Last Day of The Save The Dream Tour - Onsite Loan Modification Program

[manasia]

From 8am - 8pm at The Prime Osborn Center, NACA will be hosting an event to do onsite loan modification for struggling homeowners (Today is the Final Day). Here is a schedule of future events and also a link to the requirements:

Save The Dream Tour for the Rest of The year, This Event helps struggling Homeowners with their loan modifications please pass this on:

Baltimore, MD
Nov 11-15
Baltimore Convention

Edison, NJ
Nov 17-21
New Jersey Conv. Ctr.

New York City, NY
Nov 17-21
7 West Mart

Charlotte, NC
Dec 1-5
Charlotte Convention Center

Richmond, VA
Dec 2-6
Richmond Convention Center

https://www.nacalynx.com/nacaWeb/member/keepInform.aspx?formType=campaign&campaignID=MD&campaignTitle=Philadelphia%2C+PA

The link above provides the requirements for getting an onsite modification. The process and document list are long, but with advance notice you should be able to get all of your paperwork together in time.

[FayeforCure]

This program probably helps you put your loan modification package together for the lender's review.

Then it is up to the lenders to decide on a loan modification proposal.

Most will fall far short of what's needed to keep people in their homes, as the program has no oversight for lenders to cooperate in a meaningful way.

Already these loan modification attempts have failed miserably for most homeowners who need them.

http://www.huffingtonpost.com/2011/09/01/hamp-mortgage-modifications_n_945290.html

http://www.huffingtonpost.com/2011/11/11/foreclosure-fraud-foreclosed-homeowners_n_1071826.html

With one in four mortgage holders under water it's a never ending nightmare and the strongest contributor to our economic crisis, when everything happens on lender's terms without any government oversight!!

[manasia]

This program probably helps you put your loan modification package together for the lender's review.

Then it is up to the lenders to decide on a loan modification proposal.

Most will fall far short of what's needed to keep people in their homes, as the program has no oversight for lenders to cooperate in a meaningful way.

Already these loan modification attempts have failed miserably for most homeowners who need them.

http://www.huffingtonpost.com/2011/09/01/hamp-mortgage-modifications_n_945290.html

http://www.huffingtonpost.com/2011/11/11/foreclosure-fraud-foreclosed-homeowners_n_1071826.html

With one in four mortgage holders under water it's a never ending nightmare and the strongest contributor to our economic crisis, when everything happens on lender's terms without any government oversight!!

Actually Faye, the NACA programs work really well. They require more paperwork, and a bit more work, but they are very successful.

[FayeforCure]

This program probably helps you put your loan modification package together for the lender's review.

Then it is up to the lenders to decide on a loan modification proposal.

Most will fall far short of what's needed to keep people in their homes, as the program has no oversight for lenders to cooperate in a meaningful way.

Already these loan modification attempts have failed miserably for most homeowners who need them.

http://www.huffingtonpost.com/2011/09/01/hamp-mortgage-modifications_n_945290.html

http://www.huffingtonpost.com/2011/11/11/foreclosure-fraud-foreclosed-homeowners_n_1071826.html

With one in four mortgage holders under water it's a never ending nightmare and the strongest contributor to our economic crisis, when everything happens on lender's terms without any government oversight!!

Actually Faye, the NACA programs work really well. They require more paperwork, and a bit more work, but they are very successful.

Their own mortgage products look good and it's good that they help struggling homeowners with the paperwork that might qualify them for HAMP for loan  modifications. Trouble is HAMP and other loan modifications under HAMP are done by lenders on a voluntary basis.

Don't get me wrong: lenders MUST offer HAMP, but they are free to decide the terms making it mostly ineffective at keeping people in their homes ie the modifications offered (once you go through a massive paper mill) are usually too little too late.

[fieldafm]

but they are free to decide the terms making it mostly ineffective at keeping people in their homes

Not only are you wrong that lenders get to do whatever they want with HAMP(which is completely laughable and 100% false), but HAMP sucks b/c its a temporary band aid to a much larger problem.  The redefault rates are pretty pathetic. 

[FayeforCure]

but they are free to decide the terms making it mostly ineffective at keeping people in their homes

Not only are you wrong that lenders get to do whatever they want with HAMP(which is completely laughable and 100% false), but HAMP sucks b/c its a temporary band aid to a much larger problem.  The redefault rates are pretty pathetic.

Sorry to say but YOU are WRONG:

When President Obama announced HAMP in February 2009, he said the program would use subsidies to encourage bailed-out banks to modify mortgages for as many as 3 or 4 million homeowners. So far, fewer than 700,000 homeowners have received lasting help from the program, which is overseen by the Treasury Department and was initially funded with billions of dollars from the Wall Street bailout. The slowing of new trial modifications suggests HAMP is less likely than ever to meet its goal.

Former bailout watchdog Neil Barofsky called the program's administrative failures "breathtaking" in remarks prepared for a congressional hearing on Thursday. He said that numerous studies and anecdotal reports, including a Tuesday ProPublica story, "confirm the widespread abuse suffered by homeowners at the hands of the mortgage servicers charged with implementing HAMP."

http://www.huffingtonpost.com/2011/10/05/hamp-dwindling-new-modifications_n_996591.html

HAMP is just one of those "feel-good" programs that pats struggling homeowners on the back, but does practically NOTHING to help them!!

[fieldafm]

Sorry to say but YOU are WRONG:

That's an interesting statement seeing that I work with them all day, and you are telling me how wrong I am.   

I do agree with you that HAMP is an extremely flawed program that does not solve the problem. 

[fsujax]

I went down there yesterday. What a sad sight seeing so many there that are in need of help. I really thought the event seemed unorganized. I finally gave up after sitting in a large room with hundreds of others for over an hour. Not really knowing what we were supposed to do. Moved to an orientation room, and then told most of us or all of us would not get to see any lenders because we waited to the last minute to come, even though I was there at 2pm. I was a little frustrated and felt like I wasted two hours of my time.

[FayeforCure]

I went down there yesterday. What a sad sight seeing so many there that are in need of help. I really thought the event seemed unorganized. I finally gave up after sitting in a large room with hundreds of others for over an hour. Not really knowing what we were supposed to do. Moved to an orientation room, and then told most of us or all of us would not get to see any lenders because we waited to the last minute to come, even though I was there at 2pm. I was a little frustrated and felt like I wasted two hours of my time.

Thanks for sharing your experience.

Too bad you didn't get the help you needed to get the HAMP package complete, on the off-chance that you might be one of the very few lucky ones to get a meaningful modification of the mortgage loan.

Unfortunately the HAMP program turns out to be "help in name only" for most that apply.

It's a real shame that congress keeps putting out "feel-good" legislation that ends up protecting the lenders more than it helps the people who need to be helped.

There are absolutely no guidelines on what kind of modifications lenders must offer, it is completely left to their discretion. And there is absolutely no recourse for homeowners if they get screwed during the HAMP process..........no government oversight whatsoever, which is exactly the way lenders want it.

It reduces all of us to beggars, while our government abdicates its job of protecting us from corpporate abuses.

It's like going through the motions, and pointing to a few anecdotal cases of where a decent modification was worked out, while the majority of applicants will still face foreclosure anyway because lenders pretty much had nothing to offer.