I recently posted a blog where I encouraged homeowners who owe more on their home than the home is worth to take a new hard look at the newly revised Hope for Homeowners program before considering a short sale or foreclosure. I have received several emails from homeowners who allege that lenders are not honoring or even acknowledging the program. Some write that certain lenders will offer alternatives like refinance referral, rate reduction, changing loan terms, etc. in lieu of the Hope for Homeowners program, especially if the homeowner has not been late on their mortgage payments. I would think that this is better alternative to short sale or foreclosure for lenders and their investors because the H4H program offers them a chance for quick recapture of principal from their non-performing residential mortgage portfolios, especially with the new ltv going up to 96.5% of current home value. This program has been restructed to help them minimize the losses associated with foreclosure or short-sale. So, why shouldn't they be rushing to embrace this newly revised H4H program?
- Topic: Mortgage / Finance
- Location:
- Maryland
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Anonymous
OBAMA NEEDS A TEAM TO OVERSEE THE BANKS PARTICIPATING WITH THE NEW MODIFICATION RULES BECAUSE THE BANKS ARE ''ACTING STUPID''...AFTER 7 MONTHS MY FRIEND, A TITLE OFFICER, WORKED WITH WELLS FARGO BANK IN TRYING TO MODIFY. I CALLED IN FOR HIM TO BE TOLD - ''OH, YOU ARE NOT A FNMA-FHLMC LOAN, THIS IS THE WRONG DEPT...YOU SHOULD BE IN THE PORTFOLIO SECTION...SO THEY CANCELLED HIS 7MONTH LONG MODIFICATION APPLICATION AND HAD TO START ''NEW''!!!!
THEN THERE'S COUNTRYWIDE WHO HAS STAFF IN INDIA MAKING COLLECTION CALLS TO DELINQUENT BORROWERS OVER AND OVER AND OVER. IT'S LIKE TALKING TO AN ACTUAL ''COW''....ISN'T IT INSULT THAT IN OUR JOB LOSS SITUATION, THAT THE CUSTOMER SERVICE CLERK HANDLING YOUR MODIFICATION PROBLEMS HERE ARE ACTUALLY OUT OF THE COUNTRY AND EARNING YOUR POTENTIAL INCOME? IT TAKES THESE PEOPLE ABOUT 30 MINS. TO TAKE IN A 5 MIN. AMERICAN CONVERSATION...SO WHO IS SAVING HERE?
DID YOU SEE THE RESULTS FOR THE HOPE FOR HOME OWNERS PERFORMANCE - IN THE FIRST 7 MONTHS ONLY 1, REPEAT 1 FAMILY WAS HELPED...SO TODAY THEY ISSUED A 'REVISED' H4H PROGRAM...LET'S SEE WHO WILL GET HELPED?
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