End Homelessness

Well in terms of HAMP, it is a very slow, very painful, very stressful, waiting game-- but more people who had temporary modifications ARE getting finalizing documents to maintain the new terms.

I'm thankful for the program...

my paperwork came from litton loans, and I found out to my horror that Deutche Bank was the "investor" and that it had been bundled as part of a servicing and pool agreement. That was fairly nerve wracking since a lot of people have been wrongfully denied modifications, with JUST either of those things, being the supposed "reason".

I had a fixed rate, but when I lost income it didn't much matter. I'm blessed in a way because I have other unearned income to pay with. I'd been messed up in the first place because New Century had thrown in an escrow waiver, which the original proposal did NOT contain. So I thought I had everything covered at one price, but I didn't. I needed to come up with that mortgage, PLUS insurance, PLUS taxes, Plus HOA-- which all ran about 300/mo MORE than the mortgage, which was about what I could afford IF everything was included. It has been a big struggle for me and I am so thankful that I am getting a reprieve from some of that stress. I should now be able to pay for some other things, like a new water heater and some repairs for my porch. That is what they don't think about when they charge so much money, what about the costs of keeping the place up? Who has that, when they can't even pay all the taxes and make all the mortgage payments?

HAMP WILL WORK, but homeowners should have a lot more protections including things like forgiveness of ALL charges owed at the end of the LONG DRAWN OUT trial modifications.  I do lose about 5K in terms of the added costs to what I owe them now AND I also had the maturity date extended several months. BUT they were, (is this ME talking?) DECENT to me in terms of what they counted and what they didn't. The trial mod, had included my child support, but the final mod, didn't so my payments are now even lower. I did the happy dance all over my kitchen. But it was frustrating, lost documents, getting told to send the same thing over and over, only to find, they actually wanted something very specific, but the form letters had, of course, FAILED TO CONVEY what they were looking for, in fact.  AND the department LOSS MITIGATION, refuses to have DIRECT CONTACT with the homeowner, SO, it is like playing telephone, very inefficient, very frustrating.  I was having nightmares and would wake up saying my property address and phone numbers, or having just gotten denied, it was really horrible frightening experience, where I knew the denials happen if they figure foreclosure is more cost effective, but they do drag it out for some, only TO deny. So until this thing is actually RECORDED, I guess I'm going to just be guardedly optimistic, that it is really happening.

Child support should never be calculated in.  Good luck.  Renting rooms is becoming very necessary for people to stay in their homes and for both parties it is a win win as long as references check out.  We rented to a young college student years back and it worked for the year very well; then to a grandma who was on a waiting list for a retirement home! 

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Hi Jennifer,

I've always shared my home with others. Every bedroom has been a safe haven for someone or another, ever since I bought the home, because there is always someone who needs a place to call home, even if for just a while along their way. This is true more than ever now, with so many people being robbed of their homes, by those who benefited from their contibuting tax dollars, when they WERE working. That is what is still wrong with the HAMP program, we need a bridge program, or maybe a program that lets the homeowners LEASE the home they are in AT THE CURRENT MARKET RATE, rather than pay through the nose still, for housing that has failed to retain much value.  Heard in Detroit they cannot even GIVE away the houses they foreclosed on, so why have housing sit, empty and abandonned when so many now need housing so desperately? It is a crazy system, capitalism and it is not working for any but a very few.  Heard about how the average Goldman Sachs salary for around 31,000 execs, is STILL 700,000/year. Interesting...