Comments on: Obama’s Making Home Affordable Plan Update

By: Chuck McCall

Chuck McCall — Mon, 10 Aug 2009 04:23:59 +0000

Being in the industry as a Loan Officer, I have viewed a lot of confusion as it relates to home owners getting the help they need. We can start with has anyone been help? yes. Do most people know about Obama’s plan in detail and how it applies to them? No. A lot of people are confused and don’t know about the finer details like qualifying, where to get the information they need, who to trust! I will go on to say that the government needs to put more emphasis on educating the public on what is available and how people can tap into it. Assistance is available and their are good programs to help people, but we must do a better job of getting this information out!
Chuck McCall´s last blog ..6 – Tips for Negotiating a Loan Modification Successfully

By: Justin Bartlett

Justin Bartlett — Thu, 18 Jun 2009 17:07:06 +0000

Nailah, If your mortgage is currently held by an investor that does not participate in Making Home Affordable - e.g. Goldman Sachs, et. al., you may not be able to qualify for a modification under the MHA Guidelines. One thing to look into is applying for a modification under strictly a hardship / net cashflow basis, while performing a NPV test to show your lender that the cost of the modification is in fact less than the cost of foreclosing. The other possibility is to review your original loan paperwork for violations of RESPA, TILA, etc. and, should you find a violation, use your right of rescission to leverage your lender / servicer into granting an aggressive modification to you. Our links up top if we can be of assistance! Justin Bartlett’s last blog post: Mortgage Rates Increase, Ramifications for Needy Homeowners

By: Nailah

Nailah — Wed, 17 Jun 2009 22:28:37 +0000

17 June 2009

SUBJECT: HOME LOAN MODIFICATION IMPASSE WITH WELLS FARGO BANK

Is there any help, advice, solution, out there in cyberworld for me?

Folks, in accordance with the directions for the public to follow as outlined by federal laws brought forth by President Obama designed to protect citizens from home foreclosure, I have done the A to Z steps and still find myself in limbo.

As directed to do by HUD and makinghomeaffordable.gov, I submitted an application to ACORN Housing, one of the agencies approved by HUD and which is listed on the HUD website. After waiting 2 months without hearing from my Acorn Counselor or the lender for my mortgage, Wells Fargo, I turned to the offices of elected officials, namely, the California State Assembly and the office of the Congressmember representing the district in which my home is located.

I initiated contacting Wells Fargo as far back as June of last year. I engaged in a most frustrating and time consuming ring around the roses phone calling game from Feb to March of this year, going absolutely nowhere.

At this point what can I do to FINALLY MAKE PROGRESS?

I am in a very precarious financial state. Since May -08 my work hours have been reduced to 50% and my monthly mortgage absorbs nearly my total net income.

I seek relief in the form of a modification put in place for me that is 31% of my income, sharply cuts the principal amount, replaces the adjustable rate with zero payment toward principal balance with a low fixed rate.

This is in accordance with President Obama’s prescription for home ownership protection.

Please, anyone, everybody who knows, kindly reply.

At this point I am seriously considering sending a letter directly to Sec Shaun L.S. Donovan. Would that do any good?

Again and AGAIN, PLEASE HELP!

Nailah

By: Joshua Dorkin

Joshua Dorkin — Thu, 23 Apr 2009 13:35:22 +0000

@Pat – The link to the website is http://www.makinghomeaffordable.gov/

By: Pat

Pat — Wed, 22 Apr 2009 23:57:07 +0000

Can anyone give me a website address that has the real answers to President
Obamas “Home Affordable Plan” to avoid foreclosures and receive a Modification.

Thank you for your assistance.

Pat

By: widi

widi — Wed, 22 Apr 2009 18:48:14 +0000

i think usa will get out from the crisis soon

widi

By: Steve Heideman

Steve Heideman — Tue, 21 Apr 2009 18:07:06 +0000

Drew, I never said this was a bottom in this post. In fact I say that I don’t think we have hit a bottom in terms of values for precisely the reason you state.