Government to unveil new mortgage-relief measures: report

[cal04]

http://www.marketwatch.com/story/new-mortgage-relief-plan-set-for-tuesday-launch-2010-09-04

The Obama administration on Tuesday will launch its latest efforts to rescue the failing housing market, according to a media report Saturday.

The program, first announced in March, will focus on reducing mortgage balances for homeowners who owe more on their homes than their properties are worth, The Wall Street Journal reported in its online edition.

The Journal, citing officials, said between 500,000 and 1.5 million underwater loans could be modified through the program. About 11 million borrowers, or 23% of households with mortgages, were underwater on June 30, said the Journal, citing data from CoreLogic Inc.

(snip)
According to the Journal, participation in the plan is contingent on the bank or investors that own a loan agreeing to write down its value. Nor does the plan target loans held by Fannie Mae and Freddie Mac.

[Jeff In Milwaukee]

1. Mr. President, with all due respect...

Shit or get of the john.

A relief program that's dependent upon banks agreeing to it? One that doesn't cover Frannie and Freddy?

Weak. You can do better.

[MannyGoldstein]

2. I think the OP is a spoof post

The plan as described would apply to almost no loans .

[Fire1]

4. Thank you!! LOL!!! n/t

[AndyA]

3. I agree. I thought Obama was supposed to be intelligent.

He's still trusting banks to do the right thing and help customers? Really?

He still wants to be bipartisan, because the GOP has been so helpful in the past?

He thinks people are going to forget that he promised them change, but hasn't delivered on many of those promises?

Good grief!

[ClarkUSA]

7. What do you want him to do? Nationalize all the banks by imperial decree?

Yeah, that's the answer. :eyes:

HOPE NOW is a viable program that will help many unemployed homeowners until they can find a job. Check it out: http://www.hopenow.com/

I have referred some acquaintances to this program and many are now in the process of getting relief by their banks. There are some whose banks do not participate in this program but HOPE NOW is working with them to help convince these banks to help homeowners on an individual basis.

[AndyA]

10. I expect him to keep his campaign promises, that's what I expect.

Change. Remember that one?

I'm pretty sure he's had time by now to figure out what's going on. There are what 11 million homeowners who owe more than their homes are worth, and at best this will help less than 10 percent of them?

You know, after the credit card reform fiasco...you remember that one? When Congress gave the banks months and months to raise interest rates on everyone before the new laws went into effect? At that point, they all said, "Gee, maybe we should have put this into act sooner." Yeah, who woulda thunk. :eyes:

And they're still giving the banks the benefit of the doubt? Who helped to create this mess in the first place?

I guess the best thing is to just do nothing different from what's already been done, that's working out so well...yeah, that's the thing to do. :eyes:

That's some change we can believe in. Yessiree... :eyes:

[ClarkUSA]

14. He has kept plenty of campaign promises, according to Politifact.

There has been plenty of "Change" from where I stand -- just not according to you.

Here are the facts of what Pres. Obama has accomplished in 20 months:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=375811&mesg_id=375811

<<You know, after the credit card reform fiasco...you remember that one? When Congress gave the banks months and months to raise interest rates on everyone before the new laws went into effect? >>

Um, no:

The very first thing that the Reform Act done was lower interest rates. In the past, credit card companies had the ability to charge outrageous interest rates and then had the leverage to increase that rate on people who had a hard time paying their credit card payments. Credit cards had to be written off due to non payment and the amassed bad credit paid a toll on the companies. They say this contributed to the credit crisis. It did, but then again the credit card companies were still giving credit to anyone and everyone knowing that they had the option of the card being written off. Lower interest rates mean that cards will be paid off and not written off.

More benefits of credit card reform:

Fees Controlled

The biggest thing about the Credit Card Reform Act that has helped consumers is that the credit card companies can no longer charge those outrageous fees. Now they have to keep the same due date each month and not change it because someone is late on their payment. Credit card companies can no longer charge fees for payments made online or over the telephone. The little outrageous fees that the credit card companies were profiting on are now eliminated.

http://www.usmoneytalk.com/finance/credit-card-reform-act-does-this-actually-do-anything-for-anybody-909/

Here are some definitive positive changes that credit card reform created for consumers:

5 Positive Aspects Of The New Credit Card Regulations:

1. No retroactive interest increases – a credit card company cannot increase the interest rate and have it apply to a pre-existing balance.
2. Limits on Fees – the fees on a yearly credit card can be no more than 25% of the initial credit limit
3. Rates Cannot be Changed for Late payments on unrelated loans. If miss payments on an unrelated consumer loan, the credit company cannot use the practice known as universal default to increase your interest rate.
4. Application of Balance – If you pay over the minimum amount on your credit card each month, the additional amount must apply the payment to the balance with the highest interest rate.
5. Timely Billing – The credit card company cannot issue a bill several days before it is due and then charge you late fees. The bill must be issued at least 21 days before you must pay the bill each month.

Other Aspects

One aspect that may impact college age consumers is that a new credit card cannot be issued to a person who is under 21 years of age. Students in college and young people who enter the military cannot be issued credit cards. This prevents them from abusing credit, but it also prevent responsible people under the age of 21 from building credit.

http://www.usmoneytalk.com/finance/credit-card-reform-act-5-positive-aspects-for-americans-904/

<<There are what 11 million homeowners who owe more than their homes are worth, and at best this will help less than 10 percent of them?>>

What facts are you relying on to base these figures on? As I said earlier, I know people on UI who applied for this program who are working with HOPE NOW to restructure their mortgages and they aren't complaining.

[awoke_in_2003]

13. Hey, I got change...

Just the other day a DLC'er walked up to me, gave me a quarter, and told me to call someone who cares :)

[ClarkUSA]

6. Many banks are participating in this program across the nation. Here's the list:

Allstate Mortgage Loans & Investments, Inc. http://www.allstateocala.com/ 866-351-0200 P.O. 1201,
Crystal River, FL 34423 352-351-4557
American Eagle Federal Credit Union www.americaneagle.org 800-842-0145 Attention: Loss Mitigation
1 Corporate Drive
Lake Zurich, IL 60047 847-574-7658
American Home Mortgage Servicing, Inc. www.ahmsi3.com 877-304-3100 Attn: HAMP Processing
1525 S. Belt Line Road Coppell,
TX 75019
866-452-1837
AMS Servicing, LLC www.ams-servicing.com 866-919-5608 3374 Walden Avenue
Buffalo, NY 14043 716-204-3875
Aurora Financial Group, Inc. https://www.auroralending.com/ 1-800-648-0345 9 Eves Drive
Marlton, New Jersey 08053 1-856-355-4765
Aurora Loan Services LLC https://www.myauroraloan.com/ 800-550-0508 P.O. Box 1706
2617 College Park
Scottsbluff, NE 69363-1706 866-517-7975
Bank of America, N.A. www.bankofamerica.com/mha/ 800-720-3758 MHA Escalations Unit
PO Box 940070
Simi Valley, CA
93094-0070 866-382-0489
Bank United http://www.bankunited.com/display.asp?navid=&id=117 866-615-0662 Attn: Modification Department
Mail Code: DO4-RESALT-560
7815 N.W. 148th Street
Miami, FL 33016 877-263-8930
Bay Federal Credit Union http://www.bayfed.com/lo/mortgage.html 888-422-9333 3333 Clares Street
Capitola, CA 95010 831-479-6027
Bay Gulf Credit Union http://www.baygulf.com 800-275-4229 3202 W. Waters Ave, Tampa, FL 33614
Tampa, FL 33614 813-932-3470
Bayview Loan Servicing, LLC www.bayviewloanservicing.com 800-457-5105 Attn: Specialized Asset Management
4425 Ponce De Leon Blvd.,
5TH Floor
Coral Gables, FL 33146 877-360-9593 or
305-646-9943
Bramble Savings Bank www.bramblesavings.com 1-513-248-1222 954 State Route 28
Cincinnati, Ohio 45150 1-513-965-3953
CCO Mortgage www.ccomortgage.com 877-745-7366 10561 Telegraph Road
Glen Allen, VA 23059 888-777-1631
Carrington Mortgage Services, LLC www.carringtonms.com 888-267-2417 Attention: Home Retention P.O. Box 54285
Irvine, CA 92619-4285 877-267-1331
Central Florida Educators Federal Credit Union www.mycfe.com 800-771-9411 P.O. Box 958471
Lake Mary, Florida 32795-9814
Attn: Real Estate - HAMP Team 407-893-5727
Central Jersey Federal Credit Union www.cjfcu.org 732-634-0600 380 Berry St
Woodbridge NJ 07095 732-726-8709
Chase Home Finance LLC http://www.chase.com/myhomep 866-550-5705 Regular Mail:
PO Box 469030 Glendale, CO 80246 Overnight Mail Attn: Chase Fulfillment Center 4500 Cherry Creek Drive South
Suite 410 Glendale, CO 80246 866-989-1356
Community Bank & Trust Company www.combk.com 125 N. State Street, Clarks Summit, PA 18411 570-586-0177
CitiMortgage, Inc. www.mortgagehelp.citi.com 866-915-9417 Citi Ham Trial Agreements
NTSB 1680, 680 Colwell Blvd Irving, TX 75039
Citizens 1st National Bank https://www.citizens1st.com/ 800-311-7531 606 S. Main Street Princeton, IL 61356 815-872-0247
Citizens First Wholesale Mortgage Co. https://www.cfwmortgage.com/ 800-477-1086 560 Fieldcrest Drive
The Villages, FL 32162 352-753-4482
Countrywide Home Loans Servicing LP http://my.countrywide.com/media/hasp.html 800-720-3758 PO Box 940070, Simi Valley, CA. 93094-0070 866-382-0489
CUC Mortgage Corporation www.cucmortgage.com 800-342-4998 P.O. Box 12670
Albany, NY 12212 N/A
Digital Federal Credit Union www.dcu.org/ 220 Donald Lynch Blvd
Marlborough, MA 01752 866-260-0119 Attn: HAMP
DuPage Credit Union www.dupagecu.com 800-323-2611 Attn: Alternative Loan Solutions
P O Box 3930
Naperville, IL 60567 630-305-6030
EMC Mortgage Corporation http://www.emcmortgagecorp.com 800-723-3004 Regular Mail
Chase/EMC Fulfillment Center PO Box 293150 Lewisville, TX 75029 Overnight Mail Chase/EMC Fulfillment Center
2780 Lake Vista Drive Lewisville, TX 75067 917-849-2677
Eaton National Bank & Trust Co www.enbbank.com 937-456-5544 110 West Main Street, Eaton, OH 45320 937-456-6847
Farmers State Bank https://farmersstate-oh.com 800-350-2844 11 S. Main St., P.O.Box 801,
West Salem, OH 44287 419-853-4730
Fidelity Homestead Savings Bank http://www.fidelityhomestead.com 504-569-3490 201 St. Charles Ave, 20th Floor New Orleans, LA 70170
504-569-3537
First Bank http://www.firstbanks.com 800-760-2265 1 First Missouri Center
St. Louis, MO 63141 314-264-0220
First Financial Bank, N.A. http://www.first-online.com 1-812-238-6311 1 First Financial Plaza
Terre Haute, Indiana 47807 1-812-238-6137
First National Bank of Grant Park http://www.1st-nationalbank.com/ 815-465-2161 119 N Main Street, Grant Park, IL 60940 815-465-6245
First Keystone Bank http://www.firstkeystonebankonline.com 610-565-6210 22 West State Street
Media, PA 19063 610-892-5122
Franklin Credit Management Corporation http://www.franklincredit.com/ 800-255-5897 Attn: Loss Mitigation
101 Hudson Street 25th Floor Jersey City, NJ 07302 201-839-4545
Fresno County Federal Credit Union http://www.fresnocfcu.com/ 800-613-2328 4979 E. University Ave Fresno, CA 93727 559-451-2496
Glass City Federal Credit Union www.glasscityfcu.com 800-837-3595 1340 Arrowhead Drive
Maumee, OH 43537 419-887-1099
GMAC Mortgage LLC www.gmacmortgage.com 800-766-4622 2711 North Haskell Ave, Suite 900
Dallas, TX 75204 866-709-4744
Golden Plains Credit Union www.gpcu.org 877-775-8175 1135 College Drive, Suite C, Garden City, KS 67846 620-276-8072
Grafton Suburban Credit Union www.graftonsuburban.com 508-839-5493 86 Worcester Street, North Grafton, MA 01536 508-839-5750
Great Lakes Credit Union www.glcu.com 800-442-3488
Greater Nevada Mortgage Services http://www.gnms.com/ 800-421-6674 4070 Silver Sage Drive, Carson City, NV 89701 775-884-7041
Green Tree Servicing LLC www.gtservicing.com 800-643-0202 7360 S Kyrene Road T214
Tempe, AZ 85283 877-265-9717
Hartford Savings Bank http://www.hartfordsavingsbank.com 800-844-3812 1400 Schauer Drive,
Hartford,WI 53027 262-673-0459
Hillsdale County National Bank www.countynationalbank.com 517-439-6121 One South Howell Street
Hillsdale, MI 49242 517-437-3151
HomEq Servicing www.homeq.com 877-867-7378 P.O. Box 160248
Sacramento, CA 95816-0248 866- 554-5325
HomeStar Bank and Financial Services www.homestarbank.com 815-468-2265 3 Diversatech Dr.,
Manteno, IL 60950 815-468-2378
Home Loan Services, Inc. www.viewmyloan.com 800-622-5035 Loan Services P.O. Box 1838
Pittsburgh, PA 15230-1838 412-499-3400
Horicon Bank www.horiconbank.com 920-485-3080 ext.7310 326 E Lake Street, PO 126
Horicon, WI 53032 920-485-3059
Horizon Bank, NA www.accesshorizon.com 888-873-2640 515 Franklin Square, Michigan City, IN 46360 219-874-9374
Iberiabank www.iberiabank.com 800-968-0801 1680 Fruitville Rd. Sarasota, FL 34236 941-556-5821
IBM Southeast Employees Federal Credit Union www.ibmsecu.org 800-873-5100 Attn: Mortgage Modifications
PO Box 2850 Kennesaw GA 30156 678-797-6329
IC Federal Credit Union http://www.iccreditunion.org 800-262-1001 Attn: Judy Kaddy
300 Bemis Road Fitchburg, MA 01420 978-343-4949
Idaho Housing and Finance Association www.ihfa.org PO Box 7899
Boise, Idaho 83707 208-331-4800
iServe Residential Lending, LLC http://www.urlending.com 1-888-875-8326 13520 Evening Creek Drive
Suite 400, San Diego, CA 92128 1-480-614-6710
iServe Servicing Inc. http://www.iservecompanies.com/ 1-214-496-9500 222 W. Las Colinas Blvd.
Suite 1252E, Irving, TX 75039 1-214-496-9501
J.P. Morgan Chase Bank, NA http://www.chase.com/myhomep 866-550-5705 Regular Mail:
PO Box 469030 Glendale, CO 80246 Overnight Mail Attn: Chase Fulfillment Center
4500 Cherry Creek Drive South Suite 410 Glendale, CO 80246 866-989-1356
Lake City Bank www.lakecitybank.com 888-522-2265 ATTN: Candy Little
PO BOX 1387 Warsaw, IN 46581-1387 574-267-9128
Lake National Bank www.lakenationalbank.com 440-205-8100 PO Box 1048
Mentor, Ohio 44061-1048 N/A
IBM Lender Business Processing Services (LBPS)www.LBPS.com 866-570-5277
PO Box 4121 Beaverton, OR 97076-4121 877-649-0743
Litton Loan Servicing www.littonloan.com 800-247-9727 4828 Loop Central Drive
Houston, TX 77081 713-793-4923
Los Alamos National Bank www.lanb.com 800-684-5262 PO Box 60
Los Alamos NM 87544 505-663-4053
Marix Servicing, LLC www.marixservicing.com 866-406-2749 1925 W. Pinnacle Peak Road
Phoeniz, AZ 85027 623-249-2070
Midwest Bank and Trust Co. http://www.midwestbank.com/ 708-456-4700 1606 N. Harlem Avenue, Elmwood Park, IL 708-456-9437
Mission Federal Credit Union www.missionfcu.org 800-500-6328 x2074 PO Box 919023
San Diego, CA 92121
Attn: Loss Mitigation 858-546-2058
Metropolitan National Bank https://www.metbank.com/default.asp 866-796-3876 Attn: Mortgage Department
P.O. Box 8010
Little Rock, AR 72203 501-907-8709 MorEquity, Inc. www.morequity.com 800-441-3805 1) PO Box 3788
Evansville IN 47736-9984 2) 601 NW Second Street, Evansville IN 47708 812-475-7074
Mortgage Center, LLC www.mortgagecuso.com 866-856-3750 20300 Civic Center Dr, # 403
Southfield, MI 48076 248-799-8556
Mortgage Clearing Corporation www.mortgageclearing.com 918-749-2645
National City Bank www.pncmortgage.com 800-523-8654 3232 Newmark Drive
Miamisburg, OH 45342 937-910-4009
Nationstar Mortgage LLC www.nationstarmtg.com 888-850-9398 Attn: HAMP
350 Highland Drive Lewisville, TX 75067
214-488-1993
Navy Federal Credit Union www.navyfederal.org 1-888-842-6328 3820 Follin Lane S.E Vienna, VA 22180
703-255-7947
Oakland Municipal Credit Union www.omcu.com 510-637-6600 250 Frank H. Ogawa Plaza Suite 6301
Oakland , CA 94612 510-238-5227
Ocwen Financial Corporation, Inc. www.ocwencustomers.com 800-746-2936 16661 Worthington Rd Ste 100
West Palm Beach, FL 33409 407-737-6174
OneWest Bank www.owb.com/mymortgage 800-781-7399 Indymac - 1, 2900 Esperanza Crossing
Austin, TX 78758 866-235-2366
ORNL Federal Credit Union www.ornlfcu.com/ 800-676-5328 Attn: Mortgage Modification Dept
221 S. Rutgers Avenue Oak Ridge, TN 37830 865-481-5810
Park View Federal Savings Bank www.parkviewfederal.com 440-914-3900 30000 Aurora Road, Solon, OH 44139 440-914-3656
Pathfinder Bank www.pathfinderbank.com 1-315-343-0057 214 West First Street, Oswego, NY 13126 1-315-207-8035
PennyMac Loan Services, LLC www.pnmac.com/index.php 866-545-9070 Attn: Karen Denton 27001 Aguora Road, Suite 350
Calabasas, CA 91301
Attn: Karen Denton 818-224-7510
PNC Bank, National Association www.pncmortgage.com 800-523-8654 3232 Newmark Drive
Miamisburg, OH 45342 937-910-4009
Purdue Employees Federal Credit Union www.purdueefcu.org 800-627-3328 P.O. Box 1950
West Layette IN 47996-1950 765-497-7477
Q lending, Inc. www.qlending.com 517-439-6121 1 Corporate Drive, Suite 360 Lake Zurich, IL 60047 847-574-7658
Quantum Servicing Corporation www.quantum-servicing.com 813-371-0270 6302 E. MLK Blvd., Suite 300
Tampa, FL 33619 N/A
RBC Bank (USA) www.rbcbankusa.com 1-866-777-2179 3201 Beechleaf Court Raleigh, NC 27604 1-877-530-0765
RG Mortgage Corporation www.rgmortgage.com/mortgage 888-264-4674 PO Box 362394
San Juan, PR. 00936-2394 787-756-2845
Residential Credit Solutions 800-737-1192 4282 North Freeway
Fort Worth TX 76137 888-775-7250
Roebling Bank http://www.roeblingbank.com/ 609-668-6500 Route 130 & Delaware Avenue, Roebling , NJ 08554 609-668-6255
RoundPoint Mortgage Servicing Corporation www.rpmservicing.com/ 877-426-8805 P.O. Box 19409
Charlotte, NC 28219-9409 888-364-5558
Saxon Mortgage Services www.saxononline.com 800-594-8422 Saxon Attention: Home Preservation HMP Documentation Department 4708 Mercantile Drive
North Fort Worth, TX 76137 888-240-1885
Schools Financial Credit Union www.schools.org 800-962-0990 C/O Real Estate Department 1485 Response Rd Suite 126
Sacramento CA, 95815 916-569-2047
SEFCU www.sefcu.com 866-733-2880 700 Patroon Creek Blvd
Albany, NY 12206 518-464-5213
Select Portfolio Servicing www.spservicing.com 888-818-6032 PO BOX:65250
Salt Lake City, UT 84165-0250
3815 S. West Temple
Salt Lake City, UT 84107 801-293-3936
Servis One Inc.,dba BSI Financial Services, Inc www.bsifinancial.com 866-209-4178 Attn: HAMP Department
P.O. Box 517, 314 S. Franklin Street,
Titusville, PA 16354 814-217-1366
ShoreBank www.sbk.com 800-905-7725 Attn: Kenisha Davis
3401 South King Drive,
Chicago, IL 60466 773-420-4501
Silver State Schools Credit Union www.silverstatecu.com 800-357-9654 1 Corporate Drive Suite 360
Lake Zurich, IL 60047 847-574-7658
Sound Community Bank www.soundcb.com 800-458-5585 ext 362 2005 5th Ave.,
Seattle, WA 98121 866-216-3405
Specialized Loan Servicing, LLC http://www.sls.net/ 800-315-4757 8742 Lucent Blvd., Suite 300, Highlands Ranch, CO 80129 720-241-7526
Spirit of Alaska Federal Credit Union www.spiritofak.com 907-459-5974 Mortgage Dept
1417 Gillam Way Fairbanks, AK 99701 907-459-5980
Stanford Federal Credit Union www.sfcu.org 888-723-7328 Attn: Tram Le 1860 Embarcadero Road
Palo Alto, CA 94303 866-743-3151
Sterling Savings Bank www.sterlingsavingsbank.com 800-772-7791 Attn: Tram Le
111 N. Wall, Spokane, WA 99201 509-624-8038
Suburban Mortgage Company of New Mexico smcnm.com 1-505-298-7456 3707 Eubank Blvd. N./E. Albuquerque, NM 1-505-292-4915
Tempe Schools Credit Union www.tscu.org 480-967-9475 2800 S. Mill Ave., Tempe, AZ 85282 480-776-3729
Technology Credit Union www.techcu.com 800-553-0880 2010 N First Street San Jose, CA 95131
Attn: LAD 408-453-8742
The Golden 1 Credit Union http://www.golden1.com/ 800-553-0880 8945 Cal Center Drive Sacramento, CA 95826 847-574-7658
United Bank http://www.unitedbankwi.com 1-715-835-6865 3625 Gateway Dr. Eau Claire, WI 54701 715-835-6870
United Bank Mortgage Corporation www.unitedbankofmichigan.com 800-968-1990
900 East Paris SE, Grand Rapids MI 49546 616-559-4631
Urban Trust Bank http://www.urbantrustbank.com 1-407-732-5698
400 Colonial Center Parkway, Lake Mary FL 32789 1-407-732-5698
U.S. Bank National Association www.usbank.com 866-932-0462 P.O. BOX 20005 OWENSBORO, KY 42304-0005 N/A
Vantium Capital, Inc. http://www.acqura.net 866-660-5804 6500 International Parkway Suite 1500
Plano, TX 75093 972-444-3356
Verity Credit Union http://www.veritycu.com 800-836-8172 CU Home Mortgage Solutions PO Box 75989
Seattle, WA 98175 206-361-5300
Visit Financial Corp. www.vistfc.com 1240 Broadcasting Rd. Wyomissing, PA 19605
Wachovia Mortgage, FSB www.wachovia.com 800-922-4684 4101 Wiseman Blvd Mailcode TX 1616 San Antonio, TX 78251
866-359-7363
Wachovia Bank, NA www.wachovia.com 800-922-4684 1000 Blue Gentian Road Suite 300 Eagan MN 55121 866-359-7363
Wealthbridge Mortgage Corp. www.wealthbridge.com 866-702-4865 15455 NW Greenbrier Pkwy, Ste 111, Beaverton, OR 97006
503-597-7518
Wells Fargo Bank, NA www.wellsfargo.com/homeassist 800-678-7986 HAMP Application Documents 1000 Blue Gentian Road
Suite 300 X9999-01N Eagan MN 55121 Customer Service Correspondence PO Box 10335 MAC: X2302-017
Des Moines, IA 50306 866-359-7363
Wescom Central Credit Union www.wescom.org 888-493-7266 5601 E. La Palma Avenue Anaheim, CA 92807 626-535-1357
Wilshire Credit Corporation https://www.wcc.ml.com 800-720-3758 PO Box 8517
Portland, OR 97207-8517 866-382-0489
Yadkin Valley Bank www.yadkinvalleybank.com 336-258-6252 PO Box 96
Pfafftown, NC 27040 336-258-6252

We will continue to update this list as additional servicers execute formal participation agreements. If your servicer is not listed, please bookmark this page and check back with us soon. In the interim, you can locate your servicer by reviewing the information on your monthly mortgage statement or find a list of servicers on the Hope Now Alliance website.

http://www.makinghomeaffordable.gov/contact_servicer.html

Now Alliance website: http://www.hopenow.com

[Dr.Phool]

8. It's all P.R.

Just about everybody who's filed for a modification gets bogged down in paper work for months, that then ends up getting lost, even though they've acknowledged receipt of said documents,

Then after being jerked off for six more months to a year, they get turned down anyway.

Wells Fargo? Chase? :rofl: :rofl: :rofl:


WTF? BofA is even foreclosing on homes in Florida that don't have ANY mortgage on them, let alone a BofA mortgage.

[ClarkUSA]

9. What proof do you have that it is? n/t

[Tarheel_Dem]

11. So your suggestion is that they just quit trying? Glad you didn't run for president. (nt)

[winstars]

12. SORRY TO BE A GROOVE BUSTER BUT...

For most people these programs are not gonna work... So many of these loans have been sold for mere cents on the dollar by the original lenders. (who don't exist anymore) This means that the current "mortgage servicers" of these loans have no interest in actually helping the homeowners!!! They might have even bought these sub-prime loans with TARP monies, remember, 'to buy the TOXIC ASSETS' meme... So they pretend to attempt to get the homeowner in a government program, jerk them around for 6 months,charging them as much as they can for this non-effort, and then foreclose on them anyway. If they paid only paid say $200K for your $500K loan, they can foreclose on you and even if they sell your dream for only $300K, it's still beautiful FOR THEM. And like I said, maybe they (the new "mortgage servicer") did not even use their own dough to buy the loan originally!!!! If you were them, would YOU rather make a very quick profit now with a foreclosure, or wait 30 fucking years to get paid????? People are walking around saying 'why don't they make a deal with me, why don't they "cram-down my principal??? Won't they LOSE MONEY in a foreclosure????? Ahhh, NO, NOT AT ALL!!! The reason is that they don't really want your payments; they want the house; TO FORECLOSE: TO GET A PROFIT NOW!!!

The best part is that the people who are now running this game on people are probably the same bastards that were writing the original shitty loans in the first place. MORTGAGE SERVICERS"!!!! WHAT DOES THAT MEAN ANYWAY!!!

[ClarkUSA]

15. What evidence or facts do you have that this is happening or will happen? n/t

[winstars]

17. AHMSI is one for instance...

The Google is your friend... This company was formed in 2008 by Wilbur Ross, you might remember his ex-wife, the crazy former lieutenant Governor of NY, Betsy Ross McCa-- something, now Faux News Birther. Anyway, he forms this company do just do sub-prime loans (2008). He buys Option One, which was H&R Blocks sub-prime outfit and DOES NOT pay full value for the loans. In 2009, they like 31,000 sub-prime loans from Citi, again of course, not for their full value. I believe they even got some of the TARP dough to do these purchases.

Google AHMSI and sub-primes... You will get Wall Street Journal FACTS, You will get Forbes and Fortune magazine FACTS... Google AHSMI and consumer complaints. Read what HUNDREDS of people are screaming about, it's all there, EVIDENCE for all to read.

Sorry but I don't have the links for you, but they all can be easily found,,,

This is just one of the companies listed above, I am definitely NOT saying that all are like the one above but a lot are and sorry but it all makes perfect business sense, to me at least.

[lunatica]

5. This is depressing

What about those of us who didn't buy McMansions?

[OnionPatch]

16. I didn't buy a McMansion or take an ARP loan.

The bank treated us like crap because we refused to borrow more for a more expensive house. Instead, we bought an old fixer-upper on a 30-year loan with a significant down-payment. Our mortgage is underwater now anyway. We're basically stuck in this house forever now unless we want to eat the difference. I'm kind of tired of being treated like we did something wrong and/or irresponsible.