HAMP Champ: What Ever Happened to That Obama Mortgage Modification Plan?

I can’t get too upset about a program so obviously susceptible to abuse getting a slow start. It should go slow and cautiously assess the situation and establish how to proceed before really laying out our money. Just throwing money out the back of a truck isn’t the right way to do.

I can’t get too upset about a program so obviously susceptible to abuse getting a slow start.
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Doing things via verbal agreement hardly seems the perfect antidote to abuse.

Doing things via verbal agreement hardly seems the perfect antidote to abuse.
MayBee | Feb 8, 2010 1:35:08 PM
When they’ve only dispersed about $20 per verbal agreement, yeah it’s pretty good actually. Gets the program started up while providing time to do the contracts properly.

Obama and his liberal cronies based the entire 2008 campaign on lies. They simply cannot be trusted. THIS CORRUPT ADMINISTRATION NEEDS TO CREATE JOBS, REDUCE SPENDING AND DEBT, PAY ATTENTION TO HOMELAND SECURITY, AMONG OTHER THINGS. WE DON’T WANT THEIR GOVERNMENT-RUN HCR. This administration has no problem governing “against” the will of the people of America. If they cram their HCR down our throats in 2010 – maybe we’ll cram it down theirs in November.

JHW!! I agree with what you said..whooowee! That’s a first!! You are right, there is TONS of shady stuff going on here..right in my neighborhood as a matter of fact. This program is being gamed BIG TIME! It’s not that the govt is always too dumb, it’s that they are always too big to respond to the quick witted fraudsters in time.

Don’t deal in Double Talk. By letter or e-mail only. You need the records of proof.

Trial modifications by verbal agreement are fine.
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Good to know you think so.
Of course, you were arguing that the slow start is good because it protects against abuse.
Verbal agreements are not good protection against abuse. A slow start is not evidence that abuse is being safeguarded against.
Keeping people who legitimately need help from getting it is not efficient. It is also not protection against fraud.
This program may end up being great, but it’s slow start and lax contract system isn’t evidence of taxpayer protection.

THIS CORRUPT ADMINISTRATION NEEDS TO CREATE JOBS, REDUCE SPENDING AND DEBT, PAY ATTENTION TO HOMELAND SECURITY, AMONG OTHER THINGS.
WILL OBAMA EVER DO HIS JOB? | Feb 8, 2010 2:25:27 PM
Why don’t you include invent teleporters, put a flying car in every driveway, achieve full peace in the Middle East, eat sunshine and ____ diamonds while you’re at it?
Posted by: jhw539 | Feb 8, 2010 2:58:07 PM
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Noted . ..

I like the way Jake Tapper is exposing Tim Geithner for the rhetorical talking head he obviously is! ANyone who believes anything this guy says is foolish.

Geithner is pure baloney, a rich kid who has no idea (nor cares) what people are going through with his stupid number-crunching fraudulent rotten ideas. He’s another example of our government going wrong and should be busted for trying to save his banking buddies from us, the “horrible people” he was hired to “serve”. Go to hell Geithner – I only wish you what I and others are going through: HELL, thanks to you you spoiled brat.

I was a victim of the supposed trial modification with JP Morgan Chase. After doing just as they asked my home was foreclosed on anyway.I feel the crooked bastards wanted the house from the very outset and never intended on helping me get a lower payment.
I also think they need to be investigated

How about if we promise to pay our taxes timely, would the administration go for that and call the tax collecting a success? Or, how about we promise to pay our current administration salaries and then don’t – would they accept that?

THAT FAILED TELEPROMPTER MORTGAGE PLAN IS ON THE ASH HEAP WITH THE OTHER “BEGINNER IDIOT COMMUNITY ORGANIZER’S” EXPERIMENTS…………
WHAT WOULD A MAN WHO GOT A SWEETHEART REAL ESTATE DEAL FROM FELON TONY REZKO KNOW ABOUT HELPING HONEST HOMEOWNERS….
HIS OTHER FAILED POLICIES:
GITMO
TERROR TRIALS
8% UNEMPLOYMENT
BOTCHED HEALTHCARE REFORM
DOUBLED DEFICIT
DOUBLED WAR
THE MAN IS A VILLAGE IDIOT TAKING AMERICA DOWN PIECE BY PIECE

Hey Linda, not everyone who has a “bad loan” is a liar. Some of us lost our jobs, and some of us live in areas that have extreme depreciation in home values. These upside down homes have no equity and probably won’t for many years. So it’s more to it than “liars”. What about these GREEDY banks who made millions and never checked out the buyers credentials. They are the ones that ultimately screwed up this housing market.

I thought HAMP was to help you through difficult situation, not create an impossible one?
fees, fees, and more fees
Hope Stops with AURORA LOAN SERVICES?
Read the comments…..they string you along as they take your payments:

I saved $590 a month with a modification due to lost hrs at work from the Bush Admin. Now I will buy shoes and put the shoemaker back to work, i’ll buy bread and put the baker back to work etc… etc. see how it works? And best of all I can keep my home, the lender still gets interest and everyone lives happily ever after except for the corperate thugs wont be getting big bonuses anymore :)

Dear Fed Up, I have some numbers that might help you and your wife. We have been in this boat with Chase for 17mth. We were hit by Ike and 7000. ded and loss of income and a cut to what is left, well it’s a long story. They made some promisses then changed their mind, and here we are. I do have some numbers to some real people, not call center people but real people in charge that might be able to help. Let me know and i will get them for you. Not all of us in this situation are losers and someone had posted, we are trying really hard to make it in an area that has been hit by 3 major Hurricanes.

We finally got approved for HAMP with the help of our attorney after 6 failed attempts and one year, trying it on our own with OCWEN. Two months after the approval, we received an unknown and unexplained $540.00 fee added to our monthly rate. Our attorney contacted them because she said that they cannot legally add any fees. After 16 calls back and forth to OCWEN, and their claim that their supervisor is sick at home (what a joke), our attorney gave up and said that she cannot do anything and we have to pay the extra fees eventhough it is illegal according to the document we signed. So now we are going through foreclosure anyway because OCWEN won. We are all a bunch of losers in this game.

My husband and I were tricked into thinking we were getting a good mortgage when we bought our modest home in 2005. We were getting remarried and needed a home for our kids. We both put down our entire life savings as down payments. The adjustable mortgage was misrepresented to us and we were told of the worst case scenarios with a mortgage of this type..nothing even close to what has happened. We refinanced when we realized that we were in big trouble with negative amortization…by the time we did that, we had lost about $30,000 of our $60,000 we had put down and we reluctantly got stuck with a high interest rate which has left us so poor that we cannot afford to live a decent life. We work our fingers to the bone to do it. Then, we tried to get our loan modified by Chase which was a joke…they strung us along and we never got anywhere. We then tried to refinance…another joke…seems that they accept that people’s credit (ours is fairly good) should be perfect after all this…we do our best, but when your mortgage payment is all we bring in, something has to suffer. What kills me is that we always pay our bills and struggled to make every payment. That doesn’t count. We don’t qualify…no understanding on their part. I hate that they get away with this. I thought, stupidly, that they were going to have to help the people they hurt…especially since we were forced to bail them out. I guess I am naive! I want to know how I should fight this..go over their heads. I do believe Obama meant well, but no one is making sure Chase or any other mortgage institution is doing what they were supposed to do. Where do I turn next?

My husband and I bought our home in 2006, just before the values fell. We were fine with that though, our daughter was starting kindergarten, it was our first house and we’re in it for the long haul anyway. Mortgage process was awful to being with, at the very last minute (extension already filed) they came back with PMI that would have resulted in almost $4K a month for a $318K home. We had to quickly go with another mortgage broker and I think it took less than 5 days to have our HORRIBLE 80/20 subprimes in place. Payments were still high, but $3K a month with a promise that in 6 months, we would refinance. Needless to say, that didn’t happen. Housing market dropped and there was no way to save any money for a better loan with a downpayment. Anyway, tried modification with original mortgage company, that was ongoing for at least 6 months, but then they sold to another company and we were told we had to start all over. At that point though, the new company was already sending us notices of default and foreclosure dates were being set. We had no choice but to take out a 401K loan to pay the $10K to keep our home. Just after, submitted info to the new company for modification – went absolutely no where. Finally, this past Oct, got them to start the trial period. We are at a disadvantage though becuase, even though they also hold our second loan, we just miss the 31% front end and they will not add in the second that would give us relief. Got the letter 2 days ago that we don’t qualify. On 4/8, we’ll get the formal no and a notice from them that we owe $12K. My biggest problem is that I WANT to keep our home, we are NOT deadbeats trying to milk the system. One loan is at 9.25%, the other at 11%, my credit is trashed and to think all I want to do is pay a reasonable in the $2200 range for a monthly mortgage. We can afford it, but not the $3K. We have paid over $120K to them already in the past 4 years for our modest $318K home and now they are telling us we should do a pre-forclosure sale. How does that keep a roof over our head, our daughter in the school district we wanted her in for all of school AND us with our beloved (like children) pets? Renting is not an option for us becuase of 2 dogs, someone in the process has suggested we consider finding homes for them – JUST NOT FAIR. Meanwhile, we’ll do what we can with no relief and possibly lose our home anyway. I have had the same job for 11 years now, never collected any sort of any aid, neither has my husband, we are just hard working willing to pay people that will not get help here in the end I guess? Meanwhile, the government loses all the tax $$ they could have from us because we have almost $30K in interest deductions paid to these horrible people – guess I could be glad for the tax break, but would rather just have a reasonable payment for sure!

I think those cases should be investigated as soon as possible. Thanks for sharing this article.