Just 4% under trial mortgage modifications have had those affordable loans made permanent

[Bluebear]

Just 4 percent of delinquent borrowers who started trial mortgage modifications under the Obama administration's housing plan have had those more affordable loan terms made permanent, the Treasury Department said today.

The monthly progress report on the government's Making Home Affordable modification program shows that mortgage servicers had started 759,058 trial periods with consumers nationally by the end of November. More than 697,000 of them were considered active trial modifications and 31,382 were permanent loan adjustments

http://www.chicagotribune.com/business/chi-biz-loan-mods-dec10,0,5790264.story

+++

Bank, yes! People, no!

[Shagbark Hickory]

1. This plan was useless. Sorry but it didn't work.

[Bluebear]

2. Obviously! :)

[Shagbark Hickory]

3. So are we ready to say that the housing crisis was Obama's Katrina?

[Missy Vixen]

4. We're still waiting for our permanent loan docs

The trial period started September 1; we fulfilled it. They contacted us two weeks ago demanding hard copies of tax returns. I'm not sure why they needed additional tax returns when nothing was said about them at the onset.

When we asked our lender where the paperwork was, we were told they were hoping to finalize it "by the end of the year". Yeah, right.

:eyes:

It's time for Barack Obama to start levying criminal charges and heavy financial penalties on some of these lenders. He'll never do it.

[Shagbark Hickory]

5. Don't hold your breath. And don't get your hopes up.

They're just shuffling papers more than likely. They did this to me for a while. Asking for more and more documents innocently enough but was denied. I went through this twice. Made phone calls everyday put up with voicemails and phone menus.
Its hopeless.
I wish there was some way to make these banks eat their bad mortgages but they just seem to give a shit.

[laughingliberal]

6. I did read recently that the head of the FDIC is considering using funds to pay down

principal on some homeowners' loans for which they are responsible. She stated she was considering this as a way to help homeowners instead of just the banks. It affects a very small number of loans at this point but it was encouraging. No word as to whether she will, actually, do it or not.

[Shagbark Hickory]

7. Don't hold your breath for that either.

Sometimes I understand what the nutbaggers are getting at when they say they government can't do anything right. These programs make me wonder.

[laughingliberal]

8. Trust me. I'm not holding my breath for any of it.

I'm have contemplated the thought that the United States is on the verge of failed state status and the corporations are just grabbing the few pennies the people have left before they turn off the lights and head off for the next developing nation whose people can be exploited. And, our elected officials are aiding and abetting.

[Missy Vixen]

10. I asked my husband if we should try conferencing in Senator Patty Murray's office the next time we

call them.

You were denied? I am SO sorry. Were you through the "trial" period when this happened?

>I wish there was some way to make these banks eat their bad mortgages but they just seem to give a shit.<

Maybe those of us in this process need to call some kind of press conference. I wonder if anyone at all would show up.

:eyes:

[Shagbark Hickory]

11. The Making Home Affordable program is so unbelievable complicated that not even

CPAs with 30+ years experience can make any sense of it.
I kid you not. It was my father who is a CPA and does my taxes who said you may just be able to get a little help from this program because the original escrow amount was underestimated by a lot leaving me with a much higher than anticipated monthly payment that was higher than a certain percentage of my income at the time. The red tape is so thick and complex that there is NO WAY that ordinary folks that overlooked obvious stuff on their closing paperwork are going to be able to figure it out.
It's clear this program was designed with the banks in mind. They can still deny people. I don't know why they would want to since it seems like it was the government that would be making up the difference.

It's this kind of stuff that makes me wonder if a public option would be ultimately have as many complicated strings attached.

[marmar]

9. The Banks, the Military-Industrial Complex and the Health Care Industry run this country.....

The White House and Congress are just there to act as enablers.