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My little Rant made it into the Washington Post...

Reblogger
Mortgage and Lending with Greenway Financial

I have been following this story, saw the secretary of HUD parade this guy who said, he had a great loan modification and the program works..... Of course they had one.. but what about the rest of the people... wake up.....

Original content by Konnie Mac McCarthy 638538 MD

washingtonpost.com 

The Refinancing Trap

Monday, May 4, 2009

 Regarding the April 29 Economy & Business article "Foreclosure Prevention Plan Expanded to 2nd Mortgages":

News flash: All of this new housing legislation and all the noise that our lawmakers are generating about helping consumers are not reaching the people most in need.

I am in the trenches of this mess in the Washington area. I work with homeowners every day who have been told to contact their mortgage companies "before there is a problem with paying your mortgage," only to learn that they must be behind in their payments before the mortgage company can help them. In essence, homeowers are being advised by their mortgage companies to ruin their credit by missing payments (which causes other credit problems). The minute consumers damage their credit, their buying power is decreased, sometimes for years.

I am working with a single mother who has two autistic children. Her loan rate was adjusted, so she called the mortgage company and asked for help. She was told that she was not delinquent and that the company could not help her. She fell behind and again called for help; she was instructed that she had to make a "good faith" payment for the company to assist her. She was finally told that the company would give her a better rate for six months only.

My client saw no hope in sight and gave up her home. She was going to let it go to foreclosure, but that would have stayed on her credit report for five to seven years and made it impossible for her to buy another home for a while. She opted for a short sale.

This is a story I have heard over and over. It seems as though the government is allowing the banks to encourage an endless cycle of short sales. Homeowners have no choice but to walk away. This can't be good for the housing market -- or the economy.

 

KONNIE McKEE

 

Haymarket

 

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