Comments on: Obama’s Loan Modification Program | Helping Home Owners Modify Mortgages

By: Loan Help

Loan Help — Fri, 30 Dec 2011 06:42:05 +0000

With Feb . the year just gone, the government discovered the actual Producing Household Affordable System, which consists of a couple main software programs: one with regard to loan modifications and the other for re-finance lending products. The financial loan change section is termed this Hamp Personal loans (HAMP). It truly is built to lessen mortgage loan requirements battling house owners shell out monthly to help sustainable degrees. The actual re-finance program’s known as the home Cost-effective Re-finance Software (HARP). Beneath HAMP, loan modifications will likely be standardised, along with consistent loan mod recommendations utilised by Fannie along with Freddie Macintosh personal computer, and so they will be implemented all over the country home finance loan market.

By: lemon

lemon — Mon, 29 Aug 2011 17:32:09 +0000

For anyone that has attempted a loan mod with Chase, you know that Chase will not work with you. They will string you along until you can no longer make your payments then forclose. We are active duty military and when I became ill, and my employer cut hours, we were forced to reach out for help. It will be 3 years in October and all that Chase does is ask for my husbands updated LES (check stub) on a monthly basis to “stay in the program” what program????? Nothing has been set. No reduction in interest, nothing at all and since my husband is deployed, we could essentially sit in this house making no payments for two years, but since we want to keep our home, we make all payments on time, but cannot really afford it without my income. Just beware. Obama has not forced nor will he force the banks to work with people. The banks get the bail out, but it is optional for them to work with you. Do your homework before you get too excited about yet another program that over promises and under delivers.

By: petusz

petusz — Sat, 27 Aug 2011 01:12:52 +0000

well,no matter what the banks will win again on the long run …just like Vegas….we are the little people who will pay for this ,they get bailed out and the CEO s still getting millions after destroying their organizations ,

By: annuity rates uk

annuity rates uk — Thu, 26 May 2011 15:40:16 +0000

I Agree with susan The loan modification program isn’t perfect, but at least Obama is trying to resolve the housing crisis in the US

By: Housing Help Effort: New Plan from the Obama Administration | New Homes Section

Mon, 25 Apr 2011 21:38:30 +0000

[...] What are your thoughts on the new plan? Is the plan great news for the country, or is it one more program that could get us back to where we started (families in homes they can’t afford)? Will the refinanced loans keep homeowners current, or will these refinanced loans have a high-default rate like loans modified under the loan modification program? [...]

By: Carol in CO

Carol in CO — Tue, 15 Mar 2011 18:11:00 +0000

@scotti64- My mortgage is with Bank of America.

The program does not help anyone. I have even talked to several lawyers in our area trying to get help and they know of no one who has actually received true help

I got laid off in July, 2010. First thing I did was call BAC. Oh they were so helpful… don’t worry Carol we are not going to let you lose your home. They sent me the application packet (they actually send me 2 of the same packets) I fill out the application gathered all the documentation and FedEx it to the Mod program on Aug. 13, 2010. Called to confirm they had received everything they needed. Verbally they said they had received it.

On Oct. 13, 2010 – note 2 months later I call to be told we haven’t received all the needed documents. You (not them but me) are missing two months of bank statements and your signed Form 4506-T. Now supposedly if you are missing documents you should receive a letter from the Modification Team. I only found out I have missing documents because I called. Oct. 13 I faxed that documentation and received verbal confirmation all docs had been received. Although every time I call to “check the status of my request” I would be told all docs have not been received I would have to argue with them to look through my entire file because all docs have been received. “Oh ya, here they are, so your file is complete all docs have been received and you are in underwriting. Then you will move to Quality Control for review and blah blah blah. Same crap different week”

I have called these people every Monday morning from Oct. 13, 2010 – Feb. 7, 2011 and the same thing every time.
Then Feb.14, 2011 I received a call from BAC Home Modification. I was so excited… They called me, this must be a good thing right? The voice at the other end informed me that I would not be calling the other number anymore instead I will be calling him at ###. Wow now I am really excited –you know cloud 9 excited, someone permanent to call… not just who ever. Next he told me I needed to update all my documents as the ones on file are outdated…. Wam bam hit the ground – excitement gone. I have to what? Ya and we need the updated documents by March 17, 2011.
I gathered all needed documents and this time FedEx with signature required all the address provided on March 2, 2011. I called my person, he actually answered the phone. I told him the docs had been sent FedEx and I have notice of receipt by BAC on March 3, 2011. I want to make sure they reached your hands. He informed me that it could take up to a week for my docs to be scanned for him to review.
Ok so I wait one week and one day… March 3rd I called my person…. Only this time when the phone is picked up it is my person informing callers his number has changed it is now #####. I call that number and guess what??? I am back to talking to whoever answers.
Have you ever asked so how many people has the program helped? Good luck getting an answer. It seems no one has any information on this topic.

By: The Termination of HAMP | HAMP Termination Act Wednesday March 9th | New Homes Section

Mon, 07 Mar 2011 17:34:00 +0000

[...] programs, in the name of fiscal savings. On the chopping block this week? The controversial Home Affordable Modification Program (HAMP), a favorite target of budget-minded Republicans that is staunchly defended by many Democrats [...]

By: Ingrid M Cazzalli

Ingrid M Cazzalli — Thu, 27 Jan 2011 02:11:31 +0000

Obama is a great president wants to help but corrupt bankers are more powerful and have all the money you want to cheating and stealing and licensed

By: Kern

Kern — Sat, 27 Nov 2010 03:23:06 +0000

We are an active duty military family and have also been working with Chase for 13 months now. This is how long they have been giving us the run around. We are working with a load mod legal office and still , we have nothing from Chase. When we started our loan mod, we were on time with payments with my husband in the military due to deploy again and me home ill with a child and a elderly father that depends on my care. My job was downsized and much of my income was lost. We qualify for a moad mod, but it has been one excuse after another. One month it is ” we cannot read your bank statements, another month “we cannot read your husbands LES” ( pay stub) then it is a letter explaining my husbands income deployed since it will not be the same when he returns. We of course purchased our home in the height of the market with a sizable down from the sale of our first home. We still owe far more than what the home is worth, yet we have only asked that they lower our interest into a monthly payments that we can afford and lock us into a 30 year fixed. The way the Obama plan works only benefits the banks when people foreclose. This is why the banks force so many forclosures. Instead of working with homeowners, the plan as it sits, bails the bank out when one owes lets say” $450,000 and the home forecloses and sells for $350,000. The bank then gains another 30 years of interest plus the $100,000 plus any lates and fees..back from the Obama plan. No wonder why the banks force people to forclose. The Obama plan needs to have strict rules with no bail out when the homeowners could have stayed with a lower payment, this is the only way that the banks will start to work with homeowners instead of forclosing.

By: Home Loans Are More Difficult to Obtain Even With Historically Low Interest Rates | New Homes Section Blog

Mon, 30 Aug 2010 22:42:32 +0000

[...] this tightening of credit standards was a necessary by product of the mortgage crisis. The crisis was brought on because of lax credit standards, where borrowers with less than perfect [...]