Obama needs to impose punitive damages against banks who breach their fiduciary responsibility like this.

I have been trying to get a mod for 1 year. I have dealt with hours on hold w/the bank, hang ups, extended "trial period", & resubmitting docs repeatedly. I have been refused my repeated requests to talk to a bank decisionmaker. I can only speak w/a call center employee. After a year of this, they finally send me a mod agreement that adds add'l $30K to my principal and when I call to have that add'l amt explained, again the call ctr people can't explain it and they tell me I'm "lucky" to get a mod agreement at all and then threaten to foreclose if I don't sign & return the agreement that I don't understand within 7 days! That's not enough time to have it reviewed by an atty which is necessary since no one at the bank will explain the terms of the mod. They want you to blindly sign what you don't understand and expect you to be happy about it. I understand they are overwhelmed w/applicants, but the way they handle the process is ridiculous & downright unethical!

January 26, 2010: Elizabeth Warren

http://www.thedailyshow.com/watch/tue-january-26-2010/elizabeth-warren

Maybe you can send this link to Mr. Dimon:
Stiglitz Pans Obama's State Of The Union Address, Calls Focus On Jobs "A Little Late", Sees Bankers Creating Bubbles

Lastly, to the question if the president is being too populist with his approach, Stiglitz responds with a resounding no.

Interview courtesy of Bloomberg

http://tinyurl.com/ya84n7c

Former Goldman Sachs CEO and Former Treasury Secretary Stutters Through Hearings

http://tinyurl.com/yddsvml

Beware, the Foreclosure Collection Man Cometh

When John King stopped making payments on his home in Coral Gables, Florida, two years ago, he assumed the foreclosure ended his mortgage contract, he said. Last month, a Miami-Dade County court gave collectors permission to pursue him for $44,000 stemming from the default.

http://globaleconomicanalysis.blogspot.com/2010/01/beware-foreclosure-collection-man.html

Good deal if you can get it...

Secret Deals Involving No One; AIG Coverup Conspiracy Unravels
Strange Conspiracy Involving No One

* Geithner recused himself although there is no record of it.
* Paulson knows nothing about it and was not in the loop
* Bernanke either does not remember and/or was not involved.

Amazingly this conspiracy involves no one. It is a historic event. Hundred billion dollar bailout decisions just happened. No one made them, no one was responsible for them, and no one was in the loop, yet all those not involved agree the process must be kept secret.

http://tinyurl.com/ygds4md

Most of these loans modifications don't accomplish what the buyer really wants and that is a major reduction in monthly payment. The only way to accomplish that is to either have the principal slashed (forgiven) or extend the loan period. Most lenders aren't interested in cutting possibly hundreds of thousands of dollars off the principal. Cutting the interest rate, when it is already low doesn't amount to much reduction in the monthly payment. About half of those who have received the modifications will re-default so they effort is for naught.

I had 2 different mortgaged homes 1 upside down the other had equity, At that time the advise seemed to be that the banks would not even consider a modification unless you were a few months behind in payments, so that is what I did, in the 3rd month I got a foreclosure package on the home that had equity loaded with about $5k in junk fees. I argued with the bank to no avail so I paid up including the junk fees, about 2 months later I get a modification package in the mail (here's the Highlights!) my monthly payments went down!! Yippy! but this is how they did it, they reduced my balance by about the same as the junk fee's however my current mortgage was 10 yrs old and more principle was being paid, my modification was a new 30 yr. so you look at the interest portion (the part were they make money!) I was paying more interest then the original mortgage was at, therefore the mortgage company was doing better with my new mortgage and I am now paying an additional 10 years, (great plan of not?) as to the other mortgaged home that was upside down! they would not even talk to me about that one!
P.S. The advise that seems to be going around lately is that you should not look upon this as a moral obligation but a business decision like the Banks always do and hand them your keys and say "Sorry you loaned me this money based on the homes equity and it's just not working out for me but thanks anyways !!!"

I here rumers that the interest rates will be starting at rise in the next few months', why does that not surprise me that this program does not start until the banks have had enough time to raise there interest rates!

"Bankers Ass. Trying To Pass Non-Judicial Foreclosure For Florida" This will enable them to take your home in 3 months. They are lobbying fearlessly presenting bill March 2 to go in effect July 1st. They will take our rights away and by-pass the courts they will be the judge & jury. We cannot let them get away with this..everyone write & call your local & state representatives and tell the "DO NOT PASS THIS BILL" It's just another way for the banks to cover up their mistakes..

Experience does count for something and shows here. This is great work, written from ground level by someone that has been there and actually done that. Loan Modification

Also, if you wish to learn more about the Florida Bankers Association bill...

http://4closurefraud.org/2010/02/01/florida-bankers-to-the-states-citizens-%E2%80%9Cbend-over-your-assets-are-mine%E2%80%9D-florida-consumer-protection-and-homeowner-credit-rehabilitation-act/

Wish someone from state would help out.

Anyone having problems with AURORA LOAN SERVICES?

You are not alone...

Here is a lady who has started a class action suit please get in touch with her. We are having all the same problems. http://www.auroraloanvictims.com/

Read the comments.scroll down.....they string you along as they take your payments:

http://www.afscanhelp.com/companies/mortgage-companies/aurora-loan-services.cfm

Obama and crew are not listening!

The people have to work with each other!

We have to float like a butterfly and sting like a bee...

Wednesday, February 3, 2010
SwarmUSA.com Open House – Now through Sunday!

http://tinyurl.com/ydsteza

Well done. It’s great to see knowledgeable treatment of this subject that covers the issue without spinning it to death. Loan Modification

Finally, they are finding new ways to help troubled home owners.It is a great initiative that really needs to continue.

Enough serious sums are these!

Obama's plan does not seem to work. For this reason it is advised to seek help from a mortgage loan modification consultant.

I need some help on how I can receive a Government Modification Loan.

Write down you feelings, your ideas, your goals, your activity. Journaling is by far one of the most useful things I’ve done to change my life for the best. It works in such a silent, yet effective way. All you need is pen and paper.

So you need to make the decision and turn the tough times and poor economy to your favor so you can keep your home. Just make sure that you start the process for a home loan modification as soon as you possibly can. It will do you no good if your home forecloses and you half way through the loan modification process.

Nevertheless, for the borrower the primary objective is to avoid a bank foreclosure. And to guarantee that you are needed to follow certain guiding principles. Here are five guidelines which could assist you in your endeavor to prevent a bank foreclosure today and qualify for a Home Affordable Modification Program

Make sure you have every piece of financial information about your income and outgoings that you need. If your lender thinks you can afford your current loan or you are not able to afford to pay your new one you will get turned down. Loan modification companies know exactly what you need and will tell you.

Er know the banks are losing mortgage modification files on purpose.
You can't be in a hurry to get a mod - just won't happen

What you do need is the REST Report, (that I have) that calculates the NPV that tells your lender whether they should modify, short sell, or foreclose. If you have this, you argue from a position of strenght and power w/ your lender.
This report is being admitted in courts across the US as a foreclosure defense if your lender does not communicate.

Increasingly attorneys across the US are going to run away from modifications because they can't afford the "billable hours"

Get the REST Report for your self and do your own mod if you have the patience to make affordable payments to keep your home

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1.

LOAN OFFER

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MOTTO: We are FIDELITY, we keep to our WORDS.
E:mail:fairinvestmentloans@gmail.com

Greetings to You,

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Typically, any mortgage loan lender could consider altering the terms of the existing loan on account of the fact that the cost that is incurred on a loan default could considerably higher than that which accrues by changing the loan terms. A bank loan modification works on a similar principle and that's precisely the reason why you need to explore the possibility of getting your loan modified with your bank first. Banks normally carry out the below mentioned amendments in a loan modification contract.

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Heya..thanks for the post and great tips..even I also think that hard work is the most important aspect of getting success.

Loan modification really help. Loan modifications allow the bank to make loan payments more affordable for borrowers. I found this blog very informative about loan modification, great recommendations.

Thank you for such information! Loan modification really help!

There are companies who offer loans modification to professionals. One of the blogs that I've read said that through a loan modification he saved more than $8,000 in a year. My friend is planning to do the same to save her restaurant business. I think it works fairly, unlike what others say.

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Foreclosures are typically listed for below the market value, which is already much lower than the investor-induced bubble-peak. Each new foreclosure closed sale brings the market values down, which leads the next foreclosure to be listed even lower. There is a HUGH inventory of foreclosures down here.
Don't listen to the other Realtors who have an obvious conflict of interest in trying to pump up the market. If you don't need to buy a house now, wait. Wait until the shadow inventory of foreclosed homes starts to decrease. It will decrease when the unemployment rate comes down, when a regular 3/2 middle class home is priced so that the median income for a family of four ($58,100 in Broward) can afford them