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| Making Home Affordable In March 2009, the Obama Administration published detailed program guidelines for the Making Home Affordable (MHA) Program. Many mortgage servicers have begun loan modifications under the plan. But it looks like many homeowners may not be getting the help the they were promised and some are simply getting rail roaded. This forum is designed to discuss these issues with the MHA ands share with others your experience. This forum provides general guidelines and overview documents available to homeowners as well as an open discussion area to ask other homeowners about the loan modification process. |
This is a discussion on Lenders Participating in Making Home Affordable within the Making Home Affordable forums, part of the Stop Foreclosure and Tell Us Your Story category; We saw a bankruptcy attorney, and she said the 2nd would be stripped (eliminated). She said this is done with ...
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| | #26 (permalink) |
| Senior Member Join Date: May 2009
Posts: 138
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable We saw a bankruptcy attorney, and she said the 2nd would be stripped (eliminated). She said this is done with a Chapter 13 only. I told Indy this, and that I want to pay and not stick them, and they still said no. How stupid are they? I wonder what all the investors would do if they knew what Indy CS people were telling us. The investors are losing alot of money with these kind of answers. I know they are going to lose my second mortgage money. You think they would want me to pay a reduced payment instead of nothing at all |
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| | #27 (permalink) | |
| Member Join Date: Jul 2009
Posts: 24
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable Quote:
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| | #28 (permalink) |
| Senior Member Join Date: Jul 2009
Posts: 1,175
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable Weeks ago Treasury was in negoitations with 2nd servicers but nothing heard since. The incentives are too low to make it worth while for servicers to participate in 2MP which is outstanding program but Treasury needs to allocate more funds to it to make servicers willing to participate. |
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| | #29 (permalink) | |
| Member Join Date: Jul 2009
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Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable Quote:
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| | #30 (permalink) |
| Senior Member Join Date: May 2008
Posts: 40
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable I'm not sure it this is the right forum to post this - but so many homeowners are getting run around I wanted to share what I am doing - writing to my representatives for help... Here is my message to Indymac Bank and my representatives : Greetings, IndyMac is not putting people into the Making Home Affordable program and in fact they are not even cooperating with Chapter 13 reorganizations. IndyMac lies and manipulates home owners instead of working with them. What can be done? Why is there a program like Making Home Affordable when banks do not honor and use it for homeowners in trouble? Why did Congress reject the “cram down” provision and leave home owners without any options to encourage banks to work with them? I am asking for Representative Murkowski and Senator Begich’s assistance with this problem. Since the Treasury Department is overseeing the Making Home Affordable program I request Representative Murkowski and Senator Begich’s assistance in locating a person within the Treasury Department who has the authority to resolve complaints with the Making Home Affordable program and IndyMac Bank. I think it would be an excellent idea for a representative from the Treasury Department to be on the phone with Indymac Bank and myself. I want them to understand firsthand what homeowners are contending with and see if they can get to the bottom of why IndyMac is not honoring the Making Home Affordable program. If banks are not going to honor and put home owners into the Making Home Affordable program, Congress needs to know that the whole program is bogus. How many people have applied and qualified for this program? And out of that number how many really did get put into the program? We don’t know because the banks - as a private entity – do not have to share that information. If we cannot get real numbers then how do we know if the Making Home Affordable is working? I know it is not. Homeowners know it is not working. Without the “cram down” provision in Chapter 13 homeowners are left totally at the mercy of their representatives to help them save their homes – you is all we have. I want Congress to know the mortgage situation is not working and to do something about it. Better Business Bureau Customer Service Reviews: Better Business Bureau Customer Reviews & Ratings on IndyMac Bank/One West Bank May F. 1 Review First of all, I am going to say that I have nothing positive to say about this financial institution. Everything I have to say about this company is negative. Second, I am going to tell it like it is and if this horrible financial institution does not want to hear the truth about how cold, heartless and uncompassionate they are, then that is their problem. I lost my job and could not keep up with the payments for my mortgage, so filed a Bankruptcy Chapter 13 in order to save my house from foreclosure. However, in working with my attorney and the trustee, instead of helping me with a plan to reduce the monthly payments they increased them to almost double what I could pay. This company even had the nerve to serve lawsuit papers on me, while I was going through the bankruptcy proceedings. They did not comply with the guidelines of the bankruptcy laws. I guess they thought they were above the law or something. Needless to say, because I could not pay the ridiculous payment they were requesting, my bankruptcy was dismissed. My lender IndyMac Bank, now known as One West Bank then decided to send me a loan modification package. I sent in all the paperwork they requested and kept requesting in order to get my loan modified. I heard nothing back from the lender as to whether it had been approved or not. I called and for three months I heard the same phrase, over and over again for 3 months every other day that I called, for a status report. " It is still in review." Right, still under review. Are you kidding me? How long does it take for someone to review 20 pages of paperwork and a hardship letter? Meanwhile, the foreclosure date was looming. I sent letters to IndyMac asking them to stall the foreclosure, explaining to them that I had 2 grandchildren ages 5 yrs and 15 yrs living with me, plus my daughter and myself that they were willing to just throw out on the street, should the foreclosure happen. How can these people sleep at night? They did not care. They say they want to help people, but the reality of it is, they don't want to help any one but themselves. They were determined to get my house and were unwilling to help me keep it. Bottom line is, they did everything they could do, not help me. I decided to put my home up for sale during the next 3 months in hopes, that it would sell before the auction date. It did not sell and so the auction went as scheduled. During the auction no one bought it, so it went back to the bank. I did not hear anything about what action was going to be taken in regards to the foreclosure after the auction, until 5 days later when I received paperwork taped to my door about a "cash for keys" program and who to contact about it. I contacted the real estate agent assigned by the bank and signed all the necessary papers for the "cash for keys" program. My family and I were given 3 weeks to get out. We complied, but I still received court papers with lies, stating that I refused to leave the property and they would be bringing a lawsuit against me. In the end I lost my home, but was fortunate to be able to find an apartment for myself, daughter and grandchildren to live. I believe this financial institution is a horrible lender, they are predators and have violated the law according to President Obama's stimulus package in keeping families from losing their homes. I certainly qualified for the lower interest rate, but they did nothing to lower it. They kept it at 8%, instead of what I was qualified for, which is 4% or lower. These people are cruel. They throw families with children out on the streets, just so they can get some money back on a house that they really don't want anyway. They have already been in the news several times before for the same thing and they still continue to do business. We need to ban together and close the doors to this despecable financial institution. Justice needs to be served here in a court of law and we need to be compensated for all the anguish this financial insitution has caused each and every one of us who has a loan through them. If anyone reading this is thinking about getting a loan through this lender, I am pleading with you, begging you to look elsewhere. You will lose everything to this mortgage company. When I say everything, I mean everything. I almost lost my family to this lender. Luckily, I didn't, but you might not be so lucky. Posted on 10/21/2009 Last edited by detleffish; 11-05-2009 at 05:58 PM.. Reason: missing info |
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| | #31 (permalink) |
| Senior Member Join Date: May 2008
Posts: 40
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable daglo - thank you for your post from pro publica. I went there and found a great deal of information. I copied it and emailed my blight + articles + all the comments on the BBB site from homeowners dealing with IndyMac and sent it to all my representatives, the people from credit counseling HUD and cc IndyMac. It's quite the story. Indymac called me today and offered me a modification (after haggling with them since April). At first they said I didn't qualify and I asked them to walk through the numbers with me. As they did that - they realized they made a mistake. Then they told me this story: IndyMac said that there are three factors that enable a home owner to qualify for the Making Home Affordable: 1) Income over 31% of current mortgage 2) Value of property – must have significant forbearance – the value must be greater than amount of principle by 30% 3) Cost to forebear Did cha get that? I could barely follow 2 & 3. Then they said due to correcting the mistake we now income qualified for a modification but it would take about two weeks to process...because now we had to see if we qualified for 2 & 3 above and something about a sweep and 6am on Fridays... I told him I woud email him everyday to check and make sure we were on track. After a bit more questions and answers...he suddenly said, "oh the modification was sent out today, you will have it on Monday." What? Yes, you were approved. Oh really I said. Can you email me the papers? Oh yes he said. And volia just like that in a matter of minutes I had a modification in my hands through email. It's a trial modification for 3 months and then if our income hasn't changed then we will qualify for a perm mortgage. I follwed up with an email documenting the terms we agreed to on the phone. I'd like to share with you all what I did to get here. This web site has kept me going. The information that people post has helped a lot. The stories and the encouragement. Now I want to give back. First and foremost the most important thing to do when you are trying to get a modification is GET OUT of SHAME. Gone. nada. 2. stay on it - every day - even a little bit 3. contact your representatives and ask for their email. Ask for their help with this department: SIGTAR.gov Hotline 877-SIG-2009 They are in charge of montioring the Making Home Affordable program. 4. email IndyMac and cc your representatives 5. send all paperwork return reciept. 6. email every day. email articles -email requests. Keep you requests short and to the point. The vice president of Indymac/One west is: brandon.latman@indymac.com 7. When you get a modification agreement email it and everything you understand the agreement to be back to indymac and your state reps. It's very important that you have witnesses. I'm going to review the modification agreement tonight and I am hoping it is consistent with what they agreed to on the phone. And, finally I am very, very concerned about the corrupt dealings of the banking industry that I have read about and that I have experienced. There is something very wrong with banks being so corrupt. My representatives are on it; they are calling other reps to find out how pervasive this corruption is. They have been quite appalled at what has gone on with me. Call your reps today!! Last edited by detleffish; 11-06-2009 at 06:27 PM.. |
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| | #32 (permalink) |
| Senior Member Join Date: Nov 2008 Location: Northern CA
Posts: 1,783
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Lenders Participating in Making Home Affordable detelfish - dos this sigtar.gov also have influence over Chase? Iv'e called and written everyone but their sister/brother. I'm going to start e-mailing Lowman, the CEO of Home Lending of Chase at least every week. Let's see what happens. Thanks for the ideas.
__________________ http://www.petition2congress.com/2/2564/ |
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| | #33 (permalink) | |
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| | #34 (permalink) | |
| Senior Member Join Date: May 2009
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Also, John.Olinski@imb.com is very good at responding. We sent him e-mails, and he answered ASAP, which for Indy, is almost a shock. | |
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