09/26/09: Home Loan Modification

" And -- show is on line. The on demand. Turned to Richie yeah. He's won before Sunday's nine to noon on."

" Let's go to Rhode Island and talk to pack era in 96 -- WTKK aipac."

" Direct connection -- it's taking my call. I'm calling about them. Mortgage modification program that is part of the stimulus."

" There is no mortgage market that that's its -- does not directed you pat but it it's it's a joke. Because it eighties the mortgage -- the mortgage modification program for all intents and purposes is. Voluntary. I'm on the part of lenders and lead lender I was reading a couple articles the other day I think. I don't know maybe 15%. Of the mortgages that. That you know technically would qualify. Are being modified -- and modify and and the modifications that are. You know you got to jump through you gotta be. -- If it -- but in one of these circus circus people can twist themselves into a pretzel. Given that not sit there and and the hoops they want you to jump through. Also while I'm added I don't know this fits of what you're saying we a couple of weeks ago I'd be I was off last week. I got a call from a gentleman who was mentioned that. The I had talked a lot of this refight plus program where Boehner. If you have up -- 105%. If you're underwater by 5% you -- can be you may be able to refinance. And he was saying that they've they've now upped that to twenty. 145%. I did some checking and the fact of the matter is that they put out the that the same program put out an advisory to lenders suggesting. If they consider. Re doing these refinance -- even for people as much as 225%. Under water and but again it's it's it has been voluntary and virtually all legislating now I added that the number I talked to a couple of brokers that I know. And then they said they've seen not one. Has done it they've all said no we're not gonna do and are less the government says you have to do it then and then I'm gonna do."

" Why would it would beat might benefit I downloaded a form that on the government web site. Would it be denied benefits it is still it out now I."

" Yes but I'm but I'm telling you from everybody I've spoken to both people who are in the business and people who tried to deal with this. That in essence what you what you are you you are filling out a document which is going into a black hole. So if you're gonna depend on this you know maybe flat five years from now that get back to you. Who knows and but but the the the hoops that you have to jump through and the chances this getting approved arts are from what I can see are slim to none. So if if if you are doing this because it would make your life easier but you are gonna lose the home if they don't approve it then fine. But if all you're in a situation where this is becoming an emergency. And then I would not be dependent on any home loan modification of your position where you think you're gonna be facing foreclosure. Then I would be speaking to the bankruptcy attorney now the bankruptcy attorney has lots of potential options at their. It. Not that Beck and call that a possible one of which may be a loan modification but generally not. A lot of times -- of the loan modifications. -- The law -- what the lenders are doing it when they're modifying loans are modifying and so the point. In most cases where it's really not helping people as it that much."

" Through that and they the woman was very very cooperated very helpful she told me that bank Kent -- animal. Stand to 2%. Role as and they can extend."

" I think they can't they. They can do all these things but they're not that's the problem."

" Well I I I had severe hardship I was fired by the US attorney improper and last year because my disability and I incurred incredible debt. Based on litigation based on drastic reduction in income because."

" I'm not telling you not to fill out the form when I'm telling is I don't think that what to -- first up. And I'm starting here -- your bad luck but. I don't think that that's gonna that's gonna change much from the standpoint of whether the bank give you -- moment of -- or not that's number one number two given how what just you just. Statistically. -- given how few loan modifications. That applications are going through being approved. Again given the time it takes and -- that the very few that are that are being approved if you're in an emergency situation you can't. Depend on so you well you gotta take. Bigger steps which is as I say again. A patent attorney now if you wanna look apply for this at same time and then when you get bankruptcy attorney have turned it over to them sure a you know throw as a you know -- much against the wall she can. -- See what sticks -- I I did it -- I'm I don't wanna burst your bubble but if you're depending on this I wouldn't depend."

" No I'm not depending that the pilots try I never heard back from the bank I get that at."

" Well the biblical thing you think you go I'll go to talk to."

" weakened back in May be held at a political center was but they're a woman I spoke with that I should get the apple."

" SE CE with the woman you spoke to my guess it was a cost custom notified that probably true customer service -- And if she she hasn't given it if I'm correct -- it probably and she has no authority to do anything she's probably had like a script. Which -- and I'm sure what she told you was you know what she was told to tell you -- proper but she is -- can't make any guarantees."

" And he would keep sending out an application. Like how you read that -- time with the bank at just fill it out. So write my letter apart chipping is giving directly to the bank manager and hope that."

" Well you do that but again I would definitely. I yes I I won't -- that should be like yours yours -- seconds that you first that should be getting a bankruptcy attorney and have the bankruptcy attorney help you with -- because. I don't think it if you do if you wait. If you. -- that is loan modification by the time you find out that it's not gonna go through and chances are it's not. Then you you gonna be much further down the road towards foreclosure and you don't wanna do that and the way to. Hopefully prevent that is -- the bankruptcy attorney in any event -- I wish him best --"

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