My thoughts exactly...that's why I wanted to post it. I can see their excuse "oh we need more time". They've had three months already and if someone made all three trial payments it should be open and shut, not pay us another trial payment!
PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is
- Thread starter THANKS2U
- Start date
THANKS2U
LoanSafe Member
FOR THOSE CONCERNED WITH GINNIE MAE
Welcome to Ginnie Mae
FOT THOSE WANTING TO KNOW ABOUT EVENTS THAT MAY HELP
Making Home Affordable - Homeowner Events
CLICK ON SHOW ALL EVENTS
Thank you Garry & Sillyworld
Welcome to Ginnie Mae
FOT THOSE WANTING TO KNOW ABOUT EVENTS THAT MAY HELP
Making Home Affordable - Homeowner Events
CLICK ON SHOW ALL EVENTS
Thank you Garry & Sillyworld
MichaelMoore.com : Iraqi who threw shoes at Bush to be released early...
Interesting article about a Brooklyn judge and foreclosures.
Interesting article about a Brooklyn judge and foreclosures.
So, if everyone's aware of the problems and the fact that the homeowner has nowhere to turn, then why do we still have no person or agency to formally complain to????
Homeowners frustrated by mortgage assistance program - CNN.com
Homeowners frustrated by mortgage assistance program - CNN.com
QuayzyCrazy
LoanSafe Member
Ama125, Thanks2u and everyone else here,
Have you heard the news? How does this affects us?
Bank of America wants to payback bailout money so they don't have the government scrutinizing them and on top of them (if with the government over their shoulders, they had such a lousy and almost criminal performance modifying loans for the people who pay the taxes, imagine if they can decide whether to help or not!). If anyone understands the effect of a decision like this a bit better, please clarify... My loan is Fannie Mae backed. I hope this means that I'm still "covered" somehow.
Bank Of America Wants To Pay Back Bailout, Remove Government Guarantees
Have you heard the news? How does this affects us?
Bank of America wants to payback bailout money so they don't have the government scrutinizing them and on top of them (if with the government over their shoulders, they had such a lousy and almost criminal performance modifying loans for the people who pay the taxes, imagine if they can decide whether to help or not!). If anyone understands the effect of a decision like this a bit better, please clarify... My loan is Fannie Mae backed. I hope this means that I'm still "covered" somehow.
Bank Of America Wants To Pay Back Bailout, Remove Government Guarantees
I saw that, too, and I have no idea what the implications would be. I did read that it was a partial pay back so I would not fret over this too much yet.
AzGryffindor
LoanSafe Member
I think those of us with Fannie/Freddie backed loans have the most protections as any servicer with our loans MUST participate - period.
Those with other investors are going to have a much harder road to travel.
Considering the horrible track record that most of the servicers have in regards to HAMP, wouldn't it be better for Fannie/Freddie to simply pull back in those loans and handle the servicing/modifications themselves?
At the very least it would take away some cash flow from the underperforming banks.
Those with other investors are going to have a much harder road to travel.
Considering the horrible track record that most of the servicers have in regards to HAMP, wouldn't it be better for Fannie/Freddie to simply pull back in those loans and handle the servicing/modifications themselves?
At the very least it would take away some cash flow from the underperforming banks.
AzGryffindor
LoanSafe Member
Link to what a REAL MHA loan mod package should look like: (look for my posts)
http://www.loansafe.org/forum/count...135-making-homes-affordable-modification.html
http://www.loansafe.org/forum/count...135-making-homes-affordable-modification.html
THANKS2U
LoanSafe Member
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Must read for Fannie Mae loans
The Fannie Mae WORKOUT Hierarchy for servicers to consider loan workout options
https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pdf
NEVER GIVE UP !!!!
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Must read for Fannie Mae loans
The Fannie Mae WORKOUT Hierarchy for servicers to consider loan workout options
https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pdf
NEVER GIVE UP !!!!
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This is the one thing that has always puzzled me...in June I was offered the HomeSaver Forbearance. I looked it up way back then and came across this workout hierarchy. It very clearly states that if ineligible for HAMP, then determine if hardship is temporary or long-term. When I ask whether my file has ever been reviewed for HAMP, the folks at BofA consistently tell me "no". So, how in the h-ll did I get the HomeSaver Forbearance offer?!
Being told your investor won't modify your loan?
Then read this: Bundled Mortgages Pose Problems for Housing Program - ProPublica
Then read this: Bundled Mortgages Pose Problems for Housing Program - ProPublica
AzGryffindor
LoanSafe Member
Here's an update to the story I posted previously about a local Bankruptcy Judge ordering Wells Fargo in to court to explain themsleves:
Bankruptcy Judge Grills Wells Fargo - House And Home News Story - KPHO Phoenix
Bankruptcy Judge Grills Wells Fargo
Sarah Buduson
Reporter, KPHO.com
POSTED: 9:11 pm MST September 3, 2009
UPDATED: 7:23 am MST September 4, 2009
PHOENIX -- A federal bankruptcy judge chastised Wells Fargo in court for failing to help struggling homeowners during a bankruptcy hearing Thursday afternoon.
Randolph Haines said Wells Fargo failed to adequately communicate with customers about their requests for loan modifications. Haines also criticized the company for how slowly it was granting homeowners loan modifications that could help them avoid foreclosure. Haines forced Wells Fargo Senior Vice President Joe Ohayon to fly in for the bankruptcy hearing, which involved a customer who said Wells Fargo had failed to help her.
“As I mentioned today in court, foreclosure is not good for anyone,†Ohayon said. “It’s not good for Wells Fargo; it’s not good for our customers.†Ohayon admitted Wells Fargo could do a better job communicating with customers. “I don’t necessarily think we’ve done a poor job of communicating with our customers, but I think there is an opportunity to improve the overall customer experience during what is a very difficult time for them,†he said.
He also said the company is working to streamline the loan modification process, but said changing government guidelines and customer financial situation and agreements with investors often make it difficult to give a customer a loan modification.
“I am so impressed with Judge Haines. I really feel like he was there for us, the little people against a big corporation,†Bobbi Giguere said after the hearing. She is the customer at the center of the bankruptcy hearing. In court, it was revealed Wells Fargo never told her there was a problem with the paperwork for loan modification request. They company also failed to notify her they had turned down that request for help. Now, Giguere is about to lose the home she’s lived in for 15 years. She believes it wouldn’t have come to this if Wells Fargo had worked with her. "If I lose my home, yes, I blame Wels Fargo,†she said.
Bankruptcy Judge Grills Wells Fargo - House And Home News Story - KPHO Phoenix
Bankruptcy Judge Grills Wells Fargo
Sarah Buduson
Reporter, KPHO.com
POSTED: 9:11 pm MST September 3, 2009
UPDATED: 7:23 am MST September 4, 2009
PHOENIX -- A federal bankruptcy judge chastised Wells Fargo in court for failing to help struggling homeowners during a bankruptcy hearing Thursday afternoon.
Randolph Haines said Wells Fargo failed to adequately communicate with customers about their requests for loan modifications. Haines also criticized the company for how slowly it was granting homeowners loan modifications that could help them avoid foreclosure. Haines forced Wells Fargo Senior Vice President Joe Ohayon to fly in for the bankruptcy hearing, which involved a customer who said Wells Fargo had failed to help her.
“As I mentioned today in court, foreclosure is not good for anyone,†Ohayon said. “It’s not good for Wells Fargo; it’s not good for our customers.†Ohayon admitted Wells Fargo could do a better job communicating with customers. “I don’t necessarily think we’ve done a poor job of communicating with our customers, but I think there is an opportunity to improve the overall customer experience during what is a very difficult time for them,†he said.
He also said the company is working to streamline the loan modification process, but said changing government guidelines and customer financial situation and agreements with investors often make it difficult to give a customer a loan modification.
“I am so impressed with Judge Haines. I really feel like he was there for us, the little people against a big corporation,†Bobbi Giguere said after the hearing. She is the customer at the center of the bankruptcy hearing. In court, it was revealed Wells Fargo never told her there was a problem with the paperwork for loan modification request. They company also failed to notify her they had turned down that request for help. Now, Giguere is about to lose the home she’s lived in for 15 years. She believes it wouldn’t have come to this if Wells Fargo had worked with her. "If I lose my home, yes, I blame Wels Fargo,†she said.
THANKS2U
LoanSafe Member
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Some different versions of the same stories BELOW
Bank of America is a terrible bank to have a checking or savings with, the customer service is awful -
I just closed out all my ccounts with Bank of America and switched to CHASE...
Chase gave me $150.00 FREE just to open an auto deposit checking
You have to call them or maybe go online ? for a code numbered coupon..
I got one in the mail out of the blue and it was just the excuse I needed to dump all my accounts at B of A
I would encourage everyone to close out all their accounts with bank of America and go to a different bank who will give you free money to open accounts with them
Just ask any bank what they can offer to open a direct deposit account and or any account - I chose Chase Bank, because of the 150 $ and their bank reps were very professional and friendly --- but you can choose any bank and then keep switching when the service gets bad..
It is one way to make our voices heard.. If the service stinks go elsewhere and get paid free money to do so..
Would it not be a GREAT thing to see in the news media headlines "BANK OF AMERICA AND WELLS FARGO LOOSE 90 + % OF THEIR CUSTOMERS
FANTASTIC NEWS !!!!! AND THEN I BET THEIR SERVICING OF LOAN MODIFICATIONS WOULD IMPROVE BY 99 % TO GET CUSTOMERS BACK...
Bank of AmerIca and wells fargo are COLLUSIVE, CORRUPT AND CRIMINAL LOAN SERVICERS
http://www.nytimes.com/2009/09/04/business/economy/04wells.html?_r=2&ref=business
The Rise Of Fed-Up Judges
Some different versions of the same stories BELOW
Bank of America is a terrible bank to have a checking or savings with, the customer service is awful -
I just closed out all my ccounts with Bank of America and switched to CHASE...
Chase gave me $150.00 FREE just to open an auto deposit checking
You have to call them or maybe go online ? for a code numbered coupon..
I got one in the mail out of the blue and it was just the excuse I needed to dump all my accounts at B of A
I would encourage everyone to close out all their accounts with bank of America and go to a different bank who will give you free money to open accounts with them
Just ask any bank what they can offer to open a direct deposit account and or any account - I chose Chase Bank, because of the 150 $ and their bank reps were very professional and friendly --- but you can choose any bank and then keep switching when the service gets bad..
It is one way to make our voices heard.. If the service stinks go elsewhere and get paid free money to do so..
Would it not be a GREAT thing to see in the news media headlines "BANK OF AMERICA AND WELLS FARGO LOOSE 90 + % OF THEIR CUSTOMERS
FANTASTIC NEWS !!!!! AND THEN I BET THEIR SERVICING OF LOAN MODIFICATIONS WOULD IMPROVE BY 99 % TO GET CUSTOMERS BACK...
Bank of AmerIca and wells fargo are COLLUSIVE, CORRUPT AND CRIMINAL LOAN SERVICERS
http://www.nytimes.com/2009/09/04/business/economy/04wells.html?_r=2&ref=business
The Rise Of Fed-Up Judges
SillyWorld
LoanSafe Member
Article on CNN, includes number to call for complaints against the bank: Making Home Affordable Program hasn't helped enough, some say - CNN.com
SillyWorld
LoanSafe Member
Only some say wonder where they have there heads at...
They also need to change the law that a bank takes a loss on foreclosure not how much profit they make..Jeez
Rate resets still to come... Washington Mutual failure has biggest impact on consumers - Sep. 8, 2009
Haven't seen the HAMP progress report yet, but according to Washington Post, BofA is really stepping things up (oh really...tell me who there is actually doing the MHA mods so I can contact them PLEASE!): washingtonpost.com