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June 15, 2011

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Comments

Bernice

I think it's unfortunate that these Banks play with people's emotions of giving them false hope in keeping their home by providing them with trial payments just to be foreclosed on within a few months. I have heard this before happening to people and they should be able to sue. If the bank has no intention of letting someone keep their home why bother with trial payments to give them a false sense of security????? Bank of America is the worst offender.

small business loans

I completely agree with the judges verdict/dismissal here.

I mean come on, how can someone sue a business for not providing their services to someone. A business can choose to do business with whomsoever they wish!

Their case totally lacked grounds to sue.

Tom Henry

In this case, homeowner were given incentives to consider loan modifications facing foreclosure.

Tom Henry

Under this program, they were given incentives to consider loan modifications to homeowners facing foreclosure.

home loan modification program

U.S. banks continue to improve their loan modification methods, so one needs to have a proper shields as to overcome in any of the financial instincts, rather then to gain a or sell mortgage to go in for for banks get the same done by a authorised FI's

Disgusted in NJ

I just read over a friend's Fannie Mae Mortgage Modification info. that Bank of America just sent. (after 3 years of trying!) My friend was denied under HAMP so was offered this.

After reading it over I can see why Roger Butt's son may still be foreclosed on. The information states that if the trial payments are made on time the foreclosure process will be halted. HOWEVER, later in the information it also states that they reserve the right to hold and apply any trial payments to the oldest delinquent payment until they are caught up. Soooo. Unless the homeowner is already CURRENT on their mortgage, it seems to me it will be impossible to make a current trial period payment to avoid foreclosure.

Also, the information sent fails to inform how the mortgage will actually be modified. Will everything just be tacked onto the back end (i.e. delayed), or will it be a REAL modification and or also include some forgiveness. Highly doubtful as Fannie Mae has made it very clear they would prefer to foreclose and will NOT be entering into ANY kind of forgiveness as Wells Fargo or other companies have done for people with ARM.

P.S. My friend had a good FIXED rate but is self-employed and has been trying for 3 years PRIOR to falling behind with still no luck until now. I think this is another deal with the devil but it's all they have...

Roger Butts

My son has tried for two years to get into Fannie Mae's Home Loan Modification Program. He is a self-employed businessman who has had his own cabling company over ten years. Most of his time is spent on the road and that is why I am writing this on his behalf.

Three months ago he was finally accepted into BoA/Fannie Mae's trial period program.

The documentation he received said he would remain in this program for 3-6 months. When/if he completed the program satifactorly he would he would officially be transferred in the permanent program. Fair enough.

He made his new required payment in June and again in July. Then without a phone call or explanation he received six letters on Saturday, 30 July telling him his home would be sold in a foreclosure sale on 25 August.

He cannot find anyone to tell him why this is happening since he is in the trial program and has made all payments on time.

Bank of America (Lender) will not answer why? The banks Lawyer said he has not received any instructions to cancel the Foreclosure sale.

His Congresswoman is trying to help...and also now his U.S. Senator. You would think someone could look up his case number and tell why this Foreclosure sale action is taking place in three short days-----with no explanation.

Can anyone help or direct us to stop this foreclosure sale this Thursday???

Home Loans Perth

People are just frustrated with the persisting economic crisis coupled with stubbornly high jobless rate. Remember, the financial crisis stemmed from bankcruptcies of the big lenders.

Charles Tate

Banks sell mortgage notes for 70% of the balance. They also sell 2nd mortgage notes for 60%. The F D I C will cover up to 95% of the investor losses. I think it's a great opportunity for the banks to be selfish.Tough Luck for the consumer.

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