A Complaint By Any Other Name

People are losing their homes.  And they feel let down.  Let down by their banks, let down by their government, let down by society.  Many still blame them for having created the situation in which they now find themselves.  The fact that it’s way beyond frustrating is only the tip of the emotional iceberg.  It is disheartening on a scale that’s hard to comprehend without living it.

Can you imagine living it?  Can you imagine what it feels like?  To be losing your home and feeling as if you’re losing everything?  To have to tell your children that you have no choice but to move… change schools, leave their friends behind, leave the safety of their bedrooms, that there’s nothing Daddy or Mommy can do about it.  To have to hide the shame, the tears, the feeling of utter helplessness.  To stay up late at night in the quiet, drinking more, scared to death about what the future will bring.  To wonder whether insurance policies pay off after suicide.  To experience anger capable of becoming unbridled rage.  To look into the eyes of those that trusted you to protect them, to know you’ve let them down.

And whose fault is this, really?  Is it your fault?  Is it something you did wrong?  How could you have known what was ahead?  What could you have done differently?  To question yourself until you can’t trust anything you think anymore.

Then something promised change.  President Obama would be different.  He wasn’t a Washington insider.  He was a man of color.  Someone who understood the plight of people.  He understood that it wasn’t about him, it was about us.  He wanted to bring change, and told us that we could have hope.  He would fix things.  He wouldn’t leave us behind.  He would be accountable and transparent.  He could be trusted.  The people believed in him.

And he had a plan.  The Making Home Affordable plan.  It’s going to work because he said it would work.  All you have to do is call a toll-free phone number.  Or call your lender directly.  And they would help make things right again.  Because he had said so.

Getting your mortgage modified would be free and easy.  No one should have to pay.  Help was finally here.  Thank God.  So, you tried.  And tried again.  And it didn’t work well, so you tried again.  And again.  And yet again.  And months went by, and it just wasn’t working.  The bank was rude.  They lost your paperwork.  They didn’t care.

You started to feel the panic overtake you.  At times, you could feel it in your chest, rushing up through the top of your head.  You have to find an answer… somewhere… anywhere.  But you’re ashamed.  You can’t tell anyone, you don’t want anyone to know what you’ve gotten yourself into.  They would look at you differently forever.

Then you saw an ad.  A company said they could help you keep your home.  And so you called them and although they said there were no guarantees, they also said that they’ve helped many others like you.  So you hired them.  Without telling a soul.  But months went by and nothing happened.  They said that the bank still hadn’t approved your loan modification.  They said the bank had lost your paperwork.  How could that be?  The president said this would be easy… that it could be done.

It must be the company you hired.  They’re not doing it right.  They don’t care.  They haven’t called you back.  The president said these companies are scams.  Yeah.  It’s their fault for sure.  It’s not your fault, it’s theirs.  Everyone is saying so.  The firms that charge up front are all scams; that’s what they said on the news.

There must be something you can do.  Somewhere you can file a complaint.  Regain some of your power.

So you do.  And you unload everything you feel inside.  Because now that you’ve written it down for all to see, it’s not your fault, it’s theirs.  They did this.  They made this happen.  Not you.  You did everything right.  Everything the president told you to do.

It’s not fair.  We bailed out the banks.  We gave them $700 billion and a lot more.  Now they’re supposed to help us.

And the banks are paying billions in bonuses… again.  What’s going on?  Why won’t the bank help?  Everyone says it costs less to modify your loan than to foreclose.  Why won’t they help you?

Is it complicated?  Yes, it is.  Very complicated, at that.

But you’re still losing your home.

And it’s wrong.  And you’re damn angry about it.  You may never trust this country or its politicians again.

What follows are REAL COMPLAINTS written by REAL homeowners who DID NOT HIRE A FIRM to help them obtain a LOAN MODIFICATION from their lenders or servicers.  So, it seems clear that it’s not just loan modification firms that receive complaints when things don’t work as advertised.

These are homeowners that followed the advice of the President of the United States, the U.S. Treasury, HUD and everyone else in federal, state and local governments.  They avoided the risk of being scammed by a company that wanted money up front.

And so, when CNN.com asked people to share their experiences with the Obama plan, here’s what they had to say.  I’ve deleted their names to protect their privacy and have only listed a small percentage of the 500+ complaints received.  At the end of the list, you’ll find a link to the list in its entirety.

So, sit back, relax and perhaps pour yourself a glass of wine.  You’re about to gain an understanding into the worst economic catastrophe since the 1930s.  No matter who you are you’re going to learn something.  And whatever you do, don’t miss the last one.  Now…

… Shhhhh… listen… these people have something to say to all of us.  Shhhh…

We bought an affordable, modest home, with a 30-year fixed at less then 6%. We put a lot of repairs and sweat equity into it. The market in our town has held strong and our house is appraised at 80k over the amount left on the loan. That only entices lenders to take your home, because then they make money.

There is no help for the homeowner, the injured or the ordinary citizen. Our credit is now in ruins and at age 50 we are trying to start over, with less then we had 30 years ago, and permanent injuries. If we lose our home we will never own another. The president’s plan was nothing but a give away to the big banks, again. Weeks of paperwork unprocessed, phone calls not returned and a 4k payment due in 6 weeks have lead us to believe that we will be homeless when winter arrives, and its damn cold in Montana. He goes without his medications and I go without decent food. Neither of us have medical or dental care anymore. We have never taken a handout, never asked for help before now. And all the hard work, the scrimping and saving, was for nothing.

It only reinforces that the president and congress don’t give a damn about the ordinary citizen, the little guy. we are only good to hit up for campaign contributions and taxes. We slip further each day, and each day I feel a deeper sense of hopelessness and hurt, because the nation that I believed was so grand and glorious only cares about the wealthy, and making them wealthier. I am sorry and embarrassed that I fell for the “vote for change” line, and feel really stupid for being so gullible at my age.  Never again.

The banks lie, the government lies, and no one gives a damn about us, the little people falling farther down into the darkness. Where will it end? I guess that it ends with us living in a tent in the national forest somewhere, because I won’t be homeless in an urban setting. If the elements are going to get me I’d rather it be in the splendor of Mother Nature then the squalor of downtown alleyways and bridges. And Uncle Sam can kiss my hardworking, honest and respectable a$$.

# # #

I hate Chase. I hate Chase. I hate Chase. They lie. They are the worst bank.

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Called Hope Now in Dec 2008 to try to get a modification worked out. Hope Now referred me to a local housing counselor. They spoke with Wells Fargo and Wells offered forbearance but I must make 3 payments on time and with in a certain time frame. After that they would review me for a modification. Well this week I received a letter from Wells which denied my mod request saying I couldn’t afford it although just 3 1/2 weeks ago they approved me for one. They are now going to start the foreclosure process.

What are they doing at Wells that makes any sense. I have been in this house for almost 6 yrs. Although I did get into a bad loan I feel in the beginning I have struggled to keep things afloat. In addition I’m better of financially than at any other time in the last 5/6 yrs. My housing counselor says Wells is the worst she has dealt with.

# # #

Last Sept.2008 I informed Wells Fargo that I was having problems with making my payments. All the paper work that was requested was lost. On numerous of occasions I have resubmitted paper work and talk to different representatives stated that I would have to be delinquent in my mortgage in order for them to help me. I was always told that you must make all of your mortgage payment. I call affordablehousing.org and this hope hotline took all the same information that I had and sent it back to Well Fargo. Once again I was told to do what I have already done and that they couldn’t help me. I have been living in my home for almost 14 years with my son that I adopted this Oct. and I have never missed a payment until this month (7/09).

The response from Wells Fargo is that they can’t help me, because I haven’t been with them under this loan number for more than one year. Consequently, I have been with them for more than a year, just under a different loan number. They didn’t offer me any type of deferred payment plan, instead told me to just call a consumer counseling agency or other official that might help me in my community. Also, that my foreclosure procedures will come about in 90 days. I can’t believe that all the monies that was funded to these banks for mortgages; Wells Fargo couldn’t re-modify my loan to what the valve has been accessed by the assessor office in Springfield MA Maybe, if that was to happen, people like my self can stay in the their home, and help their community to continue to developed. We (USA)at home are becoming a undeveloped nation.

I don’t know what to do, because I have stop paying my credit cards to pay my mortgage and my credit scores have drop 300 point. I did try a consumer counseling payment, but had to stop because that was too much money. I was leaving my son and I with no food or gas to get to and from work or school. NO HELP IN SIGHT –

# # #

We have been trying to get this so called “Mortgage Modification” program work for us to live in our home but be have been very unsuccessful and frustrated. It has been FIVE months we have been talking with CitiMortgage and we are back to square one.

Every time we call CitiMortgage for this process, anyone we talk to at CitiMortgage has a different thing to say. We believe the guidelines that the government gave to these banks are clear and precise, its just that CitiMortgage acquired the government bailout to for its sole survival and not to help people like us.

# # #

I recently got laid off, we are maintaining the mortgage payment current somehow, and would like to get mortgage modification program start today, but this is what CitiMortgage told us today “Since you are not due for mortgage until September, you DISQUALIFY, our SYSTEM will not let start the process until September”.

We wonder what kind of system that is not letting us take preventive action on time. CitiMortgage is just pushing the request for mortgage modification aside and buying time for something else, who knows what.

# # #

I agree with T from Denver I too am eligible and I am current on my payments. I called Country Wide back in March when I first heard of the program Back then rates were about 4%. I never got passed giving them my information. Every time I called a new rep asked for the same information I gave before. Finally After Bank Of America took over I thought I would get somewhere.

What a joke. They tell me now I am not eligible for any programs they currently have. Before I hung up I told the rep that maybe I should fall behind on my payments then maybe I’ll get a call back with some help. What a waste of time.

# # #

The Obama plan is a joke – since it’s passage, I have written, faxed and called GMAC at minimal, twice a week with no results. If our government had been serious about this, they would have passed the bill allowing Bankruptcy judges to modify loans. This would have lit a fire under the lenders. What incentive do they have to even try? To be nice? Not so much!

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Has any one had any experience with Indy Mac Mortgage Service. We have been trying to modify a loan for over 4 months.
 First we get the papers saying this will be your payment, then we get a paper saying the papers have all expired, so send in new ones. then we get a another modification package saying everything is under review. 

I really do not think the people that have been hired to work on these modification have had a training they need.  One Customer Service Rept. says one thing, then the other one says something completely different.

This stimulus was supposed to help those who need the help to stay in their home.

# # #

Litton Loan serving is the worst.
I did an informal email survey recevied responses from 123 people who applied for Load Modification…NOT ONE got the Modification. All were lied to and dragged along for weeks until finally they were told they did not qualify. Who can stop this madness?

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I am surprised no one here has mentioned INDYMAC BANK!  My husband and I have an Indymac (now OneWest) mortgage loan ($500,000). Got our loan from QUICKEN in 2007- interest only @ 5.75% . At the time I was working, but after our 3rd baby in ‘07 I lost my job/income. So, now we are struggling and I am trying to get a modification with the worst bank in the world— INDYMAC!! My husband started his own business on the side to make some additional income- but it’s slow. Anyway, I call Indymac all the time… same story “in review, call back in a week.” We were told our modification package was received May 17, put into the system, June 17, then later told it was put in June 26, now the 50th person we spoke to last week said we may hear something by August 26th.

What the hell?  OBAMA you have the power. You’re acting like you’re doing something. Just like you always like to start out answering questions by saying, “Listen…” PLEASE LISTEN TO THE AMERICAN PEOPLE- get the banks to modify!!!

# # #

It seems that the ‘loan modification’ or harp programs are nothing but another all talk / no action idea from the big boys at the mortgage companies in an attempt to show Washington that they deserve all the bail out monies they received. It also appears to me that it may also be just another ploy to convince the politicians that if they need more of the tax payers money the politicians can justify even more. I can tell you from first hand experience that these lenders have no motivation to exercise ‘good-faith’ on behalf of the general public. I tried to get a modification on my own home and like everyone else I was told that I dont qualify for some unknow reasons.

Just like in the Wizard of Oz the man behind the curtain is not available to explain to any of us why we dont qualify for these programs. My belief is that since they already got our tax payer money they are not going to really help. Its a fact that they want to make the big money and keep it, or when they incur a loss they’ll want to share it with the general public.  Zero confidence that the right thing will be done.

# # #

Multiple houses in our neighborhood were falling into foreclosure, families were disappearing in the middle of the night and houses say empty. After a month (Jan 09), even before Obama took office, we were told our file was complete and they were processing it. We were told to call back weekly, which we did. Every time we called we were told the file was complete and being processed. We waited and struggled to make our payments. In April 09 we received a letter from Chase/WAMU that our modification was denied because our file was INCOMPLETE! After the shock and outrage, which they ignored, we scrambled to re-submitt the documents they said they did not have.

Multiple faxings, phone calls, lost documents, lost faxes, faxes to no where and 2 months after that (June 09)we received a modification offer for $1200 more a month than we already pay!!!

They are liars and running a scam.  AVOID CHASE/WAMU! CONSUMER BEWARE!

# # #

I have a Fannie Mae loan through Bank of America and have been fighting with Bank of America since May to work with me. They continue to indicate that I do not qualify during this phase, but yet Fannie Mae says I do. BofA has given me every possible road block and excuse. They are definitely doing this intentionally.

# # #

My mortgage servicer sent me the document package back in May. I completed and returned all the documents within a few days. To date I have made 18 phone calls (each ending after a 10 minute wait with a mandatory request to leave your name, account#, etc)they never once called back. I wrote 5 letters to the modification department and received zero responses. I received two different modification trial documents for two different trial amounts. I started paying the larger one thinking they could always adjust to the correct amount. I have paid three trial payments and a forth is due in a week.

Still no contact from the mortgage sevicer approving the trial or giving me ay signed documents. They still are difficult if not impossible to reach. I am at my wits end. I don’t even know if the trial was approved after 5 months of aggravation.

# # #

If you have any reasonable equity in your home DO NOT WASTE YOUR TIME.  I lost my job in January and we burned through all our 6 months of savings. We started the Two Step process last April. We qualified and completed Step Two by making three trial payments on the modified amount. We signed documents agreeing to everything stipulated by the program in early June.

Two weeks ago, we were told that our modification had been declined because of the fact that we had some reasonable equity in our home.

The whole process is a waste of time and is just a “feel good” process for the Buffoons in DC.

# # #

I called my bank many many times for last several months. Asking help to modify. I explained that I have hardship to my family and after 32 years work I have been laid off. They denied my request and now I will loose the house. What is going on? Is this fair?

# # #

I applied for the President’s Making Homes More Affordable plan due to falling behind on my mortgage payments and reduced income and the bank came back and told me that the feds raised my payment more than what my paycheck. When I asked them how could this be when clearly my paychecks aren’t that much, I was told that the feds said that this was the amount they felt I could afford to pay and that I needed to cut my expenses.

What expenses? I have things that I need. For example car insurance, a light bill, homeowners insurance etc. This doesn’t include fuel for my vehicle and food to feed myself.

I’m extremely disappointed in the President’s plan. I still like him but I doubt if he’ll get my vote again in 2012.

Especially if I lose my home to this shady, gangster, thug bank people.

# # #

I have a mortgage through national City, originally bought my condo for $120k at 6.745%. Applied for refinancing, waited two weeks after returning my HARP paper work, called the loan officer every week after and got no response. Finlly called the customer service number to find out I am not qualified because my condo was appraised at $59,500! How can my home value be cut in half in two years? Now I am stuck with a high payment and no way to cut it down. Also out $500 for the refinance ap!! Now we have a second baby on the way, need a bigger place, and am stuck.

Funny how they would push through any appraisal two years ago, but now appraisals are encouraged to go through as low as possible. I’m now trying for a short sale or Dead in Lieu, but I was rejected because National City claims they have no record of me trying to refinance. This whole situation is out of control.

# # #

Bush and Obama are pawns of the Fed Reserve which created and are profiting from the creation and destruction of the housing bubble.  They cannot or will not do what needs to be done to save millions of homwowners, which is to have the Government buy the criminal loans foisted on homeowners from the banks at today’s loan values, not the original amount of the loans and reissue them on terms the homeowners can afford. This is exactly what was done during the First Great Depression and it saved millions of homes. The Fed refuses to entertain this idea because it would require the banks to take actual losses they could not hide with accounting tricks.

Their attitude is the Banks are too big to fail and main street is too small to bail! They are not going to offer any meaningful help as you can read from the majority of these posts.

# # #

We applied for a loan modification. Countrywide called finally (after a couple of months)to tell us that they had worked out a modification and were sending us the paperwork. We got the paperwork and all they had done was to add in our previous late payments and several thousand dollars of fines and fees which made our payments jump from $1300 to over $2000. So we just moved and decided to let them have it since, if we were struggling to pay $1600 per month (the loan plus taxes and insurance), how could they expect us to pay $2000 plus and additional amount for taxes and insurance?

That was almost a year ago. That house is just sitting there now and they have never foreclosed on it. We could have saved the rent we have paid for nearly a year if we had known they weren’t going to do anything. I don’t know what is going on with them.

# # #

I applied for a Loan Modification through WAMU Chase in December, 2008.

I was told that it would take at least 3 months to go forward and could expect an answer or approval sometime within that time frame. February came and I had not missed a payment. I was told that if I missed a payment, it would add more validity to my situation. I was going to miss the February payment anyway. So, I did not pay my mortgage payment and was then told that I had to sign papers for a Forbearance, which would prolong the process, but would actually prevent my house from going into foreclosure. In late March, I was told that I would have to fill out new paperwork and a new package was sent through to me. I filled it out and provided all that was requested. My April, May and June payments were reduced temporarily, yet considerably, thereafter. In June I was asked to sign more documents and was told that I was going to be on another temporary program with a slightly lower payment.

I am now paying this payment and have coupons through October of this year(09) and still have not a clue as to whether or not I will qualify for the Loan Modification. I was told that I would find this out in October (09). I am in limbo and do not know if I should be looking for a rental or if I should Short Sell my house…I am truly hoping that I am approved for the modification, however, there is a huge margin of FEAR that I face daily, thinking that I may NOT be approved and the thought of not having enough money for at least a rental for myself and my family is a haunting reality.

# # #

As a recently unemployed person since March, I have been trying to get a loan Modification From Chase FInancial, Well I did all their long paper work then, and faxed it all in. I called a month later and someone said, “In the next 30 days, you will hear from someone regarding this.” I thought ok great. BOY WAS I WRONG. I called them back in June finally and asked what was going on, they said, “well actually it has been more than 90 days, so you need to re-submit EVERYTHING ..that is all 30pages of it…. IT expires after 90 days. Plus we have been really busy and just opened up a new department to deal with this.”

BANKS are getting crooked and greedy. Sure if they loan you the money on a high interest rate they will make a killing, but the moment they need to help you, or you become behind. HA HA GOOD LUCK. Hopefully this meeting with Obama takes care of all of this today.

OBAMA Administration, Please Help!!!!

# # #

We had a 20% down on our home when we purchased it. Since then we have seen that 20% in our home vanished and no equity in our home. I would have like to refinance our loan so that we could have saved $200 a month. Our loan originator was the builder, but the loan is now with Chase. Every time I call the bank they say we do not qualify at this time because the loan was not originated with them, and call after a month as the goverment keeps adding new rules. I have been trying this since March and nothing seems to have changed.

# # #

My loan rate went from 3.875% to 6.875%
CitiMortgage would not discuss a “Loan Modification” plan. In fact they did about everything in the book to circumvent the process.  CitiMortgage did everything possible to encourage me to go to a different mortgage lender. Citi wanted me to refinance, to pay-off existing loan, raise capital, due to their rising quarterly loan losses. However, their rates/costs were also too high. I was forced to use another lender by CitiMortage.  CitiMortgage is unethical and practices fair lending discrimination, price gouging and deceptive business practices.

# # #

Its all a JOKE! There is no “modification program” available for normal homeowners being punished by a sinking housing market.
My wife and I contacted our lender about a mod/re-fi…we were told that since nothing has sold in our area for 18+ months it would be diffccult – but somebody would call us back. After calling the lender 5 more times having to give all the same information, repeat the application process multiple times and authorize our credit reports to be pulled…of which we were told our scores – 740/725….”someone will be in touch to arrange an appraisal”. Then two days later we receive a form letter indicating that we could not be approved for financing based upon our “unsatisfactory credit history”???????

Its ridiculous…the lenders are playing the run around game blaming the govt. for not setting more defined rules – the govt is blaming the lenders for being too tight with the loans…in the meantime the homeowners are still trying to pay mortgages and do the right thing. Where is the reward in that?
I am starting to think my neighbors had the right idea – they put the house on the market, moved and found new jobs, a new home and then mailed the keys to the house back to the finance company – WALKING AWAY FROM THE MORTGAGE ALTOGETHER! It goes against everything were are taught morally….but geez where do we draw the line?

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I was unemployed for 7 months in ‘08…got behind 3 mortgage payments but due to Houston’s hurricane, mortgage pmts were frozen until mid December…in the meantime i got a job, began to send 150% of mortgage pmt to catch up but in mid December bank froze all payments and since then have not accepted, that’s right, they won’t accept a single dime…so now they come about 25 days ago stating give us $21k plus new mortgage payment is increased 25% or we’re going into foreclosure…this from a bank that got over $20bls from Bush/Obama to do something about late mortgage payments…to top that the home price has decreased about 33% so our mortgage balance is almost $100k over home value…we’re willing to stay in the home and pay mortgage but as original not current conditions…otherwise, we’ll become renters again…why is the fed absent from this scenario??

# # #

Obama’s plan is a joke. It was suppose to help the unemployed and isn’t!  We are the most of the foreclosures not the employed.  The banks are a joke fax, fax, fax, call, call, call and no response for months. Even Washington representatives can’t get an answer or help, what a sham!!!!

# # #

We are now homeless in MI, we have a Fannie Mae loan. My husband works for Ford laid off and on for the last three years.  Lost $200,000 from 401K almost overnight.  Called Governor Granholm, Attorney General Mike Cox, Senator Levin, Senator Stabenow, emailed the President, Vice-President, used the “Save the Dream” housing counselor. Filled and faxed out the paperwork four times, numerous calls, e-mails and faxes.

The mortgage company PHH wouldn’t even return calls to us or the housing counselor. Showed up July 15, and evicted us threw what was left in the house in the trash, drilled holes in the steel doors and padlocked the house.

I tried since September 2008 to get a modification loan. I am terminally ill with systemic lupus, we have two special needs children and now we have no home.  I work two full time jobs to make ends meet and get Rituxan infusions and am violently ill through those and I still go to work. I have no choice, my family needs me.

I can’t believe that they voted to give these banks our money and these banks aren’t required to help the taxpayers who saved them. Shame on Washington!!!!! Shame on us if we don’t stand up for ourselves the American people and vote them out of office.

# # #

I have been trying since March to refinance under the HARP program.

Each time I was told Wells Fargo had everything and the loan would close, they came up with something else. I had been reading the guidelines for Fannie Mae & Freddie Mac loans. After I was told again last week the loan would close, at the eleventh hour I was advised that our HomeOwner’s Assoc. was underinsured on the Fidelity Bond. According the HARP guidelines, it clearly states that if the property met guidelines when it originated, it meets them now.

When I pointed that out to the Bank, I was advised that Wells Fargo can make their own guidelines.  I would be very interested in finding out if ANYONE has had a refinance approved.

I did contact another Bank and asked if Wells Fargo or any other Bank had authority to deviate from the Federal Guidelines and I was advised they could not.

Wells Fargo is collecting $365 from every person applying under the HARP program. How many thousands have applied? How many loans have been approved?  It appears there may be fraud here.

# # #

How about 2 YEARS trying to make it work!

I bought my house in 7/2006, the loan was sold to Bear Stearns within a month, Bears Stearns collapses and now with JPMORGAN/chase and the SERVICER is EMC. Google complaints against EMC. It is staggering.

I have called and re-faxed and called for 2 years…we have been lied to by those we voted for to govern the American people fairly and honestly and with transparency.

And now they want us to hand over health care???!! LIES! OMG

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I have called BofA, and since our mortgage is not owned or guaranteed by Fredie Mac or Fannie Mae, they can’t do anything, (mortgage is 520,000) we are still making payments on time, but there’s no help for us, maybe I need to be laid off so maybe and maybe they’ll do something, I wonder wouldn’t it be easier to just reduce the interest and let us refinance our home if we can make your payments on time, I think because all of these auto companies, got a bail out, why wouldn’t I get a reduction on my mortgage, I’m not asking for the bank to forgive my loan, I know what I owe, and I’m willing to keep making my payments, but I guess, it will be easier to just walk out of our home and in 3 or 4 years, I’ll have enough money to buy a new house.

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I have a mortgage with Wachovia under Bush Plan I was turned down by every reason on the form but I first got a phone call to tell me I was denied after papers being lost and getting phone run around now under Obama plan I have been told they are working on a plan it should be available mid June then end July.  Oh but before that I almost forgot they told me I was a VIP and they had a special offer for me and transferred me to Wells Fargo i was offered 6.5% rate for only 200.00 no credit check or anything because I am a VIP that was so ridiculous because I built into my loan a fixed rate option on origination and they tried to trick me into believing they were doing something special for me because remember I am a VIP and there aren’t many others like me they have only seen 4 other VIP’s since Jan.

I was so offended by them thinking I was stupid I couldn’t believe it and the Wells Fargo rep got upset because I told him so. I suggest everyone pull all their money from these banks and see how they like that its a lot of our money that they use to invest and make more money and we cant get help for our most basic need Shelter for ourselves and our Children “GOD BLESS AMERICA” and Save us All.

# # #

Back in April I applied for a loan modification at Wells Fargo Bank.

I would call every 2 weeks to find out some info. As of July 20, 2009 I was denied a loan mod. I was told I am best qualified for the HARP program. I called the HARP number and told that Freddie Mac denied my refinance. I was laid off in January 2009 and decided if I don’t find a job by October 2009 I will retire in January 2010. I am down to my last money in my savings and Wells Fargo still refuses to help me.

I have never missed a payment and I don’t want to. I have called so many different phone numbers at Wells Fargo to get help and no one seems to want to work with me. I don’t know what to do.

# # #

We’ve been trying to work out a Loan Modification with Chase since last year, but every time they ask us to send in the paper work, and I send it in, no one has any idea what happened to it.

April this year, they qualified us for a temporary 3-month forbearance plan, I faxed the paper the paperwork they requested and sent it by overnight mail, nobody in the whole company had any idea where the paperwork ended up. I spent $14 at 3 different times sending the payment they asked us to pay for the forbearance plan, and was returned each time, and no one could explain to me why.

So, I called again in June and the rep I spoke to said he was setting us up on a new plan, never received the paperwork, next thing I see is a foreclosure notice for August 4th, I called on July 3rd and spoke to a rep who gave me her name and direct phone number and extension, I called her back 2 days ago to make the foreclosure sale date has been postponed like she told it would, but she denied ever speaking with me and said she has no idea how I got her name and phone, but it wasn’t from her! We are about to lose our 4 year old home just because Chase Home Finance has made sure you can’t speak to the same person when you call in, and no one knows the status of your file each time you call in. I’m just exhausted.

# # #

I too have dealt with Bank of America. They are everything people say.

I have not missed a payment but I am 85000 upside down in my house. The bank said I did not get a mod because I am current in my payments. Even when I explained that I would be retiring from my job soon and would have a decrease in income so a mod would help both myself and the bank because I would continue to pay. But as I told the bank if they want a house 85000 less then its worth then its all theirs. They don’t really care.

I think this whole program is a joke. If there is a program out there were we can get together and stop paying for a lot of houses at once maybe the banks will get the message.

# # #

My wife and I have been in the modification request process for 60 days with Wells Fargo.

I received a call from them today and they told me that the loan negotiator had denied our request because the investor that holds are mortgage note (Freddie Mac), which is now government controlled I might add, stipulates that a homeowner must apply for a HARP refinance first before preceding with a modification request. Certainly would have been nice to know this in the beginning instead of jumping through hurdles with them.

But wait, it gets better.

So, Wells Fargo provides with with their HARP for Homeowners refinance department number. I contact them and they advise me that our current loan type is not eligible for a refinance under the HARP program.

So let me get this straight…..the investor Freddie Mac, did not have the ability to check to see what kind of loan we have before telling us we needed to apply for a HARP refinance that we don’t even qualify for to begin with??? Now, we have to reapply for a modification request and start the WHOLE process over again.

Glad my tax dollars are paying for this mess!! What a joke!!!

# # #

I want to make one more comment after reading most of these comments:
 It’s true, lets start getting help for us, the middle income families – never mind the automobile industry, the banks, and all the big wigs, right?


What I really believe now is that these loans are a faux, they probably don’t even exist…it’s just a pacifier there are no such loan modifications…

# # #

Who are they giving these loans to. Anyone?? I doubt it. This stinks.

After 10 years I will probably lose my home. Children involved as well. Awful, this country I wonder sometimes why we can’t get the help when we really honestly need it. Make it easier for: we the people – too many reasons not to help…..I NEED HELP as we all do –

Obama – you need to look at what’s going on and start really helping people…

# # #

Please understand that I know moving will won’t be easy, but after learning, reading, what some of these families have been going through to keep their homes; one thing is crystal clear!! If you are going through a financial hardship, most, but not all, your banking institutions are not going to give you a loan modification.

# # #




# # #

I wrote an article about my situation with Bank of America. BOFA increases interest rate to 8.5%, I used to have 6.5, this is getting very frustrated because I don’t see where is the help for homeowners.   If you hire a lawyer be sure they look for violations on your paperwork, then they can fight against the bank.  My neighbor is in the same situation, he hires a lawyer about 7 months ago and he got the foreclosure paperwork 3 days ago just because the lawyer didn’t check for violations, so be careful.

But I am very angry with banks, I voted for Mr. Obama, looking for some help, but in the next election you’re not going to be my candidate and neither the candidate of my family (we’re 8 people in my family).

# # #

We applied for a loan modification with Chase in March 2009 after taking the eligibility test on the Making Home Affordable website. We qualified and submitted all paperwork several times because everytime I called Chase they had no knowledge of my paperwork or I was missing something. Of course, I refreshed their memory everytime I called with who I spoke to, time, and what detailed document I furbished to them.

I have lost all faith in the process and we need to realize that banks have no interest in helping struggling Homeowners.

# # #

Bank of America has no intention of doing any modifications they are hoping everyone gets foreclosed on and then they can resale the property take a huge loss, for their taxes then resale the properties at a loss.

All I can say is Mr. President nice try but the banks who got the money from the tax papers have no intention of helping the struggling families.

# # #

Don’t waste your time calling the boneheads in the customer service, loss mitigation, collections, or loan modification departments. Your paperwork will mystically disappear, you’ll rarely receive calls or information when you’re told you would and none of their departments communicate with each other. Jumping through their hoops is an act of futility.

# # #

I called one again and the lady said I could do a loan modification for the new law Obama signed where our house payment with escrow shouldn’t be more than $30% of our income BEFORE taxes? Hello… Obama, we don’t get to take home our taxes, what the hell are you thinking??? My husband and I pay like $1500 a month in taxes because we have no kids. So our house payment for the loan modification was $20.00 less than what our payment had already been. yeah, not gonna’ help much but I went ahead and did it because by then we were 2 months behind and that two months would be taken care of.

So now I have two months behind showing on my credit report. The loan mod has done NOTHING for my family and I, we are STILL struggling and CitiMortgage and Obama continue to piss me off and I voted for him. I just don’t get it…

# # #

I have ten pages of names, numbers, times and dates that I have dealt with since March and not one has been able to help my family and I. Not to mention none of them are ever on the same page, I get different answers every time I call.

# # #

We should all stop making mortgage payments at one time. This is the only way banks will respond to the needs of American citizens. I truly don’t believe banks care and this bailout is nothing more than a huge a scam at taxpayers expense.

What a shame President Obama, my support for you is slowly dripping away.

# # #

It took months working with Wells Fargo. I have an adjustable loan that is due to reset in about a year. While I went back and forth with Wells Fargo my job did a massive lay-off (twice) and those of us who did not lose our jobs had our salaries cut by 85. In the meantime, the real estate market in my city took a nose dive and I ended up owing quite a bit more than my house was worth. I also have over used my credit cards, etc. remodeling the house prior to the crash. After months of communications between me and Wells Fargo the modification application was denied.

I think this is a racket. I think that those homes that have lost their value will be scoped up by other looking to make a profit as people lose their grip on their homes.

Granted, I made some bad decisions, but I am not alone…so did the banks and they were bailed out.

# # #

I unraveled B of A’s position.

They are NOT participating with the MHA modifications if the mods are non-government-backed loans (Fannie and Freddie). The gov’t plan is set up to help these loans, but banks participation is voluntary. B of A is only participating in the much less risky gov’t backed ones though.

They offer their own mods for these millions of borrowers in need, which they claim “mirror” the gov’t plan. But, it does not in many, many ways. Ex: it does not have a component requiring the holder of the second lien participate if the borrower is approved for a mod on the first. The servicer of the second lien doesn’t have to participate even if the servicer of it is B of A itself!

Thus, they are misleading the public claiming they are participating when facts are, they have opted out of the government, MHA plan, for that part with the higher risk, but very needy borrowers – those without gov’t backed loans.
 Worse, they told the financial community they were solvent, with Uncle Sam behind them, never signed the contract with the US and now say they owe no interest. But they think their borrowers have a moral duty to repay their loans, even though B of A has no problems taking our taxes, not helping those in need, and using slick PR to mask how little they are doing.

# # #

Well, after 3.5 months dealing with WElls Fargo (the servicer we found out), we were denied for any help by Bank of America (the investor) because we are not 90 days behind on our payments. This process has been the most annoying and disillusioning process I have ever endured. Our paperwork was lost three times, week after week I was told different stories, rep after rep was rude and not willing to help. Was told if your paperwork has gone this far in the process they are working on a solution. Then the letter came, we can take your tax money but we can’t help you because you aren’t 90 days delinquent. We suggest you do a short sale or hand over title.

What kind of crap is this? Thanks a lot Bank of America. How about you return my tax dollars so I can make my mortgage payment. Bank of America is a bunch of crooks.

# # #

I truly don’t think that anyone cares about the Homeowners that are losing their homes.

There is supposedly a program Save your home.com but I saw on The Today Show that Barbara Cochran I believe her name is said that is took her 28 hours to figure out how to even use the information there. I have gone on that site and according to the questions I answered we should be eligible for help but according to the numerous calls I have made I keep getting the same run around.

Why are the banks making it so difficult to get help?? Where is the government help for the every day people? Does anyone read these or care about all of the people losing their homes?

# # #

After waiting for so long (6 months), I opened my mailbox today and got a package from Bank of America, the offer was worse than the preliminary loan. I used to have 6.5% and they offered my 8.5 % today and variable. What kind of help is this one, this is ridiculous, where is the stimulus in this offer.

I’m so sorry folks but Banks are laughing on our faces.  I guess, I will file Bankruptcy and live in the property until they kick me out.  I’m tired of this crap. I’m not going to pay a real state anymore, I will visit a Bankrupcy attorney and bye bye Bank of America, I just got tired of this game.

Where is Obama?  Where is the help?  Sorry, guys but I’m very disappointed about being fooled by these banks.

# # #

Tried to get help with our payments which more than doubled over the course of the last 2 years.

Had the mortgage reviewed by attorneys prior to closing and was told that this 1/2 inch thick mortgage was “standard.” Still haven’t figured out how we get to 10.8% interest plus fees.

We have filed for bankruptcy and the house is going back to the lender. Total loss to us is about $200,000 plus our pride. Looks like the banks will be fully covered.  We have been totally unsuccessful in getting refinanced as our credit isn’t good enough.

The American Dream lost to the greed of banking and the banks are the ones being bailed out by our tax money!

# # #

Bank Of America had me submit my loan modification paperwork 4 times during the last five months and the reasons given are the following:
 a. We did not receive them 
b. We received some of them 
c. They are lost; send them a new
 d. Request for more info…

Ladies and gentlemen, this process is a facade; it is designed to appear to the Government and the media that the banks, being rescued, with billions are helping to stabilize the housing market in absence of which this economy will go nowhere.

Most homeowners are not seeking a bailout, but a simple reworking of their mortgage terms. This is a win win situation, but the banks and their political supporters are too blinded by greed to see.

We, the tax payers, need to organize and fight back. Hold your local senators, congressmen accountable; take your banks to court.

# # #

I am extremely frustrated with the situation. I have been unemployed since January, 2009. I have been trying with Countrywide, who was bought out by Bank of America to help us with modifying the mortgage. Every two weeks I called to no avail. Excuse after Excuse.

I do not even think these banks do know how to implement the program. I have been getting calls left and right from my creditors, this is why so many people resort to even committing suicide.

I do not want to lose my home. All I want is some help from the bank by modifying my loan, this would help us ease our situation. How can I keep my home?

# # #

We have our home loan with Chase. I tried for a year to get them to work with me to modify the loan when our payments doubled. They wouldn’t work with me until we were 4 months behind. Finally got them to talk to me when Obama “plan” became official. I was told we would get a modification in 2-3 weeks, but in meantime must agree to Forebearance of 4 months. Four months have now gone by, they are trying to tell me they don’t have all my information and maybe I can get another forbearance and I don’t qualify for Obama plan, but “maybe” would qualify for another of their plans. I called them back with info they wanted, got another representative who told me to forget what I was told and my payments would be going up $400 a month. Raised a ruckus and was able to get the original person I spoke to and that person told me no, that was true and she could get my payments down for the next forbearance contract, but still no news on modification.

WHAT is going on??? The banks are robbing us blind. I’m just totally disgusted and also terrified.

# # #

Let me tell you it’s tough to see little kids in a packed car with no place to go and have to move to Grandma’s house.

Mark to market rules were just changed, it was changed to benefit mortgage back securities. That change helps the end investors and the banks to be able to prolong and manage their losses in mortgage backed securities, thus giving them time to give you, “the consumer” the run around.

Banks can now wait longer for the market to turn around and take a smaller loss.

# # #

Funny, it seems to me it only took about 2-3 weeks for our wonderful government to hand out several BILLION dollars of bailout money to GM/GMAC, but their customers have to wait indefinitely for their assistance.

No change here, same old politics that have always run the show!

# # #

We have First Mortgage Financial and we have tried to modify our loan to extend the note to a 40 year loan so our payments would go down. The attorney we hired said we qualified but they don’t want to work with us they just seem to rather have another house in foreclosure. This new law is just a load of crap.

We don’t want to lose our house, but my husband is the only one working and he can afford to make the payments by himself. The only thing they will do is put all the payments that we are behind back into the loan but know we have to re-qualify, it makes no sense, we are telling them that we can afford the house. It seem that we no longer have any options how are we supposed to prove that we can afford the payment with me not working, we pretty much have to just let the house go.

Three years paying our home and now we have to let go, they just don’t care.

# # #

The Mortgage Modification Plan is “The Great American Scam of All Scams”, maybe Mr. Obama should read these comments.

Wow, what a STUPID PROGRAM. Totally disgusted. WAKE UP WASHINGTON. You have no control over these institutions. You can have as many regulatory agencies as you like and rules for them to follow and you will not stop these thieves. Washington has given them a Carte Blanche mentality. They are not Harvard smart they are Harvard thieves. They refer to it as talented and creative. In fact, they are creative, talented master thieves. They walk with millions and we have to pay so they maintain their lifestyles of the rich and fabulously talented.

We will all survive this, no doubt, but we will all have to suffer together and don’t bet on any help. If you don’t fit into the box they have built you will get nothing . . .

# # #

Frustrating…I am on my THIRD set of trial payments with Citimortgage. I was previously told I was on trial payments and then my modification would be permanent. I am about to make my 3rd trial payment and was told I have to start trial payments over then mod is permanent?

# # #

We have been trying to refi since Dec, because we found ways to pay it we don’t qualify.

National City has been rude, they don’t listen to why you are calling and no one has their story straight!!

# # #

I’ve been waiting to get an answer from Chase since Dec. 2008 and still I am getting the runaround. They told me that their systems are down and call back on Friday. I was told to call on Wednesday when I called on Friday. I have been told on several occasion that they are working on my Loan Mod. and come to find out they were not working on it at all and claimed I didn’t call so they cancel the request. This is getting crazy and I need to know what I can do because they are dragging this out for what reason?

# # #

My wife and I have hit all the major roadblocks thus far in the refi. Told we haven’t missed a payment so sorry cant help, sorry don’t have enough equity in your home (190,000 loan home appraised 200K).

I want to know why persons with excellent credit (both of us have over 720 credit scores) cant get a refi (just combining two loans here, not trying to renegotiate the terms) under the Presidents plan. We fit all the terms but the lenders are the ones saying no. There should be a way or agency to handle this expeditiously.

Why talk up a great plan but have none of the resources in place. JP Morgan touting 87,000 refis that sounds like a huge figure until you look at the number of mortgages held then its less then 10%!!

Who are all these lenders trying to kid! They are doing everything they can NOT to help folks. Why else are all these run arounds happening? When the mortgage bubble was at its peak dial a lender 24/7/365 and within moments not minutes or hours you had someone selling you a loan for whatever you wanted. now ask for help and its nothing but runarounds. I have one word for these lenders, loan sharks!!!

Yes folks the deceptive practices and exorbitant penalties are the same yet these “lenders” are not investigated. Shame Shame Shame.

# # #

When you bailout the bank industry after unprecedented greedy and reckless behavior, you instill a message that they can do whatever they want with impunity.

# # #

I’m with all these people in the same position with Chase. I put in the application in Feb. and got no response until June, still not been approved for anything and have called the assistance department at least 3 times a week since Feb with no returned calls. Chase is the most difficult mortgage company to work with because nobody knows what is going on there

# # #

Like many others here, have sought to refinance just to bridge the gap until the home market recovers.  I’m told my DTI (debt to income ratio) is too high to refi…!!!I’ve never been late or missed a payment. Why don’t the honest ,hardworking Americans who are trying to weather this economic storm being rebuffed at every turn?

I’m not seeking freebies. I just want an adjustment so I can survive. Why do banks tell us that they can’t help because we’re NOT in arrears?  That is ridiculous. They will ultimately force people into foreclosure who didn’t have to be there. Where is the banks’ accountability???

PLEASE help, Mr. President.

I love this country and could now use some help…God Bless America

P.S. I came out of retirement to work again, and my business just shuttered the doors yesterday afternoon.

# # #

The whole thing is a scam with the banks getting money from the government and from us that are trying to refinance due to hardships.

So much for the federal guidelines and enforcement, having given hundreds of billions of taxpayer money to the banks!

It is so unorganized and insane I don’t think they are really trying to help anyone.

I had hope when I learned of Obama’s plan to help home owners refinance mortgages to more manageable terms.  It made sense, after all my mortgage company was one of the banks that received my tax money in the form of a bailout.

But, I soon became disgusted. My mortgage company said I didn’t qualify for restructuring because I was current on my payments.  So, I let my mortgage run past due and reapplied, and I was shocked again, when I was told that I still didn’t qualify because I was current on my payments.

Bottom line, I think Obama’s claims of helping the middle class working people with their mortgages was a publicity stunt, to justify giving our tax dollars to the bankers.

# # #

I am so upset that all I can see right now is red. My husband called Wells Fargo yesterday to finally find out what happened to the so called “letter” he was suppose to receive from a customer service rep he spoke with two weeks ago. He asked him what was going on and he told us he didn’t know and that we would have to wait for this packet of information fill all of it out and send it back.

Apparently one was already sent out to us that we never received so my husband requested another one. When he talked to the rep yesterday we found out our plan that we qualified for was terminated because we never paid the 1300.00 on the first. WHAT!!!! We knew nothing about this!!! They said this was approved on June 11th and that a letter, not a packet of forms, was sent out to us to sign and send back. We told them we did not receive it and that we requested another one. They see the call but the rep did not put a request in to mail out the letter. AND he put notes in the system that he explained the whole plan to us. This was taking our mortgage down from 2700.00 a month to 1300.00 and we would just let it go and let it terminate!!!!!!!!!!

What the H**L!!!!!!!!! He LIED!!!! These people are playing us and they want us to lose our homes. I have 3 little kids. A 5 year old a 3 year old and a 1 year old and they don’t give a d*mn about anything except their own stomachs.

We spent months trying to get approved for this and we would just throw it away!!!!! I cried my eyes out last night. Now we have to spend money on a lawyer because we are not letting this rest. My husband spoke to several people and they told us to re-apply. We don’t have the time or money to reapply and we would probably get turned down since it looks like we didn’t care that we got approved on the first one.

In the meantime we lose our house. I am just sick… And I don’t know what to do…

# # #

I’ve been attempting to work with Wachovia over the past several months (since March-09) in hopes of doing a loan modification to reduce the interest rate and monthly payment.  So far, I’ve been getting nowhere with anyone I’ve spoken with at Wachovia.

The government Home Affordability act is a huge joke. I’m ready to walk away.

# # #

I voted for Obama hoping he would keep his word on mortgage help. Now that he is in office…nothing! Just like all broken promise elections. They are all the same. The banks run this country.

I have tried with BofA and GMAC to get help after losing one of my jobs and all they do is come back with a plan to “Get caught up”.  That’s not help. So as one house has lost $400,000 in value and the other $150,000…they can have them.

Obama’s plan is nothing but air.

# # #

I forwarded the required information to Bank of America (CW) on March 3, 2009 and July 3, 2009 requesting a modification under MHA. Over the past four month I have been lied to and deceived on a number of occasions from do not qualify to you will receive a call in 60 days to you need to apply for a conventional refinance to be denied. I have sustained a 50% reduction in income since the loan originated and fit the other requirements to be eligible for a modification. Lastly, I am in touch with A HUD counselor to move the process along. The service and deceit is despicable with B of A.

# # #

If your mortgage is with Wells Fargo Bank, good luck. They are the most difficult and inefficient banks. It seems to me that they do not understand the meaning of being customer focused.

I have been working with them for more than eight months and I see no resolution to my case up to now. They keep telling me that my cases is being reviewed and it is on the negotiator’s desk.

My house is in active foreclosure now due to Wells Fargo Bank internal mistakes made by them and/or its own inefficiencies.

# # #

No one really cares about the banks that AREN’T helping!

I’ve been trying to modify my loan since November of 2008! NO response from Indy Mac YET!!!! Indy Mac reps continue to give me different responses (1) “You haven’t applied to anything” (2) “You were denied already” (3) You should have a response soon…

# # #

The banks will just come out richer over this mess and the average American citizen will get screwed again!!!

# # #

Because of the PMI on my mortgage, Bank of America tells me that I have to want for Phase II of the Obama program to apply for refinancing. The traditional refinancing was denied because the value of my home has declined because of the market. I have just about drained my savings to keep up with my mortgage payments. When will the next phase be implemented? when I finally lose my home?

# # #

We got behind when my husband lost his job, we ALWAYS sent some $$$ toward our payment, I started making full payments, was then served with foreclosure; I freaked! I spoke with 5 different people~got 5 different stories, was told all the money I had been sending never went toward the payment, it is ALL in a “Suspense Fund” this fund will pay my Attorney fees and penalties!!!!! So please tell me.  Where is ALL this help from our Government???? Now I work 2 jobs (glad to have a job), have no Health Insurance and not getting a straight answer from Chase….Mr. Obama where are you?? HELP!!

# # #

Really, IS ANYBODY READING THIS? I have the same problem with BofA giving me the go-around. I have applied to all the different programs and it always the same story. Then all that you hear from the so called expect on TV is what the step are and that we should keep calling. Why it is that, nobody is talking about THE BANKS NOT REFINANCING!! I have not heard or seen one report on any media, Let face it people they really don’t care.

# # #

Obama’s “Home Affordable” plan is a HUGE scam in that banks don’t have any set time frame for processing applications. I applied for a modification under the Obama plan in March with my lender US Bank. I was told I would received a packet of paperwork in 2 weeks. In 2 weeks I called back, was told to keep watching the mail. One month later I received a letter saying it could be 45 more days to reach a decision. At the end of that 45 days I called back, was told it could be longer, but they couldn’t say how much longer. One month after that (i.e. FOUR months after applying) I called back. They told me the original letters were sent out prematurely. Nothing had been done on my case, but they will request an application be sent to me in the mail, should arrive in the next week or so.

This is OUTRAGEOUS!!! The bank is doing nothing. And they are getting away with it because there are no laws forcing them to honor the Home Affordable arrangement. In four months, the bank has not even assigned me to an employee, and now they are requesting all the same info all over again.

It’s good to be a bank. No accountability whatsoever.

# # #

We relocated Michigan –> Florida 8/07 for a job and were unable to sell the MI house due to the poor market. We have struggled to keep paying for homes in both places and after 2 years we are at the breaking point. We contacted the lender in March re: the new Obama plan to see if we were eligible, followed up monthly since then and are still being told it is “processing”. Don’t feel that our lender has been helpful at all.

We were very sensible with our purchase in 2003 of a starter home with a 30year fixed, thought we were doing what was expected and living the American Dream. What a joke.

# # #

I’ve been told for MONTHS now that I cannot simply refinance for a lower interest rate because my mortgage loan has PMI. What sense does that make?

The bank rep even suggested that if I miss a couple of mortgage payments, perhaps then I could qualify for the modification program instead of refinancing!

# # #

To the numerous other posters that say all of us bought over our head or are trying to cheat the banks, many of us are in this position because of layoffs and medical bills, us included.

Our income dropped approximately 50% in the past two years and we have great credit scores over 750 and over 800. We did not buy a house that was too expensive for us nor have we missed payments. We are not trying to not pay the loan nor are we walking away. So far we are paying out of our bank account.

We are simply trying to get some temporary relief so we don’t have to go to foreclosure.

# # #

I want to know if anyone is reading these comments??? Where is the help that the government keeps talking about???

# # #

The sad truth is that the Obama plan was never meant to really help the public at large. Its sole intention was to be part of a great propaganda campaign to stop the free fall in the housing market, DOW, S&P and the Nasdaq.

# # #

Not for nothing, but the fact that the banks are continuing to keep overhead low by not rehiring the necessary support is just another sign of the problem.

May I remind how much TARP money was given to the people who orchestrated this fiasco?

May I remind you that the same banks now supposedly helping are sitting back and not helping. They’re staying at reduced levels of employment to handle the load plain and simple.

Not sure when Americans will wake up, perhaps never, but the simple truth is you’re being victimized by the same people that caused the problem and now have the money (OUR money) to make matters worse.

C’mon folks wake up.

# # #

These banks are greedy and extremely difficult to work with. My bank only decide to work with me after I was two months behind in making the payment. They drag their feet on every transaction. Also the banks do not like you going through a third party for loan modification. I went through a third party because I was not getting fair treatment.

# # #

I am currently working for and consulting to a law firm that assists people with Loan Modifications and I must say it is disgusting how little the Loan Servicers and Lenders actually care for their customers. On a daily basis we find that we are routinely sending, resending and resending documentation that has been faxed and FedEx’d – we have to fight daily to get lenders to agree to modify for these clients who have legitimate hardships (medical expenses, deaths of a spouse or loss of work) people that in the past were able to honestly afford the mortgage they are in and due to unforeseen circumstances can no longer – people who have liquidated their life savings to remain current on a home that is now worth far less than they owe while the mortgage servicer has delayed the process for month after month because they are ill equipped, under staffed and uneducated on how to respond to the client’s needs.

When we are finally able to get past the Customer Service “gate keepers” who protect the Negotiators from all outside contact we then usually come to find that the Negotiator is now requesting all new documentation because what they have is “too old to work with”. And the best of all the excuses comes most commonly from Bank of America (Countrywide) “sorry but this loan does not qualify for a modification because it is not owned by Fannie or Freddie and we will not tell you who the Investor is . . . just that they are not eligible for a modification.”

Until the lenders and servicers are held accountable for their actions and motivated with some form of penalty for not modifying (in addition to the bonus payments they receive for modifying a loan) then this problem will only get bigger and we will slip into another Depression.

# # #

If you can handle a credit hit, just stop paying the mortgage. That will get the bank to call. Then after a year of living for free, tell them that they can either lower the principal, or else a family member/friend will win the auction and give it back to them anyway.

The banks are helpless, they know it, but the citizens haven’t figured that out yet.

# # #

My loan is with Chase and I am in the same boat as everyone else. I’ve been in the loan modification since March 09 and still waiting! One thing is clear, if we try to do this honestly and by ourselves, the greedy banks will never help us.

That’s why I propose a “D” day for banks. JANUARY 1st 2010, everyone across America STOP making your mortgage payments if you applied for modification and got a run around. UNITED WE STAND! DIVIDED BANKS LAUGH!

# # #

What would be a better solution than giving TARP money to banks would have been to subsidize the mortgage refinances of customers who were underwater.

This would lower payments, lower company delinquency, reestablish the original LTVs based on current day RE values and cash flow would return.

What a shame. By expanding the mortgage refi plan, Obama once again stays in the news but delivers little substance.

# # #

I’ve tried refinancing for the past 2 years and I cannot. I have a sub-prime mortgage and NO BANK wants to refinance my loan because I am upside down on my loan. Obama’s plan does not help me because my loan is not own by Freddie or Fannie. They also need to come up with a plan to help home owners that are not own by Freddie or Fannie, or extend the benefits to those that have sub-prime mortgages outside of Freddie or Fannie.

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# # #

I have a mortgage with JP Morgan Chase. We won’t get into all their past antics. However, I applied for a mortgage modification back in March. It took 20 days or so to be assigned to a loan officer for review. Every time I can the answer is still no news and what was “90 days” to review and get back to you just went to “90 to 120 on the last call. Sounds to me like I am being played and they really have no intentions of acting.

So it makes me ask: What is the point of Obama’s plan if the banks aren’t actually doing it?”

# # #

I just tried to refinance my first mortgage with no rate reduction, just to convert to a fixed rate, and GMAC refused to subordinate the second mortgage because I have ‘no equity’ HELLO? Who has equity?
I lost $60k worth of home value in the last two years along with everyone else.
So they ‘offered’ to refinance if I brought a $50k check to closing AND paid $5k in PMI insurance premiums up front on the loan because it would have been over the 80% LTV.

How ridiculous.
Didn’t GMAC get government money?
Aren’t they now a federal bank.
Isn’t this what the program is designed to do? Instead I’m having it stuck to me. Maybe I should stop paying my mortgage all together.

# # #

We played by the rules, provided the necessary paperwork, called every week to get a status update on our loan modification.

We cut back where we could, so we could save the house that we worked so hard for to provide a better life for our family. After being in the process for a loan modification with Wells Fargo for about six months, we were denied, as simple as that. I called to try to work with WFB and was told our only option is to foreclose and do a short-sale on the house. My husband and I have talked to several resources and they know they got us.

As far as the big banks are concerned, our home is their write off. Where does that leave us? We’re screwed.

# # #

I have been in the process of just getting refi’d. I have to say under current conditions it is a nightmare, it would have been easier for me to just cut my arm off. It seems to me really simple Banks are Bank, they still want to burn the cigars with $100 bills the difference it is our tax dollars. They seem to forget that between Wall Street and the Banks we would not be in this mess in the first place. What about us who lost up to 40% or our assets, is this our fault? I agree with a guy below me we should all stop paying for everything, then see who comes to who? The bottom line is both the financial markets and Banks want to play the game as business a usual, Hey they did nothing wrong it was everybody else, Right?

Bottom line they have shut off all credit, and if you are in business forget it you get no credit at all and what you have they are closing off too. Where is the Obama Administration? Why are they not watching what is going on? They say they see a turn around well I ask where? Ok I see the big shot in banking and Wall Street ok I see.

Bottom lines if they want to help people why not just open the doors to Fanny & Freddie and make loan themselves? They have took over enough banks now, and look these people would still have a job, would that not me a novel idea?

# # #

I tried to refi through Chase, but during the extensive wait for processing, my credit rating went from bad to worse as bills kept piling up. Initially, the processor had accepted my written explanations for a few past credit problems, and locked in a lower rate, but during the prolonged processing time, I got behind on a couple of credit card payments. Although I’d been making sure to keep up with my mortgage payment (the last bill I would ever be late on), Chase decided to deny my refi application as a result of my current delinquencies on credit cards.

Thanks for the help,,, CHASE!

# # #

If the banks are taking this position, this true lack of interest in helping, then foreclosures are going to keep skyrocketing along with their toxic assets. In its current state, this plan will do very little.

# # #

Obama can allow refi’s on values up to 300% of total mortgage, but if lending standards don’t ease then there will be no relief in sight.

Obama can appease the public with his “widening” of LTVs allowed to refi, but with tight underwriting standards and long term rates on the rise, the housing slump will continue for the foreseeable future.

# # #

I agree with one of the first posters from Chicago the banks are just going to eat up all of this homes and sit on them (and of course) write off there tax loose and then when things turn around to resell these homes at high prices.

# # #

It is really disheartening to hear all the experiences here.

What a waste of time and efforts. I too have been trying to refinance for the last 6 months but have not been successful. I have excellent credit, never missed a payment. Only that the house has lost 50% of the value and I paid additional principal so there is some equity.

Why does the government think that it can partner with private banks to help fix the economy?

# # #

Tried to get a refi from Citimortgage since Jan09 when my wife lost her job:(…no success so far. they have outsourced the loan modification to a company called “mortgage outreach services” and their response sucks. sent a letter to CA state senators and to the President…no one wants to hear my plea.  My loan is around 110% of the house value…great credit rating but still nothing is working out. Don’t know if I will have to foreclose…

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Too little, too late Mr. President.

I was out of work for almost 2 years and struggled to maintain a roof over my head and food on my table. In the meantime I managed to make most of my 11.8% mortgage payments. I finally found gainful employment and tried to get my lender.  American Home Mortgage Servicing, to work with me to either refi or modify my 11.8% interest loan, and they would not. I wanted to keep my home, which had $40K in equity, but to no avail.

So now what? Thanks for using my tax dollars to help the banks who have REFUSED TO HELP ME KEEP MY HOME!



# # #

So, I’m trying to re-finance and have been handed from person to person at BA, one of whom set me up with a 5/1 adjustable through Making Home Affordable, and then quit. The next rep. told me that adjustables aren’t allowed and we started over. So, months later, I tried to close on a fixed rate 30 year and the bank’s lawyer called in the middle of the closing and made us stop because of more paperwork errors by Bank of America that violated the rules of Making Home Affordable.

At least the national debt isn’t ballooning as much as some feared: this program isn’t giving any money away!

# # #

It seems like you are only posting the horror stories here. My wife and I purchased a home 6/06 at the TOP of the market. Our $100k cash down is long gone and we are left with our $400k note on a house worth closer to $300k. I hired a mortgage modification specialist who dealt with Wells Fargo on our behalf. Against his advice, I stopped paying my mortgage in April ‘09 on the theory that delinquent accounts get first attention.

We last week received paperwork from Wells Fargo outlining the payments due for July, Aug & Sept….a “trial period” and if we are current for these 90 days, they say the monthly payment will lock in for 5 years at the same low interest rate of 2%.

This new monthly amount represents HALF of what I was paying and about what the neighbor next door is paying in rent for a similar home. The modified note is supposedly a 40 year amortization with the interest rate escalating an extra point each in years 6,7,8,9 and caps out at 5.37% in years 9-40. If this is the final deal, it is a win-win since I was prepared to keep not paying until eviction time. They get a paying homeowner who can now afford the monthly payments (our income dropped drastically after ‘07) and will someday in the far future, be able to sell at or above the $400k owed.

# # #

I hope the White House and our legislators will read the letters posted here and elsewhere. The lending industry is a mess and not at all doing their part to get people and the country back on its feet. And after we helped keep so many of them afloat! It would be criminal to give them more public money.

There are many people out there having problems, and these mortgage companies and banks don’t seem to care.

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Banks don’t want to modify loans, it’s not in their best interest. We recently went through an ordeal with Wells Fargo our original lender. All we wanted to do was modify our 15 year loan to a 30 year loan. We started the process with Wells Fargo in Dec of 08 it was finally completed in June of 2009. They gave every excuse possible and nit picked our information so much so that every 2 weeks we were pulling records or following up with them only to find out they needed more information. They changed our customer service rep at least 3 times and each time it seemed like we were starting over again. I agree Wells Fargo is totally stalling the process.

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What is Obama thinking!

Who has money to refinance when credit card companies and more than doubling the payments on my pre agreed loan terms or razing rates on my cards to over 20% and my banks are calling in unsecured debt.  And I have great credit!

We, including the economy are at the mercy of bank credit. All I know with the consumer being 2/3 of the economy if we don’t get the consumer back on their feet the economy will continue to tank. Good luck to all of us!

# # #

Refi difficulty has no boundaries. I’m a high-net worth person looking to refi an accelerated 15-year Jumbo Loan on my second home in MI. I am being treated like a leper, even though I can comfortably make my mortgage payment – and all I want to do is to change my mortgage to a traditional 30-year term. Obama’s plan doesn’t help people like me.

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Why cap the LTV at 125% ?!? What’s the difference between 105% or 180%? Nothing. If a homeowner is willing, and financing able, to repay their debt (regardless of the LTV) at a reasonable interest rate, then let them do so. Capping the LTV at 125% does nothing but hurt homeowners that happened to purchase in markets such as California, Arizona, Nevada, Florida, etc. These states contain the majority of the foreclosure activity and most of these homeowners are upside down MORE than 125%. IF THE HOMEOWNER CAN REPAY THE OUTSTANDING DEBT WITH A REASONABLE INTEREST RATE, LET THEM AND JUST DO AWAY WITH THE APPRAISAL/LTV REQUIREMENTS!!!

# # #

YES, I called Bank of America (my lender after countywide) for a loan modification. I read all information from CNN Money + Gov. website. Took the test-qualified. My hours have been reduced at work. I was routed into a home refinancing. After four attempts and long phone calls I gave up on tying to get connected into the modification (retention) department. My credit scores are 796, 800,806. I have not missed any payments. Bank of America is cashing in on this windfall making anyone who can qualify for a refinance closed out of the modification that cost thousands less.

That is what I needed. Big guys are still making the money from main street.  This how we got into this condition?

# # #

Yes, Wells Fargo makes caller feel really really bad. Their offer of help was for me to pay a SECOND mortgage payment in same month, on a Thurs. not even a payday, and then sent it to Loss Mitigation Dept. and started to make calls to my work to collect on it. Obviously the banks still think it is there way, or the highway!

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This Plan is horrible and only brings you further into dept. I was approved for a Refi with my bank, saving $60 a month off my payment, however i would need to finance $9000 in closing costs. It would take me almost 13 years to break even,  Thanks Obama!

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I attempted to refinance my Condo with Bank of America.  They hired an appraiser to evaluate the condo. The appraiser has false information stating the development is not fully developed. Bank of America sent a letter rejecting the application. They did not call me. I faxed them proof to the contrary. Bank of America will not return my calls and will not grant the loan. What good is a lower interest as the bank will not make a loan. My credit is excellent. They will not make loans to anyone. Any further programs will be a waste of time.  They make their money charging fees and investing the TARP free money.

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We were contacted by GMAC about a refi since we have our mortgage with them and it’s a Freddie Mac backed mortgage so, we qualified for Obama’s plan. However, in order to refi at a lower rate, which would have saved us a couple hundred dollars a month, we would have had to have brought at ridiculous amount of money to the closing. To lower it to 4.5% from the current 6%, we would have had to have brought over $10,000! Considering we’re the typical middle-class American family scraping by right now, we don’t have that type of cash just lying around, so the “plan” really wasn’t worth it for us.

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American Dream “Foreclosed”

Despite optimistic rhetoric from economists, Wall Street insiders and government officials, the economy continues to slide deeper and deeper into turmoil. Their optimism is based on the gradual rise of the DOW and stock market. However, they devalue the fact that the U.S. economy is deeply intertwined in housing and therefore can not fully recover unless the housing market also rebounds. Alan Greenspan, former Federal Reserve Chairman says, “The crisis cannot end fully until home prices in the U.S. are at least stabilized.”

For the majority of American homeowners, their house is their biggest asset. Losing the equity in one’s home diminishes one’s wealth and often the desire to spend and borrow, adding to the slowing of Main Street and in turn Wall Street.

While the federal government has offered incentives to help spur real estate sales through tax credits and lower interest rates, they fail to understand that the true dilemma plaguing the real estate industry is the continued tightness of housing credit and the continued decline of home values. What benefit is the $8000 tax credit offered to first time homeowners if, one can not qualify for the mortgage to purchase the home because of higher debt to income ratios and credit score criteria? The pendulum has swung to the other extreme.

Only a short time ago, acquiring a home did not require any financial documentation (the No-Doc loan). Today, a hard working couple with established 9 to 5 jobs, adequate savings and little debt may have difficulty under the extreme scrutiny lenders now exhibit. While other potential buyers are hesitant, due to the continued decline in housing values and the lack of confidence in housing recovery.

Most of “the to big to fail lenders and brokers” like Countrywide and American Home Mortgage who, pushed the No-Doc loans, teaser rates, and negative amortization loans for the billions in quick profits, have disappeared. In the aftermath of this sub prime meltdown, other predators have made their way into the housing market: investors who are buying these homes for a fraction of their price, feeding on the faltering homeowner, hoping to profit by renting these homes back to the very people who used to call them home.

According to the Mortgage Broker Association, foreclosures continue to rise and jumped to a record 3.5 percent of outstanding U.S. mortgages and that one in eight households had entered into foreclosure or were delinquent on payments. Despite government incentive to lenders to modify the terms of delinquent mortgages, the foreclosures continue. No longer are foreclosures limited to the sub prime overextended borrower, it has now extended to the credit worthy borrower with a prime, fixed rate mortgage who may have fallen victim to the other repercussions of a slowing economy.

Instead of working with the homeowner to maintain their home and their stability, lenders have taken a harsh stand by refusing to lower their payments. Is it not better to work out a realistic repayment plan with the homeowner than create a generation of potential slumlords who will rent out these properties for the purpose of pure profit with no thought to the community?

The dream of home ownership is the American Dream, by allowing hundreds of thousand to continue to lose their homes, you replace the American dream with the nightmare of government subsided housing, food stamps, etc.. Tax payers will pay for the housing fall out in one way or another. In doing so we also leave people disillusioned for the future. When people lose the comfort and stability of their home, they lose hope and may become detached, isolated and lack trust, say nothing of a generation of children who endure the same.

We lost the opportunity to stop many of these foreclosures months ago through bankruptcy protection because the crucial legislation “cramdown” was left to disappear under the pressure of bank paid lobbyists. The irony is that bankruptcy judges can write down the mortgages on invest properties but not on a primary residence. Why is it that GM can seek the protection of bankruptcy and be allowed to restructure despite the years of poor judgment but not the homeowner? Is it not better to work with the homeowner who most likely owes more than the house is worth then give it away to an investor on the town steps? With each foreclosure the values in the neighborhood continue to slide and the cycle continues hindering the economic recovering.

Housing has been instrumental in leading the country out of recessions for the last 50 years. Until we stabilize housing, the economy cannot fully recover. For every month, the “cramdown” legislation is put on hold and housing is left unchecked, the cost will quadruple for the taxpayer.

# # #

Attempting to speak to a knowledgeable person at Wells Fargo is frustrating. You can make a call at 8am and speak to an associate and call back and get a different. It is quite difficult for a homeowner to receive a loan modification that can fit into a shrinking budget. Wells Fargo makes you the caller feel like garbage.

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I have been in mortgage banking for 30 years. The solution to this requires the president to instruct lenders, servicer’s and banks to negotiate loans with a 50 year term. The product to do this is called a 3-2-1 buy down year one = 4.5% year two = 5.5% year three to 50 is at 6.5%. A current loan at $500,000.00 mortgage at 7.5% 30 year fixed has a payment of $3496.07 amortized over thirty years. The repayment of interest to the lender on this loan is $758,586.12 with a principal of $500,000.00. On a fifty year mortgage of $500,000.00 for the first year at 4.5% is $2096.95/month.

Year to the payment goes to 2449.23. Year three to the end of the loan it will be $2818.58. Interest to the lender if the loan is not ever paid off is approximately $1,191,150.66. There is no loss to the lender but the payment is reduced $1399.12 initially to the borrower. There is no APPRAISAL necessary or underwriting. The government sends out a disk with the terms to the banks and servicer’s. A rider to the original note can be drawn in one week and sent to the borrowers for signature by a notary. ALL LOANS IN AMERICA COULD BE REVISED WITHIN 90 DAYS!!!!!!

This would end the toxic waste in the mortgage industry. The banks do not loose and neither do the borrowers. What this does is stabilizes America until the economy can stabilize. Individuals can stay in their homes and banks will not be writing off as huge a debt as predicted.

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Wells Fargo is totally stalling the process in hopes that people default. My application as been in since April 2009 every time I call to check the status I am being pushed off for another 30 days. I have no idea if I qualify. What I could get. We are in the total dark.

# # #

My husband and I had a loan through World Savings which was bought out by Wachovia, which was bought out by Wells Fargo. 

In October 2008, we applied for the Hope Now program. We did not purchase a home that we could not afford. The economy has taken a toll on our salaries by $40,000 annual.
 After being told that we qualified and expecting the new loan paperwork in February 09, we were notified by mail that we were declined due to lack of equity. Really? Yes, we now owed $525,000 for a house that is worth $300,000.

We applied for the new modification program and received a ridiculous offer from Wells Fargo that did not include the second owned by Wells Fargo. We sent in a hardship, updated documents and a decline on the offer. 10 years interest only, 30 years fixed @ 6.875 loan amount more then the original $525,000 owing. 
We received our 2nd modification offer. 7 years interest only totaling $127,528, then 33 years owing the remaining balance at 5.683.
The monthly payments will be lowered by $300.00 a month to begin with and increase each year for 7 years. For 33 years are payments would be more then we currently pay. 

If homeowners are accepting these type of modifications I only see that in 5-10 years we have a huge influx of foreclosures again.

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The programs is not reaching those for which it was originally intended. Someone in government needs to take a look at the banks who have received stimulus funds and how they are treating the consumers they are supposed to be helping with the money.

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I have been trying to modify my loan since 2008. I do call an average of 3 times per week. Customer service representatives do not have all the knowledge I think they should have in order to help homeowners. I have called and talked to different representatives and get different answers. This is very frustrating since we are talking about my home. This is a very sad situation when we do hear in the media that this plan should be able to help us out. In reality this plan has been a big mess from the start.

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I’m a real estate attorney in California and the biggest problem is that there is no sheriff for these lenders — I’ve had successes, but also some horror stories. Usually — Countrywide/B of A, they are utterly useless and uninformed.

The next time they follow the guidelines will be the first. They quote me guidelines for MHA that just don’t exist.

It’s heartbreaking. I have clients who are legitimately struggling, but no one cares. HUD and US Treasury have been no help.

Hey, CNN if you want horror stories, I can flood you with them. The more publicity we give these issues, the more public pressure will mount on these lenders to comply.

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Can anyone help us?????

I started our modification back in Jan.09, It is now June 23rd, and our property is up for sale on July 9th. I have cried over this night after night. We saved everything we had to purchase our dream home, which by all means it not something we couldn’t afford at the time. I have had a 30% pay reduction from my employer, and Wells Fargo is still saying we make enough to cover the payment. We asked that our interest rate be lower, asked if they could extend the years of the loan, asked if they could understand our house is only worth 1/2 of what we paid for it.

All we qualified for was some type of piggy back modification, where the bank would put what we owe to the back of the loan. In 6 months we would have to start paying that.

It a shame that you see hard working people losing the most important thing to them.

I wish Mr. Obama could come through with what was promised.

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There is no relief for the person who is trying to do the right thing.

It seems one has to make a decision to either “suck it up” and continue to make higher payments on homes that have lost equity, or walk away. Walking away is not easy for everyone-especially when you are they type of person who wants to do what is right.

It is beyond our control that our homes have lost value, and when we request an “equitable” re-modification arrangement-we are given the run-a-around.

Is anyone out there aware of our situation-or better yet- is there someone who even cares?

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I am currently working in the loan servicing department for a major company. I can tell you that the “OBAMA” plan is not working. I have qualified 1 out of about 500 calls or more. I have turned down plenty of people that qualify on paper but not through the DU(desktop underwriting) system. I know that Fannie Mae did something to certain loans for them not to qualify.. So, the program is wasting the American people time and efforts. I speak to about 30 to 50 people a day. I cant help any of them. I do help the one or two people that call in with equity in the property under 80%. I speak to people that are on time, just underwater, and qualify 110% on paper. I have learned not to say yes to anyone until I put the application through the system. I know now that the application will be declined. 

It is just another program run by people that ”DONT” have the American people in mind but their own bottom lines. By the way, We don’t have the Freddie guidelines as of today. It is 4 months after the roll out of the program and no guidelines. There is no money in it for Freddie to actually do the loans..

These people are stuck in limbo….. Why don’t the OBAMA administration stop giving the money away to failing companies. AIG has received a Trillion dollars.

That money could have gotten every American out of being underwater and stabilized the housing market. The bottom line the PLAN IS NOT WORKING!

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I had the same thing happen to me with Countrywide. I submitted my application in April, when the interest rates were low. The person handling my application, ended up quitting, and then he was kind enough to transfer it to a Branch Manager, she ended up getting sick, and transferred it to another person. Basically, now I am waiting in hopes, that the interest rates come down again. In the meantime, the rates now are 6.8%, and at the time they were 4%. I am almost underwater, and really don’t care if I foreclose.

The banks are not helping the homeowners!!! They are not working in their best interest, but their own!!

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Still waiting… FLAGSTAR Banks decision on our modification, time is ticking away and interest rates are going up…Maybe if they wait long enough we will default, they will sell the house in a short sale, collect the PMI we paid and make out better.

What a shame that these banks are putting people through. Its sad you work hard all your life, be responsible paying your bills, have good credit and the economy goes bust and you loose everything and no one is willing to help responsible homeowners, Sad just Sad!!!!

# # #

I have also been getting the complete brush off from Bank of America. Each time I see one of their tv ads about how they are helping their customers, I get sick on the stomach. I feel as if I am being penalized because I am still current. I have been trying to get some assistance since Feb. I have sent in a hardship statement along with my documented debt and everything they have asked for minus a kidney.

I think this is all a ploy not to truly implement the program so then they can say it did not work. It is really sad.

# # #

I’m still waiting for a loan modification from Litton Loan Servicing. They are playing games and the $2100 I paid a law firm who swore they could help my thru the legal angle they were sure my loan broke it would be easy. I paid the law firm $2100 in October 09 and I’m still waiting. I am not behind on the mortgage but now as the 80/20 loan adjust every 6 months, I’m getting there. I’m trying to decide do I pay July or walk away from the house. Litton Loan Servicing has taken my paperwork twice already.

First when I started the process in Oct 09 then after Obama plan they took my paperwork again. In March they said they’d do a BPO and modify the loan. Then 3 weeks ago they said they were not participating in Obama plan and designing their own and it would be another 60/90 days. The law firm in CA while my house is in PA just tells me what Litton Loans says, they are not trying to do anything beyond that.

I’m so frustrated and upset because I want to save my credit and continue to pay for the house but with loosing clients by the day it’s getting tuff to accomplish. I not sure were to turn anymore. If someone can help me to get Litton Loans Servicing to stop playing games that would be great!

# # #

I’ve been working with WAMU/Chase for over six months and have finally given up. The Obama HAM plan is not helping the middle class keep their homes.

It is setting payments at 31% of gross income so after taxes I would be paying 45-50% of my income on my mortgage payments. It also does not take any second lien payments nor other debts. Furthermore the temporary modification terms are not being disclosed which I feel must be breaking some federal law! Home Owners are suppose to just accept blindly the new terms. Early in the modification process prior to Obama plan and Chase taking over WAMU I though I was making success as WAMU offered to lower my interest rate and extend the term to reduce my monthly payment. The file was closed by WAMU twice in error and after March the Obama plan kicked in and the original modification offer was taken off the table by Chase.

Also, I find it extremely difficult to reach anyone at WAMU/Chase and when I do the employee that is working my file is extremely rude and doesn’t care and is not willing to really offer any options that work for my family.

And no one really understands how terrifying it is to lose your home… and the toll it takes on you and your family.

# # #

I was relieved when Obama’s plan was announced and saw it as an opportunity to lower my payments at least by $500.00 monthly.

Since March I began calling Citi daily only to get transferred to call centers in other countries, and eventually to have a dropped calls. Finally when I was able to speak to someone they said they would begin the process for me. After several weeks of giving them the same information over and over, I was finally denied b/c they said I was making enough and could afford my payment. Interesting, since after monthly mortgage payment and other obligations there is little left. I believe that people have a duty to meet their financial obligations, but I am thinking hard about maybe just walking away.

My house has become a sinking ship due to no fault on my part, and this now becomes a financial decision I must make. If the banks aren’t willing to help their customers after they received federal assistance from the government, then I say let them take the consequences.

# # #

I just received, Friday June 19, my response from Huntington Bank in Ohio. I was refused because I have too much equity in my house. Current value is 310-320k and I owe 335k with the 1st and second! Go figure. The program is a joke. All this happened after they refused a normal conventional loan because I did not have enough equity!!

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I have chase make my payment on time have excellent credit. Started in April for a refinance piece of cake. Wrong they appraised my property . They didn’t like the value and ordered another it was very low and poorly done never even set foot on or near the property. A house across the street sold for 32,000 more than my second appraisal sent the information to chase, they did a field review and it was even lower. They told me that we were the people they wanted to loan money to.  2 months and still no answer on original refi and piss poor communication from any of their personnel. I do intend on filing a complaint.  Only wanted to save money on monthly payment now I would like a loan modification.  THEY determined that I’m upside down . Do I stay (love my house 13 yrs) or let them have it back?

# # #

First Financial has been extremely difficult to deal with and aren’t even being friendly. I am attempting to write letters to the Board of Directors and my local Congressman for assistance. I really hope the President looks carefully at the whole picture and finds more ways to help more people.

# # #

With all it’s good intentions HOPE is a JOKE and I truly believe the banks would rather see you lose your house than help you keep it. I applied for assistance with Aurora, who is my lender, and needless to say, it has been nothing but a runaround since.  Every time I would fax them my information, they would tell me that information was missing.

Once I gave them everything they told me they would call me and/or send me a letter. I started this process in January and just recently now in June they denied because they said that the debts I provided to them exceeded my income. When I looked at the financial statement, they were wrong!!! Our income was above our debts and I told them that they must either gotten my paperwork mixed up or the information was not properly entered into their system. In any event I had to submit everything all over again. To make it worse they called me to see if I’d be willing to do a short sale at the current market value.

Thinking they misunderstood I called and explained we were looking for the Presidents Modification Program and was told that they had until April 12 th to decide whether or not they would be participating. So I keep calling and as it turns out that the April deadline was for Fannie/Freddie loans only and that all private lender had up to 4 years to decide whether or not to participate!!

What a crock of shit!! The plan is a joke. It doesn’t work. It is a waste of the taxpayers money and the taxpayers are broke. My husband and I have been trying to participate in the program since January and have since been contacting our mortgage provider (Aurora) to ask to participate in the program. They will not respond to me and let me participate in the program. I get form letters in the mail letting me know a decision hasn’t been made yet and when I call they can’t tell me when a decision will be made. Are lenders required to participate in this program? NO!! They have 4 years to string you along, to let you think that there is hope out there for the average hard working american to keep their piece of the American Dream while our jobs, lives and money are slipping through our hands and right into the greedy hands of the lending institutions while they laugh all the way to the bank!!

# # #

I got so frustrated with Wells Fargo I filed a complaint with the Federal Trade Commission… and I thought I was the only one having problems. Thank you for contacting the FTC. Your complaint has been entered into Consumer Sentinel.

# # #

I am not your typical refinance customer in today’s market. I have near perfect credit, have a perfect mortgage payment history and actually have overpaid my mortgage for a # of years to pay off sooner. I am filing this complaint hoping that if the Wells Fargo issue is due to incompetence that elevating to the FTC level may get their attention, otherwise, if their issue is truly Fraud then perhaps bringing this to the FTC level will help other consumers from losing money as I have.

June 11, 2009

To Whom It May Concern: Below is a log of the phone calls that I have made to Citimortgage regarding our application for assistance. I have never received one piece of correspondence from them regarding this situation. Nor have I received any calls except one from them. All of the calls have been generated by me. And on each and every call just about I would have to give all the figures and information from the Hardship Package over again. It got to point I was carrying it in my purse at all times because of this. And respectively, we have a 756 and a 858 credit score so it is not like we are not responsible people to start with.

Log begins: January 2009

January 27, 2009 – Did the online application for Hardship Assistance at Citimortgage. Received email confirmation application received. Expected time frame from email is 30 days for completion of review process. Income has dropped approximately 35 % since we bought the house in 2005 due to my husband’s layoff and his current job only paying 66 % of what he was making before.

January 29, 2009 – Fedexed Citimortgage full Hardship Assistance Package. Original package requested information on any and all options available including short sale since we had put the house up for sale because we were drowning and just paying by drawing off our savings each month.

February 2009

February 3, 2009 – Not able to track Fedexed package so called them and faxed it to them at 301-696-4473. Received printed confirmation it had been received. Finally later in day able to track package and it was received on 1/28/09 as expected. Faxed package requested information on short sale also.

Not sure what date but did speak to someone at Citimortgage Hardship Assistance and was told the HOPE program that was in place probably would not be able to help us since we hadn’t missed any payments. I explained that I didn’t want to miss any payments and compromise my credit in the hopes that in the future we would be able to purchase another house if we had to sell this one. I was told at that time that there was supposed to be a new program coming out in April and that was supposed to be helpful for customers that were still current on their payments.

March 2009

March 10, 2009 – Spoke to Julie requesting status of situation. She ended up hanging up on me.

March 10, 2009 – Called back and spoke to Tina Penhaver who advised me that the package was pending in the Short Sale department since I had not sent them an offer on the house yet? I explained that I had no offers yet and was trying to find out what options were available including short sale as referenced in my original application of 1/27/09. I then asked how I was supposed to know that I was to submit an offer when I had heard absolutely nothing from Citimortgage either by phone or mail. She informed me a letter had been mailed on or about 3/7/09. I have yet as of today 6/11/09 to receive that letter. She also I believe was the one that told me that Jennifer Herrig was my counselor at 877-591-4752. I did leave her a message and she later left me a message that I would have to speak to Bonnie Ribbett in Short Sale.

March 10, 200 – Spoke to Bonnie Ribbett in the Short Sale Department who was handling my case. Took a couple of calls but she did return my call. I explained the situation and she said there was nothing they could do for me without an offer. I inquired about a Deed in Lieu of Foreclosure but since I have the Home Equity Loan from Partners Federal Credit Union, they would not be able to do it without the Credit Unions approval. I then called the Credit Union and they would not entertain us doing a short sale or Deed in Lieu of Foreclosure. At that point Bonnie Ribbett 866-713-4785 gave told me I would need to call the Refinancing Dept. at 866-713-4784.

March 10, 2009 – Called the Refinancing Dept. at Citimortgage and was told to call two of their partners to see if they could help me. One was Lennox Financial at 888-955-3669 or Sirva Financial at 866-550-4658. Because they were regular mortgage brokers Citimortgage didn’t think they would be able to help me much if I truly needed Hardship Assistance so I did not bother to call them.

March 19, 2009 Instead I resubmitted to Citimortgage ruling out the Short Sale or Deed in Lieu of Foreclosure and asking just for Hardship Assistance with the existing mortgage. Since we had never missed a payment and had credit scores of 750 and 825 respectively I still held out the belief that we would be able to receive assistance. I explained that since it did look like we would have to sell the house, if we could just get a lower mortgage rate and maybe extend the length of the loan even if it was a temporary 4 yr or less fix, we would be able to use that money to get the house up to the point of sale since it was not selling this time or the last time we tried after my husband was laid off.

March 20, 2009 – Citimortgage received second Hardship Assistance package by FedEx.

March 23, 2009 – Spoke to Derrick who confirmed they had received the package. Told me I need to call back in two weeks. Package could take 30 to 45 days for review after a counselor has been assigned and they don’t know when that will be. Hopefully within the next two weeks before I call back.

April 2009

April 10, 2009 – 2:45 pm – Called and someone in Hardship Assistance at 800-283-7918 who said they would leave a message for Peter and that he would call me back with information about the Homeowners Assistance Plan within 48 hours on my cell phone. Asked if since it would be the weekend that would really happen. Yes, I was assured, it would.

April 10, 2009 – Called back not trusting at this point that the call would happen. It didn’t. Still have not received any phone calls or one piece of correspondence from Citimortgage. Spoke to Vic Vysosias at 469-220-0841. he told me he would call me back in 2 weeks with an update. Never called back.

April 13, 2009 2:15 pm – Spoke to John at Citimortgage 877-971-9710 who again took all my information and promised me that his supervisor would call me back in 5 minutes. I explained I had already waited 48 hours for a call over the weekend that didn’t happen.

April 13, 2009 – At 2:55pm when it was obvious no one would call back I did. I spoke to Lynnette who told me a counselor would be calling me within 3 weeks with the new information on the plan that President Obama was putting out. Finally I gave up and scheduled an appointment online to try to actually talk with someone. I scheduled the appointment for April 20, 2009 again filling out all the pertinent information.

April 23, 2009 – Spoke to customer service. Advised that they still have not received the parameters for the Home Modification Program. Still waiting.

May 2009

May 12, 2009 – Spoke to Citimortgage again today. Letter detailing our options has been mailed according to customer service. The delay was because President Obama’s parameters for the Home Modification Program had not been finalized until April 24, 2009 so they were basically just starting now to process the applications. When I explained that mine had been in since January 29, 2009 the attitude was oh, so sorry. 4-6 weeks more before I hear anything. Also told that they would need to do an appraisal on the home. Advised them I was agreeable to that but they would need to let me know when as I live in a gated senior community and they would not be able to go in without my consent. They said they would note it on the file.

May 26, 2009 – We decided we cannot afford to wait any longer for help. Our bank account is dwindling rapidly.

June 5, 2009 – Saw on my caller ID that Citigroup had called. Called them back to find out what it was about since they left no message. Spoke to both Sharon and Winter. Advised that we do not qualify for the Home Modification program because our appraisal came back as the home being worth only 139,000. It is for sale for 193,000. Needless to say I was shocked. Especially since there was no appraisal done because my gate keepers never got my permission to let anyone in. After they finally admitted it was done on the internet they told me that we are over the 105% that Freddie Mac allows for refinancing. They then transferred me to the Refinance Department who also turned us down based on the home appraisal and the debt ratio.

June 5, 2009 – Have started looking for a house to rent in preparation for bankruptcy or foreclosure. Need to rent before we file so we are able to get a rental before our credit score bottoms out.

June 10, 2009 – Tried calling Citimortgage as a last ditch effort to get assistance prior to filing for bankruptcy. First spoke to Sushant at 4:40 pm in Customer Service requesting a copy of the home appraisal and gave me the incorrect account number as my mortgage account. Put me on hold for 6 minutes then was hung up on. Called back and spoke to Dolly requesting a copy of the appraisal. She stated my case was still open and she didn’t see where I had been denied anything. She said she couldn’t do give me the appraisal and gave me some long complicated story as to why not.

Transferred me to her supervisor Renee. Again got a long complicated story that it wasn’t really an appraisal that they based their decision to deny me the Home Modification Assistance on. Finally she told me it was done through Freddie Mac and our local county assessor. If that is the case 139,000 is what I am paying taxes on but in Florida if your home is your primary residence you get a 25,000. Homestead exemption which means my house is actually worth 164,000 by their records. She said she couldn’t send me that info but would send me some info out. Not sure what or when or if it will get here based on their past performance. I think they are trying for deniability by not sending anything in writing that can be challenged.

Called back and spoke to Ty in Loss Mitigation, finally someone that had a clue. He said first of all Sharon and Winter on 6/5/09 had no authority to tell me that Citimortgage was not going to help me and that my case was still in fact open. My counselor is Mr. Darfoor who I have yet to hear from. Ty was very nice and agreed that we had not been treated well through this whole process with the lack of communication to us. He gave me Mr. Darfoors direct line.

June 11, 2009 Called Mr. Darfoor and left a priority message at 6:15 pm yesterday and again today at 12:00 noon and still no word from him. Why am I not surprised.


# # #

President Obama, I hope for the people someone in your organization is reading these messages as it’s a housing pandemic which will bring this country down.

Mr. Obama your administration needs to truly get on top of this issue and forget Barney and Dodd as they have no clue what they’re talking about. The administration needs to put accountability in place immediately. Gather feedback from folks in the trenches (not bank Presidents and CEO’s). Find out the truth about how homeowners from all walks of life are being steam rolled by the same banks that 1) were the root cause of the mess, 2) received taxpayer monies to bail themselves out and supposedly help borrowers, and 3) who continue to boast of profits yet cannot implement any of the plans you sir are touting as your ‘Housing Recovery Program’.

Mr. Obama you need to get Fannie and Freddie as well as all the lenders in a room and enforce upon them that it’s “housing stupid”. That is unless the banks have figured out that they want the property versus helping everyone out. I doubt this is the case, but in these heady days, one cannot be so sure.

Fannie and Freddie need to get in step with each other. Not different loan modifications just because you have a Fannie loan versus a Freddie loan. Knock off the restrictions to closing costs as anyone with a brain can tell you people do not have thousands of dollars to save One hundred dollars a month.

Perhaps Mr. Obama, you need to enforce upon the banks, Fannie, Freddie and non-banks that principal reduction is necessary. These folks were quick to offer programs that allowed people to finance 100%, and in doing so fueled the real estate frenzy and the increase in prices, yet now they do not want to help these folks after they ran up ridiculous profits off of their loans? Please show me where the ethics are in this type of gouging?

Lastly, Mr. Obama you need to see what’s really going on inside the banks as it pertains to short sales and foreclosures. The irony of short sales today is that the banks appraise a property at a higher value which as it turns out once an offer is accepted and the buyer plunks down money for an appraisal, it comes in less than the bank had valued it. DUH!!! Talk about a stalemate! Bank says we want 200k. Buyer agrees, appraiser says sorry, only worth 150K, DEAL DECLINED!

Mr. Obama, can you please bring some common sense to this picture?

If not, this will be a short first term, as it won’t matter about healthcare, security or anything else. It will be housing and jobs, housing and jobs!

Do you hear us?

# # #

I have applied for the refi with Wells Fargo. I have had to fax things multiple times. They lose everything. The latest scam to put me off is they need my original loan doc on my second mortgage and they have ordered it internally, but it is taking too long.

They are basically dragging their feet till my rate lock expires and they don’t have to refi my loan at a lower rate which would save me $ and keep me in my home. My husband and I both are employed, have never been late and are more capable of paying the loan. Our LTV is like 95 percent. If I keep losing $ on my home and they keep putting off the refi – they will leave me no options. Nobody returns calls or emails.

The whole Obama plan is a scam.


# # #

Working with BofA is like running in to the wall hoping that it will open, it’s not a door but a dead end.

After 8 months of trying to work with Countrywide/Bank of American Home Loans directly or with the help of an attorney, they still REFUSE to grant our request for a loan modification even though we qualify for it under President Obama’s guidelines.

The reason for denying our request for a
loan modification in October was — as quoted from the customer service
representative — “I don’t know.”

# # #

Countrywide/Bank of America Home Loans is determined to steal taxpayer monies, determined to deceive the government and American people, and determined to destroy the American Dream and Economy. My only question is: If the little lowly nobody taxpayer goes to jail for stealing from the government and people, how come this atrocity of a bank (Countrywide/Bank of America Home Loans) can get away with it?

Talk about hypocrisy! Man! It looks like corrupt lenders are running this country…they seem to have a choke hold on our government, who, by the way, may I remind you, is supposed to work for us — the taxpayer!

# # #

If we lived in a perfect world, I would have never lost my job, and we would still be living in that home making our payments every month without problem. My opinion is that the administration needs to understand that not everyone is trying to re-fi in a perfect world scenario. I am sure there are millions of people, like us, that are going through similar hardships being able to benefit from the program the way it is currently designed. Why do we have to be left out when we still pay our debts and taxes to benefit those taking it away from us. A little fairness would be appreciated.

# # #

I also work for one of the larger banks in the country and I can you that as a loan officer trying to help people we have gone from loan officer to modification and loss mitigation consultants.

The stories are endless and the tragedies worse.  The problem with the entire Obama plan is that as the person prior to my note stated is they left out FHA/VA. However, the bigger issues include the fine print that the Fannie and Freddie inserted some very fine print that leaves nearly 9 out o f10 applicants out of the loop! Freddie for example will not allow the borrower to include closing costs and pre-paids to be included which is a huge cost up front at closing. So now you have a borrower who fits the program up and until the day of closing comes along. Now they’re informed that they can only include up to $2500 in closing costs when the actual closing costs and prepaid escrows will range from a low of $5k to 10k or higher.

Then you have the issue of Fannie Mae Loans who qualify but yet the Fannie Mae system (DU) kicks the borrower out over some type of glitch. To make matters worse, Fannie knows it’s a glitch however will not allow the underwriter to manually underwrite and approve the loan. So what happens to these supposedly Fannie Mae qualified borrowers you ask…….DECLINED!

The rescue plans are further impacted negatively due to those banks and lenders who do not participate and instead pursue short sales (under very strict terms) and or try to work out modifications on their own which do not help anyone. They want huge closing fees and do not offer competitive rates.

Lastly, we’re now seeing the beginning of a huge problem as it relates to the new appraisal regulations whereby the lenders are no longer allowed to speak directly to the appraiser. On the surface this sounds like a great idea because you’ve heard all these horror stories of appraisers being pressured to come in with higher values. I hate to be the bearer of worse news than these folks being pressured but because of the new guidelines, the fees have jumped up to $450-550 for the consumer and when the appraisal comes in low, the lender is allowed to submit a dispute form which results in the appraiser sticking his nose up in the air and your borrower being declined! Again!

So I guess the real question is, who owns these new appraisal management companies that have sprung up. Hmmm, maybe it’s those guys who caused this mess way back, I think their names were Barney something and Dodd! Nice job guys!

# # #

I am a real estate appraiser in NYC. As far as we can tell down in the trenches, Banks, (Especially, the bailed out banks) are trying their hardest NOT to make any home loans, refinances or modifications, effective May 1st. There is no oversight, nor any channels available to the homeowners/purchasers for remediation of the outrageous behavior of the lenders who got us into this mess in the first place.

# # #

I received a mortgage 3 years ago and the friendly (and unregulated) bank simply lied to me about the terms of the loan, giving introductory rates that changed without telling me. Now these same banks are clearly NOT wanting to give up the draconian mortgages they have. Obama MUST find a way to force the banks to let go of this toxic paper, and fix the disaster that the lying son-a-bitches manufactured; banks still are determined to restore their fortunes by stealing people’s homes (just as originally planned) whether or not it destroys America, and are subverting your program, Mr. Obama, to fix the banking disaster and our economy.

# # #

Bank of America’s customer service is beyond HORRIBLE!!! The big banks are the only ones who are benifiting from all of this and they helped create the problem.

# # #

There are a lot of misconceptions about the “Making Homes Affordable” plan. When it was presented to the public, “all” of the qualifiers were left out. Basically, only a few people qualify for the program, even though it sounded like a universal lifeboat, no fault of the lenders, the gov’t put this together.

# # #

OOH ..Sun Trust OOOOH Sun Trust, how you love to screw me!
 OOOH.. Countrywide OOOOH country wide, with your option ARM you really stuck it to me.

# # #

Obama’s plan is a nice thought, but where are the LAWS(!) protecting the citizens???

This program is baloney. You get nowhere fast with the phone call runaround.

We bought an affordable, modest home, with a 30-year fixed at less then 6%. We put a lot of repairs and sweat equity into it. The market in our town has held strong and our house is appraised at 80k over the amount left on the loan. That only entices lenders to take your home, because then they make money.

There is no help for the homeowner, the injured or the ordinary citizen. Our credit is now in ruins and at age 50 we are trying to start over, with less then we had 30 years ago, and permanent injuries. If we lose our home we will never own another. The president’s plan was nothing but a give away to the big banks, again. Weeks of paperwork unprocessed, phone calls not returned and a 4k payment due in 6 weeks have lead us to believe that we will be homeless when winter arrives, and its damn cold in Montana. He goes without his medications and I go without decent food. Neither of us have medical or dental care anymore.

We have never taken a handout, never asked for help before now. And all the hard work, the scrimping and saving, was for nothing. It only reinforces that the president and congress don’t give a damn about the ordinary citizen, the little guy. we are only good to hit up for campaign contributions and taxes.

We slip further each day, and each day I feel a deeper sense of hopelessness and hurt, because the nation that I believed was so grand and glorious only cares about the wealthy, and making them wealthier.

I am sorry and embarrassed that I fell for the “vote for change” line, and feel really stupid for being so gullible at my age. Never again. the banks lie, the government lies, and no one gives a damn about us, the little people falling farther down into the darkness. Where will it end? I guess that it ends with us living in a tent in the national forest somewhere, because I won’t be homeless in an urban setting. If the elements are going to get me I’d rather it be in the splendor of Mother Nature then the squalor of downtown alleyways and bridges. And Uncle Sam can kiss my hardworking, honest and respectable a$$.

Here’s the link to all of the comments received by CNNMoney.com from homeowners who tried to obtain a loan modification on their own under the President’s Making Home Affordable program.


This crisis started two years ago.  They told us it was a “sub-prime” problem.  It wasn’t.  They told us that unemployment wouldn’t hit double digits.  It has.

Is the President of the United States listening?  Are Members of Congress listening?  They would serve themselves and our nation well to listen soon.

Before the cries are deafening.

And if we are to avoid a depression… they’re running out of time.



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