A small step, but one that it is important and hopefully will be a trend in the Making Home Affordable Program process.

Real Estate Agent with Keller Williams Realty - Lakeside Market Center

Here in my Macomb County MI area we have been in the throes of the foreclosure / unemployment / plummeting home values for several years.  

During all of this chaos I've spoken with many people who have tried to have their mortgages modified with
the Making Home Affordable program.   They've all shared the same scenarios & frustration:   Repeatedly
faxing and / or sending requested documents, phone calls to follow up weekly and in some cases daily,
mortgages being sold to another lender while in the midst of the process & having to start all over again.

Most of the people that I know of who have tried to have their mortgages permanently modified are now in
their 9th month to one year of "send it again, we didn't get it" mess.   Only a couple of them have been put
into the "trial program" of making the new modified payments for a 90 day trial period before they are
supposed to receive the permanent modification paperwork.  (I know of 2 people who are in the trial program, completed the 90 days of payments, and still haven't received permanent modification.)

Yesterday though I received a phone call from someone who said:"It's here!  The permanent modification  document!"   (This was after almost one year of haggling, begging and the loan being sold to another lender and starting all over again.)

Of course I asked what they thought was the key to getting the final documents.  The answer?  Getting angry. Refusing to take "no" during one lengthy phone call and consistently going up the chain of command to the new mortgage holder.  Doing this finally put them in touch with the Fannie Mae Foreclosure Prevention Specialist who actually provided this person with their own contact information for follow up calls and email. 

Today I am going to call or email the other people that I have spoken to about their frustration with this process to hopefully give them a bit of momentum to keep going forward and to see the light at the end of the tunnel. 

One small step, but an important one, and one that I hope we will hear much more about in the coming months as  these "trial periods" progress.

Comments (9)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

So it would appear that the squeaky wheel gets the grease.

That's not the way it should be.  Nor is that the way it is portrayed. 

These programs are a farce. 

Jan 18, 2010 09:34 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Lenn,  In this case the squeaky angry wheel got the grease.  However I am still a bit nervous for this person until the new mortgage is recorded at the county level.   Yes, this program surely has been a farce.   I really am hoping that something has gone on at the government level in the last month or so to shake these banks and their non-progress up.

Jan 18, 2010 09:38 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Kris,

It's a shame for people who are going through job loss, no income to make their payments and they cannot get the straight answers for help....unfortunately these programs are a farce! Good luck and keep trying just remember who you are dealing with..incompetents!!

Jan 18, 2010 10:01 PM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Kris, I am working with a gal now who has been doing this for months....same ole' same ole'.

It is freaking heart breaking.

Are you on Wendy and Broker Bryants Short Sale Superstars?

Go join if not, I learn SO much there.

Jan 19, 2010 06:44 AM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Kris I am working with someone right now who can use this information and I am going to pass it along without delay.

Jan 19, 2010 08:02 AM
Rob Muller
ReMax Town & Country - Canton, GA
Cherokee County Real Estate

That is great news I have heard of several people who completed the 90 day trial successfully only to be returned to the original loan terms

Jan 19, 2010 02:38 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Dorie,   If there is no income, I understand the denials. (Unless unemployment benefits would carry the weight of the mortgage)  But to deny people who qualify, or drag things out so long that the frustration of it all causes people to just walk away, is heartless.

Missy,   I'll look up Wendy & BB's site.  Thanks!  If your gal is working with Nationstar let me know.  I'll send you the contact information.

Charita,  I wish them well!  Thanks Charita.

Rob,   We hear it time and time again.  I'm sick of it.

Jan 19, 2010 11:11 PM
Susan Brown
Keller Williams NE, Kingwood Texas (Humble & Atascocita too) - Kingwood, TX

Kris - People that are already struggling shouldn't have to struggle louder to get the help that is supposedly coming their way. 

Jan 20, 2010 06:55 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

  All change begins with tiny steps...and then they become giant leaps that hoepfully will benefit everyone...good luck !

Jan 23, 2010 11:27 PM

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