Tags
Fannie Mae, Freddie Mac, Homeowner Affordability and Stability Plan, Hope for Homeowners, Mortgages, obama
Many Michigan homeowners contacted the Free Press throughout the day today with word that lenders and loan servicing companies seemed to lack an understanding of what the Obama plan hoped to accomplish. Some were told they were not eligible when, under the guidelines, it appeared they might be; others were told that since they’d already gotten a loan modification earlier, they wouldn’t be able to get another – a premise the Treasury Department flatly denied to the Free Press on today.
Kenya Brown, a 39-year-old foster care worker for the state, got a previous modification through Countrywide and was told Wednesday she wouldn’t be eligible for another under the new program. Meanwhile, she’s spending about half her monthly income on a $115,000 home in Harper Woods with a $146,000 note on it.
The lender’s comment notwithstanding, she’s going to keep at it – calling regularly in hopes of getting her loan modified so she can pay less each month.
“It’s getting to the point where I’m getting desperate,” she said.
Countrywide’s owner – Bank of America – said Wednesday it intended to take part in the modification program – at least as much as its contractual obligations would allow it to do so. Many other loan servicing companies did so as well.
Everytime I hear this, I think of the telephone call I received from a neighbor one night. I was working late, doing a marathon and a neighbor called me and said “I need your opinion on something. I got a call today from this lady who told me that she could help me get a house. She said that all I needed to do was give her my social security number. What do you think?”
My response to my neighbor was this. “You do not work. You have never worked. How are you going to pay for this house? She then asked me again, “What do you think? Should I give her my social security number?” My response was a resounding “HELL NO!”
To be honest, it was not my neighbor but a very young, streetsmart yet stupid niece of mine. I just did not want to admit that I had someone with that mentality in my family, but decided to because we all have one. After all this is America. However, to her credit, this was the one time she actually listened. I found later that the caller was a woman who worked for….you guessed it….ACORN.
Clearly the woman in this article is in over her head and just as clear is the fact that she should never have purchased a home in the first place. I might be wrong, but I suspect ACORN had a hand in this sale somewhere along the line. I also suspect that she voted for Obama under the false premise that he was going to help her out of this dilemma. Another Obama lie.
Obama with all his promises will do nothing for people in this type of situation. It is unfortunate because this debt will not go away.