay the new escrows at time of closing. When I finally spoke to my loan officer after several attempts on June 16th I was then told that they can’t do that and I would need $9K at time of closing. If I had that much money I wouldn’t need to refinance. As of today I am no longer eligable to close since my lock expired on June 15th. (Note: my lock expired before I finally got the manager (the loan officer didn’t even call me back)to call me. I want to know why the lenders are charging 1% fees, demanding new escrow payments (when they already have our money) and a whole bunch of other fees for a mess that they actually created with the economic downturn? Why should I invest more money with no return? If lenders had not lent money to individuals who were borderline or truelly investors with no buy in to the home (no money down, no loss) then the law abiding, hard working individuals would still have sactuary with their homes. I work for a Homebuilder that is now in wind down and I will not have a job soon, my husband also works in construction. There are no jobs in my field. I have been trying to do the right thing and refinance to lower my payments so that when my job ends I would be able to keep my home. I was told by a manager of BofA to call a 1-800 number for a “Work Out” program to see if there is any way that they will help me keep the home, other then that he couldn’t help me anymore as he stated BofA terms for the loans have changed. BofA does not care. I have spoken with at least 6 different people in the organization and not one of them can help or has the same story as anyone else. Working with BofA is like running in to the wall hoping that it will open, it’s not a door but a dead end.
My employer cut all salaries by 10% back in February. I called my 1st and 2nd mortgage providers (Midland Mortgage and HFC) telling them of the situation. They said that as long as I made my payments, they couldn’t help me. I then contact Home Loan Center a.k.a. Lending Tree and applied for refinance. I was told that my rate would go down from 6% to 5% and that they could pay off my car and a couple of credit cards. I had to do 2 appraisals because I was refinancing 95% loan-to-value. The person I dealt with (Leonard Lee) was slow in responding to my emails and calls, I had to copy his boss on them so that I could get a quick response. They strung me along from March until I missed my May mortgage payment and then they said they couldn’t help me because I was late a payment. STAY AWAY from Home Loan Center and Lending Tree PERIOD!! They don’t care. I am now in a 6 month loan modification with my auto finance company and my 2nd mortgage. My 1st mortgage lender modified my loan by extending it 5 yrs and lowering it about $90/month. We’ll see how well this turns out after 6 months. Chapter 7 is looking really tempting now.
After 8 months of trying to work with Countrywide/Bank of American Home Loans directly or with the help of an attorney, they still REFUSE to grant our request for a loan modification even though we qualify for it under President Obama’s guidelines. The reason for denying our request for a
loan modification in October was — as quoted from the customer service
representative — “I don’t know.”
After all the back and forth and Countrywide’s delay tactics and corrupt practices in the courtroom, on Friday, June 5, we contacted Countrywide’s customer service one more time and asked what our last remaining options were. According to Andrew Dunlap (the customer service rep), he told us the financial section of our account indicated our income was -28% each month and recommended we do a short sale with a deed-in-lieu afterwards if the property did not sell. On Saturday, June 6, we called Countrywide again to give our decision regarding the short sale. We spoke to Leonne and according to him, the financial section of our account was “blank”. That indicates someone must have erased the data overnight! We worked with Leonne to enter our financial data and this time we were not negative. What is Countrywide trying to pull? Are they doctoring or manipulating customer data?
If Countrywide is telling the public, the media, and the government they
are modifying loans, that is a LIE. They have MISTITLED a Forebearance
for a Loan Modification as payments were reduced only by $20-$50 dollars. Again…deception! Countrywide will not release the raw “100,000″ loan modification agreements to the CA
Attorney General because they are not at all loan mods and are not compliant with the LA Superior Court Nov 23 court order nor compliant
with Countrywide’s April 17 contract with the Dept of Treasury-Fannie
Mae’s whereby Countrywide agreed to modify notes at 31% as specified in
the HASP-MHA guidelines.
We are NOT ALONE. There are 430 Countrywide/Bank of America Home Loans customers in the same boat as us. So, what is the status of our home, you ask? Well, we were forced to put it on short sale, there have been 3 offers on the home, Countrywide/Bank of America Home Loans has ALL the paperwork and STILL they haven’t moved the trustee sale date (which is next week) to allow for time to complete the short sale and, at least, allow us to save what little remains of our credit.
Countrywide/Bank of America Home Loans is determined to steal taxpayer monies, determined to deceive the government and American people, and determined to destroy the American Dream and Economy. My only question is: If the little lowly nobody taxpayer goes to jail for stealing from the government and people, how come this atrocity of a bank (Countrywide/Bank of America Home Loans) can get away with it? Talk about hypocrisy! Man! It looks like corrupt lenders are running this country…they seem to have a choke hold on our government, who, by the way, may I remind you, is supposed to work for us — the taxpayer!
Wells Fargo currently has our mortgage. We have 6.5%; we took a slightly higher rate at the time of our original mortgage to avoid PMI. We started the process late April to refinance through HARP with all the paperwork being completed and WF telling us that they should be all set to go the first weekend of May. Then there were constant delays because of their systems not being updated yet to process loans with PMI…still waiting…called again…still waiting. Contacted original mortgage broker who confirmed that our mortgage should not be considered having PMI (either lender paid or consumer paid) and that it was very strange that WF spotted the interest rate difference for the avoiding PMI purpose. The rates we were quoted from WF at the start of this process were between 4.85-5% and now that they are back up to the 5.6-5.7 range, it does not really do us a lot of good even if WF finally gets with the program and processes these HARP loans. We have excellent credit scores, steady jobs, have never been late on payments and we are the last ones who could benefit from HARP. So Obama administration – Thanks for trying, but seriously, you help no one except the people who were greedy and overbought and have no clue how to manage their money.
It seems to me that the administration’s mortgage refinancing efforts are falling very short because of all the constraints inherent in these plans that make it nearly impossible to become a beneficiary of the program. For example, after being laid of from a customer service job for a major homebuilder outside Hilton Head S.C. in March of 2008, I could not find a job in the greater Savannah/Hilton Head area to be able to continue paying my mortgage. I landed a job in Austin, TX a few months later, and given our circumstances, decided to take the job and move with my wife a week after our honeymoon. We tried selling the house located outside Savannah, GA, and in 6 months not one single person showed interest. Thusly we are now renting the house and losing money every month we rent it at less than our monthly mortgage payments. When I went to re-fi in April, I was told by numerous loan officers that I did not qualify for a reduced interest rate because – now that we are renting the house – it is considered an “investment property.” Well nice investment, huh? I find it a little unnerving that we could simply walk away from the house and default on our mortgage, but here we are trying to work something out w/ banks who keep closing the door on us since we were forced into having to rent the home out to be able to continue paying the mortgage to begin with. If we lived in a perfect world, I would have never lost my job, and we would still be living in that home making our payments every month without problem. My opinion is that the administration needs to understand that not everyone is trying to re-fi in a perfect world scenario. I am sure there are millions of people, like us, that are going through similar hardships being able to benefit from the program the way it is currently designed. Why do we have to be left out when we still pay our debts and taxes to benefit those taking it away from us. A little fairness would be appreciated.
I bought my house 11 years ago. In 1997 my husband was laid off and in two weeks later my husband did not find any job then I call Countrywide and applied for a modification on October 1997 and I don’t received any respond until March 1998. I signed the modification paper and I sent the first payment which was $1700.00. Three month after I received a letter from Countrywide that my monthly payment was raise to $2300.00. At that time I can afford that payment and I tried to called Countrywide almost everyday until I get another modification. This last modification was approved for $2000.00. Then I agree because I don’t want to loose my house but then I call Countrywide and I was advise the monthly payment in the next couples months will increase to $2901.00. Defenitely I can’t afford this payment. The end of my story is very sad. I know soon I have to abandon my property because I was unable to get help. Good luck for everyone.
I also work for one of the larger banks in the country and I can you that as a loan officer trying to help people we have gone from loan officer to modification and loss mitigation consultants.
The stories are endless and the tragedies worse. The problem with the entire Obama plan is that as the person prior to my note stated is they left out FHA/VA. However, the bigger issues include the fine print that the Fannie and Freddie inserted some very fine print that leaves nearly 9 out o f10 applicants out of the loop! Freddie for example will not allow the borrower to include closing costs and prepaids to be included which is a huge cost up front at closing. So now you have a borrower who fits the program up and until the day of closing comes along. Now they’re informed that they can only include up to $2500 in closing costs when the actual closing costs and prepaid escrows will range from a low of $5k to 10k or higher.
Then you have the issue of Fannie Mae Loans who qualify but yet the Fannie Mae system (DU) kicks the borrower out over some type of glitch. To make matters worse, Fannie knows it’s a glitch however will not allow the underwriter to manually underwrite and approve the loan. So what happens to these supposedly Fannie Mae qualified borrowers you ask…….DECLINED!
The rescue plans are further impacted negatively due to those banks and lenders who do not participate and instead pursue short sales (under very strict terms) and or try to work out modifications on their own which do not help anyone. They want huge closing fees and do not offer competitive rates.
Lastly, we’re now seeing the beginning of a huge problem as it relates to the new appraisal regulations whereby the lenders are no longer allowed to speak directly to the appraiser. On the surface this sounds like a great idea because you’ve heard all these horror stories of appraisers being pressured to come in with higher values. I hate to be the bearer of worse news than these folks being pressured but because of the new guidelines, the fees have jumped up to $450-550 for the consumer and when the appraisal comes in low, the lender is allowed to submit a dispute form which results in the appraiser sticking his nose up in the air and your borrower being declined! Again!
So I guess the real question is, who owns these new appraisal management companies that have sprung up. Hmmm, maybe it’s those guys who caused this mess way back, I think their names were Barney something and Dodd! Nice job guys!
I applied for a loan modification with Citi Mortgage Company and to my surprise it was a success. I will admit the process took about 90 days to complete and it took a lot of patience, and a big commitment on my part. I started the process by going online and I applied under the hardship rule. I faxed in all the required documents and had to call in at least once a week to see where I was in the process. I find that if you get a name, number and extension of a person and you keep going back to that same person they tend to be a bit more helpful. What I did was develop a consumer relationship with my contact person. I always started the conversation by saying I am just calling to follow up to see where I am in the process. I then became empathetic and I would state that I knew she was working very hard and I appreciated the fact she even took my calls. I did this every week until the process was completed. Only once did I ask for a supervisor. One note of importance I always called around 8-8:15am People seem a bit more receptive at that time of the day. My loan went from 7.8% down to 5.05%. So in the end it was well worth the time and effort I spent on the phone. If I ever get the chance I would like to thank President Obama because I do not believe I would have ever been granted this opportunity without his input.
I applied for a Mortage loan remodification with BankofAmerica. I am current on my mortage, never missed a payment. I was laid off in September of 2008 from a job paying $90,000/yr lived off savings. My wife was laid off from a temporary job in May. I took a temporary job in April making $13.50/hr. Called BankofAmerica sent them all the documents they asked for. Witin three weeks I got this form letter saying my request for a loan remodification has been denied because my income will not support a remodification. The letter went on to say that if I go into default they will continue to report me to the credit burea. This letter was telling me to go into foreclosure, then give them a call. Banks don’t really care.
I am a real estate appraiser in NYC. As far as we can tell down in the trenches, Banks, (Especially, the bailed out banks) are trying their hardest NOT to make any home loans, refinances or modifications, effective May 1st. There is no oversight, nor any channels available to the homeowners/purchasers for remediation of the outrageous behavior of the lenders who got us into this mess in the first place.
I received a mortgage 3 years ago and the friendly (and unregulated) bank simply lied to me about the terms of the loan, giving introductory rates that changed without telling me. Now these same banks are clearly NOT wanting to give up the draconian mortgages they have. Obama MUST find a way to force the banks to let go of this toxic paper, and fix the disaster that the lying son-a-bitches manufactured; banks still are determined to restore their fortunes by stealing people’s homes (just as originally planned) whether or not it destroys America, and are subverting your program, Mr. Obama, to fix the banking disaster and our economy. This is an internet revolution; Mr. Obama, give us homeowners the power and tools to opt out of our bank’s control when they don’t answer the phone or otherwise subvert us and the program. We can put the needed attention to our own affairs, even when they won’t, as WE are determined to make this work. They are not; quite the contrary. Don’t leave the power in the hands of those determined to profit by subversion. This home is MY investment, the mortgage is THEIRS. Give ME the tools to separate their mortgage from my home. Give me the tools to make this work. I ASSURE YOU THAT I WILL MAKE IT WORK; clearly banks won’t. Give us the tools.
I started the refinance process with Bank of America over 90 days ago. I was looking to lower my payment just in case something happened to my job. I was offered a 4.625% rate and was currently at 6.875%. I was recently turned down because my home had depreciated in value. The big kicker was the lady who did my appraisal marked that I was in an oversupplied market and in a declining market. Even though my zip code did not show up in BoA database as being in either one of these markets, they took the word of the appraiser. This move by the appraiser automatically took my loan to value form 90% to 85%. BoA would not budge!
I fought tooth and nail and ended up FINALLY speaking to a customer service executive (I should post her name and direct line) and she finally tried to help me. She was able to get it so I would have no out of pocket money at closing, but since I was offically denied by letter 2 weeks prior, she would not honor my locked in rate of 4.625%. At that point, I was fed up!
Bank of America’s customer service is beyond HORRIBLE!!! The big banks are the only ones who are benifiting from all of this and they helped create the problem. I don’t understand why it is so hard to reset someones rate, terms and verify employeement. I have since started the refinance process with another bank and I’m approved with a closing date in ONE WEEK!!!!!
If you have loan from BoA or one of their affaliates good luck on the refinancing.
I have tried to refinance my home under the bush admin. at closing I was told the bank was going under the Obama admin. the problem i had was I was trying to pay off all my bills at an over all savings of $1400.00 per month. Under the Obama admin. I save $600.00. I cannot pay off all my bills. I want to thank the Obama admin. for thinking of people like me. I would like to keep the econmy going now icannot afford a car. thanks!
there are a lot of misconceptions about the “Making Homes Affordable” plan. When it was presented to the public, “all” of the qualifiers were left out. Basically, only a few peoiple qualify for the program, even though it sounded like a universal lifeboat, no fault of the lenders, the gov’t put this together, as for the person being told to continually call back, he is more than likely eligible, but for phase 2, this is for people whose loans currently have PMI, once again not the lenmders fault, but PMI carriers
I work for a one of the larger mortgage servicers, specifically in the loan workout department, and I know that one of the biggest misconceptions about the Obama Loan Mod programs is that they include FHA/VA loans. Well, if you read the fine print FHA/VA loans are not included in the program. Most serviceres, including my employer, have internal programs that are available to borrowers, but the programs are very different from the Obama plan. People need to figure out what type of loan they have, because if it isn’t a Freddie or Fannie loan then it’s probably not in the Obama program. I think this is one of the biggest mistakes that this administration has done. They’ve swept the FHA/VA loans under the rug, hoping no one would notice, and the borrowers are upset because they think they are getting denied for Obama’s plan when they were never eligile in the first place. My biggest suggestion for all the homeowners out there that want and need help is to call their servicer, not the bank they went through to get the loan. Most likely, that bank sold the loan or the servicing rights to someone else. The servcing company, or the company your payments are sent to, usually have the ability to refer you for some sort of hep. Goodluck to everyone.
Okay, this is a very frustrating case. My husband was docked two increases in pay and our health insurance went from $40.00 a week to $100.00 a week. We have been having trouble with our mortgage payments. So I called “Countrywide” and they stated that we cannot apply for a loan modification due to the fact that our investor (Deutsch Bank) does not allow modifications on our loan. Help! Does anybody know what this all means and is it legal? I sent all documentation in and now they want us to try a repayment plan which increases your payment by 9 months. Does not make much sense to me.
Troubled American
I have been a mortgage broker in the Washington DC metropolitan area for over 17 years and have been trying help many of my previous clients as well as new one’s that call for help. It has been a roller coaster of events over the last 12 months. Every time a new government program is rolled out, we think this will be the one to hlep our clients but then reality sets in, either the guildines are so restrictive that only a limited number of people qualify or their current lender will not work with them becuase they are not participating in the program. In my opinion there two programs available now that should be able to help the most people. The first is the recently updated Hope For Homeonwers program. This program requires borrowers current lender to reduce the principle ballance to 93% of the homes current value and FHA would insure and guarantee the new lender for any future default. I feel that this program could have the greatest impact on slowing down foreclosures but the problem is finding a lender that is willing to originate and close the loan. The second program that was created to help millions of people with mortgages owned by either Freddie Mac or Fannie Mae that would not qualify based on current guildine due to limited equity in their home. My company has had over 50 borrowers with mortgages owned by either Fannie Mae or Freddie Mac request a refinance through one of these new programs but we have had only 1 out of 50 actually close. There are list of reasons for not closing from exceeding the 105% loan to value requirements, to the increase of the interest rates since the program was first releast but the most frustrating is when you have borrower that meets ALL of the published guidlines but for technical reasons that the Fannie Mae and Freddie Mac “help desk’s” are not able to determine, we cannot close the refinance. In my opion the the best way to help the most home owners that have been current on their mortgage and that income qualify would be to eliminate the requirement for an appraisal. The bottom line is if you can reduce a persons mortgage payment by $200-$300 per month and put them in a better position to continue making their mortgage payment, why not?? Talk about helping the economy at little to no cost to the tax payer!! It is a win, win for everyone.
OOH ..Sun Trust OOOOH suntrust, how you love to screw me!
OOOH.. contry wide OOOOH country wide, with your option ARM you really stuck it to me.
I am current on my mortgage payments, but my home value has dipped below what I owe. I attempted to refinance anyway possible, including Obama’s DU Refi Plus Program, to no avail. I was told by PHH Mortgage, a Fannie Mae insured lender that because my PMI is paid by PHH Mortgage and not by me that I am not eligible for Obama’s DU Refi Plus Program. Being denied on this unscrupulous technicality is very frustrated for me and my family. I’ve also tried to refinance with a traditional mortgage and a FHA mortgage, but was told my loan to value ratio was too high for both. I owe $128,500 on my mortgage and my house is supposedly worth $125,000 according to http://www.zillow.com, which banks seem to be using as the Bible these days. Now that rates have gone way up, I feel trapped once again.
My son tried to refinance the mtge on his condo in Atlanta under Obama’s plan and was told by one of Suntrust’s Vice Presidents that he was not eligible because his condo was not a Fannie Mae property. Is that a requirement?
I successfully got a mortgage modification. My mortgage is through Citimortgage but the mortgage holder is Fannie Mae. I was laid off 7 months ago from a 6 figure job and finally got a job paying 1/3rd of what I was making. My new salary would just cover my mortgage! I called Citi and every time I got a different story. I finally got to the mortgage modification department – their number is 866 272 4749. Ask them to put you through the “online tool”. Be prepared to give your income (gross and net) and expenses. Ask them to order the appraisal on your house. If someone tells you you cannot qualify (as happened to me), ask them to please do it anyway. Finally, after thinking that I could not qualify, I actually got a call from Citi (just left a message with no reason). When I called, the guy entered my info in the tool and said that I was approved. My mortgage went from over 3000 to 1500! I have to make the new payments for 3 months. After that the modification will become final. During that time I will receive a mortgage modification agreement. All I have to do is sign it and send it back.!
I have the same sad story with Countrywide and BofA. Countrywide collected $400 from me for a refinance. “Thirty days and we will close”, they said. It has been 120 days. And they said I qualified, but then they said I didn’t, and would need to order an appraisal. I told them I was not going to pay for another appraisal, because that they had told me the value of my home in the initial negotiations. Their value was more than my last appraisal. I think the loan officer made up a number to fit for my approval to ok the process and send the $400. By the way the end results in savings were less than originally told to me. Also, two differnt times the good faith estimates with Countrywide were changed to a higher interest rate; at the last monemt of closing. Then they said they were going to re apply. I told them to forget it because I was going to apply again for a modification. Actually I applied for a modification before they started the refi. However, I paid one of the scam artist for assistance in the second attempt of a modification. That cost me another $650, for a list of what was needed from me. This list of instructions can be obtained for free. I got a call the other day and the solicitor said, “I am a third party negotiator and you need me to do a modification or it will not get done.” I said that is not true and he hung up on me. Anyway, I have re submitted for a loan modification and have been told by a rep that that they have my paper work. They tell me to call back in 2 or 3 weeks. That is a nightmare to get through to the right department. I have been spoken to rudely and been hung up on. Same old story over and over, we are in a lot of trouble America, and the banking system is kindling the fire with our money. We should march on Washington and camp in the streets until something is done to correct this mess. I have been a faithful on time customer and now where is the expedited speadience when it is turned around the other way. I pray for the just thing to be done. Hello President Obama, fix this mess for your citizens.
I applied for a loan mod with Wells Fargo in March after my husband died suddenly in February and I lost over 60% of my household income. The initial phone conversation was very positive and it did look like I qualified all the way down the line for the Making Home Affordable Modification plan. Three months later, I received a forbearance letter reducing my payments by half for 6 months and on the first of the 7th month, the entire amount in forbearance and the full payment for the current month would be due. The premise was that this was a temporary hardship and in the 6 months, I should suddenly be able to find a way to correct the deficit in income. I have stayed current on my payments, draining my savings, but the forbearance would have a negative impact on my hard-earned excellent credit rating. They tell me, not in the letter (in writing), but on the phone, that at the end of the 6 months, they may offer me a solution – no guarantees. Meanwhile, interest rates are creeping back up. I have to decide whether to believe them and sign the letter or I don’t know what. Sooner or later, this will deplete my savings and leave me with nothing to live on. Obama’s plan is a nice thougt, but where are the LAWS(!) protecting the citizens???
This program is baloney. You get nowhere fast with the phonecall runaround. We were laid low by a work related injury that left my husband permanently disabled. The state funded work comp sent him to college for 3 years to retrain, and we struggled to get by on work comp, student loans, and my job that paid next to nothing. We cashed in our retirement plans, raided our savings accounts and never touched the equity in our home. We went into debt that didn’t exisit before the injury, and muddled through. We never missed a payment on our conventional mortgage. He graduated with honors in December, just in time for the economy and job market to tank. Still, we borrowed money from family to keep our house payment current, because if you were behind you couldn’t get any help. Our mortgage holder, Wells Fargo, started giving us the run around in Feb, when we called to let them know that we were seeking modification. Still we weren’t behind. Many phone calls, repeated submission of the same paperwork, and finally they call to say that our moritorium was almost up. What moritorium? We were current and no one had told us we were granted a moritorium. so they started it from that date. Its no help. Instead of the regular monthly payment due on the first Wells Fargo decided to give us 90 days moritorium, but on 1 Aug we need 4k to bring it current, or we are in trouble. What help is that, really? My spouse is still looking for work, while my job came to an end last month. We have sold or pawned damn near everything of value to keep the phones and the internet, necessary for job searches. How does this program help us? It doesn’t. We bought an affordable, modest home, with a 30 year fixed at less then 6%. We put a lot of repairs and sweat equity into it. The market in our town has held strong and our house is appraised at 80k over the amount left on the loan. That only entices lenders to take your home, because then they make money. There is no help for the homeowner, the injured or the ordinary citizen. Our credit is now in ruins and at age 50 we are trying to start over, with less then we had 30 years ago, and permanent injuries. If we lose our home we will never own another. the president’s plan was nothing but a give away to the big banks, again. Weeks of paperwork unprocessed, phone calls not returned and a 4k payment due in 6 weeks have lead us to believe that we will be homeless when winter arrives, and its damn cold in Montana. He goes without his medications and I go without decent food. Neither of us have medical or dental care anymore. We have never taken a handout, never asked for help before now. And all the hard work, the scrimping and saving, was for nothing. It only reinforces that the president and congress don’t give a damn about the ordinary citizen, the little guy. we are only good to hit up for campaign contributions and taxes. We slip further each day, and each day I feel a deeper sense of hopelessness and hurt, because the nation that I believed was so grand and glorious only cares about the wealthy, and making them wealthier. I am sorry and embarrassed that I fell for the “vote for change” line, and feel really stupid for being so guliable at my age. Never again. the banks lie, the government lies, and no one gives a damn about us, the little people falling farther down into the darkness. Where will it end? I guess that it ends with us living in a tent in the national forest somewhere, because I won’t be homeless in an urban setting. If the elements are going to get me I’d rather it be in the splendor of Mother Nature then the squallor of downtown alley ways and bridges. And Uncle Sam can kiss my hardworking, honost and respectable a$$. And I think that it is horrible that CNN makes me post my name and city. Nothing like adding to my pain.
I have a mortgage with Wells Fargo. I’m at 6.125% on 30 years and I qualified within the new requirements. I wanted to reduce my rate just in case I got laid off. I was told by my banker, who I have used often, that she had 40+ people interested in their HARP program at Wells. She would get back to me in a week to tell me the details. I called her 3 weeks later and she told me that only one of the 40 would qualify for their program. The reason being, you had to have at least 20% down on your home. They are calling this their tier one and later will involve more people in their tier two program. She had no date as to when tier two would take place. I’m guessing never. They received 7.8 billion in tax dollars for this program on top of 25 billion in trap funds. Who the hell do they think they are? This program is a proactive way for people who are paying their bills to have a little breathing room during these uncertain time. This reduction could be the difference between keeping and losing a home, if a person experiences a layoff. The government needs to take charge and kick some butt. Quit helping those who should have never gotten loans in the first place! If you have a sub prime loan, you made your own bed. Don’t buy what you can’t afford. Your stupidity has cost others to lose their homes.
So far Obama’s programs have just been a lot of hot air. You expect the banks to do the right thing and when they don’t you can blame them for the problem. You have the power Mr President, use it!
I am one among the lucy few, I got my home refinanced under the Obama Administration Plan. I had alomst a high 6’s APR before the refinance and under his plan I got a APR in low 4’s, I was benefitted by 2% drop saving me about close to $600 a month. I would have to say there was a $10,000 closing cost associated with the refi. I calculate I may break even within 2years.
I had my initial loan and refinance done through BofA, The customer service and the processing was not that great (I should say among the worst) but I think it was worth taking the pain for opening up some extra income every month. I am now using the same amount to pay off credit card loans. I hope I will be in a better situation than I am right now with in a year or two.
I DID get helped through Obama’s home resuce plan. I am now in a 3 month trial period and my monthly house payments have been lowered significantly. However, my bank, Wells Fargo, was hesitant to help me without a big push from HOPE NOW, a non-profit HUD agency that called people I couldn’t reach, faxed items, and kept me in constant contact of what was happening with my loan. It was 6 months of stress and worry that my house would go into foreclosure but my loan modifcation came through just in time. It was worth it. You have to show decrease in your income, have a freddie mac or fannie mae loan, and you have to be having over 31% of your monthly gross income going towards your mortgage payment each month. Sadly, it also helps if your house is worth less than you owe. The bank wants it back even less that way. At first Wells Fargo said they’d help me on their own plan but two months into it they suddenly told me I didn’t qualify. I DID qualify, however, under President Obama’s plan. I can’t thank HOPE NOW enough for guiding me through the long, difficult process. Their counselors stood by me every step of the way. If you want to see if you might qualify or can get a HUD counselor to help qualify you, go to HUD.gov. It’s all right there on the website or go to HOPENOW.com.
My situation is like this: I bought a home through Desert Schools Federal Credit Union of Arizona in August of 2005 for $160K. This was done through a conventional 30-yr fixed mortgage set at around 6.3%. No ARMs here folks. However, three major and unforeseen events took place that have made this $1161.00 mortgage and a $205.00 HOA nearly impossible to carry, although so far I have managed to each month, barely. My wife of 25 years (who is also on this mortgage)abandoned me. And of course, with her went a portion of the income that we had agreed to use to support the house payments. She has been gone since December of 2006. Secondly, as of mid 2007 my employer (FedEx) eventually had to cut back work hours due to the dramatic drop in their package volume that resulted from the economic downturn. Thirdly, I have a chronic ailment that has to be addressed daily with proper medicine and probiotic regimens if I am to stay on my feet and continue to work so that I can bring in the money to continue to pay for the house. The meds ARE NOT covered by my health insurance; these are strictly out of pocket, as are the $110.00 per month doctor consultations. Having said that, I went to Desert Schools four different times within a period of nearly two years to get assistence. The first three times all I received was a stone-wall. The fourth time came on February 9th of 2009. They don’t know it, but I was within a hair of signing a lease for an apartment to move into and leaving this house to go into foreclosure. The ONLY thing that stopped me from doing so is that my sister-in-law in California pleaded with me to try DSFCU one more time. I did. This time, they said they could help. So they sent me the appropriate paperwork to fill out, which I did. Along with that paperwork, I had to send them necessary financial documentation to complete the packet. They received this packet at 7:30 AM, Friday, February 13th. And I haven’t heared from them to this day!! I will be very blunt and not very tactful: First of all even though Desert Schools told me that they could help, I expected only one of two things to come out of their mouths – either a half-truth or an outright lie. And at least in that area they did not disappoint. For that reason, I say to anyone looking to do financial business, I can’t tell you who would be the best institution to go with, but Desert Schools is definitely NOT the one you want to deal with. As for Obama’s plan and program, I believe he means well and that to a fair degree he is sincere. But as well-meaning as he may be, he can only go as far as the system, financial and political, will let him. This is clearly demonstrated by the receivership of the massive bailout on the part of the banks; money that was supposed to be used in part to help families or individuals who were truly struggling to keep their mortgages sound as a result of finding themselves in difficulties beyond their control. But til now, according to the latest statistics, has supposedly helped only 55,000 struggling homeowners. Like I said folks, 98% of the financial institutions, be they banks or other lending institutions function on either half-truths or outright lies. And anyone who can’t see this reality now is either hopelessly corrupt or pathetically naive. I’m hearing from fellow workmates and others that in MOST cases, the only way that banks and other mortgage institutions will remotely consider helping you is if you fall at least three months behind on your mortgage. They are less likely to help you as long as you somehow remain current. You know, I have a ten-year old nephew who’s got better sense than that. But know this, once I have exhausted all my resources and cannot continue with this mortgage, I am taking my leave folks. I will not waste my time negotiating with DSFCU a fifth time. After all, in baseball you’re out after THREE strikes.
Hello,
Once Obama’s man Geithner rolled out the making home affordable plan, I thought we’d be able to take advantage of the mortgage refinance in March/April. What a fiasco that’s been. We have 800+ credit scores, excellent credit, pay on time, and wanted to take advantage of the low rates…which aren’t so low now. So, we go to the making home affordable site, find out our mortgage is backed by Freddie Mac, and that we MAY qualify for the making home affordable refinance. We call our lender Countrywide/BofA in late April, early May, and they tell us that we fit the percentage 105%. Great, I’m all excited! Nope. That’s not the whole story. Because we have PMI (and who doesn’t have PMI on ANY loan with over 80% loan to value), and they can’t do the refinance until phase two of the mortgage refinance is released which will help those with PMI. Well, isn’t any loan generated that has over 80% loan to value have PMI? Needless to say it’s early June, and
Countrywide/BofA told us phase two will come in late June early July. By that time, there won’t be any reason to refinance because the rates will be the same as the 7.625% loan we have now. Well, so much for another government program designed to help ‘main street’, America. Thank you!
Sincerely,
Dan Maldonado
The government does not have a clue as to what is going on, on mainstreet. With 20 years experience in the mortgage industry I can tell you that the average American is getting ZERO help form the Fed. The Fed re-nigged on their promise to create liquidity in the mortgage market and the FNMA and FHLMC policies are ridiculous when you try and use their “refi plus”. Here is a real solution but JC2 and the boys will never let it happen as they have no real intention of helping the average homeonwner.
SOLUTION:
1. Make the interest everyone pays on their home mortgage a “TAX CREDIT” instead of a tax deduction (immediate income into the hands of all homeowners to allow them to continue paying their mortgage). This could be capped at $12,000 to $15,000 per mortgage and still be extremely effective. People would immediately have an extra $1000 per month to help pay their mortgage or BUY THINGS TO GET THE ECONOMY GOING AGAIN. Individuals with mortgages would not have to refinance (which they can’t do very well anyway due to the loss of value in their homes which won’t allow them to refi) and they would still get major relief.
2. Make the interest individuals receive on Mortgage Backed Securities “TAX FREE”. This will cause investors to be more inclined to buy mortgage back securities in light of the newer lending guidelines and their increased yield based on valuing their investment as tax free. Part of the real estate problem is the lack of liquidity and the fact that investors are reluctant to buy mortgage backed securities. By giving the investors (401 k’s retirement funds, individuals, etc) the benefit of tax free yields they will buy MBS’s.
3. Make the Capital Gains on homes purchased after January 1, 2009, “ZERO” if held for at least 3 years (this includes all home purchases to include investment property, personal residence’s, second homes, etc). This should spur home buying by individuals and investors and the rate could be reinstated at some year in the future when America stabilizes. One could argue that the Government will lose money on future gains in the market but if something isn’t’ done there will be no gains to tax anyway.
The solutions will cost the Federal government, to some degree, in lost revenue but it will at least put money right down to the individual that needs it the most (the average homeowner still tying to make his payments), restore confidence in real estate as an investment (people will buy mortgage backed securities’ again), and investors will see real estate as a preferred investment due to the capital gains savings.
If you don’t fix real estate, all other areas of the economy will continue to suffer.
I am an experienced mortgage broker who has given many people the following fee advice that has helped them to successfully modify their loans:
- NEVER pay for a modification. You can do it yourself and most mod companies soliciting your business are illegal – not properly licensed.
- Understand the difference between a Refinance and a Modification. A refinance is a completely new loan and you can get it from whatever company has the best rates and fees. Shop around. Going to the sales dept of your existing lender is usually going to be your WORST option. Check with mortgage brokers if you are going to refi – competition keeps prices down. A MODIFICATION is keeping the same loan with the same lender and they just change the terms of your existing loan. ONLY your existing lender can approve this.
- Do not call your lender and wait for them to call back. They are LYING when they say they aren’t accepting mod requests yet or you must be delinquent.
- Find out the Fax number to your lenders modification dept / Sen Joe Lieberman of Connecticut has a great Mortgage Tip sheet on his website with all the big lender direct foreclosure numbers – google it. Then FAX a demand to the lender that they modify your loan and type QUALIFIED WRITTEN REQUEST PER RESPA – MUST RESPOND IN WRITING WITHIN 20 BUSINESS DAYS across the top of your cover sheet. Include most recent tax returns, paystubs, bank statments, W-2s and a spreadsheet of your monthly household budget. Your budget/cover letter must show them how you will fail if they do nothing and how you will be able to make the payments if they modify.
- Keep a confirmation that your fax went through.
- Three days after sending the fax, call the modification dept number from the tip sheet. If you are current on your payments, DO NOT push in your loan number or the automated system will re-route your call to the regular customer service who can’t help you. Just act like you are calling from a rotary phone and you will get person in the mod dept. Ask for status, threaten to turn them in the HUD for RESPA violations if they don’t respond in time.
- Call every day until they assign your mod to a negotiator. If they claim to not be able to find your fax, then fax it every single day or multiple times a day til they respond. The fax numbers are toll free, so its their dime.
- Be polite but persistent. If you get a jerk, say oh sorry, gotta go, hang up and call back, you will get someone else. If you get a nice person, be nice back and ask them to expedite your application.
Here some of the numbers I have so far:
Wells Fargo:phone 800-416-1472 and fax 866-359-7363.
Chase: phone 866-566-3765 extensions are all 5 digits beginning with 278XX, so just try random till you get someone. Fax 813-864-8268 or 602-680-1257
Bank of America phone 800-846-2222
Someone mentioned that they got their first lender to modify and were being ignored by their second. Solution: FAX the second lender a qualified written request, demanding they respond because if they don’t, you will let your first mortgage lender foreclose and then they will be left with NOTHING. In most states, the first foreclosing just wipes the second clean off the map. Tell them their choices are something or nothing and they have 20 days.
Good luck. These lenders are not being watched by Obama, Geithner, Sheila Baer and least of all, Barney Frank or Chris Dodd!! The more people they can convince not to submit in writing, the less work they have to do. Good luck!
I am a working woman/mother who has always worked hard to help make ends meet at home. Sure, we have a big family and fell into the big house trap, but we certainly didn’t intend on buying at the top of the real estate market. Shortly after purchasing our home and obtaining a home equity loan to take care of the little things needed around the house, our entire 20% equity down payment was eaten up by the downturn. Thus, we are amongst the many, many, many homeowners, through no fault of our own, currently under water between the value of our home and what is owed on it. Now, I wasn’t asking for a modification or help by any means. My husband and I are making the payments, thank you very much. However, Countrywide pulled a bait and switch on us that, in my opinion, was close to illegal. We received a HUD statement prior to closing on the home purchase, which outlined a 30-year fixed rate mortgage. Shortly before closing, when the agent was preparing the documents, he said that we no longer qualified for the 30-year fixed rate mortgage and wanted to get us into a 7-year interest only loan, followed by a 1-year ARM – too risky for us. Countrywide showed up at the closing of our newly built Toll Brothers “McMansion” with the interest only loan. When we complained, we were told by Toll Brothers that we would be sued if we didn’t close on that day – our attorney advised us to close the loan to avoid a possible $80K loss. Shortly after closing, we approached our Countrywide agent to refinance to a fixed rate. He advised us to take out a home equity loan, since the fixed rates had moved up since our closing. We took his advice – after all, he was the expert, right? Does this all sound familiar? Well, I’ve been calling Countrywide, now Bank of America, trying to refinance. Unfortunately, since we’re making payments, there’s nothing they can do to help us modify our primary mortgage, let alone, refinance our primary and seconday mortgages. But, don’t we have a right as upstanding clients, to at least some kind of program that benefits the homeowners who are responsible and through no fault of their own, are faced with the possibility of rising rates in the near future, which would put them in a financial hardship and cause a second round of foreclosures in the US? It seems that while Obama’s team is focusing on the “low lying fruit” that needs to be dealt with presently, that they’re forgetting about the rest of the crop that will become ripe very soon……What then? Huh? Huh?
I have been trying since March to refinance. Here it is June. I have called over a dozen times attempting to get someone from the banks to work with me. I fall in the loop hole.
I have a 7.5% Interest Rate with CitiFinancial. I can’t refinance with them or anyother vendor because my equity in my house is no longer there. I owe 235,000 on my home that is now worth only about 190,000. So, trying to take advantage of any low interest rates are impossible.
CitiFinancial has been unresponsive and I’ve been transferred around in a circle more than once.
I am not behind on my mortgage payments Yet and our income has changed since last year due to my husband’s business failure. I have been trying to get their attention for over 3 months with no success.
We have now decided to put the house up for sale and that it’s another problem all in itself because again, we would need permission to sell the home which we can’t for the full value and would need to take a short sell. The bank has been non-responsive on this as well.
How does anyone expect people who have been doing right by the banks and fall under hard times. Reach out to them for help and it’s like they turn their backs.
It’s no wonder there are so many foreclosures. So many probably could of been avoided if the banks knew what CUSTOMER SERVICE WAS. They just don’t.
In November 08′ it contacted Countrywide and tried to get into a retention plan, I submitted twice the information they request. By January I still hadn’t heard, I called and they said a packet would be in the mail for me to apply. Mid February I called and they gave me the run around. Then all of the sudden I get a call from Bank of America stating the took over Countrywide and would work with me in lowing the interest, again I had to fax over all my financials. In April they stated I would receive a Fed Ex package to fill out in order to qualify. May 1st came around and no packet, I called again. They stated that there were so many request that they were behind and by the 1st of June i would receive. I called June 4th to state I still haven’t received the package and was upset to hear that the representative said someone (he wouldn’t say who) suspended my request and I did’nt qualify. Because of the economy the value of the house was not worth the loan. I stated I just want to lower to the 4% so I can afford to make the monthly payments, after all, they own this property this is so under valued until its paid off.One would think it would be to their benefit, but no, they would rather an individual would default and lose their house. I don’t understand because then BofA would now have another property on their hand that is under value of the loan. I’m totally exhausted in trying to find assistance. I personnelly think that Obama’s plan is a farce. The wasted billions of dollars give to Corporate American could have paid off many morgages for Americans who needed help. After all wasn’t it the Financial Industry that allowed this bubble to burst in the first place.
I would have perfer that Obama sent me a check for my total moragage instead to a corporation who spend millions on bonuses for their employees. I think the Obama administration plan is all talk and no action….
Chase has been a NIGHTMARE with our mortgage rework. I can get three different stories from three different people on the phone. The left hand literally has no idea what the right hand is doing. I’ve had to resend in the same exact paperwork 3 times now, and even though I have fax confirmation sheets and postal receipts they still say they’re waiting for it — and once they’ve received everything it’ll be 60-to-90 days before I can talk to a negotiator.
We purchased our home in 2004 with an interest rate of 6.5% with a 25 year note. Our loan was an FHA and we wanted to refinace at the current interest rates in March which were 5%, however we weren’t sure with the home values in Michigan if we would qualify. I contacted Wells Fargo and I am happy to report that I refinanced our mortgage with 4.5% rate and a 15 year term. I am relieved because we both lost our job on the same day in April due to Michigan’s economic downturn.
I contacted Wells Fargo concerning a home equity loan offer letter I had received from them as they hold my mortgage. They told me I was pre-qualified. It sounded like a great deal.
I said I wanted to get a home equity loan to fix the roof. It does not leak, but it is time to replace it.
Wells Fargo recommended I do a re-fi instead and I would save enough money each month, plus I would not have a payment the first month of the new loan and this would allow me to replace the roof using those savings as I could just charge the roofing job on my credit card and make payments on it for the next year.
I started the re-fi with Wells Fargo in mid-March 2009. I gave them a $500 loan application fee.
The re-fi would save me $350 per month.
I would have no payment in May which would save me $1270 that month.
My home appraised at $325,000 in early April 2009.
I owe $125,000 on the current mortgage.
My credit score is 790-800.
I have never been late on a payment for 11 years.
I signed 30 or so pages of closing documents on April 25th, 2009.
I received an email on May 1st saying that the loan was denied because the roof failed the inspection. The roof will take $5000 to fix. I already knew what it would cost before I contacted them and told the loan officer that when I first contacted them. I could pay for the roof replacement over the next year using the savings above that I have indicated.
I told them that this is a Catch 22 situation. I can’t fix the roof unless I get a re-fi and I can’t get a re-fi unless I fix the roof. They said they were sorry.
I asked if I could get my application fee back. They said No. Again they said they were sorry.
So here is the deal. Wells Fargo takes TARP money, makes record profits, lures people into a re-fi they know they will eventually deny and then they keep the loan application fee. What a scam! At least they said they were sorry. I feel so much better now.
I have heard the same story for the last 3 months from all the people at bank of america I talked to. I contacted a private lender and 1 month in and heard the same story for two months from them. now the rates are rising and no help has come. Obamas plan failed.
How the heck can I get Chase to honor the original terms of the loan!?!?!
I’ve complained and complained and all Chase does is play that whole “New York Bank Ignoring ALL” game.
They took over Wamu, and said they weren’t going to make any changes, and yet they went ahead and changed everything.
Like for instance, with Wamu I used to be able to make a payment to PRINCIPAL ONLY, now when I make a payment to my Heloc, part of it goes to principal, and part goes to interest.
That’s even if I tell the teller it check the box “
It’s been an exercise in futility. Who’s really in charge here? It’s not the government. It’s obviously big business, interpreting policies the way they want to and then taking as long as possible to implement anything. I have severe doubts, seeing how this stimulus has been carried out, about any sort of health care reform actually being carried out either.
Similar to a few others here, I have contacted my servicer (GMAC Mortgage) multiple times over the past number of months for a refinance under the Making Homes Affordable plan. They have continued to say that I do not qualify due to the Lender Paid Mortgage Insurance on my loan. Ironically, they kept referring me to MakingHomeAffordable.gov for more info…everything on there tells me I should be eligible for the refinance option, yet GMAC Mortgage is telling me I’m not. Very frustrating! I contacted Freddie Mac and they advised me to try a 3rd party lender (since that was allowed after October 1st.) All that I tried wouldn’t do it because they were not yet honoring the 125% loan-to-value ratio; just the 105%. (My home is too upside down.) One independed broker thought she was going to be able to do a short-refinance, but then found out that GMAC Mortgage is not accepting third party short-pay refi’s.
In my last exchange with the loan officer at GMAC mortgage, he referred me to the Loss Mitigation department. They’ve told me I don’t qualify for a loan modification because of my gross income (which is right at the borderline of the 31% payment to income ratio.) Who lives off of their gross income and has no other expenses, though?! All I know is that I’m scraping bottom or having to put stuff on credit cards each month even though I’ve cut back on just about everything aside from adequate nutrition and gas to get to work.
The latest attempt is applying for a modification with the help of a HUD-approved mortgage counselor at a local non-profit. She said they should be taking all of the expenses into consideration, too, not just gross income. We’ll see what happens, but I have little hope after the run-around I’ve gotten. If you’re making your payments, they clearly have no motivation to lower your interest rate/payment.
Like I said, it’s clear the government has no authority when it comes to these large corporations.