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Author Topic: Home Modification Plan  (Read 713 times)

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Offline tednlou2

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  • Posts: 5,731
Home Modification Plan
« on: May 06, 2010, 12:38:31 AM »
Many of you have probably heard about the "Making Homes Affordable" plan that the Obama Administration started.  It is a program to modify mortgages, but it is totally voluntary.  The companies don't have to do it.  I know that get paid at least $1,000 dollars per modification and I think even more.

We weren't in danger of foreclosure, but could benefit from having our payment reduced.  You didn't have to be in foreclosure to qualify.  We were just hoping to get our mortgage under $1,000/mth.  I sent in the paper work ONE YEAR ago.  Over the year, I called several times to check on it.  I kept getting the run-around.  I was told they are getting so many applications and didn't have the staff.  However, they have the staff to call people who are behind and to foreclose on them. 

I asked them what people who were in danger of foreclosure were suppose to do if it takes over a year to get an answer.  No response.  I asked why don't they suspend late payments, since they don't have the staff to deal with all them.  No response.  One representative actually told me I should get a month behind on our payment, so it would look better.  Again, you don't have to be behind to qualify.  You just need to show your payment is a burden.  I've heard only 288 modifications have been done--in total by all companies.

Since tax payers bailed out many of these companies and gave over $40 Billion to mine (Bank of America), Obama should have made it mandatory!  I don't understand why he didn't. 


Do these companies get paid for "working" on the modifications whether they ever actually modify a mortgage?  Do they get paid if they deny the modification?  I know I read they get at least $1,000 for each modification.  With so few done, they aren't making much unless they get paid regardless for just saying they are working on them.  I just saw on the news tonight that many of the modifications done, they barely reduced the payment at all.  Experts say to make it really work, companies need to reduce the principal owed, but the companies don't want to do that.  Evidently, they don't even want to reduce the interest rate or anything else.

Some may say why these companies should have to do anything.  As I said, my bank took over $40 Billion and I feel they owe something for that to help the mortgage crisis that many of them help create.

Offline tednlou2

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  • Posts: 5,731
Re: Home Modification Plan
« Reply #1 on: May 06, 2010, 01:55:50 AM »
I wanted to correct something I said about the number of modifications done so far.  From what I can tell, it is around 230,000 from all banks.  Still, that is not much.  And, like I said, many of those people have only seen a very slight reduction in their payments.  I read where many are being offered terrible modifications that would put them in worse shape and under water more than they are now.


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