With the onset of an all out recession, a new President and a country with people experiencing the worst time of their lives, there is still HOPE.
I wonder if, for the past year, this word...Hope, has probably been the most used word. Last year, and the year before, the pinch of the economic crisis was just being felt, President Bush, bless his heart, tried what he could with the Hope for Homeowners program, which, according to some hilarious article I read, has a grand total of...wait for it..drum roll please... "1" loan being refinanced into that program.
President Obama introduced the Stability Act, which introduced the Making Home Affordable program and wooahh, did that blow everyone’s minds! The crazy thing about this is he took a program that was already in effect for Fannie and Freddie, added a few extra layers and presented it in a shiny new package with a pretty bow on top! Well, would you look at that!!
Now, the servicers, should have no excuses, right? Wrong!!!!
These charlatans put these homeowners through a ridiculous amount of stress on a program that is so simple to institute a baby could do it. The homeowners are also not entirely blameless, oh no, they too have come up with new ways to try to get "the Obama program" whether they are in a state of distress or not! Now a different colour of greed shows it's ugly head..everyone is tying up phone lines, clogging up fax lines without doing the research, educating themselves on the program and whether or not they are eligible to participate.
I will update more on moronic stories I deal with on the servicer front as well as the borrower side......