Comments on: President Obama’s Foreclosure Rescue Plan: Loan Modification Analysis

By: Carol

Carol — Tue, 29 Sep 2009 18:14:04 +0000

I just had my hours cut at my job, my home now is depreciated and I can’t get a refinance. Heaven help this county. I feel so sorry for all the upcoming homelessness.

By: Jillayne Schlicke

Jillayne Schlicke — Wed, 15 Jul 2009 03:51:07 +0000

Hi Karen,

There's nothing in the guidelines that states whether or not banks and lenders are required to modify state housing authority loans. Banks and lenders are free to create their own rules and guidelines. If you started at the state housing finance level, why not return to those same people who helped you get that loan? Many state governments have given lots of money to non-profit housing agencies to help counsel homeowners just like you. You might be able to receive help from a HUD-approved counseling agency on all your possible options.

By: Jillayne Schlicke

Jillayne Schlicke — Wed, 15 Jul 2009 03:48:40 +0000

Marta, hire an attorney to take a look at your case. Do not hire an attorney-backed loan mod firm. Do not pay any money up front to a loan mod salesman. Hire an attorney for one hour. Might cost you 100-200 dollars. A competent attorney will be able to tell you if you have a chance of getting a reasonable loan modification. If you do not have any money for an attorney, contact your state bar association and ask for a referral for free legal aid.

By: Karen

Karen — Tue, 14 Jul 2009 21:07:08 +0000

I know what you mean, Mike. I am in the same situation. My hours were cut in half at work. Therefore, the income that we bring in barely covers our bills and I find myself juggling which ones I’m going to pay this month and which I am going to put off for next month. My mortgage company says that I don’t qualify for Obama’s plan because I have a MSHDA / FHA loan. I saw nothing in the paperwork about that being a problem… I keep looking everywhere online that state’s that I wouldn’t qualify because of that… But I still haven’t found anything. I think that it’s their way of not WANTING to do the home modification and accepting lower payments. I wish I could find a legitimate company out there that could answer that question…

By: Marta

Marta — Mon, 04 May 2009 19:22:51 +0000

Hey Mike, I just wanted to let you know that what Roger has said is THE CASE…I myself inquired about the loan modification through our mortgage company( who I would also add, is beginning to outsource their mortgages to India). That is one of the main reasons I called. My husband is in the automotive industry, so far we have done without 2 days of pay a month for all of 2009, doing the math adds up to about 2400 dollars this year. I was also told that OBAMAS plan…doesn’t require BANKS to participate……what a DISGRACE……These LENDERS are nothing but THEIVES.!! They tried to justify their lack of wanting to participate by saying….WHAT if the market begins to improve and your home value increases , would you call us and want us to raise your interest rate back up….”WOW”,,,,such intelligent folks we have in these banking industries….Arrogance will only get you so far…..and then ..you die along with the rest of us hardworking TAXPAYING….BAILOUT GIVING….folks…I wish I could cuss…but it wouldn’t pay me to do so. Heaven help us!!

By: Roger Ingalls

Roger Ingalls — Sat, 25 Apr 2009 22:25:42 +0000

Mike:

Banks are not required to play along. The Feds are only saying they will buy the loans the banks are willing to make, as long as they meet the criteria.

By: Jillayne Schlicke

Jillayne Schlicke — Sat, 25 Apr 2009 00:59:29 +0000

Hi mike,

Are you trying to get a new refinance through a mortgage broker or are you trying for a loan modification (both are under President Obama’s new plan.)

I’ll be at the computer all night so fire away.

By: mike

mike — Sat, 25 Apr 2009 00:52:53 +0000

Hi, my name is Mike. I am trying to get a lower loan from my bank such as what Obama has made promises about. Now no one is enforcing this policy and my broker is upset because we did everything that we needed to do, and yet the bank is stalling or doesn’t want to do it. As you know, the taxpayers bailed out the banks. Would you please give me a phone number to contact someone about this problem. I’m not the only one in this situation. Thank you.

By: Nice Caller Wants to Modify My Mortgage | Rain City Guide

Nice Caller Wants to Modify My Mortgage | Rain City Guide — Wed, 18 Mar 2009 18:47:42 +0000

[...] just received a very official sounding recorded message informing me that President Obama has a new program to help save my home–it’s NOT a refinance. If my rate is over 7% or if I’m [...]

By: C. DE LA

C. DE LA — Thu, 05 Mar 2009 20:44:46 +0000

This country and our Government of today does not understand truely how we can “FIX IT” they are just playing guessing games and are not focusing on the true problem and the true resolution. I wish I had my voice heard and I would open the eyes of all.