HOPE for Homeowners H4H

[NeedHelpwCW]

Thanks Erica.

My loan was originated with America's Wholesale Lender, which is a subsidiary of Countrywide. So, Countrywide is the investor? Or it could have been sold to someone else? How do you find out who the investor is? I have to call CW?

Do you have a loan with CW as well? If so, who did you spoke to? I called CW and the representative that assisted me did not want to do anything for me. I told her that I was upside down.

[Erica]

My loan servicer is EMC and they will not tell me who my investor is.

[franklinco]

I found this forum yesterday while trying to find information regarding the H4H program. I am still lead to believe that the program is another dead end with no help to be found.
I have an 80/20 loan which both loans were originally held by First Franklin (gone now, but still serviced by Home Loan Service locate in PA). The 80% loan is an interest only loan for the first 5 years. 3 years has passed so it is still interest only for now. The loan started out at 6.875% on $144,000 for two years with a two year pre-payment penalty. The initial adjustment was capped at a 3% max adjustment which it went to, adding $360 a month to the monthly payment settling at 9.875%. The next adjustment went down to 8.875% and after another 6 months it increased to 9%. (LIBOR plus 5%). If the LIBOR stays below 3% the next adjustment will go down to 8%. Anyway the loan is a bit difficult to service with the payments and would be even harder if the WSJ LIBOR (6-month) started rising again. It currently is at around 1.8% so if it stuck there for a year the loan would not be too difficult to maintain. I have little confidence that the LIBOR come a year away will be low with the current economy. I am skeptical it will be under 3% once April 2009 arrives.
The second loan (20%, around $36k) was sold to an investor and is a 15/30 at 12% fixed which ballons in year 15.
Currently I'm about 6 months back on both loans through a wage earners plan and the rates changing erratically endanger the feasability for the plan. Hope Now, I am disqualified for. I am hoping the H4H program can work out this loan.
It would be simpler if 1322(b)(2) is removed from title 11. Hopefully it will once the 111th takes session.
My question is, how can one get these loans worked out while in a chapter 13 plan?

[Moe Bedard]

Hi franklinco,

welcome to the forum and thank you for joining.........
For the H4H program.........
Has your second lien investor already agreed to release the lien and extinguish the loan and accept nothing? This is just one of many stumbling blocks with this progam and why it hasn't helped.

[franklinco]

Originally Posted by *** Damiano

Hi franklinco,

welcome to the forum and thank you for joining.........
For the H4H program.........
Has your second lien investor already agreed to release the lien and extinguish the loan and accept nothing? This is just one of many stumbling blocks with this program and why it hasn't helped.

I did get a Christmas card from them prompting refinance possibilities. I did not follow-up yet due to my present status within a chapter 13 plan. I held onto the card.
Thanks for the welcome!
I'm sure that the lender would not settle for a share in future home appreciation when they are currently being paid through the plan. They were easy to deal with when I requested a payoff in April 2008 when I attempted a refi through a specialized broker. Once the payoff for the first and second loan were known the broker bailed out regarding helping out. The payoffs combined weighed in around $200K with the home appraised earlier around $162K.
The principal amount for the first loan is $144,160 in principal but the payoff stated around $160k including back interest and Escrow.
The second loan originally $36k was over $40k with back payments and other charges.
If H4H actually was a workable option, it would be valuable for many homeowners so they could keep the cash stream going on. Nobody wants to take a partial loss it seems. They seem to push for total loan losses and foreclosures instead. I hope my perception is biased and lenders are willing to keep people in homes and cash flowing from the homeowners which they can feasible pay monthly without pushing them into wage earner plans and fresh start plans.

[Moe Bedard]

I know..........I hear you...........

Sadly I think that the statistics speak for itself..........H4H geared up to help over 400k, began on October 1st, and only roughly 316 applications to date nationwide.........here on our forum we have not one H4H success.

[franklinco]

Following the political issues regarding law changes to prevent predatory loan n the first place as HR 3915 set out to do in the 110th Congress and what HR 3609 was set out to accomplish with revising the home loans through the courts, I have also seen the FHASecure, Hope Now and the latest H4H programs come into existence. It is a shame that so much time has been wasted and so many families have lost their homes due to these awful catch 22 proposals instead of actually helpful legislation initiatives. Brad Miller from NC in my view has pushed the most for helping homeowners by formulating helpful legislation. It is a shame that during all of the time spent preventing the enactment of these measures as laws the not so helpful plans as referred to earlier have come and gone.
I've held on for a year since reset and am hoping early next year that we get some actual helpful legislation passed. The Senate has some mirrored legislative measures but they are poorly written with excessive complications similar to the bad plans mentioned above.
I know I cannot hold on much longer with the current runaway primary residence loans changing so erratically.

[KittyKat]

I checked into the HOPE 4 Homeowners, Yikes. I don't know about anyone else, but if and when I sell my next home, I would like to make something this time around. I am already doing a short sale on my first home. Hasn't the government made enough off the tax payers?