Another failed policy is brewing. I received a letter from my mortgage lender telling me to call within 15 days to do a loan modification on my Alt A mortgage loan. Knowing that my payments are current and my income has not changed I went ahead and made the call. The representative said that they wanted to modify my loan by reducing my principal and/or my interest rate but I needed a hardship in order to qualify. After going over my history he informed me that I did not qualify but they really wanted to do a modification and if I thought I would have any kind of hardship even coming up such as a reduction in hours or pay or divorce, anything... they could modify the loan. Basically he was trying to talk me into coming up with some sort of hardship so they could rework my loan.
If Obama's bailout plan is going to encourage lenders to solicit people who are current on their loans and then encourage them to make up a hardship to modify a perfectly good loan, then we are headed for even more trouble. It is just a disgrace to think we have mortgaged our grandchildrens futures with this mortgage bailout and reward people for not paying their bills, now we are encouraging the people that are paying, to stop. When will this fiasco end???
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