Home Affordable Report Card and Additional Modifications

Thanks for this great information. Obama really implements new things in his country, especially for the homeowners who will avoid foreclosures. Great job!

Since the new plan was recently rolled to brokers, I have had great success with the program. I was able to re-active 8 to 10 loans that would have been dead other wise. Some of the loans under the home affordable refinance did not even require an appraisal to be done.

I have not been successful in getting a modificacion, I have never been late, I can’t get a refinance because of falling house values. All I want is the bank to lower interest, an ARM foating free is a very dangerous thing, with potential harm. Wachovia bank, is not helping. I don’t understand all the noise about getting help, no one is listening and banks don’t seem to care, no wonder there are so many foreclosures!

With all due respect J, you signed on the dotted line after reading the loan agreement. No one forced you into that loan with the adjustable rate and no one is keeping you from walking away now. Sure, there were some shady things going on and you were probobly lied to or at least had the facts mis-construed. Banks and lenders are not in this to help you though, they are in it for themselves and themselves only so quit blaming “them”, take the hit, and get your life back on track. “They” don’t care if you blame them as long as that mortgage check is coming every month.

You are right David and I apologize to J. I missed where he had lost his job. I have no sympathy for those who bought at the peak, with adjustable loans to purchase homes that were way out of their reach. I had the same opportunity but passed and rented, now waiting on the sidelines as prices continue to move down (Yet still way above where they should be here in SoCal).
For those that did all the right things but due to the economy, have lost their job, I have nothing but sympathy. I hope I am never in that situation. I am in full agreement with you over the governments way of handling this. I am just a simple blue collar worker and can only hope they know better than I do what we need. I won’t hold my breath though.

If you look closely at the numbers and calculate them out there is no way that the government program is going to help anywhere near 5 to 9 million homeowners avoid foreclosure. This is just another example of the government’s Hope for Homeowners program that helped a grand total of 2 homeowners in 6 months! So many people don’t qualify for the government’s program that it isn’t really helping.

I just read on the CNN Money website yesterday where dozens of homeowners reported their results of dealing directly with the lenders. In every case but 2 the results were non-existent! Lenders are not really helping out either. They are too overloaded to really help or care and I would also guess that the process is too complicated for homeowners to attempt a refinance or loan modification without some sort of help. However, when the president, Geithner, and others from the government get on TV and tell the public that anyone else trying to help out, except the government, is a scam artist! It’s no wonder homeowners are not getting positive results. They are left to navigate the complexities of a refinance or loan modification all to themselves. The homeowners have to realize that the lenders are looking out for their best interest and homeowners without some sort of guidance is going to fall victim to the lender’s overwhelming desire to just help themselves.

This Obama plan definitely was not intended to help owners of properties in San Diego, or in California generally. The median price range of homes in San Diego was above the Fannie/Freddie limits for all or most of the 2000′s. No one got FHA financing for buying a home in San Diego because it wasn’t available. This plan was pretty clearly aimed at the heartland of the United States, the failing industrial cities like Detroit perhaps. But certainly not California, Florida, Nevada, Washington D.C., or even Arizona… the areas that needed help the most.

I tried since April to get a modification. Us bank offered me $200.00 per month reduction of a 1300.00 paymnent which was the amount of my escrow. I would then have to come up with enough to make up the escrow. I refused the offer.

I agree that the lenders are over loaded with people trying to get a modification but if they spent more time trying to help these people instead of working on ways to cheat a person more would get done.(my example dealing with Bank of America)I did my research first. I do qualify for the making home affordable modification. I didn’t get behind until my employer cut out all overtime, and most of the weeks can’t even get 40 hours. I have been working with Bank of America since June 09 on the modification. I have been put off and put on hold. I have 4 pages of documented confersations with them. I was told Oct 29th that I had been approved and my trial period payments would start Nov 1. The interest went from 7.875% to 2% and my payment went from 1248 a month to 812.72 a month. I was able to breath. We could buy groceries again. I schedualed my 812.72 payment to be taken out for Dec 1 on Nov 30th, a few hours later fedex delivered what I thought to be the modification documents but was I surprised to find something totally diffrent. This document was titled Home Modification Loan. As I read my stomach sank. This looked more like a refi with foreclosure pending the first late payment in fine print. It claims the intrest is dropped to 5.75%, but all that total did was take off the mortgage insurance. They are charging not closing cost or fees for their service but adding 6 months of interest to the principal a total of 6915.00. which changes the principal balance from 127000 to 133000. I do not see how that helped me, it did lower the payment 156 a month but now if I lose my job or die there is no mortgage insurance to help pay the payments. When I called them about this which was a few hours after I set up my 812.72 payment, I was told oh yeah I see here you didn’t qualify for the modification so we need to cancel the payment you made today and you need to send the new payment with the signed documents. After thinking about this I have decided to call them back today and reschedual the 812.72 payment and tell them I will send the remander with the documents afte I have a attorney look at them. That way I have not missed my payments for the gov. mod. and they can kick me out of the plan. I really don’t know what to do. I feel like this is a scam to keep me from getting the gov. mod. What do you think?

This is a great system that result in thousands of Americans paying less interest on their mortgages. Many thanks to Obama taking action.