Making Home Affordable Plan, Please!!

[UncleTono]

I had chance to read the Making Home Affordable Plan from the obama adminstration. Other than a few added adjustments wasn't the banks and servicers doing these already? I mean the refi's and modifications. The mha plan totally favor the banks and servicers, its a joke. Current or not, we should all qualify for the mha plan, but cw and the others say we're not. When they say you did not qualify for a mod or refi, and you may think other wise. But, Its in black and white, if they don't like numbers on the mod or refi they don't have to do it, because its not in their best interest. I think thats why I am reading alot about deals being pulled off the table from home owners. You know modifications sent to you, YAY you're done, but hold on. Understand, that no deal is done until you have their (banks) signature on the documents that are sent back to you. Funny, Its like delay reaction from the servicers and banks, they seen something they did not like in the mod, and hold on cancell the deal and remit to forbearance or you simply don't qualify as they put it. The banks rather see us go into forecloser than assist. Banks got bailed, and there is nothing mandated for them to do anything, and never will be. Incentives my @ss, thats a joke. I read to today that Wells Fargo earned 3 billion!!so far this year, simply amazing. This sentence reads thru out mha plan, Only your servicer/bank will be able to tell you if you qualify!! What? The bank robbers are guarding the bank, thank you. I am realy sick of all the smoke and mirrors from washington, and because of lack of help a lot of homes will be lost to forecloser. In addition, many home owners will become life long renters of their own home. I love my home! but, I won't become a life long renter in it. My family comes first.
Tono

[Dan Bailey]

Some polititians are better at putting a shine on a turd than others.

[UncleTono]

Dan,

Well said!

I hear everyday that the economy is getting better and stabilizing, but thats coming out of washington. My guess their refferring to the big banks, but who's left behind? The hundreds of thousands unemployed with toxic mortgages. And the best they can do is offer us three month probations, and five to ten arms, oh I forgot, and not charge us late fees. I could swear mha plan was written by the banks, and obama just put his stamp on it.
Tono

[frustrated09]

This is my hope posting. It's is a copy of the e-mail I've sent to my state Senator. It's also going to the CPA, FTC, GAO and other agencies - I'm sending it to one or two agencies every day. The letter explains my situation Countrywide / Bank of America. Please read my letter and start reporting Countrywide. We can't just sit by and let lenders continue with the abuse of Government funding meant to help us keep our homes.


Dear Senator Casey,
I am writing to ask you to let Tim Geitner know that the Treasury funding granted to Countrywide Home Loans for the Home Affordable program is already being abused. I have direct experience with Countrywide's unethical misuse of Federal Funding provided by the Home Affordable Program and I need to tell you about it, so you can act to put a stop to this predatory lending.
As a single mother, whose income has been reduced, I am well qualified for a loan modification under Home Affordable. I have not been late on any payment to date. I live in my home. My credit rating is still good. My loan is Fannie Mae backed.
So, I have aggressively been trying to get information from my Lender - Countrywide about how to apply for a Home Affordable Modification. When they finally got back to me, after weeks of waiting, Countrywide told me I am not qualified for Modification (which Home Affordable Website tells me I am qualified for). Instead Countrywide offered me an expensive Re-fi, at a lower interest rate. With all the fee's (including points) Country wanted to attach to what they are calling the Home Affordable Fast Track Re-fi, it would have cost me nearly $10,000.00 to save $170.00 a month, and avoid PMI.
In my concern to keep my credit rating and save my home, and with the speed of the conversation, and threat (by representative) that the Home Affordable Funding might run out, I almost fell prey to the offer - as I am sure many others will do. But I kept looking at the numbers Countrywide gave me. Before signing anything, I realized that adding an additional 10K (fees) to my loan amount to save $170 a month is NOT going to help my situation. Committing to such a deal would serve to make my debt to income ratio worse than it is now. So, I contacted the Countrywide rep. the very next day and told him that I am not going forward with the Re-fi deal he offered me.
I am now fighting with Countrywide to get them to refund the $400 application fee for this loan they charged to my visa card. That's right - Countrywide charged me $400 to find out what they had to offer with the Treasury Department's Funding. They charged me $400 to find out that it would cost me nearly $10,000 to refinance with Federal money intended to save my home.
Because I threatened to contact you and other government agencies, the Countrywide representative I spoke with yesterday told me his Supervisor consented to put through a request to return my $400. This is supposed to take 5 to 10 business days for a decision to come through on.
I told the Countrywide loan rep. that if I don’t get my $400 back, I am going to contact every Government Agency I can think of to let President Obama know what's going on at Countrywide. I am doing this regardless, because what Countrywide is doing is wrong. So, I'm starting with you, Senator.
The Home Affordable Program has just become available and Countrywide is already abusing the funding. They are charging $400 just to get information about the way they will make the money available. They are telling people qualified (by Treasury Dept. guidelines) for Modification that they are not qualified for Modification.
If Countrywide is doing this to me they are doing the same to others, and this cannot be what the Treasury money is intended for. So, I hope you will pass this information on to those who can make a difference.
Please don't let Countrywide abuse the Home Affordable Funding.
Thank you for hearing me.
Sincerely,

[rozuki]

Frustrated,

I , too, starting emailing about the abuses that Countrywide is heaping on it's customers. There is strength in numbers, so everyone should email their elected officials and government websites daily.....

Good letter by the way!

[dthom]

I am going to email too. I have sent them before, but I think it is time I did so again, much more often. I read on Countrywides site regarding Making Home Affordable that they are not even working with anyone who has PMI on their mortgage at this time. Good thing we are with NACA, since we have PMI and with CW alone we would probably have no chance at all. This is ridiculous, they seem to pick and chose who they will help and when. I believe that PMI guarantees that they get something out of the mortgage if you default, if that is the case why would they care to help the ones with PMI.
UncleTono, wish I knew just where the economy was getting better. Here in Michigan we just learned today that we have the distinction of having the highest unemployment in the country as of March, 12.6%. If GM and Chrysler fall, God knows what it will jump too. Can just imagine how many foreclosures may be coming up just here in Michigan if that happens. Only in the eyes of a politician is the economy getting better.

[sammyt74dp]

Theres an article on cnnmoney.com real estate section today about "Obama Plan final underway" Talks alot about Wells Fargo. I don't buy any of it.......Just the Same Ol'. It Says Wells Fargo has activily been modifying loans through the program since the beginning of the month..Yeah right

[pyeatpr]

It sounds like no bank is willing to start this process until their agreement is offical or they won't get paid.

Six Servicers Get $9.9B For Loan Modifications

Also not on the initial Treasury list was Bank of America Corp. (BAC: 10.49 +0.48%), the nation’s largest servicer after its acquisition of Countrywide Financial last year. A request for comment on BofA’s implementation of the loan modification guidelines set forth in the HASP had not been returned by the time this story was published.
It’s unclear if servicers modifying mortgages to government-specified guidelines ahead of a final agreement with Treasury officials will be able to obtain incentive payments for mortgages they modify during the interim timeframe.

[md37793]

Well isn't that cute...

[Tartbird]

Banks are evil.

[UncleTono]

It is becoming very clear that this MHA plan is a joke, and it was well thought out in the banks and servicers favor. The statement is true! they are picking and choosing who they want to help, and there seems to be no clear pattern on how they decide on who to help. Its very clear you need to have good credit to get a refi thru the plan, well that eliminates several million of us thanks to the servicers telling us to fall behind before they will help. The modification part of the plan is a crap shoot, you have better chance of winning the lotto! before getting a decent affordable mod, and thats if they even offer you one. To have any chance of keeping our homes we need 1) low interest rate. The rates are low, but they can do better to help people out. There are 6 million people out of work, so the economy is not going to get better for long time, my opinion not for several years at least. 2) A principle reduction is a must! How can washington have us accept the idea our homes no longer have any value/equity, and then expect us to stay in them! In the meantime, banks will be making millions in interest, but we won't have anything to build on, and something to leave for our childrens future. From what I have been reading, it will take decades for us to recover out losses. I have a great idea, washington has handed out trillions to AIG, banks, and servicers. If the gov gave each u.s. resident one million dollars that would positively restart the economy, right? Bailing out the greed that got us here, won't help and nothing will ever change. REVOLT!!! write and call your gov officials, and let them know.
Tono

[frustrated09]

It sounds like pyeatpr is saying that Countrywide/Bank of America's agreement with the Dept. of Treasury has not been finalized yet, so Countrywide can not be assured of getting the kickbacks they are suppose to get from using the Treasury Money to Modify Loans. Am I hearing this correctly? Is this why they want to do expensive Re-Fi's instead of the Modifications some of us qualify for? If so, I think it is even more compelling that we let the Treasury and the President know what Countrywide is currently doing to abuse the government funding and it's customers.

So far, I've reported Countrywide to one of my congressman, the FTC, and the GAO financial fraud unit. I also sent a copy of the letters going out to Countrywides Executive Team. I plan to contact more agencies over the next few days.

For whatever it's worth. I feel like I'm doing something.