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4 Bumps

Nearly 50% Leave Obama mortgage-aid program?

What do you think caused this? How can we turn it around?

LINK

http://finance.yahoo.com/news/Nearly-50-percent-leave-Obama-apf-1111893492.html?x=0

Answer Question
 
SylviaNCali

Asked by SylviaNCali at 3:14 AM on Aug. 21, 2010 in Politics & Current Events

Level 17 (4,484 Credits)
Answers (17)
  • LINK

    http://finance.yahoo.com/news/Nearly-50-percent-leave-Obama-apf-1111893492.html?x=0
    SylviaNCali

    Comment by SylviaNCali (original poster) at 3:14 AM on Aug. 21, 2010

  • SylviaNCali

    Comment by SylviaNCali (original poster) at 3:15 AM on Aug. 21, 2010

  • I personally have no opinion on it.
    Glamourina

    Answer by Glamourina at 3:20 AM on Aug. 21, 2010

  • because of this right here from the article


    Many borrowers have complained that the government program is a bureaucratic nightmare. They say banks often lose their documents and then claim borrowers did not send back the necessary paperwork

    3_ring_circus_

    Answer by 3_ring_circus_ at 3:22 AM on Aug. 21, 2010

  • <p>I know people who tried to use the program and the lenders refused to work with them, my neighbor and i have the same mortgage company, she went through a more than year long battle with them and never got a modification. She has now restarted the whole process.


    When I lost my job we made the choice to just ride it out when i called the mortgage company and was told that because we were not behind on our payments they wouldn't help us, that if i wanted a modification i had to fall 2 months behind and have foreclosure looming over me. How does that make sense?


    its not obama's plan that i blame its the lenders that i blame. and no i didn't buy more house than i could afford as some people assume, we actually bought a house that was $100k less than we were approved for because i knew my budget better than the bank did.</p>

    3_ring_circus_

    Answer by 3_ring_circus_ at 3:23 AM on Aug. 21, 2010

  • Lender's twist it to their advantage, JMO
    DomoniqueWS

    Answer by DomoniqueWS at 3:34 AM on Aug. 21, 2010

  • Thanks so far for the replies! Modifying loans made no sense for a person falling behind due to job loss. The plan was not well thought out and that is why it has failed. I Look forward to seeing what others have to say.
    SylviaNCali

    Comment by SylviaNCali (original poster) at 4:02 AM on Aug. 21, 2010

  • From my understanding of the program (could be wrong), you have to already be behind on your mortgage payments to qualify for the program, however you have to have an acceptable credit rating (required by the banks - I don't know if this correlates to government requirements for enrollment in the program). It is rare to have both a mortgage in arrears and a good credit rating since if you don't pay your bills it directly effects your credit. From the outside, ti looks like more of a slush fund of a program that was never really meant for wide spread use.

    QuinnMae

    Answer by QuinnMae at 9:31 AM on Aug. 21, 2010

  • The problems with refinancing,etc. occurred way before Obama was President. It is nothing new. My son in law knows....so many know...the banks screw up all the time.
    gertie41

    Answer by gertie41 at 10:18 AM on Aug. 21, 2010

  • Another socialized government entitlement program that has failed miserably because there isn't enough money to pay for it - (not enough money .... geez this sounds familiar .... anyone up for a tea party?).

    Big shocker .... conservatives were labeled fear mongers for that one too ... I wonder when people will realize that well-intentioned entitlement programs mean squat when there is no money to back them up?
    Gal51

    Answer by Gal51 at 11:22 AM on Aug. 21, 2010

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