Well my free HUD approved Consumer Credit Counselor says to contact $hiti to ask them if they participate in the "Home Affordability Plan." I have talked a little before about the problems I encounter everytime I go to call them on the phone. I get put on hold, switched around to different departments and generally given the run-around until almost inevidably I get disconnected.
Today at 9:35, when I called the $hiti-Folk at the "Loss Mitigation" Department, its the same old story. Connect then switchover to the correct dept and then, another disconnect. I shall try this number one more time today; 1-800-422-1498 ex. 12091
June ____10:50 am; now if this aint enough BS to fuk up your whole day. Another disconnect as they were switching me to the right department....am I expected to sit here all day trying to get through? Maybe I should write them a dam letter and CC it to all interested parties; including my legislative representatives.
Third Try Today: 11am I called the exact same number as above and when an operater answered this time, she told me to call a different number and so I did. Here is the number she told me to call for the loss mitigation dept; 866-702-5963. Can you believe it? Here is the message I got "The number number or code you have dialed is incorrect."
I am going to call it quits for today and, like I said, write them a dam letter. Maybe that will get through to them ok.
Tuesday, June 9, 2009
Announcing Changes to the HOPE for Homeowners Program
On May 20, 2009, President Obama signed into law the Helping Families Save Their Homes Act. This act modifies the HOPE for Homeowners Program with the goal of helping additional families avoid mortgage foreclosure. It is anticipated that guidance related to these changes will be released within 30 days. The statutory changes to the program include:
• Additional compensation for primary and subordinate lien holders.
• Establishing incentive payments to servicers of loans refinanced under the HOPE for Homeowners Program, as well as originators of new HOPE for Homeowners mortgages.
• Reducing costs of the program to the consumer.
To learn more about the changes to the HOPE for Homeowners program and other important provisions contained in the Helping Families Save Their Homes Act, click here.
The HOPE for Homeowners Program is an integral component of Making Home Affordable. For more information on the Making Home Affordable program, visit http://makinghomeaffordable.gov/.
If you are at risk of foreclosure do not wait for assistance. You should contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor. HUD-approved housing counselors can help you evaluate your income and expenses and understand your options - and - this counseling is FREE.
-------------------------------
Helping Families Save their Homes Act 2009
Summary of S. 896 Provisions
HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices. Specifically, the bill would:
Put the HUD Secretary in charge of running the program, relegating the Program Board’s role to an advisory capacity
Change the upfront fee from 3% to "up to 3%."
Change the annual fee from 1.5% to "up to 1.5%."
Require the HUD Secretary to weigh both the financial integrity of the program and the bill’s purposes of foreclosure prevention in setting premiums.
Change the provision for HUD to receive 50% of appreciation profit sharing to authorize "up to 50%" of such profit sharing; allow HUD to share this with the existing first or subordinate lienholders to induce loan writedowns; provide flexibility to assign any profit sharing rights HUD elects to share; cap profit sharing at up to the appraised value of the property when the existing loan was made.
Permit payments to servicers of existing mortgage loans on the property and to underwriters of the new FHA loan for each successful refinance.
Include a number of administrative changes, including:
o requiring conformity to FHA single family procedures and standards as much as possible;
o modifying current debt income affordability test to apply it at the time of the new loan application, instead of March 1st of 2008;
o modifying certification of no intentional default on other debts so that it now applies "to any other substantial debt" within the last five years; and eliminating reference to going to jail because of false statements;
o providing for slightly less prescriptive language regarding collection of income tax returns;
o eliminating extraneous LTV restrictions on use of second lien loans to maintain property; and
o barring borrowers with a net worth of more than $1 million.
Re-instate authority of HUD, with the concurrence of the Board, to conduct an auction to refinance loans on a wholesale or bulk basis.
Offset the costs of program changes with a reduction in TARP authority of $1.244 billion.
Servicer Safe Harbor: The bill provides a safe harbor from liability to mortgage servicers issuers, trustees, loan sellers, depositors, and any other person" to the extent the person’s cooperation is required to allow the servicer to engage in loan modifications, as long as the servicer provides a modification consistent with the Administration’s program or it utilizes Hope for Homeowners.
Deposit Insurance: The bill amends the Federal Deposit Insurance Act and the Federal Credit Union Act to enhance the liquidity and stability of insured depository institutions to ensure availability of credit and reduction of foreclosures. Specifically, the bill would:
Extends through 2013 the temporary increase in deposit insurance coverage for both the FDIC Deposit Insurance Fund and the National Credit Union Administration (NCUA) Share Insurance Fund to $250,000 (the temporary increase is currently scheduled to sunset on December 31, 2009).
Provides FDIC an increase in borrowing authority to $100 billion, while providing a temporary increase until the end of 2010 to $300 billion. Specifically restricts FDIC from using the $300 billion for funding losses under programs established with Treasury under TARP.
Provides NCUA an increase in borrowing authority to $6 billion, with a temporary increase to $30 billion.
o Any amounts borrowed must be used only for insurance purposes.
o Neither the FDIC nor the NCUA has ever used this borrowing authority.
o The FDIC borrowing authority amount has not changed since 1991, even though the size of the industry has tripled. The NCUA borrowing authority has not changed since 1972 when it was established, even though the size of the industry has increased from $13.8 billion in 1972 to $813 billion at year-end 2008.
o Any money borrowed must be repaid, with interest, pursuant to a repayment schedule that must be in effect prior to receiving any money, and which is subject to a requirement to consult with and report to Congress.
Allow the FDIC to charge systemic risk special assessments by rulemaking, on both insured depository institutions and depository institution holding companies. For holding company assessments, the concurrence of the Secretary of the Treasury would be required.
FHA Approval: Contains numerous provisions to better ensure that predatory lending entities and individuals are not allowed to participate in the FHA home mortgage insurance program. Specifically, the bill would:
Require HUD approval of all parties participating in the FHA single family mortgage origination process.
Allow HUD to impose a civil money penalty against loan originators who are not HUD-approved and yet participate in FHA mortgage originations.
Make clear that an applicant is ineligible for approval if the entity or any officer, partner, director, principal, or employee of the entity is: a) suspended or debarred by any Federal agency; b) under indictment for, or has been convicted of, an offense that reflects adversely upon the applicant’s integrity, competence or fitness to meet the responsibilities of an approved mortgagee; c) subject to unresolved findings contained in a HUD or other governmental audit, investigation, or review; d) engaged in business practices that do not conform to generally accepted practices of prudent mortgagees; e) convicted of a felony related to participation in the real estate or mortgage loan industry; or f) in violation of provisions of the S.A.F.E. Mortgage Licensing Act.
Require that HUD receives notice of the debarment and any change in licensing status of a FHA approved mortgagee.
Require HUD to expand the existing FHA process of reviewing new applicants for FHA approval for the purpose of identifying those representing a high risk to the Mutual Mortgage Insurance Fund and implement procedures that expand the number of loans reviewed by FHA for lenders approved within the last 12 months, and include a process for random reviews that is based on loan volume by newly approved participants.
Require FHA approved mortgagees to use their HUD registered company names in all advertizing and to keep copies of all advertisements.
FHA and RHS Foreclosure Prevention
Expands the authority of the Federal Housing Administration (FHA) and the Rural Housing Service (RHS) to engage in foreclosure prevention in their respective single family loan programs, by allowing for both FHA and RHS the following new tools:
Partial Claims. Permits partial claims of up to 30%, which will allow reductions in debt service down to levels affordable to the homeowner
Standard for loss mitigation. Permits loss mitigation tools to kick in for loans that face "imminent default" (ie., not just loans in default)
Assignment Authority. Gives both FHA and RHS authority to facilitate loan modifications through assignment of loans, to address servicer loss mitigation disincentives relating to having to purchase loans from Ginnie Mae pools
McKinney-Vento Homeless Reauthorization
1st major program reauthorization in 20 years
Authorizes $2.2 billion for the program in FY 2010 and such sums in FY 2011
Expands the federal definition of "homeless" by counting families who will lose their housing in 14 days (current practice is 7), by adding families with children and unaccompanied youth who have experienced a long term period without living independently and can be expected to do so for an extended period, and adding those fleeing domestic violence or dangerous or life threatening situations
Expands flexibility to use funds to assist families with children not technically defined as homeless - by permitting local continuums to use up to 10% of their funds for such families, by expanding the proportion of funds going to homeless prevention activities (which can serve such families), and by allowing rural areas much more flexibility to serve such families
Streamlines McKinney-Vento homeless programs by consolidating the competitive grant program and by using a simplified match requirement
Additional Funding for HUD programs - HUD Authorizations not in House bill: (a) $10 million each of the next 2 years for advertising to increase public awareness or mortgage scams and counseling assistance, (b) $50 million each of the next 2 years for housing counseling in areas with highest foreclosure rates, (c) $5 million in each of the next 2 years for Fair Housing activities in areas with the highest foreclosure rates.
Tenants Protections: The bill allows bona fide tenants to remain in their residence, pursuant to their lease, following a foreclosure, except when the successor in interest or subsequent purchaser will occupy the unit as a primary residence - in that case the tenant must receive notice to vacate at least 90 days before the effective date of such notice. A lease or tenancy is bona fide if it is the result of arms-length transaction and if the rent is not substantially less than fair market rent.
Public-Private Investment Partnerships - Requires that any program to create a private-public investment fund must have conflict of interest rules, and requires funds to report on 10 largest positions in the fund and investors with greater than 10 percent interest in fund, to retain records by fund, to acknowledge fiduciary duty, and to develop ethics rules and screening. Allows the Special Inspector General access to books and records of a fund. Requires Treasury to consult with Special Inspector General on the interaction between the Private-Public Investor Program, the Term-asset Backed Securities Loan Facility, and similar programs and to issue conflicts of interest rules, including concerning the potential for excessive leverage as a result of interactions of program. Also makes additional funds of $15 million available to the Special Inspector General.
The House Manager’s Amendment includes the following key clarifications:
Neighborhood Stabilization Program (NSP) Refinements - Clarifies that states receiving the minimum allocation of NSP funding, that have otherwise fulfilled the targeting requirements of the program, may distribute any remaining funding to areas with homeowners at risk of foreclosure or in foreclosure. Maintains the statutory purpose of the NSP program, which is the rehabilitation and resale of abandoned and foreclosed properties. And eliminates the requirement that NSP properties be purchased at a discount from the current market appraised value.
Private-Public Investment Partnerships - The language makes clear that Treasury shall write the conflict of interest rules required by the provision. Clarifies that managers are to provide the Secretary information on any investor that holds an equity interest in a fund of at least 10 percent. Clarifies that Special Inspector General shall prioritize audits or inspections of any program funded in whole or part by the Emergency Economic Stabilization Act of 2008.
Servicer Safe Harbor - inserts language to exclude actual fraud from the loan modifications and transactions protected by the amendment.
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL
• Additional compensation for primary and subordinate lien holders.
• Establishing incentive payments to servicers of loans refinanced under the HOPE for Homeowners Program, as well as originators of new HOPE for Homeowners mortgages.
• Reducing costs of the program to the consumer.
To learn more about the changes to the HOPE for Homeowners program and other important provisions contained in the Helping Families Save Their Homes Act, click here.
The HOPE for Homeowners Program is an integral component of Making Home Affordable. For more information on the Making Home Affordable program, visit http://makinghomeaffordable.gov/.
If you are at risk of foreclosure do not wait for assistance. You should contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor. HUD-approved housing counselors can help you evaluate your income and expenses and understand your options - and - this counseling is FREE.
-------------------------------
Helping Families Save their Homes Act 2009
Summary of S. 896 Provisions
HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices. Specifically, the bill would:
Put the HUD Secretary in charge of running the program, relegating the Program Board’s role to an advisory capacity
Change the upfront fee from 3% to "up to 3%."
Change the annual fee from 1.5% to "up to 1.5%."
Require the HUD Secretary to weigh both the financial integrity of the program and the bill’s purposes of foreclosure prevention in setting premiums.
Change the provision for HUD to receive 50% of appreciation profit sharing to authorize "up to 50%" of such profit sharing; allow HUD to share this with the existing first or subordinate lienholders to induce loan writedowns; provide flexibility to assign any profit sharing rights HUD elects to share; cap profit sharing at up to the appraised value of the property when the existing loan was made.
Permit payments to servicers of existing mortgage loans on the property and to underwriters of the new FHA loan for each successful refinance.
Include a number of administrative changes, including:
o requiring conformity to FHA single family procedures and standards as much as possible;
o modifying current debt income affordability test to apply it at the time of the new loan application, instead of March 1st of 2008;
o modifying certification of no intentional default on other debts so that it now applies "to any other substantial debt" within the last five years; and eliminating reference to going to jail because of false statements;
o providing for slightly less prescriptive language regarding collection of income tax returns;
o eliminating extraneous LTV restrictions on use of second lien loans to maintain property; and
o barring borrowers with a net worth of more than $1 million.
Re-instate authority of HUD, with the concurrence of the Board, to conduct an auction to refinance loans on a wholesale or bulk basis.
Offset the costs of program changes with a reduction in TARP authority of $1.244 billion.
Servicer Safe Harbor: The bill provides a safe harbor from liability to mortgage servicers issuers, trustees, loan sellers, depositors, and any other person" to the extent the person’s cooperation is required to allow the servicer to engage in loan modifications, as long as the servicer provides a modification consistent with the Administration’s program or it utilizes Hope for Homeowners.
Deposit Insurance: The bill amends the Federal Deposit Insurance Act and the Federal Credit Union Act to enhance the liquidity and stability of insured depository institutions to ensure availability of credit and reduction of foreclosures. Specifically, the bill would:
Extends through 2013 the temporary increase in deposit insurance coverage for both the FDIC Deposit Insurance Fund and the National Credit Union Administration (NCUA) Share Insurance Fund to $250,000 (the temporary increase is currently scheduled to sunset on December 31, 2009).
Provides FDIC an increase in borrowing authority to $100 billion, while providing a temporary increase until the end of 2010 to $300 billion. Specifically restricts FDIC from using the $300 billion for funding losses under programs established with Treasury under TARP.
Provides NCUA an increase in borrowing authority to $6 billion, with a temporary increase to $30 billion.
o Any amounts borrowed must be used only for insurance purposes.
o Neither the FDIC nor the NCUA has ever used this borrowing authority.
o The FDIC borrowing authority amount has not changed since 1991, even though the size of the industry has tripled. The NCUA borrowing authority has not changed since 1972 when it was established, even though the size of the industry has increased from $13.8 billion in 1972 to $813 billion at year-end 2008.
o Any money borrowed must be repaid, with interest, pursuant to a repayment schedule that must be in effect prior to receiving any money, and which is subject to a requirement to consult with and report to Congress.
Allow the FDIC to charge systemic risk special assessments by rulemaking, on both insured depository institutions and depository institution holding companies. For holding company assessments, the concurrence of the Secretary of the Treasury would be required.
FHA Approval: Contains numerous provisions to better ensure that predatory lending entities and individuals are not allowed to participate in the FHA home mortgage insurance program. Specifically, the bill would:
Require HUD approval of all parties participating in the FHA single family mortgage origination process.
Allow HUD to impose a civil money penalty against loan originators who are not HUD-approved and yet participate in FHA mortgage originations.
Make clear that an applicant is ineligible for approval if the entity or any officer, partner, director, principal, or employee of the entity is: a) suspended or debarred by any Federal agency; b) under indictment for, or has been convicted of, an offense that reflects adversely upon the applicant’s integrity, competence or fitness to meet the responsibilities of an approved mortgagee; c) subject to unresolved findings contained in a HUD or other governmental audit, investigation, or review; d) engaged in business practices that do not conform to generally accepted practices of prudent mortgagees; e) convicted of a felony related to participation in the real estate or mortgage loan industry; or f) in violation of provisions of the S.A.F.E. Mortgage Licensing Act.
Require that HUD receives notice of the debarment and any change in licensing status of a FHA approved mortgagee.
Require HUD to expand the existing FHA process of reviewing new applicants for FHA approval for the purpose of identifying those representing a high risk to the Mutual Mortgage Insurance Fund and implement procedures that expand the number of loans reviewed by FHA for lenders approved within the last 12 months, and include a process for random reviews that is based on loan volume by newly approved participants.
Require FHA approved mortgagees to use their HUD registered company names in all advertizing and to keep copies of all advertisements.
FHA and RHS Foreclosure Prevention
Expands the authority of the Federal Housing Administration (FHA) and the Rural Housing Service (RHS) to engage in foreclosure prevention in their respective single family loan programs, by allowing for both FHA and RHS the following new tools:
Partial Claims. Permits partial claims of up to 30%, which will allow reductions in debt service down to levels affordable to the homeowner
Standard for loss mitigation. Permits loss mitigation tools to kick in for loans that face "imminent default" (ie., not just loans in default)
Assignment Authority. Gives both FHA and RHS authority to facilitate loan modifications through assignment of loans, to address servicer loss mitigation disincentives relating to having to purchase loans from Ginnie Mae pools
McKinney-Vento Homeless Reauthorization
1st major program reauthorization in 20 years
Authorizes $2.2 billion for the program in FY 2010 and such sums in FY 2011
Expands the federal definition of "homeless" by counting families who will lose their housing in 14 days (current practice is 7), by adding families with children and unaccompanied youth who have experienced a long term period without living independently and can be expected to do so for an extended period, and adding those fleeing domestic violence or dangerous or life threatening situations
Expands flexibility to use funds to assist families with children not technically defined as homeless - by permitting local continuums to use up to 10% of their funds for such families, by expanding the proportion of funds going to homeless prevention activities (which can serve such families), and by allowing rural areas much more flexibility to serve such families
Streamlines McKinney-Vento homeless programs by consolidating the competitive grant program and by using a simplified match requirement
Additional Funding for HUD programs - HUD Authorizations not in House bill: (a) $10 million each of the next 2 years for advertising to increase public awareness or mortgage scams and counseling assistance, (b) $50 million each of the next 2 years for housing counseling in areas with highest foreclosure rates, (c) $5 million in each of the next 2 years for Fair Housing activities in areas with the highest foreclosure rates.
Tenants Protections: The bill allows bona fide tenants to remain in their residence, pursuant to their lease, following a foreclosure, except when the successor in interest or subsequent purchaser will occupy the unit as a primary residence - in that case the tenant must receive notice to vacate at least 90 days before the effective date of such notice. A lease or tenancy is bona fide if it is the result of arms-length transaction and if the rent is not substantially less than fair market rent.
Public-Private Investment Partnerships - Requires that any program to create a private-public investment fund must have conflict of interest rules, and requires funds to report on 10 largest positions in the fund and investors with greater than 10 percent interest in fund, to retain records by fund, to acknowledge fiduciary duty, and to develop ethics rules and screening. Allows the Special Inspector General access to books and records of a fund. Requires Treasury to consult with Special Inspector General on the interaction between the Private-Public Investor Program, the Term-asset Backed Securities Loan Facility, and similar programs and to issue conflicts of interest rules, including concerning the potential for excessive leverage as a result of interactions of program. Also makes additional funds of $15 million available to the Special Inspector General.
The House Manager’s Amendment includes the following key clarifications:
Neighborhood Stabilization Program (NSP) Refinements - Clarifies that states receiving the minimum allocation of NSP funding, that have otherwise fulfilled the targeting requirements of the program, may distribute any remaining funding to areas with homeowners at risk of foreclosure or in foreclosure. Maintains the statutory purpose of the NSP program, which is the rehabilitation and resale of abandoned and foreclosed properties. And eliminates the requirement that NSP properties be purchased at a discount from the current market appraised value.
Private-Public Investment Partnerships - The language makes clear that Treasury shall write the conflict of interest rules required by the provision. Clarifies that managers are to provide the Secretary information on any investor that holds an equity interest in a fund of at least 10 percent. Clarifies that Special Inspector General shall prioritize audits or inspections of any program funded in whole or part by the Emergency Economic Stabilization Act of 2008.
Servicer Safe Harbor - inserts language to exclude actual fraud from the loan modifications and transactions protected by the amendment.
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL
American Express a $hitiGroup?
Well, maybe not, but nevertheless, they are Greedy B@$TaRd$ too and belong in this Hall of Shame.
Click on title above to go to a wonderful "truth-tellin" blog I have found about the "border-line criminal behavior" of American Express. We must get the truth out while we still can.......
this one is going in my favorite links so you can always find it there.
Power to the People
Power to the People Right On!
-John & Yoko Lennon
Click on title above to go to a wonderful "truth-tellin" blog I have found about the "border-line criminal behavior" of American Express. We must get the truth out while we still can.......
this one is going in my favorite links so you can always find it there.
Power to the People
Power to the People Right On!
-John & Yoko Lennon
Homeowner Affordability & Stability Plan; Home-run, No Hitter or Strike Out?
From Help for HomeOwners - a HUD approved Consumer Credit Counceling Service
Dear Homeowner,
Here is the White House Plan for Mortgage assistance you may be able to use.
Also let your congressman and senator know how your lender is treating you.
Cary Greer
Housing Counselor
CCCS of Greater Atlanta
A Member of Credability Network
2160 Satellite Blvd Duluth Ga. 30097
800-251-2227
Cary.Greer@cccsinc.org
www.cccsinc.org
THE BRIEFING ROOM • THE BLOG
Wednesday, February 18th, 2009 at 9:36 am
Help for homeowners
The President’s strategy for economic recovery is a stool with several legs, as he’s said, and one of them is solving the foreclosure crisis.
"We must stem the spread of foreclosures and falling home values for all Americans,(turns out, he meant only "the credit qualified" which means if you are a homeowner struggling to keep your home but you have bad credit,...there is no help for you.) ..and do everything we can to help responsible homeowners stay in their homes," (well now again, you have to be a little more than "responsible," as stated above,....you have to have good credit. Is that to mean that those who are responsible homeowners (assuming that means you have shown the ability to make your payments on time) but lacking good credit are suddenly thrown into the "irresponsible homeowners" slot so there will be no help for homeowners making their payments but lacking perfect credit? Apparently so.)...he said yesterday as he signed the American Recovery and Reinvestment Act into law.
Though communities across the country have been affected by the crisis, Arizona has been hit particularly hard -- in 2008, only two states had more foreclosures.
And President Obama is there today, in Phoenix, to unveil his "Homeowner Affordability and Stability Plan," which will help bring relief to homeowners and bring some order to the housing market.
The President will talk more about his plan a little later today. In the meantime, we’re sure you have a lot of questions, like, Am I eligible for assistance? Might I be able to modify my loan? When do I apply? We've put together an example sheet that will show you what options might be available to you, depending on the circumstances of your mortgage, as well as answers to some common questions (below).
Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
Will refinancing lower my payments?
The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
What are the interest rate and other terms of this refinance offer?
The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.
Will refinancing reduce the amount that I owe on my loan?
No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.
How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.
When can I apply?
Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.
What should I do in the meantime?
You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:
information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and payments on other loans such as student loans and car loans.
Borrowers Who Are at Risk of Foreclosure Are Asking:
What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?
The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage. (Yeah, how? When? Where? ShitiMortgage says there is nothing they can do for us. They wont even lower our interest rate which is 8 3/4%!!)
Do I need to be behind on my mortgage payments to be eligible for a modification?
No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level. (Thats us! Wheres our help? I will tell you if I find it)
How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.
I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.
I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?
Only the first mortgage is eligible for a modification.
I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?
The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.
I heard the government was providing a financial incentive to borrowers. Is that true?
Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.
How much will a modification cost me?
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.
Is my lender required to modify my loan?
(Heres the problem) No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate. (Except of course, ours: ShitiFinancial)
I'm already working with my lender / housing counselor on a loan workout. Can I still be considered for the Homeowner Affordability and Stability Plan?
Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.
How do I apply for a modification under the Homeowner Affordability and Stability Plan?
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.
What should I do in the meantime?
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes
information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and
payments on other loans such as student loans and car loans.
My loan is scheduled for foreclosure soon. What should I do?
Contact your mortgage servicer or credit counselor. Many mortgage lenders have expressed their intention to postpone foreclosure sales on all mortgages that may qualify for the modification in order to allow sufficient time to evaluate the borrower's eligibility. We support this effort. (Why not? You can bet the farm that the INTEREST on the loan wont stop accruing. Better yet, how about "debt forgiveness" for all and lets make a brand new start? This would include the forgiveness of all individual, corporate, and global (national and international debts, including the $5.00 I owe my cuz in Kat-Man-Do. Let the whole MTFKing world start over and go back to baubbles & beads as the basis of our monatary system. Hey, dont laugh, waaay "back in the days" ( was it Egyptin?) it was salt. Click on title above for an interesting page on the history of money, the dark history of banks, and other "money matters."
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Dear Homeowner,
Here is the White House Plan for Mortgage assistance you may be able to use.
Also let your congressman and senator know how your lender is treating you.
Cary Greer
Housing Counselor
CCCS of Greater Atlanta
A Member of Credability Network
2160 Satellite Blvd Duluth Ga. 30097
800-251-2227
Cary.Greer@cccsinc.org
www.cccsinc.org
THE BRIEFING ROOM • THE BLOG
Wednesday, February 18th, 2009 at 9:36 am
Help for homeowners
The President’s strategy for economic recovery is a stool with several legs, as he’s said, and one of them is solving the foreclosure crisis.
"We must stem the spread of foreclosures and falling home values for all Americans,(turns out, he meant only "the credit qualified" which means if you are a homeowner struggling to keep your home but you have bad credit,...there is no help for you.) ..and do everything we can to help responsible homeowners stay in their homes," (well now again, you have to be a little more than "responsible," as stated above,....you have to have good credit. Is that to mean that those who are responsible homeowners (assuming that means you have shown the ability to make your payments on time) but lacking good credit are suddenly thrown into the "irresponsible homeowners" slot so there will be no help for homeowners making their payments but lacking perfect credit? Apparently so.)...he said yesterday as he signed the American Recovery and Reinvestment Act into law.
Though communities across the country have been affected by the crisis, Arizona has been hit particularly hard -- in 2008, only two states had more foreclosures.
And President Obama is there today, in Phoenix, to unveil his "Homeowner Affordability and Stability Plan," which will help bring relief to homeowners and bring some order to the housing market.
The President will talk more about his plan a little later today. In the meantime, we’re sure you have a lot of questions, like, Am I eligible for assistance? Might I be able to modify my loan? When do I apply? We've put together an example sheet that will show you what options might be available to you, depending on the circumstances of your mortgage, as well as answers to some common questions (below).
Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan
Borrowers Who Are Current on Their Mortgage Are Asking:
What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?
Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
I have both a first and a second mortgage. Do I still qualify to refinance under the Homeowner Affordability and Stability Plan?
As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
Will refinancing lower my payments?
The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Borrowers who are paying interest only, or who have a low introductory rate that will increase in the future, may not see their current payment go down if they refinance to a fixed rate. These borrowers, however, could save a great deal over the life of the loan. When you submit a loan application, your lender will give you a "Good Faith Estimate" that includes your new interest rate, mortgage payment and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.
What are the interest rate and other terms of this refinance offer?
The objective of the Homeowner Affordability and Stability Plan is to provide borrowers with a safe loan program with a fixed, affordable payment. All loans refinanced under the plan will have a 30 or 15 year term with a fixed interest rate. The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans will have no prepayment penalties or balloon notes.
Will refinancing reduce the amount that I owe on my loan?
No. The objective of the Homeowner Affordability and Stability Plan is to help borrowers refinance into safer, more affordable fixed rate loans. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.
How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?
To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible to be refinanced, you should contact your mortgage lender after March 4, 2009.
When can I apply?
Mortgage lenders will begin accepting applications after the details of the program are announced on March 4, 2009.
What should I do in the meantime?
You should gather the information that you will need to provide to your lender after March 4, when the refinance program becomes available. This includes:
information about the gross monthly income of all borrowers, including your most recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and payments on other loans such as student loans and car loans.
Borrowers Who Are at Risk of Foreclosure Are Asking:
What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?
The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage. (Yeah, how? When? Where? ShitiMortgage says there is nothing they can do for us. They wont even lower our interest rate which is 8 3/4%!!)
Do I need to be behind on my mortgage payments to be eligible for a modification?
No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level. (Thats us! Wheres our help? I will tell you if I find it)
How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?
In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
I do not live in the house that secures the mortgage I’d like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?
No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.
I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?
Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.
I have two mortgages. Will the Homeowner Affordability and Stability Plan reduce the payments on both?
Only the first mortgage is eligible for a modification.
I owe more than my house is worth. Will the Homeowner Affordability and Stability Plan reduce what I owe?
The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender’s discretion modifications may include upfront reductions of loan principal.
I heard the government was providing a financial incentive to borrowers. Is that true?
Yes. To encourage borrowers who work hard to retain homeownership, the Homeowner Affordability and Stability Plan provides incentive payments as a borrower makes timely payments on the modified loan. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.
How much will a modification cost me?
There is no cost to borrowers for a modification under the Homeowner Affordability and Stability Plan. If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a counselor as a condition of the modification, you will not be charged a fee. Borrowers should beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they require a fee in advance.
Is my lender required to modify my loan?
(Heres the problem) No. Mortgage lenders participate in the program on a voluntary basis and loans are evaluated for modification on a case-by-case basis. But the government is offering substantial incentives and it is expected that most major lenders will participate. (Except of course, ours: ShitiFinancial)
I'm already working with my lender / housing counselor on a loan workout. Can I still be considered for the Homeowner Affordability and Stability Plan?
Ask your lender or counselor to be considered under the Homeowner Affordability and Stability Plan.
How do I apply for a modification under the Homeowner Affordability and Stability Plan?
You may not need to do anything at this time. Most mortgage lenders will evaluate loans in their portfolio to identify borrowers who may meet the eligibility criteria. After March 4 they will send letters to potentially eligible homeowners, a process that may take several weeks. If you think you qualify for a modification and do not receive a letter within several weeks, contact your mortgage servicer or a HUD-approved housing counselor. Please be aware that servicers and counseling agencies are expected to receive an extraordinary number of calls about this program.
What should I do in the meantime?
You should gather the information that you will need to provide to your lender on or after March 4, when the modification program becomes available. This includes
information about the monthly gross income of your household including recent pay stubs if you receive them or documentation of income you receive from other sources
your most recent income tax return
information about any second mortgage on the house
payments on each of your credit cards if you are carrying balances from month to month, and
payments on other loans such as student loans and car loans.
My loan is scheduled for foreclosure soon. What should I do?
Contact your mortgage servicer or credit counselor. Many mortgage lenders have expressed their intention to postpone foreclosure sales on all mortgages that may qualify for the modification in order to allow sufficient time to evaluate the borrower's eligibility. We support this effort. (Why not? You can bet the farm that the INTEREST on the loan wont stop accruing. Better yet, how about "debt forgiveness" for all and lets make a brand new start? This would include the forgiveness of all individual, corporate, and global (national and international debts, including the $5.00 I owe my cuz in Kat-Man-Do. Let the whole MTFKing world start over and go back to baubbles & beads as the basis of our monatary system. Hey, dont laugh, waaay "back in the days" ( was it Egyptin?) it was salt. Click on title above for an interesting page on the history of money, the dark history of banks, and other "money matters."
You are Here: Home > The Briefing Room > The Blog
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THE ADMINISTRATION
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ABOUT THE WHITE HOUSE
History
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Vice President's Residence & Office
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The Executive Branch
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The Constitution
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Washington, DC 20500
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Monday, June 8, 2009
Friend or Foe: Consumer Credit Counseling Services
I was browsing around on the net looking for information on how to save our home. Surely, I thought to myself, there must be some help out there for us...what with all the pre-bailout hype we heard from Congress when they were trying to get their BIG BANK bailout bills passed. You remember, dont you, who was it Barney Franks or Rangal or one of those politicio crooks, the one that is chairman (I think) of the house ways and means financial committees - whomever it was, I remember him stanind before congress and the world, supportin a YES vote on the BigBankBail, saying that it would be a good thing for "us" meaning the US - reasoning for us that if the big banks fail we all fail, and we, as Americans, couldnt or rather shouldnt allow that. He told us by helping the banks, the money would be used to help stop foreclosures & to assist homeowners in keeping thier homes. I specifically remember this guy (whomever his name is) telling us that if we passed this bill and the banks didnt work with us, (he even went so far as to say,) Americans could "contact him directly if anybody had a problem or complaint about a banks not wanting to help them. Given my situation with all the lawsuits and bankruptcies and stuff and our "un-certain" financial future,....you can imagine how interested I was in the subject and happy to hear the "good news" that the banks would be willing to help us keep our home! I remember thinking to myself , "I better keep track of that guy, I might need him someday. If I have any trouble with our Shiti bank, I will know who to contact." It was kinda a relief to know that at least, there was one person in Congress we could count on for help in getting the banks to do the right thing, post-bailout. Now, almost a year after the bailout, and I have some real complaints to voice, ll, I cant even remember his face or name!
Anyways, like I said, I was browsing around the internet looking for info on "How to Save Your Home" when I came across this what I thought or hoped would be or will be helpful link; We have started a case with them; Claim # 2012440
-----------------
I called the telephone number on the website and within minutes got a free 45 min telephone consulation with a financial counselor. First thing he did was crunch the numbers, you know, our income against outgo and all that. After a few minutes, he come back with the bad (but not so shocking) news; we spend more than we make. Ha ha ha! I am laughing becuase WTF else is new? We thought that was the American way! Wait a minute. Here comes the relly I mean really good part....
He wants us to learn how to budget. This fiancial counselor apparently lays alot of blame for the foreclosure mess to our failure to live within our budgets." Of course right away I had to ask, "You mean like mean like our government." Ha Ha Ha
Of course he says Im not talking to the govt I am talking to you. and i said well maybe you should talk to to govt for they are the only ones who can really do anything to put pressure on the banks to make them lay off of the little guys and cut them some slack.
To be continued.....soon (I hope)
Anyways, like I said, I was browsing around the internet looking for info on "How to Save Your Home" when I came across this what I thought or hoped would be or will be helpful link; We have started a case with them; Claim # 2012440
-----------------
I called the telephone number on the website and within minutes got a free 45 min telephone consulation with a financial counselor. First thing he did was crunch the numbers, you know, our income against outgo and all that. After a few minutes, he come back with the bad (but not so shocking) news; we spend more than we make. Ha ha ha! I am laughing becuase WTF else is new? We thought that was the American way! Wait a minute. Here comes the relly I mean really good part....
He wants us to learn how to budget. This fiancial counselor apparently lays alot of blame for the foreclosure mess to our failure to live within our budgets." Of course right away I had to ask, "You mean like mean like our government." Ha Ha Ha
Of course he says Im not talking to the govt I am talking to you. and i said well maybe you should talk to to govt for they are the only ones who can really do anything to put pressure on the banks to make them lay off of the little guys and cut them some slack.
To be continued.....soon (I hope)
A Shiti-Attitude & email
----- Original Message -----
From: CitiMortgage
To: C&JJubic@nycap.rr.com
Sent: Thursday, June 04, 2009 6:41 PM
Subject: Confidential message for GEORGE J JUBIC
Dear GEORGE J JUBIC
Call CitiMortgage today to discuss your account status. We are happy to help you find the mortgage option that can best suit your needs!
We are available anytime, Monday – Friday, 8:00AM to 11:00PM Eastern Time.
Please call 866-929-8614† today!
Sincerely,
CitiMortgage
OUR REPLY
Stop Lying. You are not happy to help us find the perfect mortage solution for us. You are not happy to help us at all. You refuse even to lower our interest rate from what we are paying now (8 3/4%!!)
You call US. I am tired of trying and not getting through or being put on hold and disconnected, or given the run around....
And the 08' taxes you paid for us without our knowledge and put into escrow were already incorporated into the BK repayment plan of which we are paying off now. Now we are paying those taxes TWICE. You got us all screwd up. By making a seperate escrow for the 08 taxes you paid on our house instead of simply modifying the loan to include the taxes in the mortgage, ...our payments went from $519 per mo to $900 something a mo!! You know our annual income is less than 33,000. How do you expect us to manage? You have made it impossible for us to afford even the monthly payments.
Thank you very much now we shall be sending you nothing at all.......until you fix the problem. You know what to do. While your at it, you can begin your search for the original note. The one you sent us was a copy.
Thanks again.
The Jubics
PS Why dont we talk about it here;
http://fraudulenttransactions.blogspot.com/
in my new "ShitiMortage" blog?
From: CitiMortgage
To: C&JJubic@nycap.rr.com
Sent: Thursday, June 04, 2009 6:41 PM
Subject: Confidential message for GEORGE J JUBIC
Dear GEORGE J JUBIC
Call CitiMortgage today to discuss your account status. We are happy to help you find the mortgage option that can best suit your needs!
We are available anytime, Monday – Friday, 8:00AM to 11:00PM Eastern Time.
Please call 866-929-8614† today!
Sincerely,
CitiMortgage
OUR REPLY
Stop Lying. You are not happy to help us find the perfect mortage solution for us. You are not happy to help us at all. You refuse even to lower our interest rate from what we are paying now (8 3/4%!!)
You call US. I am tired of trying and not getting through or being put on hold and disconnected, or given the run around....
And the 08' taxes you paid for us without our knowledge and put into escrow were already incorporated into the BK repayment plan of which we are paying off now. Now we are paying those taxes TWICE. You got us all screwd up. By making a seperate escrow for the 08 taxes you paid on our house instead of simply modifying the loan to include the taxes in the mortgage, ...our payments went from $519 per mo to $900 something a mo!! You know our annual income is less than 33,000. How do you expect us to manage? You have made it impossible for us to afford even the monthly payments.
Thank you very much now we shall be sending you nothing at all.......until you fix the problem. You know what to do. While your at it, you can begin your search for the original note. The one you sent us was a copy.
Thanks again.
The Jubics
PS Why dont we talk about it here;
http://fraudulenttransactions.blogspot.com/
in my new "ShitiMortage" blog?
ShitiMortgage a MoTheR*uCk@R! Wont Lift a Finger to Help Us Stay in Our Home
If you recall in my blog of Thursday, May 21, I talked about my futile battle with Citifinancial Mortgage Co to get our interest rate lowered. Currently we are paying 8 3/4 % while the national average is about 4 or 5%. Do you think they would budge? Not a chance. They reason that since we had been making the payments right along, it was apparent to them that we were able to pay the 8 3/4% and therefore should continue doing so! Flabbergasted I asked, in a not so humble tone, "You mean to tell me there is nothing you can do for us to get our interest rate down?" Shitis' reply, "just keep making your payments. Here is a link to the rant about the interest rate;
http://fraudulenttransactions.blogspot.com/2009/05/shiti-mortgage-refuses-to-lower-my.html
The Continuing Saga; Wait til you hear what they done next about
THE TAXES. Its un-friggin real!
To be con't tomorrow
too tired to fUk w/it tonite, but it seems that ShitiMortgage is trying to make it so it will be impossible for us to keep the house. I thought they were supposed to be working to help homeowners keep their homes, at least, that is what the politicians were telling us when they gave them all that bailout $$$.
More about the tax thing later....it will blow you away...
http://fraudulenttransactions.blogspot.com/2009/05/shiti-mortgage-refuses-to-lower-my.html
The Continuing Saga; Wait til you hear what they done next about
THE TAXES. Its un-friggin real!
To be con't tomorrow
too tired to fUk w/it tonite, but it seems that ShitiMortgage is trying to make it so it will be impossible for us to keep the house. I thought they were supposed to be working to help homeowners keep their homes, at least, that is what the politicians were telling us when they gave them all that bailout $$$.
More about the tax thing later....it will blow you away...
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