HAMP Failure is not an option but Washington needs to HEAR

Video news: I was in modification and they foreclosed without notice! Channel 12

I sat in court and watched as several people  in just one of the many courtrooms in Maricopa county said to the judge:   I was modifying my loan, I had no idea they were foreclosing.   This is a common theme.  Some even have letters showing the promise to not foreclose while modifying.   Banks do and will tell some customers that a short sale attempt will not stop foreclosure but they do not always tell customers they are at risk of losing home even with modification.

It is criminal to sit in court and people taking time off from jobs (which are hard to replace) are told they have to come back later for a hearing (with or without lawyer) to show anything they might have to prove the foreclosure was illegal   So not only are banks illegally obtaining homes by fraud, not working with the government to modify loans  they are also PRESUMED to have done everything correctly by the courts.  Given all the news reports I think any judge that PRESUMES  BANKS TO BE OPERATING CORRECTLY ARE not capable of judging.

We need over-site of government, banks and court procedures. The story above of MIKE is all to common. The comments by the Treasury is ASTOUNDING. Don't count on Mikes eviction being held for very long. Share this article by using the tweet and facebook links in righthand column.

UPDATE HAFA, HAMP and changes to loan modifications

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications.

In a previous posting I referred to video of phone call outlining HAMP qualifications at a bank. Today I had interview with home modification specialist and she was telling me how things have updated recently. She estimates that only 30% of the loans coming through their department are modified. Which she told me she doesn't think is a lot of modification and that much more is needed. I was telling her that I had heard the figure was much lower. Either way at least there are changes.

Here are a few:

All the major lenders are now accepting HAMP applications. Freddie, Fannie and Ginnie are among them.

You are no longer required to be 60 days late on mortgage payments to qualify. makinghomeaffordable.gov

The government is pumping money into this program and has tried to make it easier to get help. 36% get permanent modifications after trial period. HAMP looks to be more promising than just a few short months ago. One of the best changes is that it is targetting the hardest hit areas. What do you think of the new improved HAMP?

Foreclosures affect YOU : Upside down in your home?

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

I ran across this interesting blogpost about how homes are increasingly going underwater in value. Basically showing the rise in foreclosures about 35%. It also estimated that home values will FALL with this glut of foreclosed homes on the market. More and more people will be stuck without the ability to sell their home to get out from under the loan.

Check out the post 23% of Homes Underwater and let me know what you think! I just heard from a friend that came home to a note on the door... isn't that sweet? Scroll down again to that video of the telphone call to BOA (BANK OF AMERICA) about HAMP (GOVERNMENT PROGRAM) ... This home help program could have helped her, BUT it was a loan owned by one of the major players that won't play ball fair and square. Call your senators!

So in exchange for the bailout supposedly helping homeowners we get:

FEW LOAN MODS

INCREASINGLY LOWERED PROPERTY VALUES

MORE HOMEOWNERS FACING FORECLOSURE

UPROOTED FAMILIES

DETERIORATING NEIGHBORHOODS

THIS AFFECTS EVERYONE

HAFA, HAMP, HOPE and HELL - Your Banks Working for YOU

Please retweet this blogpost if you find it helpful in learning about government mortgage homeownership and bank loan modifications

http://www.youtube.com/watch?v=mhAdGVPT1sc&feature=player_embedded

If you have not seen this... this is the way our bank operates for trying to help people. I have not verified that is real but assume that it is fairly representative. Our experience of going through hoops for other programs is very similar.