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Obama's help for modification of home loans continues to decline

The number of borrowers who are being helped by the prevention program of short sales (implementation a mortgage) Obama administration continued to decline in October, data released by the Treasury Department.

About 16,634 borrowers obtained a permanent loan modification in October 2010 and 17 771 in September.

And the number of mortgage amendments approved or denied not continue to rise over the number of borrowers who are getting ongoing support.

At the same time, about 26,679 borrowers left the program in October, bringing to about 756,000 the total number of borrowers who have defaulted since the program began in the spring of last year.

About 483,000 borrowers have received permanent changes to the Affordable Home Modification program , known as the HAMP. The government initially expected to provide support 3-4 million borrowers, although they have since reduced ambitions.

The Obama launched to try to find HAMP a way reduce mortgage payments for homeowners who wanted to keep their homes, and were in imminent danger of foreclosure.

However, it is widely regarded as a flawed program. Lawmakers say it is not to relieve tension in households where incomes have been weakened by sluggish economic growth, high unemployment and bureaucracy imposed by banks, makes it difficult to comply with all the obstacles to a temporary or permanent reduction in monthly payments.

New data from the Mortgage Bankers Association showed a slight decrease in the rate of mortgage delinquencies in the third quarter. The rate dropped 0.72 percentage points from the previous quarter was 9.13 percent.

But the group of bankers that offers little hope of a lasting improvement, noting that there was a potential 4.5 million homes to be foreclosed over the next three or four years in the top four million in the list.

banks are now fighting a rearguard action against the revelations that using "robo-signatories" to accelerate the pace of foreclosures, an act that infuriated the homeowner advocates and led to hearings in which bankers and regulators were brought angry lawmakers. The

Documentation fiasco, along with the slow modification programs as Hamp, has reignited public anger with the banks receiving billions of dollars in aid from taxpayers during the financial crisis. Meanwhile

government subsidies for mortgages continues to fall, through no fault of the government, but as I mentioned, because of the banks. The mortgage loan modification that are approved are very few, but not because the borrowers do not qualify, but it is by having people in the department of customer service they can not do their job. It is obvious that they do on purpose. If the loan modification they saw fit them, Lenders would make sure the people putting efficient.

borrowers are not getting help mortgage lenders, most of them say: "I refused the amendment" "I do." Even explain why they have not approved the loan modification.

Related Topics: Applications

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Wells Fargo is a nightmare for owners when seeking assistance in the Modification Making Affordable Home Loan Programs

Wells Fargo bank put a borrower in Illinois through a nightmare, frustration and stress when Mrs. relentlessly tried to apply for a mortgage modification under the Obama program Making Affordable Home Modification, according to a lawsuit filed in federal court.

is a nightmare for many homeowners who rely on the promise to reduce payments HAMP monthly. The greater the number of people who have been denied the program to which they have been given a modification for five years, federal auditors say the program actually does that sometimes borrowers from losing their homes rather than maintained. Teresa Crowley

Deerfield, Illinois, began having problems with their monthly income because of their health and less demand for services in their work, first applied for Making Home Modification or HAMP AFORD in April 2009. Wells Fargo allegedly dragged the feet for four months in October of that year he sent a letter saying they did not qualify for the loan modification program Obama, then when I call to complain they gave false explanations.

In November, she again applied for loan modification, then the following month Wells Fargo denied the amendment again. A week later she called the bank and spoke with a woman customer service of this bank, which determined that Wells Fargo had mistakenly exaggerated the income of the woman in $ 2,800. The file also erroneously indicated that she owed $ 2,381.07 per month in credit card debt had actually been paid in 2002. The girl said that according to the right information (information that Wells Fargo had throughout this process), in his opinion Mrs. Crowley would have qualified for a loan modification HAMP. Crowley

applied again denied the mortgage modification again in March. She called to complain again. Then Wells Fargo allegedly put her in a trial period during which lower payments made for three, one of the month while pursuing a change in HAMP. One day he said his income was not the cause for which he had denied the amendment, but the real cause was the so-called "Net Present Value", this is related to the value of the property. It is a calculation is done with the modification program Obama Making Home Loan Affordable.

In August, she received this letter from an executive at Wells Fargo: "As stated, your income has nothing to do with what has been denied the HAMP, the reason was the net present value. At the time of denial.'s VPN, which had been instructed not to use that as the reason why we were not prepared to explain the denial of the net present value.

The Class of Mrs. Crowley is one of many that are making through the courts throughout the country. They reflect the widespread frustration with the HAMP. The president said the program would help three to four million homeowners modify their mortgages and keep their homes until they were in force (in 2012). So far, 466,708 are at or permanent changes, while more than 700,000 changes have canceled them.

Eligible borrowers are supposed to have their monthly payments reduced to 31 percent of their monthly income, usually save around 450 to 550 a month. If they pass the probationary period lasting three months, the mortgage modification is supposed to be permanent.

Wells Fargo declined to comment on the suit of Mrs. Crowley on Affordable Home modification program (HAMP). Banks generally do not like to discuss on individual clients. Wells Fargo said in an email to Huffington Post that 92 percent of his customers are current on their mortgage payments from the second quarter of 2010 and less than two percent of its portfolio of services in property has been the foreclosure sale on an annual basis.

"Wells Fargo has led the industry by changing the loan and interest to more than $ 3.4 billion of owners forgiving principal to customers facing financial difficulties, permanently removed an average of 13 percent of the outstanding principal, which equivalent to more than $ 54.000 per loan of more than 65,000 customers, "said a spokeswoman. "Exclusion is a last resort after all available options to keep home ownership have been exhausted."

For Crowley, that "hangs in limbo somewhere between the loan modification and foreclosure," according to demand.

"I have no choice but to fight for myself," Crowley said in a statement. "I want to help people do not have to endure the same nightmare of harassment, frustration and stress I have been relentless."

The case of Mrs. Crowley is one of the billions which are the majority of borrowers who request an medificacion of loans with their banks. This problem does not happen only with Wells Fargo, but with the most reputable lenders such as Bank of America, Chase Mortgage (deal with Chase for a loan modification to the square is a nightmare, really. I speak from experience staff), Citi Mortgage, Flagstar Bank and many others.

But talk about how leading the loan modification process each of these banks and and topic for another article.

The thing is that lenders do not really try to help homeowners who are struggling with their mortgage payments. I really do it on purpose because they do not should be given 2% of interest to people who pay more than 31% on their mortgages. Are delayed on purpose and people who are working in the customer service department are inept and do not know the guidelines of the loan modification program Home Affordable. For the record, I speak from experience. I made the loan modification of my mortgage, and cost me any amount to get it. Each time I called my lender, I totally inept people answered that they had no idea how to calculate the salary of a person who works for himself a self employed bone. In another article I will explain about my own experience.

So what they must do before you call your lenders to request Obama's amendment Home Affordable, must be patient and be prepared to call several times a day. The most important thing is that you must learn these loa guidelines or rules of the program. If you know what it is, if you can tell who qualify and your lender tells them they do not qualify, then they can complain and have a valid argument to keep fighting. Here you can get information about program guidelines or guidelines for mortgage loan modification Mofification Home Affordable.