MORTGAGE FORCLOSURE

I have consulted with many people who are unhappy with the Making Home Affordable program. The Making Home Affordable Program is supposed to work this way: in return for billions of dollars in taxpayer bailout money, banks would offer loans that would reduce troubled borrowers' monthly mortgage payments to 31 percent of their income. To qualify, a homeowner must have an income and must live in the house, and that house can't be worth more than $730,000. But there are lots of problems:
1. The program is not mandatory.
2. Bank staff and servicing staff is low.
3. The homeowners who most need the program are the riskiest bets.
4. Banks don't always have the final say. Many of these mortgages are held by private investors, and the bank simply acts as a middleman. If investors think they can make more money by foreclosing than modifying the loan, experts say the bank is powerless to override that decision.
5. Banks who do participate and break the program's rules have not been penalized.
If you are seeking this type of relief, don't attempt it on your own. Contact the Homeowner’s HOPE™ Hotline: (888) 995-HOPE. In earlier blogs, I've also pointed out where Nassau County residents can also get assistance.