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What Ever Happened to That Obama Mortgage Modification Plan?

ABC News-One year ago this month President Obama enacted a plan to help alleviate the housing crisis.
With a slow start to the program, the Obama administration announced in July 2009 that it would seek 500,000 trial loan modifications by November 1. Over 900,000 applications were submitted.
Up to $75 billion has been allocated for this program. $50 billion coming from TARP.
A year later only 66,000 Americans had permanent mortgage modifications through Obama's program.

RealtyTrac.com-In that year, foreclosure activity has still been up about 49 percent between January 2009 and January 2010.







Answer Question
 
Anonymous

Asked by Anonymous at 8:24 AM on Feb. 16, 2010 in Politics & Current Events

Answers (6)
  • Yep! We applied....it's a joke! They even asked us if we were a "minority"......isn't that illegal? After we answered that, it seemed there was just no possible way that we needed their help! They refused to help us restructure our mortgage and we can even PROVE that our Finance Officer lied and re-created terms after we has already signed closing papers.
    TimandMely4ever

    Answer by TimandMely4ever at 8:27 AM on Feb. 16, 2010

  • No one qualifies for it. I know someone who applied after losing his job. His wife works and their income was 50% less then it was when they took their loan out. BofA told them they qualified, and they were estatic to be able to keep their dream home. About 4 mths later they got paperwork saying they didnt qualify because he made too much money. Mind you, he was laid off. They based it off his old income and what he was capable of making. They lost their home.
    gemgem

    Answer by gemgem at 8:35 AM on Feb. 16, 2010

  • A year later only 66,000 Americans had permanent mortgage modifications through Obama's program


     --------------------------------------------


     How many of those will be defunct with payments again?

    jewjewbee

    Answer by jewjewbee at 8:52 AM on Feb. 16, 2010

  • TimandMely, you should see an attorney. That's highly illegal and you could threaten to bring a class action suit against the mortgage broker. You know if he did it to you, he did it to others too. A lot of lawyers will work pro-bono on a class action.
    Anonymous

    Answer by Anonymous at 9:11 AM on Feb. 16, 2010

  • And to qualify for a modification you have to have 630+ credit scores, have to have owned the home for an x number of years among other qualifications. It is NOT for everyone as they advertised!
    RutterMama

    Answer by RutterMama at 9:31 AM on Feb. 16, 2010

  • We were able to get a modification through our bank last April. However, in August the same bank called us and told us we need to send in info for our modification. I told her we already did, and have been on the modification since April. She told me this was for Obama's new plan, and if we qualify, our payment would be X amount and our interest rate would be X amount for 5 years, and then would be variable. WTF? We had a fixed rate that was only slightly higher than the rate they quoted. And our current payment at the time was just slightly higher as well. I asked her why the hell I would want to change it. She said because it was a great deal under Obama's new plan. That's all she kept saying. I don't know how many times I told that woman no. I had my husband call and talk to her as well. And btw, we are making our payments just fine now in case those like jewjewbee care...

    Anonymous

    Answer by Anonymous at 2:10 PM on Feb. 16, 2010

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