Loan Modification vs. FHA - Hope for Homeowners Program. Comparative Analysis!

HELP, I AM IN FORECLOSURE ,RECIEVED NOTICE OF INTENT TO ACCELARATE TO EXPIRE OCT.21, I HAVE TRIED DEALING WITH COUNTRYWIDE FOR ABOUT SIX MONTHS NOW TRING TO DO LOAN MOD.NEED SOME ADVICE ON MY OPTIONS, COUNTRYWIDE WILL NOT LET ME SPESK TO MODIFICATION WORKER I ALWAYS HAVE TO SPEAK TO CUSTOMER SERVICE REP...WE HAVE TRIED 3 DIFFERENT TIME S TO GET THIS PROCESSED WE HAVE GOTTEN NO WHERE,WE GOT BEHIND BECAUSE MY HUSBAND HAD SURGERY 2 IN SIX MONTHS MISSED WORK....WAS NEVER LATE TILL THIS HAPPENED.WE WANT TO KEEP OUR HOME ....

The Hope for Homeowners Program has made some adjustments in the underwriting guidelines on November 19th, 2008 which should cause the lending channels to offer the program to the consumers in the near future. I expect that to happen after the first of the year. Lending channels have been very resistant to offer the program to the public since it was delivered to them on October 1st, 2008. I believe this will change soon.

Get the most current updated on the Hope for Homeowners Program website. See the link below:

Best Regards,

Steve

I have a contact with someone in foreclosure here in San Diego. He owes around $250,000 on a house that is worth 300+. His lender is US Bank and he is working with Homecomings on a loan mod. He just got the auction postponed from 12-1 to 1-2. He had some medical problems, is self employed and I think is having problems documenting income. Would he qualify for and have time to do the FHA program? thanks, Larry

emc has offerd to mod my loan for 4% with a balloon payment and a fixed rate.i wonder what the fha can do?

HI MIKE

I AM IN FORCLOSURE WITH EMC AND I WANT TO CONTACT THEM ABOUT A MODIFICATION IM AFRAID. DID YOU CONTACT THEM OR DID SOMEONE ELSE. HOW FAR BEHIND WERE YOU? WERE YOU IN FORCLOSURE? PLEASE GIVE ME SOME ADVICE

donna

contact JP MORGAN CHASE.com,,,,i belive they own emc loans now,,i wasnt in foreclosure yet,,close
mike

I am beginning to believe this program is a joke. Its supposed to help homeowners, but no one is willing to actually step out and use the program. Every call I make is the same thing, same numbers, same informatation. I know this program now probably better than the people that created it! If anyone has any helpful information I would greatly appreciate it!

First: The program has only been active for 90 plus days....

The program is slow to move to help consumers as the banks and their investors within the banks hate the program in it's current form and will not offer it to the public. I expect that to change when President Obama-Elect gets into power after January 23th, 2009. I believe that the democrats along with the Obama administration will offer tax incentives to the banks {investors} to cause them to finally deliver the loan program to the lending channels which offer it to the public. So, expect big changes to happen in the coming months. There are expected to be well over 2.25 million to 4 million additional houses that will be in foreclosure in 2009. The banks can’t handle the current foreclosure activity, so, I can’t imagine that they will be able to handle an additional 2.25 to 4 million properties expected to be in foreclosure in 2009. Logically, they have to [eventually] offer the program.

It this in mind: Banks are comprised of investors. Investors have lost millions of dollars in the stock market crash. Now, they are expected to take a "financial hit" in the equity positions in consumer home investments (trust deed investments). If you were in this situation... you would be pissed! Investors are telling banks to do loan modifications and not the "hope" program. I believe this will change since well over 55% of loan modifications go back to the bank within 4-6 months of acceptance by the consumer. Consumers are taking the loan modification under "quiet durress" (meaning.. they fear they have to take the loan modification presented to them by the loss mitigation department or the bank will take their home from them.) The investors in banks will eventually come to an understanding that they have to take the financial hit to correct the problem. So, what is needed is some kind of tax incentive or benefit delivered to investors to off-set the financial hit. It is my belief that the new presidential administration will create some additional benefit to make this happen.

The sad fact is that the investor who have equity position in consumers homes will eventually have to do this program or something similar [like a loan modification with an equity "write down"] to correct the housing problem.

Steve