Treasury’s Mortgage Modifications: A Failure Prolonging the Economic Crisis

Comments

1. beachgo says at Fri May 28, 2010 10:50 am

   BEHIND CLOSED DOORS
   
   
   
   
   The US Treasury has no idea what really is going on behind closed doors with regards to The Making Home Affordable Program. Yes it sounds like great help for those struggling to save their America Dream.
   
   Look at the numbers. Not the homeowners with trial offers made by banks/mortgage companies, because that’s a joke. We are talking permanent modifications to these homeowners. WHO HAS BENEFITTED FROM THIS PROGRAM???
   
   
   
   Washington, this is how the story goes. Whether the cause of a delinquent mortgage was due to lost jobs, illness, death or divorce in a family, or maybe victims of predatory lenders looking to fatten their wallets, knowing these homeowners could never make the payments. The fact of the matter is it HAPPENED.
   
   
   
   Now they contact their lenders for help. Packages are sent to be completed along with required documentation to be returned by a certain deadline. Trust me when I say this, the documentation IS being sent not only on time but with every last piece of paper they could possibly want to review.
   
   
   
   Now the phone calls begin. What would you say is the average hold time to speak with a person in the Home Retention Dept.?(Washington just question any homeowner.) So after you have been on hold long enough to have cleaned the bathrooms in your home, you are being informed all your requested documentation has not been sent in. How could this possibly be you say to yourself? I know I checked and double checked and had someone else check it for me. Seems funny, but I am under a great deal of stress. So I sit down and resubmit the MISSING OR UNSIGNED DOCUMENTS THEY CLAIM WERE NOT RECEIVED. Phone calls need to be made again. Well do I stay home from work, if I am one of the lucky ones in this country to be employed, so I can be on hold AGAIN? Look on the bright side the bathrooms need cleaning once more. Months go by; my stress level has escalated beyond belief, praying they will consider my request under this program. GUESS WHAT??? Not the letter I was hoping for. Dear Customer—your mortgage has now been transferred. We now are your new lender. (Oh my God did I read something about the Feds shutting them down or that that the lender is bankrupt?) Please contact us regarding your mortgage. We may be able to assist you under THE NEW MAKING HOME AFFORDABLE PROGRAM. Now I am informed a whole new package needs to be completed. So where is all my personal information that was sent to my prior servicer? (Tax returns, copy of my driver’s license, bank statements, pay stubs, copy of a utility bill (That’s so they can see I still reside at the premises. Where was I going?) Seems to me with all this information floating around lost, it probably has landed in the hands of those that would have a grand time with IDENTITY THEFT. Any one else worried about this?
   
   
   
   So I am back to square one, paperwork, long hold times, and new packets to be signed and returned by a deadline. No problem, my family loves our home and if we are one of the fortunate ones that this program will help then it is worth it.
   
   But hold on one minute. Same old story, missing paperwork, unsigned documents? Do they forget I spent months playing this game with my prior servicer?
   
   
   
   Let’s go back to the phone calls. Why on Monday can I call and speak with someone in Home Retention and be given one story, and yet on Thursday a whole new story or different information regarding the progress being made on my modification? Seems to me in this day and age updates within their systems should be effortless. No one is on the same page.
   
   
   
   Trial payments are a story in itself. You better have planned for the incompetence within these financial institutions. Not one of them is capable of crediting your account. Hopefully you have saved every bit of information regarding your payment. (i.e. certified receipt of acceptance at their office date and time and who signed for it.) Anything you as the homeowner can do to prove those payments were sent. One full month of calls every other day to correct THEIR error. Good God save us all. If a financial institution has such poor record keeping this nation doesn’t stand a chance. Yet they continue to put the BLAME on homeowners.
   
   
   
   So where do we as homeowners stand with our elected officials, and the Treasury Dept. in regards to this PROGRAM to help keep our country from complete ruins? Certainly don’t expect the mortgage companies or banks to work with the struggling homeowners. Lenders truly are the only ones on the receiving end of this program.
   
   
   
   
   
   Homeowners stand up for you. Refuse to allow these lenders to keep blaming YOU for the reason this program has failed. They have no intention to do anything more than keeping their hands out for the Government Money. Contact every elected official in your area, and tell Washington WE HAVE HAD IT.
   
   
   
   No I am not an angry homeowner. I am just someone trying to work on their behalf (at no cost to them).
   
   One more question? Where do you expect to house all these homeless people? As for all the banks and mortgage companies, and I have dealt with MANY, you are a disgrace benefitting on the monies allocated to help struggling families across this country. You employ IDIOTS. But then again that WORKS TO YOUR BENEFIT.
   
   
   
   With all due respect MR. President you were looking for some suggestions for improving this program and the crises that is widespread in this country?
   
   The answer is pretty simple BEHIND CLOSED DOORS of these financial institutions you will find the answers to the problem. They are fooling everyone including WASHINGTON.
   
   
   
   
   
   
   
   
   
   S.L.D
   
   Massachusetts

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