Not Much 'Hope for Homeowners' So Far

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kikus of AL 8:28PM June 12, 2010

My husband and I have tried not only once, but twice with our bank (Wells Fargo) who received 25 billion dollars in bailout funds, in which they told me they had no choice but to take the money.....yeah, right! But we were refused any kind of modification of any kind. I've written Obama about this and even our State Senators and I got the same response from all of them, and that was to try this "Hope for Homeowners". And then you hear on the news that over 80% of the people aren't taking advantage of these programs!! I think the news media needs to get out there and start asking the common people, not asking the banks, because the banks are lieing.
I know several people who have tried going through this Hope for Homeowners and got absolutely no help and lost their homes, either by just walking away or by short sale.
I'm afraid that this newly elected administration is not helping out the people either. The only ones that I see getting the help are the wealthy!!! Just as before! Here it is nearly 2010 and there still is no HOPE.

Jean of SD 9:10PM December 01, 2009

My bank did not approve me for a loan modification but put me on a trial period
after this I get to fill out more paperwork and don't know what the terms are until after the
trial period is completed through obamas government plan.has any one done this yet?

Yvonne of CA 2:30PM August 29, 2009

What a joke! My lenders, Litton loan servicing and Specialized loan servicing are not participating!
We keep getting letter after letter saying we are behind 2 months and our only solution is call a councelor.....whats a councelor going to tell me that I don't alreay know? I need a modification.....bottom line!

robin of CA 4:10PM January 27, 2009

I lost my job in June 08, I got a full time job three months later and the three months I was out of work I borrowed from everyone I could to pay my mortgage when I got a fulltime job I had to repay the money I borrowed back and I am now three months behind on my mortgage but when I was only one month behind I called my mortgage company they did a work sheet to help me and said it would be around 30 to 60 days before anyone would get back to me, I called my lender on the 19th of Dec and they told me no one has opened my work sheet because they sold my loan to a new company and I would now have to wait until Jan 2,09 Merry Christmas to me, because my mortgage company is on the bail they are loosing evrything I have to suffer I don't know if the new company will help me, I got on line to see about H4H there are only two lenders from a list of 46 pages that work in my state they have not got back to me yet its looking like a chapter 13 will be my only way out and I will still suffer with my 8.37% intrest rate I have from Fannie Mae they were bailed out why can't I be I can't even get a modification from GMAC who did the goverment really help not me.

ks of MT of MT 7:07AM December 27, 2008

the govt. will be regulating these greedy lenders. they'll make it mandatory because of all the foreclosures dragging the economy down. obama promised to let you file bankruptcy and get your loan modified upon his election. guess, we'll have to wait and see. if that doesn't work; at, least, we're not in it as deep as some because we'll be putting a BIG-FOR SALE BY OWNER sign in our yard. i'm positively sure we can get out of it, what we owe.

sally of PA 1:36PM December 09, 2008

Much agreement to the statements above. I have been on the phone with my two mortgage holder, FHA 800 #, called a "housing counselor" and I am really getting the run around. "you will need to call --- we can't help you( i.e. your debt is too high, your mortgage is not in default, you dont have 30,000 to put down....)"
Its like I have to wait until I'm in default to get any assistance. I'm sorry, my family and I have scrapped by for the past year eating top ramen and pb & j's so that we could make that adjustable, giant mortgage payment and the other mortgage payment.
If there is a secret code that I need to use when talking with mortgage holders, hope for homeowners, FHA 800#, or housing couselors, PLEASE let me know. I dont feel like I have anyone to turn to to get real advise on this 3 ring circus called the US mortage mess.

Gordon of OR 2:59PM December 05, 2008

There are companies out there I have spoken to who say they can modify the interest rate on your mortgage if you pay them $1500 up front. There are no contracts just a promise over the phone. This sounds like a scam to me.
The "Hope for Homeowner" program is giving 1/2 your equity to the government when you sell the home. It also gives 1/2 the appreciation to the government if the house value goes up. I can understand why people aren't running to sign up for this.
The government is bailing out insurance companies, banks, and now maybe the auto industry. These people are being paid obscene amounts of money and spending it like Saudi Kings.
The foreclosure numbers are astronomical....these are real, hardworking people who do not vacation in exotic islands. It is the real people who need the help.

Ginny Petrillo of NJ 2:11PM December 04, 2008

Have you people even looked at the "fine print". Do you know that the government, when / if you sell your home gets a minimum of 50% of the equity!!!!!!!!!!!!!! That's downright ridiculous!

Liz of IN 12:59PM December 04, 2008

I agree, no lender is willing to help struggling homeowners, not now, not never. They're in this to make money and if you're a bad debt, then you'll be written off as bad debt. For those who they feel can still afford to pay their ridiculous repayment program (your original interest only mortgage + $$$ more to repay the arrears) they will enforce every scare tactic they can muster up to scare the homeowner to come up with the money to pay.
Here's something I haven't read too much news article about. What about the property tax? If you can't afford to pay or re-pay your mortgage, how are people paying for their property tax? What's gonna happen when you've refinanced into a supposed affordable payment program with your lender but you're a year and a half behind on property tax? What then?

E. L. of CA 12:41AM December 03, 2008