Obama 'home affordable program' and CH7

[sammyt74dp]

Hi Flowers,

In the past yes this was the case. But remember the banks have received billions in Federal aid (TARP) to cover their losses on non performing Mortgages. Also if you were paying PMI or Mortgage Insurance they are covered for you loss and really don't care what the loss is because the Mortgage insurance will cover the loss. (Which was the case with ours) Who is your mortgage with and do you know if you are paying PMI or is it an FHA loan?

[gophermn]

What really gets me is WHY ARE WE READING ABOUT THIS NOW - IN THIS FORUM. Would sure be nice if all of you who seem to know the program could have posted something beforehand - rather than wait to hear whats happening to us who are actually doing it.

Don't get me wrong I am not pissed at any of you, just the fact that I find it hard to believe these lenders are using this program to belittle and stomp on the hopes some of us have in making our mortgage payments more affordable.

Its unfortunate people like Flowers and I bust our a$$ to be prompt and ethical in our paperwork to find the lenders and govt are the leeches sucking blood. Oh well, I tried the program and if you all are correct in your believes then I hope this post will sway the others to re-think.

At least we tried. There are three kinds of people in this world. The one who says how to do it. The other who says to never do it and the third who says I won't do it, but if I did this is how you should do it. SIGH!!

I am calling my lender tomorrow!

[sammyt74dp]

What really gets me is WHY ARE WE READING ABOUT THIS NOW - IN THIS FORUM. Would sure be nice if all of you who seem to know the program could have posted something beforehand - rather than wait to hear whats happening to us who are actually doing it.

Don't get me wrong I am not pissed at any of you, just the fact that I find it hard to believe these lenders are using this program to belittle and stomp on the hopes some of us have in making our mortgage payments more affordable.

Its unfortunate people like Flowers and I bust our a$$ to be prompt and ethical in our paperwork to find the lenders and govt are the leeches sucking blood. Oh well, I tried the program and if you all are correct in your believes then I hope this post will sway the others to re-think.

At least we tried. There are three kinds of people in this world. The one who says how to do it. The other who says to never do it and the third who says I won't do it, but if I did this is how you should do it. SIGH!!

I am calling my lender tomorrow!

I am learning as I go as well. After hearing about everybody getting denied after the Trial payments it threw me into a rage and I started researching why they were doing this. I have been denied for a modification and I am going to try one more time after my case is discharged. But I want the lender to know I am aware and on to what they have been doing. Also that the statistics showing how little actual modifications have taken place speak for themselves. They seem to be taking advantage of peoples fear of losing their home. I will not be caught unaware and unprepared last minute by these banks nor should you. But having the banks say "resend your paperwork, send 5 trial payments, wait 90 days to review etc" is completly unexceptable! I suggest you print the guidelines straight from the treasury page and remind them what the guidelines are as you go, it's amazing what they start changing. If they say it's up to the investor that is a lie! Unless you have a non Freddie or Fannie loan. Keep us informed of your progress.

[hereforinfo]

I am learning as I go as well. After hearing about everybody getting denied after the Trial payments it threw me into a rage and I started researching why they were doing this. I have been denied for a modification and I am going to try one more time after my case is discharged. But I want the lender to know I am aware and on to what they have been doing. Also that the statistics showing how little actual modifications have taken place speak for themselves. They seem to be taking advantage of peoples fear of losing their home. I will not be caught unaware and unprepared last minute by these banks nor should you. But having the banks say "resend your paperwork, send 5 trial payments, wait 90 days to review etc" is completly unexceptable! I suggest you print the guidelines straight from the treasury page and remind them what the guidelines are as you go, it's amazing what they start changing. If they say it's up to the investor that is a lie! Unless you have a non Freddie or Fannie loan. Keep us informed of your progress.

Actually it really is up to the investors. Even if Freddie or Fannie owns your loan, in most cases they still have other parties who invest in their loan packages. They are bound by what is in their agreements regarding the loan packages with those investors. And if it happens to be one of the very few loans that is actually not repackaged as an MBS and freddie or fannie is the only investor, the modification still has to work out in favor of freddie or fannie just as it would any other investor.

Do a search for the Fannie Mae HAMP guidelines for servicers (there is one for Freddie Mac too). It provides much more detail and insight as to the process and what really happens, because it shows what the servicers are supposed to do on their end. In most cases, the servicer is merely following the guidelines and procedures as outlined to them by freddie/fannie. The program is designed very poorly and provides way too many loopholes for the servicers/lenders, and makes it nearly impossible for any loan to actually get a permanent modification. I don't believe that this program was ever intended to really help many people, it was just a token gesture by the politicians to appear as if they are helping you. Because of the way the mortgage industry is set up, there isn't much they can do to help.

[gophermn]

Well heck, lets find every single person who submitted a load mod package and tell them to STOP MAKING PAYMENTS. That will raise a few eyebrows in Washington. If there are loopholes and the investors are finding these, then hell, lets put the investor where we are today.

It's pretty simple really, either you work with us or not.

[gophermn]

[Flowers]

If anyone know ANYTHING about Chase Home Finance please post.
I am on my 6th payment on trial/test and last word was final paperwork could be January or February. Thanks.

[hereforinfo]

If anyone know ANYTHING about Chase Home Finance please post.
I am on my 6th payment on trial/test and last word was final paperwork could be January or February. Thanks.

From what I understand, Chase has a higher rate of permanent modifications than most other banks so you have a better chance with them than anyone.

[sammyt74dp]

Why are you making six trial payments? The guidelines call for 3. Also regarding the investor approval. You are correct, but the investor is to approve the final modification after the servicer has collected and received the on time trial payments. They are denying people after they have made the trial payments on time and paid in full.

[Flowers]

I made the 3 trial payments and now they say they are overwhelmed with the amount of modifications that need to be made.
They have noted my account as one that has completed the Trial Period and every month they say that 1. for the next month, go ahead and make the same payment as would on the trial period, and 2. the loan is now with the underwriter and that could take 60 to 90 days.
I will call them now, again. Will let you all know what is said.

[Flowers]

...posting 6 minutes later . . .

Again, I was told No Decision has been reached re: my loan, it is with the underwriter and due to the VOLUME OF MODIFICATIONS that we have to service, some trial periods are extended by 2 or 3 payments.

They have NO ONE to answer to do they?

(thanks for everyone's support)

[sammyt74dp]

Sounds fishy to me Flowers. I would get on the phone with some supervisors. Thats tough to go through that kind of suspense. They are not that overwhelmed. If they end up denying you for a permanent mod, you are going to be pissed and out some money you could have saved to find a home to rent and live on or survive on these days. Let us know.

[gophermn]

What a bunch of crap that they are overwhelmed and the paperwork in still in underwriting? If so then tell them you wish to speak to underwriting. Like Sammyt said, speak with someone else - perhaps higher up.
You have indeed gone above and beyond. I would let them know you would be doing something like writing 20/20, CNN or your local news station letting them know how absurd this process is. Once the get wind the media might tap into this, they might literally have someone get up off their arse and actually look at your paperwork.

[Flowers]

I am not a demanding person. Very timid is more like it.
I am also scared of p*ss*ng off the bank personnel and having the loan stamped *Canceled* if I go above the radar.

I will try to become brave in the next few days but the "overwhelming amounts of mortgage modifications" had been their line.

The one time I did get up-ity the lady said to me, "well maybe you will learn from this experience going forward."

Thanks again all, and like I said I will try to build confidence to make that call.

[gophermn]

Good luck, I am sure ther lady who made that comment barely makes a buck or two over the minimum wage so you really can't point fingers. And I know you're not. The process is absurd and CHASE and other instutions should have been prepared for this. Lack of planning and analysis on their end.
I might walk up to my employer today and say something like I need about 3 or 4 more months to finish my work. HA! You all know where that will get me.

Keep the strength! I have yet read or seen anything on the websites or news about this loan mod program being a backlash and investors sucking the money for other uses (i.e. legal).

Well, I did hear of something like that a few months back. And that investor is awaiting federal trial (MN case Peters).