Comments on: Obama's Housing Plan May Leave Many Homeowners Out in the Cold

By: Sandra R

Sandra R — Fri, 22 Jan 2010 16:02:50 +0000

January 21, 2010
B of A is now saying it is ok if you are current with your payments they want you to apply!
I am going to try it….maybe they have changed their tune??
Help- I would like to hear opinions??

By: tina C

tina C — Thu, 17 Dec 2009 20:53:09 +0000

Its all the mortgage companies that are lying to their customers. I have been trying to get a modification and National City Mortgage (now PNC) is telling me that my “investor” doesn’t participate in the loan modification program. and further that they cannot tell me who my investor is because they are not able to see that. If they don’t know who my investor is, how do they know they do not participate in the loan modification program? I’ve had two loan modification companies call and tell me that National City does participate in the program and that I do qualify. But to use these companies it will cost me $2000 and they would like me to default on my loan for 2-3 months while they process their paperwork.
How do these people sleep at night?

By: devera

devera — Wed, 09 Dec 2009 18:07:42 +0000

you need to hire a reputable loan modification company your bank will not work with you otherwise or you will end up getting the short end of the stick there are non profits in your city available on line

By: J BALLEW

J BALLEW — Fri, 09 Oct 2009 20:43:35 +0000

I would like to let people know that Chase Mortgage and, Fanny Blue are telling me the same lying sorry excuses as the other lenders are telling their Mortgage holders. I think they all have this same retoric they give to everyone. I have been trying for a year to get a loan Modifacation since March of last year when the ” Stimuless Package” to help homeowners came out. I have also been told that because I have a Fanny Blue Loan” which I Hade never herd of but,my loan papers all say its a FHA loan, because of this i’m not elegible for any
modifIcation help although I meet all the qualifacations and them some espacilly for a medical hardship. I also have been told because i’m not in Forclosure they cant help me. This is just another way to justify not helping those who “DESERVE” to be helped,people who did put down 20% and are current and haven’t missed payments and want to stay in their homes might as well might as well forget getting any help.Its obvious who really got all the so called Help!

By: Alesha

Alesha — Fri, 31 Jul 2009 22:10:31 +0000

I had the same issues with Bank of America as David and Jared described above, it is sickening. Such deceptions needs to be recognized. I think I may call my news channel.

By: Robert Milles

Robert Milles — Sun, 19 Jul 2009 17:22:55 +0000

It’s very simple, people who are upside down in their mortgage, who put at least 20% down payment, have financial problem and live in the property as a primary residence should get help, period!

By: Robert Milles

Robert Milles — Sun, 19 Jul 2009 17:19:18 +0000

after trying to get some helps i realized that Bank’s are crooks, period, this plan will only give them more profit, and the little
guy….who cares?

By: David

David — Mon, 29 Jun 2009 20:40:45 +0000

Jared is correct. Bank of America (our loan was previously Countrywide) is denying people that CLEARLY qualify. We are current, but barely. Our loan payment to income ratio is much higher than 31%. Our escrow payment went up $500 per MONTH this year, and my wife is no longer working.

If you read Obama’s plan, we meet every criteria in it. BofA says they don’t offer a program to anybody current on their loan, even though it’s part of the stimulus package.

Unbelievable. BofA will end up being the downfall of a million people that this plan should have helped.

By: Jared

Jared — Sat, 20 Jun 2009 00:41:56 +0000

My wife and I bought our home during the peak and even with a large down payment are severely underwater after only being in the home less than two years. On the advice of our loan officer we took an ARM due to high interest rates for conforming 30 year loans. We were told we could refinance after one year to traditional 30 year loan. Then the market crashed and we could not refinance. Our loan is not due to reset for several years and we are current, however we fear the possibility of future hyperinflation and are desperately trying to conform to a 30 year fixed.

I have contacted Freddie Mac, the securer of my loan for instruction. I was told that I would qualify for the president’s new hope for Making Home Affordability Plan. I also checked the making homes affordable website. Freddie Mac instructed me to contact my lender Country Wide now Bank of America. I was told they have tools such as loan modification as well as interest rate reduction that would allow me to fall within the 105% loan to value target. We have interest only conventional loans and both are from Freddie Mac. One of our loan is suppose to reset in 4 years and the other one resets in 7 years ballooning to a higher interest.

Bank of America refused I was then told to call hope for home owners. After spending many agonizing hours, days, and weeks with Bank of America they informed me that we don’t qualify for their Making Home Affordability and there are no programs that qualifies us to modify our loan. Then they sent me to home retention department. Home retention stated that they were not helping anyone who was “current” on their mortgage. If I wanted help I had to stop paying on my mortgage. This was suggested by at least 3 different people at Bank of America!!!

I then turned to HOPE, I am currently enrolled in the services of MMI (money management international). They sent an outreach to Bank of America (Countrywide) on April 3rd. Bank of America has denied receiving as of April 23rd. I am now contacting both Freddie Mac and MMI again.

My wife and I recently attended the Making Home Affordability HUD Counselor Workshop Seminar. The Hud counselor went through our finances and told us that we are qualified for the Making Home Affordable Plan and the Bank should offer us this plan. We then called Bank of America again asking for all the right words based on the HUD counselor had instructed us to do. Bank of America denied us to be qualified for the plan again! The Customer Service on the other end of the line was so rude and will not work with us; she said there are no plans that fit our situation.

The counselor informed us that Bank of America are denying people and pretending that they don’t have such plan in their system to offer to the customer; because the bank are so backed up and they are forcing people to foreclose in their home. So then people would not have a choice but to take the banks offer which is not in the Obama’s Plan.

My loan to value is about 118% due to all the foreclosures in my neighborhood. After checking around many of the homes that have foreclosed have been so called no doc loans by institutions similar to Bank of America (Countrywide).

My own experience with this institution has been negative to say the least. I have been passed on, lied to, and have been given questionable advise by nearly every agent (not pay your mortgage to qualify?). Bank of America has taken several billion dollars in TARP money. Unless the current laws are changed or more pressure is put upon this institution the foreclosures will continue. People like me who are current on their mortgages will soon decide if holding on to a property that may never recover may not be worth it. I am the kind of person a bank should want to keep but now must make a financial calculation. Whether or not to take the hit on my credit now or later.

Countrywide/Bank of America is an institution that cannot recover with all of its bad loans. As painful as this may, nationalization of Bank of America may be necessary. Temporary wiping out all the share holders maybe the best hope for people facing the foreclosure and will force the bank to comply with Obama’s Plan.

With the current leadership structure at this institution and the amounts of bad debt on their books they cannot be trusted to follow suggested policy now, or in the future. Bank of America the poster child for bad no doc loans.

The president must hold this institution to task and if they refuse, force the issue.

By: As the Economy Worsens, Experts Call for Obama to Focus on the Fundamentals

As the Economy Worsens, Experts Call for Obama to Focus on the Fundamentals — Mon, 09 Mar 2009 09:42:55 +0000

[...] will stimulate lending activity for small businesses and consumers. The $75 billion “Making Home Affordable” program is supposed to assist 9 million homeowners with financial hardships to avoid [...]