Comments on: Having A Hard Time With Your Refinance Or Loan Modification Under The Making Homes Affordable Program? Join The Club. http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html Finances transformed by faith Sat, 21 Nov 2009 05:12:43 -0800 http://wordpress.org/?v=abc hourly 1 By: dee http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-9928 dee Sat, 26 Sep 2009 23:36:34 +0000 http://www.biblemoneymatters.com/?p=3780#comment-9928 Here is my story. I contacted my mortgage company and i do qualify undermakingmakin home afforadable act to refi my freddie mac backed loan. i presently have a adjustable rate and would like to refi to a fixed. my credit scores are good in low 700 range and my mortgage company wants to charge me 12,000 dollars to close because i am a little under the water with home value and they tell me this is all points that come from freddie mac. i think mortgage companys are ripping people off under this plan and claiming it is freddie mac who is charging the fees.i would like to know which mortgage companies sponser this plan . I understand in October 2009 which is in 2 weeks that open access bill will allow us to refi with ANY mortgage co. not just our present one. help. i need an honest co. to refi with under the making home affordable act as soon as possible because i will not refi with mine. Here is my story. I contacted my mortgage company and i do qualify undermakingmakin home afforadable act to refi my freddie mac backed loan. i presently have a adjustable rate and would like to refi to a fixed. my credit scores are good in low 700 range and my mortgage company wants to charge me 12,000 dollars to close because i am a little under the water with home value and they tell me this is all points that come from freddie mac. i think mortgage companys are ripping people off under this plan and claiming it is freddie mac who is charging the fees.i would like to know which mortgage companies sponser this plan . I understand in October 2009 which is in 2 weeks that open access bill will allow us to refi with ANY mortgage co. not just our present one. help. i need an honest co. to refi with under the making home affordable act as soon as possible because i will not refi with mine.

]]> By: Jeana http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-9424 Jeana Sun, 30 Aug 2009 19:56:15 +0000 http://www.biblemoneymatters.com/?p=3780#comment-9424 I have working on loan mod since last year. Finally, I have done 4 trial loan payments and after faxing paperwork and sending documents 6 times I am in the same boat as I was. I have called over 358 phone calls and of course run around did not receive paperwork send this send that which I have done everytime and have proof of receiving. I think the plan was to help but the banks do whatever they want to do because the govt has filled there [pockets with taxpayers money and the have there own rules. Obama really needs to stand up and put the banks accountable for getting these loan mod fin alized. That was the agreement with the bailout they got the money now they are not honoring the agreement. The banks always win and it is not in to do the right thing. They could care less if you stay in your house. They are to make money. The banks are not your friends they are busniss as usual... Keep calling write Obama whitehouse.gov. Let them know what is going on with everyones tax dollar. Call the whitehouse get on the tv do whatever it takes to get your voice heard. The banks are doding what they want to do. Dragging there feet. I have working on loan mod since last year. Finally, I have done 4 trial loan payments and after faxing paperwork and sending documents 6 times I am in the same boat as I was. I have called over 358 phone calls and of course run around did not receive paperwork send this send that which I have done everytime and have proof of receiving. I think the plan was to help but the banks do whatever they want to do because the govt has filled there [pockets with taxpayers money and the have there own rules. Obama really needs to stand up and put the banks accountable for getting these loan mod fin alized. That was the agreement with the bailout they got the money now they are not honoring the agreement. The banks always win and it is not in to do the right thing. They could care less if you stay in your house. They are to make money. The banks are not your friends they are busniss as usual… Keep calling write Obama whitehouse.gov. Let them know what is going on with everyones tax dollar. Call the whitehouse get on the tv do whatever it takes to get your voice heard. The banks are doding what they want to do. Dragging there feet.

]]> By: Joseph Carmody http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8916 Joseph Carmody Mon, 10 Aug 2009 22:27:41 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8916 At first I tried to get info. on streamline and modifications on one web site I filled out the form for debt modification, after I e-mailed the info. they called me and said they were going to e-mail me the form on an attachment to pre-qualify me for the modification, I ask him what the up-front fees were and he said about $875.00 which I thought werent to bad, so I said don't send me an attachment mail it to me because I could not pull out attachments on my coputer, When I got the pre-qualafication form I read it completly twice turns out the up-front fees were to be $2,390.00 for this fee my credit card balance would be cut in half and the balance would be paid by me at $311.00 nonth for three years, and I would not be able to use this cards except for one and it had to be an emergency by permission. I said no thanks trashed the forms and told them don't phone or e-mail me because I was not interested in the modification any more after reading their modification debt. reduction forms. That was the only web site I asked for information after that I got phone calls and e-mails from every body and their uncles, I got an Idea where they got my phone and e-mail do you? Make sure you read all froms from all this servicers working for lenders of re-finances and modificatios at least twice. At first I tried to get info. on streamline and modifications on one web site I filled out the form for debt modification, after I e-mailed the info. they called me and said they were going to e-mail me the form on an attachment to pre-qualify me for the modification, I ask him what the up-front fees were and he said about $875.00 which I thought werent to bad, so I said don’t send me an attachment mail it to me because I could not pull out attachments on my coputer, When I got the pre-qualafication form I read it completly twice turns out the up-front fees were to be $2,390.00 for this fee my credit card balance would be cut in half and the balance would be paid by me at $311.00 nonth for three years, and I would not be able to use this cards except for one and it had to be an emergency by permission.
I said no thanks trashed the forms and told them don’t phone or e-mail me because I was not interested in the modification any more after reading their modification debt. reduction forms.
That was the only web site I asked for information after that I got phone calls and e-mails from every body and their uncles, I got an Idea where they got my phone and e-mail do you? Make sure you read all froms from all this servicers working for lenders of re-finances and modificatios at least twice.

]]> By: Toni Percival http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8544 Toni Percival Tue, 28 Jul 2009 00:22:57 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8544 The day the President is set to give the lenders a swift fannie swat, July 28, 2009, my husband, our six children and I will possibly be spending our last day in our home. We begged our servicer to modify our loan. They told me, "We are not required to offer you a loan modification program." I have prayed and begged so hard to save our home. I was naive enough to believe our honesty and spirit of cooperation was enough. There needs to be a watch-dog agency assigned to make sure these companies operate fairly and use the resources for the people. The day the President is set to give the lenders a swift fannie swat, July 28, 2009, my husband, our six children and I will possibly be spending our last day in our home. We begged our servicer to modify our loan. They told me, “We are not required to offer you a loan modification program.” I have prayed and begged so hard to save our home. I was naive enough to believe our honesty and spirit of cooperation was enough. There needs to be a watch-dog agency assigned to make sure these companies operate fairly and use the resources for the people.

]]> By: andy http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8148 andy Wed, 15 Jul 2009 22:40:16 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8148 I'm in the same boat - I've been working on it for 3 months now, and I've had to harass them at LEAST 10 times to see where they were; it's been 3 times that I've re-faxed in the information. I think you hit it on the head with: "Banks don’t see enough incentive to do the loan modifications". They don't want to lower your rate if you've been paying on time, it's the sad truth, $ rules... .-= andy´s last blog ..<a href="http://tillo13.com/usa/barbed-wire-bothell/" rel="nofollow">Barbed Wire Bothell</a> =-. I’m in the same boat – I’ve been working on it for 3 months now, and I’ve had to harass them at LEAST 10 times to see where they were; it’s been 3 times that I’ve re-faxed in the information. I think you hit it on the head with: “Banks don’t see enough incentive to do the loan modifications”. They don’t want to lower your rate if you’ve been paying on time, it’s the sad truth, $ rules…
andy´s last blog ..Barbed Wire Bothell

]]> By: Christian Loan Modification http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8139 Christian Loan Modification Wed, 15 Jul 2009 18:56:37 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8139 What should be noted is that loan modification companies and foreclosure rescue companies that take advantage of consumers have been joined by lawyers professing to assist homeowner's. While upfront fees are not allowed in MOST states by loan modification companies, lawyers are allowed to charge up front fees. These "lawyers" are just as bad if not worse. The client tends to believe that they have a lawyer representing them, when in reality the law firms have call centers with a bunch of people who have little or knowledge of the law, or mortgages. They are paper pushers, and while the client believes they are getting legal advice, in actuality they are not and are being ill advised. Consumers should be cautious and make sure that they are not paying for a service not rendered. They should expect communication from their representative at least weekly, and should verify that what their being told is the truth with their lender. Homeowner's are always responsible for paying their mortgage payments. The only one with authority to allow you to skip your payments is your lender, and will be communicated in writing from the lender directly and will require your signature. What should be noted is that loan modification companies and foreclosure rescue companies that take advantage of consumers have been joined by lawyers professing to assist homeowner’s. While upfront fees are not allowed in MOST states by loan modification companies, lawyers are allowed to charge up front fees. These “lawyers” are just as bad if not worse. The client tends to believe that they have a lawyer representing them, when in reality the law firms have call centers with a bunch of people who have little or knowledge of the law, or mortgages. They are paper pushers, and while the client believes they are getting legal advice, in actuality they are not and are being ill advised. Consumers should be cautious and make sure that they are not paying for a service not rendered. They should expect communication from their representative at least weekly, and should verify that what their being told is the truth with their lender.

Homeowner’s are always responsible for paying their mortgage payments. The only one with authority to allow you to skip your payments is your lender, and will be communicated in writing from the lender directly and will require your signature.

]]> By: Paul @ FiscalGeek http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8129 Paul @ FiscalGeek Wed, 15 Jul 2009 15:26:03 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8129 Okay I was supposed to be days away from closing but it dragged on for 6 weeks ultimately to have the rug pulled out from under me. Wells Fargo has definitely made my list and I lost out on historic lows in APR because of their inability to navigate the paperwork to make this happen. So frustrating! .-= Paul @ FiscalGeek´s last blog ..<a href="http://feedproxy.google.com/~r/Fiscalgeek/~3/DBeI63wt0CY/" rel="nofollow">Are You Fiscally Negligent? Did Netflix Cancel You Because You Never Swapped Movies?</a> =-. Okay I was supposed to be days away from closing but it dragged on for 6 weeks ultimately to have the rug pulled out from under me. Wells Fargo has definitely made my list and I lost out on historic lows in APR because of their inability to navigate the paperwork to make this happen. So frustrating!
Paul @ FiscalGeek´s last blog ..Are You Fiscally Negligent? Did Netflix Cancel You Because You Never Swapped Movies?

]]> By: Eden http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8126 Eden Wed, 15 Jul 2009 14:46:02 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8126 I'm shocked! The government getting involved in private business didn't help? :) .-= Eden´s last blog ..<a href="http://www.financeandfat.com/archives/credit-card-debt-update-june-2009/" rel="nofollow">Credit Card Debt Update, June 2009</a> =-. I’m shocked! The government getting involved in private business didn’t help? :)
Eden´s last blog ..Credit Card Debt Update, June 2009

]]> By: Chad Pennycuff http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8123 Chad Pennycuff Wed, 15 Jul 2009 14:13:11 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8123 Great article Pete. I've talked to at least 50 families in and around my financial coaching business and absolutely NONE of them have seen one inch of progress on the loan modification front. I attended a client meeting with a bankruptcy attorney yesterday. Your research is very close to this attorney's thoughts. He was saying Michigan passed some modification laws that went into effect July 5th and the industry still doesn't really have a clue as to how all of these laws are going to work. As a general rule it seems that you have to be actually in foreclosure before the banks will even give you a shot at a loan modification. As a general rule, #1) avoid any companies wanting to charge you for a loan modification program. Work directly with the lender. #2) Don't buy into this false hope that government is going to fix things. Thus far they do not have a good track record. Prepare for the worst and you may very well be surprised. .-= Chad Pennycuff´s last blog ..<a href="http://feedproxy.google.com/~r/Pennycoachcom/~3/EZnaru_ZYS4/" rel="nofollow">“Free Credit Report” Beware of Bait and Switch</a> =-. Great article Pete. I’ve talked to at least 50 families in and around my financial coaching business and absolutely NONE of them have seen one inch of progress on the loan modification front. I attended a client meeting with a bankruptcy attorney yesterday. Your research is very close to this attorney’s thoughts. He was saying Michigan passed some modification laws that went into effect July 5th and the industry still doesn’t really have a clue as to how all of these laws are going to work. As a general rule it seems that you have to be actually in foreclosure before the banks will even give you a shot at a loan modification. As a general rule, #1) avoid any companies wanting to charge you for a loan modification program.
Work directly with the lender. #2) Don’t buy into this false hope that government is going to fix things. Thus far they do not have a good track record. Prepare for the worst and you may very well be surprised.
Chad Pennycuff´s last blog ..“Free Credit Report” Beware of Bait and Switch

]]> By: Miranda http://www.biblemoneymatters.com/2009/07/having-a-hard-time-with-your-refinance-or-loan-modification-under-the-making-homes-affordable-program-join-the-club.html/comment-page-1#comment-8121 Miranda Wed, 15 Jul 2009 14:00:41 +0000 http://www.biblemoneymatters.com/?p=3780#comment-8121 There has been some talk that refinancing would go better if done directly through the government. I don't know whether that is true, and it would likely be a bureaucratic nightmare, but if it could get going, it would at least mean the government could earn some interest on the loans. But, overall, I think that you are right when you say that mortgage lenders just don't feel the incentives. .-= Miranda´s last blog ..<a href="http://www.bizzia.com/yieldingwealth/are-you-too-nice-to-earn-the-big-bucks/" rel="nofollow">Are You Too Nice to Earn the Big Bucks?</a> =-. There has been some talk that refinancing would go better if done directly through the government. I don’t know whether that is true, and it would likely be a bureaucratic nightmare, but if it could get going, it would at least mean the government could earn some interest on the loans. But, overall, I think that you are right when you say that mortgage lenders just don’t feel the incentives.
Miranda´s last blog ..Are You Too Nice to Earn the Big Bucks?

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