Mortgage Modification Help is Not There to Help You

It is funny how people out there will believe whatever they are told. I am here to hopefully open some eyes to what is happening out there with your mortgage and the Banks that are foreclosing on you. Forthcoming will be several articles about the dilemma people are going through with their mortgage and or foreclosure.
There are several programs out there that say they will help you. Let us get to a couple of those programs and let you know the stories I have heard right from the people that is foreclosure. I am still trying to figure out why our government does not see this problem and fix the cracks they have made in these programs. I thought our government was here for the people and not for corporate!!

First program we are going to look at is the HAMP you can go and read more about it visit the HUD website. Now the main purpose of this program is Eligible homeowners for modifications under HAMP must, for example: live in an owner occupied principal residence, have a mortgage balance less than $729,750, owe monthly mortgage payments that are not affordable (greater than 31 percent of their income) and demonstrate a financial hardship. The new flexibilities for the modification initiative announced today continue to target this group of homeowners. Sounds good does not it, now in the mean time the banks (servicing companies) take the application and all the information down, once they have that application they, then, run to the government and collect $1000.00 for getting your application.
Now think about this for a moment, there are millions trying to get their mortgage modified, and I think we can name off on 2 hands all the so called mortgage lenders (servicing companies) that are taking our money for these modifications. They say they cannot find your paper work, of course not, there are millions trying to get in this program, all the banks care about is the money they get for your application. Hold on it gets deeper here! Ok, now they come back with an offer that will really not get you out of your situation but it is helping with the next fall you will be taking. You have a choice take the offer they give you or tell them no way! By now some people just want it to go away and say ok and take the rather ridiculous offer from the bank. Others will say, how do you expect me to live with this offer, and refuse it.
Those that refuse now have to fill out another app., wow here they go again with their hand out to the government! They get another $1000.00, You have to send in all your paperwork again and your hardship letter, same thing as last time but now your credit is shot and your nerves are shot. They put you in this other program now that will have you pay for the next 9 months payments that are lower, they say this is a test run and they will let you know if you qualify within the last month of the program. So you pay and it comes to the last month and they tell you they cannot accept your payments and start the process of foreclosure on you. Now was that fun! NOT!!!
Ok we could go on and on about the different tactics that pull. To just name a few let us talk about Loss mitigation, the bank lawyers that are doing the legal work for the foreclosure and then the modification dept. None of them know what each other is doing with your information and that is the way they keep it so you lose out on your home. They will tell you to call the other departments and pass the buck. Now in reality, they are not your note holder and they really cannot make the decision to modify your loan. Yes some people are getting modifications, but the truth is they are setting them up to fail so they can get the property back. This will be another article full of theory and facts about their ploys for owning your property once it goes to the court house steps.
Are you stumped on that last statement? In the next article I will be talking about MERS and the security exchange and how this mess was created, it will slowly let you see the whole puzzle. But it is true, the company you pay your mortgage payment to is just the servicing company in 99% of the time. Yes it is true they are just setting them up for failure again, with payments still too high and the payments they did not make were just added to the back of the mortgage. It is almost like betting against you and they are! They also have a chance to buy your property at the court house steps for a lot less and they will then be able to sell for a lot more, make money from the government for helping you try to get a modification before this happened and to get deeper the were paid from AIG when the mortgage was insured. We can go deeper but let me try to get the picture out there first and then dig deeper.
Next program we will talk about is the 2nd Lien Modification program also known as the 2MP, which you can read all the information about it at the HUD website. Now this still puts a crunch on the homeowner, and I have not heard any good news out of this program but I still cannot figure out how they think they can help on a foreclosure when no one knows who owns the note and who can negotiate when no one knows who to negotiate with.
Ok the conclusion to this article are some questions I think that need answered. First question is: Can the government see that the banks and securities commission messed this up! VERY FEW PEOPLE ARE GETTING HELP!!! Second: Are all the senators that are active right now, have stock in these banks? Are the Banks paying off the Senators and congressmen? Third: Why are all the nightmares that people are having with these banks being swept under the carpet. Why is the mainstream media not reporting on this, are they owned by the banks? Forth: Is President Obama that dumb he cannot see what it is doing to the people in the USA? Why is he not putting these programs in with more stipulations that the banks must work with the homeowner and give them a break and not break them in to pieces and discard them.

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