HAMP progress report - LATEST (also posted on new forum)

[ama125]

http://www.financialstability.gov/do...lic_090909.pdf

[ama125]

TG-280: Assistant Secretary for Financial Institutions Michael S. Barr
Written Testimony
before the House Financial Services Committee,
Subcommittee on Housing and Community Opportunity on Stabilizing the Housing Market

[Whyisntthisworking09]

My lender has 0%... *sigh* Anyone have Home Loan services?

[QuayzyCrazy]

".. Some of these foreclosures will result from borrowers who, as investors, do not qualify for the program. Others will occur because borrowers do not respond to our outreach. Still others will be the product of borrowers who bought homes well beyond what they could afford and so would be unable to make the monthly payment even on a modified loan..."

I'm definitively not in the first 2 categories. When I bought my apartment Countrywide/Bank of America was eager to take my money and to them my finances and I were well qualified then- credit score over 700 and over 50% downpayment. Now my apartment is underwater and it's market value is about 50% of what I paid for it, and I guess to having lost all my equity and have the marke like sh!t is to this government my fault too. I wonder how many people will the bank say that they bought without been able to afford?.... Lame excuse to me... sorry!

What about all the people who bought and could afford only 2 years ago but because of the circumstances of this country and/or personal, have lost all what they had and now are facing plain and substantial financial hardship? I honestly think that this one is the main category and is the only category Mr. Barr's speech is not mentioning! Why????? Ugggghhhh!!!!

[ama125]

Originally Posted by QuayzyCrazy

".. Some of these foreclosures will result from borrowers who, as investors, do not qualify for the program. Others will occur because borrowers do not respond to our outreach. Still others will be the product of borrowers who bought homes well beyond what they could afford and so would be unable to make the monthly payment even on a modified loan..."

I'm definitively not in the first 2 categories. When I bought my apartment Countrywide/Bank of America was eager to take my money and to them my finances and I were well qualified then- credit score over 700 and over 50% downpayment. Now my apartment is underwater and it's market value is about 50% of what I paid for it, and I guess to having lost all my equity and have the marke like sh!t is to this government my fault too. I wonder how many people will the bank say that they bought without been able to afford?.... Lame excuse to me... sorry!

What about all the people who bought and could afford only 2 years ago but because of the circumstances of this country and/or personal, have lost all what they had and now are facing plain and substantial financial hardship? I honestly think that this one is the main category and is the only category Mr. Barr's speech is not mentioning! Why????? Ugggghhhh!!!!

I so know what you mean... we bought this house almost 3 years ago and the combined mortgage payment on our two loans was 31% of our income. OUR INCOME has changed so now that payment is no longer affordable...so, I did not buy a house I could never afford (and neither mortgage is an ARM either!) It's a big house with big taxes and big utilities and I now have big credit problems because I can't afford everything and have had to fall behind on the non-essentials. And the fact that I can't even get a fair assessment to see if I qualify for this program just infuriates me to no end! But hey, everything's right on track they say! I say, GTFOHWTBS (google that one if you need to ).

[Liz Medrano]

Where are all the "permanent Mods"?????? Notice how they left that out of the details...there are NONONNNNNE.

[Liz Medrano]

What a bunch of crap, I don't see where they included in the report any actual modifications completed. Unless I am reading this wrong, from what I understand Mr. Barr states in the article that they include actual mod data.

TG-280: Assistant Secretary for Financial Institutions Michael S. Barr
Written Testimony
before the House Financial Services Committee,
Subcommittee on Housing and Community Opportunity on Stabilizing the Housing Market

"...the number of official modifications offered and the long terms success of modifications."

[joanne]

Not to mention the fact that BOA owns 28% of the loans in the 60+ day delinquency column. If they were to factor in those that are 30 days late and then add those in "imminent danger", I'd say BOA takes the prize.

We need to get the word out!!!

[Wizard]

Wachovia 4% Modifications to date! Shame!!! Wells their parent 11-14% est Mods,
which is their parent company and both banks took 32 Billion in tarp money, our
tax dollars!!!!!!!!!!!!!!!! The treaasury really needs to get in their and cattle prod these banks with some kind of ultimatum and force them to do the mods or revoke
their banking charter!!!!!!!!!!!!!!!!!!!!!!!

WIZARD

[Hard Times]

Wizard...I agree. I highly doubt these figures relesased. Based on what I read in this forum, I find very very few people even getting trial mods. I have been trying thru Wamu/Chase for almost a year, and I keep getting passed around from person to person.

Liz......after waiting another 7 weeks "in underwriting", I finally got a call.......well, these idiots added a prior month's bank statement to my current months bank statement and said "well, you have too much money in your account, and therefore you should be rejected". Theses dumb--ses dont even know how to look at a bank statement and see the account number as being identical to a prior bank statement. They are doing ANYTHING they can pull from their hat to try to avoid making a trial mod. Then, my prior negotiator now says "I cant speak to you anymore.....it could get me in trouble".......what a bunch of crapola! These employees I deal with are supposed to be working together to get these mods done.....to say "it is improper to speak with you anymore"........makes my blood boil.

[Liz Medrano]

hard times,

good morning....i feel your pain, i had a really bad day yesterday-my emotions got the best of me-this too shall pass-i will try to stay positive-chin up and try to have a good day...

[so-cal-gal]

Originally Posted by Hard Times

Wizard...I agree. I highly doubt these figures relesased. Based on what I read in this forum, I find very very few people even getting trial mods. I have been trying thru Wamu/Chase for almost a year, and I keep getting passed around from person to person.

Liz......after waiting another 7 weeks "in underwriting", I finally got a call.......well, these idiots added a prior month's bank statement to my current months bank statement and said "well, you have too much money in your account, and therefore you should be rejected". Theses dumb--ses dont even know how to look at a bank statement and see the account number as being identical to a prior bank statement. They are doing ANYTHING they can pull from their hat to try to avoid making a trial mod. Then, my prior negotiator now says "I cant speak to you anymore.....it could get me in trouble".......what a bunch of crapola! These employees I deal with are supposed to be working together to get these mods done.....to say "it is improper to speak with you anymore"........makes my blood boil.

Looks like time to talk to a different negotiator. Are you dealing with them directly? If so, try HOPE NOW and ask for the MHA loan modification (888-995-HOPE).

Both Chase and BofA are just playing the 'REFUSENIK' game to the nth degree.

[christy6035]

Hey wizard...what about the bill that was supposed to be voted on in the Senate allowing bankruptcy judges to modify home loans if the banks don't cooperate with us????? It's been almost 6 months and not a word about it! I thought that was Obama's big plan of checks and balances with this program. Funny how he urged everyone to pass the trillion dollar bill, but can't urge the lawmakers to get the bankruptcy bill passed! WTF, I guess keeping people in their homes is less important than getting those CEO's salaries recouped!

[Wizard]

Christy:

The B.K. Judges to modify loans in Bankruptcy is being brought back
to the house floor by Barney Frank soon, due to the fact that the
banks are not modifying mortgages fast enough!!!! I do believe if
this passes and becomes law you will see a change with the banks
in trying to modify aloT more mortgages and faster so they don't get
modified by B.K. Judges! The banks certainly don't want that!! It will
cost them alot of money!!!!

WIZARD

[joanne]

He's too busy with the Healthcare plan. Won't need that when hundreds of thousands of Americans die of coronaries trying to save their homes!

Saving homes and creating jobs should be number 1!

[Hard Times]

Liz.....yes, we both have been suffering some major punches below the belt.....how long can we keep playing their game? What angers me is that I want an answer NOW (either accept or reject the mod request). I have been playing their game for about a year now, and I would rather pack up and move out now before winter sets in. Who wants to move out of their home with 2 feet of snow on the ground?

SoCal.....Yes, I have been dealing with these idiots directly for about a year, and I have had several different negotiators now. I will waite a bit more before angering them by calling in others such as HOPE. Another curious thing----from what they have told me, it seems that the so called "Underwriters" are not a part of Chase, but perhaps a seperate entity.........how convenient to have an outside organization actually do the "approving/rejecting" of the loan mods, so Wamu/Chase can pass off any potential blame to this third party. And I am sure this third party will not accept any blame when sued by homeowners.

Update.....Neither negotiator would return my phone calls, and finally I spoke to one late today. He said that my current negotiator has been out for a few days. How convenient that is! Right when the Underwriters inform him that they need clarification on a bank statement, and I submit it, I learn that this middleman has conveniently been out for a few days. Oh, but he "should be back early next week". By then the Underwriters may stamp "Reject" on my application assuming that I failed to submit the "clarification memo". What a bunch of crap all this is!!!!!!

Lord, help me, help all of us stand up under our oppressors.