Comments on: Government Unveils Hope For Homeowners (H4H) Program

By: Rob Saves The OC

Rob Saves The OC — Thu, 24 Feb 2011 17:09:15 +0000

Hello everyone, thanks for blogging about this subject I hope this information finds you well. I have had great results from the following lenders for Short Refinance. Citi Mortgage, Wells Fargo, Select Portfolio, US Bank, Chase, GMAC, Citadel, and a few others. The process is long and difficult but principle reduction is VERY possible with the right support. We have the only testimonials on a completed Short Refinance. Hope this link helps others and I hope the list helps other agents save homes.
Take care and GB Rob Saves The OC

http://www.youtube.com/watch?v=WY7MToO1fdM

By: Nancy

Nancy — Mon, 25 May 2009 23:10:07 +0000

I found after a recent loan doc audit, that I have three Truth-In-Lending Statements. I signed a 3/27 Loan April, 2006. I discovered the two TIL Statments I took to closing is not the one I signed. I am paying $599,999.95 for a 155,000 Loan. I could sweat the TIL at Closing was blank and they switched the docs on me. I actually have three TIL. I has HSBC, and have notified them of the problem, and requested they go back and correct the mortgage and lower my rate to a fixed at 3% for the remaining balance. Should I take this new knowledge to an Attorney? Does anyone know what recourse I might have?

By: MD Attorney

MD Attorney — Fri, 15 May 2009 18:33:30 +0000

“Grammy” and others:

I am a Maryland barred attorney who has worked w/ homeowners facing foreclosure. One important thing to remember is that all the Administration’s foreclosure prevention programs (like the Home Affordable Modification, etc.) are STRICTLY VOLUNTARY FOR ALL LENDER EXCEPT FOR GOVERNMENT BACKED LOANS. Here’s what to do:

FIRST, check to see if you have a Fannie Mae or Freddie Mac loan – you will not necessarily know this. In fact, most people do NOT know this because their statements come from a bank/lender and their payments get made out to the same bank/lender who may simply be acting as a “servicer.” You can check by going to the FannieMae.com and FreddieMac.com websites.

SECOND, if you DO have a Fannie / Freddie loan, the bank taking your payments MUST follow the new guidelines and do a Home Affordable Modification if you qualify.

THIRD, if you check and it seems you do NOT have a Fannie/Freddie loan, you should contact a non-profit housing counselor to explore other options. In this state, call the MD HOPELINE (free hotline) 877-462-7555 or mdhope.org Alternatively, you may want to contact an attorney who handles these types of cases.

Please note that non-lawyers handling loan modifications for a fee may be regulated by your state. In Maryland, such outfits cannot collect any upfront fee, may need to be licensed by the Commissioner of Financial Regulation, etc. So use caution.

By: Kate

Kate — Fri, 01 May 2009 23:43:42 +0000

I was informed yesterday by a seasoned, knowledgeable DRE licensed agent that only 20 loans have actually been issued under the H4H program to date. All of the thread discussions underscore the heart of the problem: Banks would rather wait and put you through their pipeline to see if they can come out with a house that sells for something to someone else, rather than participate in a program that allows hard-working, good citizens to stay in the homes they scraped and scrapped to buy and care for. To the banks, its not about your hardship, your careful selection of paint color and window treatments, the yard where the kids and the pup can play. Not at all. For the banks, its about paperwork, bottom line dollar, and some sort of misguided fear of the H4H program. If just one bank raised its flag and shouted from the mountaintop: We will make the h4h program work for everyone possible! THAT bank would be a new kind of entity, something that would draw and retain clients until the end of time. I have spent 6 months and researched, called, filed paperwork by fax and on-line, interviewed, and basically conducted very serious due diligence to learn what can be done, to save my home, and the home of my friend. In his case, a small modification may give some breathing room, IF HomEq actually responds, but a short sale is suggested. Breaks my heart. My home, there’s probably not much hope, but I will continue to try with Wamu. I am self-employed, and still have some income, but my mortgage is deadly high, value is down 40% and my payments will increase. Behind now by more than three months, and no way to catch up. I don’t qualify for H4H because I am a co-signer on my friend’s loan. I keep half a dozen people employed, and keep food on the table. In the state of CA, that is near impossible. But the banks don’t care, and don’t expect them to.
BE SURE, if you file paperwork, that you call every three days to check on it. I learned this from experience, and heard it from a hotline specialist. Good luck to everyone, please keep the posts coming. I want to hear from one of the 20 who actually received an H4H loan…

By: Rod

Rod — Thu, 23 Apr 2009 23:57:03 +0000

Wells is now my mortgage holder after buying Wachovia who bought World Savings who gave me a pick-a-payment loan each year for the last 5-years. I’m now living in a house that was worth 615K last year at this time, but is only worth 305K now. Wells will not help us. We are not late with any payments, but the mortgage is starting to suck me dry. All I want is a couple point reduction.

By: eric

eric — Fri, 27 Mar 2009 20:11:44 +0000

let us know how its going fou you

By: Amy

Amy — Wed, 25 Mar 2009 01:12:56 +0000

Hi frustrated,

I am curious to see if you’ve made any headway with ASC aka wells fargo and the hope for home owners h4H program. I too have a loan serviced by them but have reach dead end after dead end.

By: Xochitl

Xochitl — Sun, 15 Mar 2009 15:08:19 +0000

Wells Fargo says that they are NOT offering this program. If the program is federal how can they say & do this? What recourses do I have?

By: LAYLA

LAYLA — Sat, 07 Mar 2009 22:17:44 +0000

Thanks Tim. Got nothing to lose right now, bank had to buy my house back because no one bought it at the auction.Still live here. Lend America said they can still help me so I was checking to see If I’m alone on this one.

By: tim

tim — Sat, 07 Mar 2009 18:35:49 +0000

Layla,

I have had no luck at all with any of this govt help. Apparently it is there, but nobody at the bank (wells fargo) appears to know what to do. I ended up foreclosing and taking the hit. Good luck!