Where Fannie and Freddie’s Loan Mod Plan Falls Short

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Geri Levesque of CA @ Sep 07, 2009 09:29:51 AM

why is it taking so long.

We have been paying our mortgage on time. we have worked hard

all our lives. most recently my sister got laid off and she

has been waiting for almost 2 months for her mortgage company

to get back to her. she has been unable to finish her

doctoriate degree.how are you going to help us before its too late??

teri allen of MD @ Aug 13, 2009 19:55:44 PM

I was misinformed

Back on Oct 2008 we were falling behind on our mortgage payments and requested from Countrywide a loan modification (HOPE program). I had an ARM loan for 40 years and I had options to pay minimum,interest only, interest & principal.

However, due to the fact that my husband had a big cut in his pay, we were paying only the minium payments and my principal went up $20,000 every year. When we called Countrywide in Dec 2008 to get a loan modification it took a while for them to approve a modification. On Feb 2009, finally a loan modification was approved and the papers mailed to me to sign were vary vague. I called Countrywide the home retention team many times and also the HOPE team and they said the modification was to make my loan a fixed interest rate at 4% for 40 years. I couldn't believe it and I called back several times to confirm this. The home retention team always had a difficult time interpreting my loan and after waiting about 15 minutes they confirmed it again. Yes, 4% interest only for 40 years. It sounded ackward to me, but since I wrote down all their names I assumed they knew what they were talking about. My husband and I signed the loan modification. They added the 3 months I hadn't paid to my principal. For the months of March,April & May my payments were fixed at 4%. However, this month they raised the interest rate and the monthly payment due. I called CountryWide(now Bank of America) and everyone in the retention team had no clue about my loan. It's a BIG mess and they told me i was misinformed and that I cannot do anything about my loan, that I have to wait a year to modify it again. I am very angry because they are all a bunch of liers and rushed my husband and myself into signing the modification which did nothing for us. We still have the same ARM loan for 40years and every month our payments change. What kind of a modification was that?!!! I still have the same loan. All they did for us was to secure the amount we were behind and added it to our principal. I regret not using an attorney and right now I need help and want to involve one. I feel we were misled and lied to. Countrywide really commited fraud!

Sandra B. of FL @ Jun 16, 2009 23:52:38 PM

FORECLOSURE DEFENSE!!!!!!!!!!

I gave my attorney the foreclosure documents four months ago, to this date, he has not even seen them, and I really don't know what to do. the loan is with Wachovia Bank and they don't care about helping you or even answering any questions. When you call they put you on hold and they transfer you to about three or four different people and you must tell them the same information about you over and over and over again before a soul can said something in other words nobody is there to help you. What's worst if you by any chance did take a name and number of the agent who spoke with you and call back the next day, he's gone, nobody knows who that is. It's impossible. But you know, what surprises me that two or three years ago, they will come to my office and solicit my business and offered me all the mortgages that I wanted (of course, I was 80% LTV not 80/20 and self employed) they checked everything. And now that Wellsfargo took over, who knows what's going to happen. I just know that foreclosures are caused by the lenders/banks because they don't want to help, even if you with your good intention don't want to go thru such a dramatic event. WHY WOULD BANK/LENDER PREFERS TO DO A FORECLOSURE AND SELL IT TO INVESTORS FOR AS LITTLE AS 35CENTS ON THE DOLLAR WHEN THEY CAN NEGOTIATE WITH THE CURRENT OWNER AND LEAVE HIM IN HIS/HOME? DON'T UNDERSTAND AND NEVER WILL. CAN SOMEBODY EXPLAIN TO ME. THANK YOU

PERLY of FL @ May 18, 2009 22:41:16 PM

modification, trial plan

I've been waiting 8 months for a mod. Wama/Chase finally sent me a trial plan period, for me to pay a smaller payment for 3 months. The want it to start on or befor May 1st, They did'nt fedex it to me until May 9th. It does'nt give me the terms or payment of what will happen after the 3 months is over. I dont know if I should sign it, because, I still have to pay my second, because I had a 80/20 loan. And I need a more permanent agreement. If it will be around the same after the 3 months thats great, but their not telling me what happens after. I don't know what to do. I dont know if this is a trick for the lender to get more money from me, and they will put the payment back high after the 3 months. I need to know because my my second is also a factor in this whole matter. And should'nt have started on June 1st. Not before they sent me the paperwork. Everytime I call I get no help they give me the run around. I can never talk to anyone. What should I do, I have to turn in papers by May 21.

tracy of CA @ May 13, 2009 13:04:59 PM

Yep The Banks Are Not Moving Fast Enough

D,

You need to contact a real estate lawyer to handle this for you. Unfortunately for many people out there the banks are not willing to rush this for you. People are calling and in tears, cannot sleep and feel so alone in this dilemma. I was among them however you did not hear of lawyers stepping into this when I was going through this myself. I was in the beginning of all this riff raff and had no one to turn to but the bank, I felt all alone and for the first time in my life I could not get a refinance due to the value of my home. Countrywide kept me on the hook for nearly a year and I still lost my home even though they said they were working on it. I say, “Don’t trust your home in the hands of your bank”.

Now there is much more help however if you do your research you will find that you have to get with a loan modification company because they move quickly for you. You will not feel all alone anymore.

Be sure they have a lawyer on board and be sure they will give you a money back guarantee if it does not work out.

There are some great companies out there and I have talked to these people about my neighbor’s property and they were so nice and informative. They are doing a good job for people and they proved it to me so my neighbor went with them just the other day. Check it out.

877-944-2490

Peggy of CA @ May 12, 2009 23:59:14 PM

LOAN MODIFICATION PROGRAM ..WHAT A JOKE

I call US BANK every otherday that they say some one will call me bank tomorrow. Thus far, no one has called me back Since this modification plan. They told me that they don't have any idea how this plan works until April 15th, They will have more detail than. It's 20th and no call back. I am getting run around and don't know what to do. I am out of saving and no job yet. I am not upside down on mortgage since I bought my home in 1985 and hold mortage at 5.75%. I will be missing my payment for the first time since I own this home due to unemployment. Where do I get help?. Where would one file a complaint about this banks abuse treatments?

D of CA @ Apr 21, 2009 02:09:42 AM

NOT "Just" a modification

Principal reductions are an option if the hardship is severe.

They now have principal suspension plans where the banks will set aside a portion of your principal and base your modified interest rate on the remanding balance for a period of time.

Then they have the "Step" program which will have your rate increase .5% each year until your rate reaches 5 or so percent then it is fixed for the remainder of the loan balance.

There are many options and many solutions to make these loans work for troubled homeowners.

You do not need to walk or lose your home!

Good luck everyone!

Russell Abravanel

www.RateMediate.com

Russell Abravanel of CA @ Apr 16, 2009 05:35:51 AM