The Obama administration’s $75 billion foreclosure prevention program has been weakened, perhaps fatally, by a posture of cooperation—rather than enforcement—with the nation’s biggest banks.
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1 comment:
I am currently going through this with Citi. Unfortunately we fell behind on our mortgage due to reductionin income on top of that my husband was injured which put him out of work for 4 months. I tried to get a modification on our loan however they told me we didn't qualify for any modification programs because we have an FHA loan. Being dumb I agreed to a repayment, AKA forebearance, plan that I knew was going to be tough but given no other option I figured we would do it some how. In November our electric bill was very high and I had to pay that in order to keep the electric on, so I had to delay the mortgage payment. By the end of November we got a turn of notice for the water, once again I had to pay the water bill to keep that on.
I called Citi again to see if we could make a partial payment and two weeks later the remaining balance to catch up, they said no they do not accept partial payments and said if I did not stick with the terms of the agreement they would cancel the agreement and the house would go into foreclosure. I once again asked about the modification programs and once again was told since we have an FHA loan we do not qualify for modification programs. I did some research and found we do qualify for multiple programs.
Jan. 7th I called back with information stating FHA loans do qualify for HAMP. Even with the information from the HUD website I was still told FHA loans are not eligible for modifications. So I told the woman I just want to save our house, we have children that do not deserve to be uprooted and thrown into the streets because we are having financial hardship. She said send in $1839 on the 20th and we MIGHT work out a repayment plan which will increase your payments by $544 from February until May. I knew there was no way we could do that so I would not agree to the terms.
On Jan. 18th I received an intent to foreclose notice! At that point I contacted FHA which then put me in contact with HUD. When the HUD rep contacted me he informed me that FHA loans DO in fact qualify for the HAMP program along with a loan modification program and other programs to keep us in the house. He contacted Citi and according to them they never told me I didn't qualify for the program but they were working out a plan for us! Gee that's not waht I was told several times!
So just this past Wednesday Citi calls me saying we are 4months past due and I must make the payment that day! I said first off I am NOT 4 months behind I am 3 months behind (which is bad enough), I have been trying to work out some sort of affordable arrangement to stay in the home and Citi is refusing to comply with any of the federal programs and won't work out a plan that is possible for us. She got nasty and insisted FHA loan do not qualify for the HAMP or ANY government modifications!
OMG I am at my wits end dealing with them but at the same time this is not just a house it is my families home. This is the only home my children remember living in and if it weren't for a string of crappy circumstances we would not be in default.
I am not asking for miracles or to not have to pay that money, we do owe it, but at least let us get back on our feet and then we can add a bit more each month or they can add it to the end of the loan.
Why are the working class still the ones getting screwed even though all of these programs are supposed to help us get our heads above water?
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