For Homeowners - What you know about the Home Affordable Modification Program??

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Gemini

Gemini

Sicc OG
#2
May 16, 2002
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#2
My Homie did, but I'm not sure on the full details of it though. I'll ask dude and come back to this.
 
ayo4yayo

ayo4yayo

Sicc OG
#4
Jul 25, 2007
4,989
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#4
how they hell are they in foreclosure if they've been paying their house, on time, since they got it? Let alone, signing up for a loan modification program which then your friends should prove that they are in hardship. Also, loan mods usually freeze the foreclosure process. So, your friends must of not been paying or having a hard time paying their house for awhile if their house is about to be foreclosed.

Loan mod programs usually take 3-5 months to process. Depending on the loan type, it can take a couple of months before they file a notice of default. Since there are a lot of foreclosures for these lenders to process, it can take up to a year for it to be finalized. Thats how my homie stayed in his house, rent free for almost 2 years by doing loan mods and his foreclosure process taking hella long.

To answer your original question, NO!
 
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blunt_hogg559
#5
Jul 6, 2005
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#5
some of these asshole banks make agreements with their borrowers, lowering the payment for a period of time to provide payment relief for the borrower. it is vital for a borrower to read the terms of any loan modification agreement. because some agreements may function more like a forbearance agreement.

so while a borrower may get relief and pay lower payments for a period of six months, let's say, there's a catch.

the difference between the regular house note and the lowered payment is a certain amount of money. that amount accrues the entire time the borrower is provided 'payment relief'. after which, the borrower owes the amount that accrued (depending on the terms of the agreement).

some borrowers may be getting (what they feel) is payment relief, but there is almost always is a catch. my girl participated in that same program and owed the interest that accrued during the period for payment relief.

banks rarely walk away from money and rarely will forgive debt. they get theirs, one way or another.

it is more of a forbearance type agreement than a loan modification. because the interest is held off for a period of time, but is still owed ultimately.

gotta check the paper work and know what kind of agreement your friend is dealing with.
 
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blunt_hogg559
#7
Jul 6, 2005
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#7
actually, my girl's payment was lowered (which was a forbearance and interest accrued) for a period of time before her loan modification was completed. and owed the money from the forbearance period. but when the loan modification kicked in, her payments (interest and principal) were lowered for the life of the loan.
 
L

lifeistooshort

Member
#8
Mar 5, 2006
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#8
i worked for an organization that ran a foreclosure prevention program. I would say we only successfully helped about 5% of the people whos paperwork we submitted because all of the paperwork and other bullshit.

What seemed to be the most successful was when the homeowner directly contacted the lender informing them and proving some type of financial hardship.

As someone said though if they've paid their mortgage, there's no reason why they should be in foreclosure. Let me know if you need more info, I have a bit of experience with this stuff.
 
C

carl winslow

Sicc OG
#9
Dec 17, 2004
3,694
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#9
ayo4yayo said:
how they hell are they in foreclosure if they've been paying their house, on time, since they got it? Let alone, signing up for a loan modification program which then your friends should prove that they are in hardship. Also, loan mods usually freeze the foreclosure process. So, your friends must of not been paying or having a hard time paying their house for awhile if their house is about to be foreclosed.

Loan mod programs usually take 3-5 months to process. Depending on the loan type, it can take a couple of months before they file a notice of default. Since there are a lot of foreclosures for these lenders to process, it can take up to a year for it to be finalized. Thats how my homie stayed in his house, rent free for almost 2 years by doing loan mods and his foreclosure process taking hella long.

To answer your original question, NO!
Click to expand...
they literally have paid their mortgage on time every month since they bought the home.

basically they signed up but havent even received their reduced payment modification yet, because theyve just been going through almost 2 years of consistent delay tactics like "we havent received the paperwork" back and forth to finalize the deal. the whole time their credit score is getting dinged each month bc even though they pay their mortgage on time its going through the fed govt first who then sends it to bank of america late. when they complain bank of america acts clueless and blames the gov, and the gov acts clueless and blames bank of america....classic

so it seems theyre using delay tactics to try and wait people out until they default on payments and then can come in foreclose the house and sell it.

my friend has yet to default but theyre getting him through some other avenue in which they claim he hasnt complied with certain paperwork which he knows he's sent but they claim they never received. he's getting so fed up he kind of wishes to just lose the house and start all over

i might have some details wrong but thats what i gathered from what he was telling me.

this link shows what ppl are saying that are going through it. some seem to be saying what blunthogg was talking about
http://www.class-action-lawsuits.org...gage-handling/
 
U

UnderTheRadar

Fresh
#10
Jul 16, 2011
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#10
The last resort is Chapter 13 bankruptcy if they want to keep the house and have no other option.

BUT if they really were never late then it sounds like they need a lawyer. ANY lawyer that specializes in the field should take the case. Just bring em proof of the payments.
 
U

UnderTheRadar

Fresh
#11
Jul 16, 2011
16
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#11
The last resort is Chapter 13 bankruptcy if they want to keep the house and have no other option.

BUT if they really were never late then it sounds like they need a lawyer. ANY lawyer that specializes in the field should take the case. Just bring em proof of the payments.
 
U

UnderTheRadar

Fresh
#12
Jul 16, 2011
16
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#12
The last resort is Chapter 13 bankruptcy if they want to keep the house and have no other option.

BUT if they really were never late then it sounds like they need a lawyer. ANY lawyer that specializes in the field should take the case. Just bring em proof of the payments.
 
U

UnderTheRadar

Fresh
#13
Jul 16, 2011
16
0
0
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#13
The last resort is Chapter 13 bankruptcy if they want to keep the house and have no other option.

BUT if they really were never late then it sounds like they need a lawyer. ANY lawyer that specializes in the field should take the case. Just bring em proof of the payments.
 
ayo4yayo

ayo4yayo

Sicc OG
#14
Jul 25, 2007
4,989
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#14
What I dont get is why are they applying for loan modification if they have been paying their mortgage on time, every month. Loan mods are for people who can no longer afford their payments and need to prove to the banks that they can no longer pay that amount.

Foreclosures only happen if they havent paid their mortgage for a couple months depending on the terms on the loan.
 
radiostationrep

radiostationrep

Sicc OG
#17
Dec 2, 2006
6,161
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#17
ayo4yayo said:
What I dont get is why are they applying for loan modification if they have been paying their mortgage on time, every month. Loan mods are for people who can no longer afford their payments and need to prove to the banks that they can no longer pay that amount.

Foreclosures only happen if they havent paid their mortgage for a couple months depending on the terms on the loan.
Click to expand...
Because the loan amount exceeds the property's value more than likely. Owing 400k on a house that is only appraised at 200k is not the business in 2011. Fuck the banks.
 
C

carl winslow

Sicc OG
#19
Dec 17, 2004
3,694
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#19
ayo4yayo said:
What I dont get is why are they applying for loan modification if they have been paying their mortgage on time, every month. Loan mods are for people who can no longer afford their payments and need to prove to the banks that they can no longer pay that amount.

Foreclosures only happen if they havent paid their mortgage for a couple months depending on the terms on the loan.
Click to expand...
theyve just made it a priority to always pay their mortgage so they always have, but after paying it it leaves them will little money for everything else, like buying tacos, which is why they applied for the modification. thing is, after getting approved they were only offered $100 reduction...they figured they might as well take it since they went through all the trouble and 100 bucks is 100 bucks at the end of the day (thats still 200 j box tacos)....so a notary came and notarized the final paper work of him signing and accepting the plan. having done that they didnt have to pay that next months mortgage and they spoke to someone to confirm that...well they later get a letter from bank of america threatening to foreclose because they owe $7000 but if they pay 3k they can keep the home...my friend says theres no reason to owe 7k but i think it has something to do with him not paying mortgage that one month and b of a claiming that he never returned the paper work to accept the HAMP deal...they just say they never got it (theyve done this with multiple forms and a bunch of ppl on the net can attest to this), thus assume he was denying the offer, thus had no reason to not pay that months mortgage, etc.

theyre looking into getting a lawyer now
 
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