Home Loan Modifications
45Hope For Homeowners
This just in...
President Obama gave 75 billion to millions of Americans facing foreclosure Wednesday. He declared it a housing crisis. This lending plan was even larger than was suggested, 25 billion larger. This plan is aimed toward preventing more Americans from being evicted or foreclosed on.
Fannie Mae and Freddie mac are among the mortgage companies that will profit from this move.
The Obama administration is decreasing refinancing restrictions for many people and providing incentives in hopes to modify borrowers loans to the point of saving the American home. Mortgage companies cannot be overly happy about this move, seeing as they stand to lose a great deal of the ever-decreasing interest rates proposed by these modifications.
The goal of this modification plan is to lower the homeowner's payments to no more than thirty-one percent of their present income. Of course, this all depends on the cooperation of the lenders.
Obama's plan will not save every home, nor will it save America from the current recession. I will say this, President Obama is starting to surprise me. So far, so good. Let's see where the next one hundred days in office leads him.
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I started the loan re-modification process in March. I was laid off my my job in March of 2009. I did the hope Now counseling that I was required to do. I was appointed a negotiator on May 26. I kept calling each week. In August i called my mortgage company about a refinance. I did not was to re-finance and had kept my payments up to date as instructed for the remodification. I was told that I could not refinance because I was unemployed. The a Ms. Springs called from the loss mitigation department and stated that there had been a problem with my paperwork. I told her everything that had transpired and she stated that "We will start over right now. Just forget everything that you have been told so far." I sent her a 32 page fax. I received a letter dated September 25 requesting more information and I sent this on the same date as received. A week or so later
I received a call and I qualified for a remodification, EXCEPT when this was looked at in September I did not have 9 months of quaranteed income. My unemployment second tier
is scheduled to end in March. This is only 7 months. There is also a third tier unemployment level, which I tried to explain, plus several other factors. They would not listen. If this had been approved in May when it was first appointed to a negotiator, I would have had the 9 months. I am 55 years old and have been working since I was
12 years old. This is the first time in my life I have ever
drawn unemployment. IS THERE ANY WAY I CAN CONTEST THIS DECESION?????
Thanks
Teresia Tatum 2 years ago
I started the loan re-modification process in March. I was laid off my my job in March of 2009. I did the hope Now counseling that I was required to do. I was appointed a negotiator on May 26. I kept calling each week. In August i called my mortgage company about a refinance. I did not was to re-finance and had kept my payments up to date as instructed for the remodification. I was told that I could not refinance because I was unemployed. The a Ms. Springs called from the loss mitigation department and stated that there had been a problem with my paperwork. I told her everything that had transpired and she stated that "We will start over right now. Just forget everything that you have been told so far." I sent her a 32 page fax. I received a letter dated September 25 requesting more information and I sent this on the same date as received. A week or so later
I received a call and I qualified for a remodification, EXCEPT when this was looked at in September I did not have 9 months of quaranteed income. My unemployment second tier
is scheduled to end in March. This is only 7 months. There is also a third tier unemployment level, which I tried to explain, plus several other factors. They would not listen. If this had been approved in May when it was first appointed to a negotiator, I would have had the 9 months. I am 55 years old and have been working since I was
12 years old. This is the first time in my life I have ever
drawn unemployment. IS THERE ANY WAY I CAN CONTEST THIS DECESION?????
Thanks