The Obama Program or The Making Homes Affordable (MHA) was introduced by Obama in March 2009. Is this program making things worse?
Watch this clip.
What do you think? The graph below illustrates how poorly the banks are performing.
- Obama Report Card
These numbers illustrate just how poorly the banks are performing. The conversion ratios from Trial Plans to Permanent Modifications are absolutely atrocious. Especially, for the nation’s largest mortgage bank, Bank of America. Only 98 permanent modifications under the Obama plan. Clearly, the Obama Program isn’t working as well as they had hoped. But, it’s of no fault of the Obama Administration nor the Program itself. These banks are simply not equipped to modify all these loans in a timely manner, which makes it even more imperative that you prepare yourself throughout the loan modification process. The majority of homeowners out there are not being put on permanent modifications even after they have completed the 3 month trial plan payments.
Fortunately, the government is very well aware of this and have implemented a much needed change in the modification qualifying process. More on this later…
Loan Modification Articles-
Loan Modification: Mortgage relief or grief? What homeowners go through while waiting for their permanent modification... This article tells it all: Chase Modification Process Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America... - Hardship Letter Hardship Letter Guidelines I've read several blogs on the internet on what a hardship letter is and how you should write a hardship letter for a loan modification. A hardship letter for a loan modification...
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Loan Modification firms don't modify loans, BANKS DO! When you do a search online or in the phone book for companies that offer loan modification service, you'll find that there is no shortage of companies and law firms offering this service. Some of... -
MHA Trial Plan Most banks are currently offering loan modifications in one form or another and many are participating in the Government's MHA - Making Home Affordable modification program. Also known as the Obama Plan or the HAMP... - Loan Modification: Can an Ebook help? Loan Modification ebooks: A waste of money? Believe it or not, Loan Modifications may still be in it's infant stage. Most banks have only just started doing loan modifications back in 2006 or 2007 and...
- Citigroup (NYSE: C) Cancels Home Loan Trial Modifications Homeowners still struggling to make mortgage payments are facing even more trouble as more home loan trial modifications are being canceled. According to a report from the Making Home Affordable program show that in July...
- Sarasota Attorney Hears Common Loan Mod Screw-Up! Sarasota Attorney Anne Weintraub consoles worried homeowner facing common loan modification screw-up! Concerned homeowner seeks attorney's help understanding loan mod screw-up. Check out the short video below. httpvh://www.youtube.com/watch?v=qTvwc-Qg7sU Sarasota attorney also shares good news about...
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