does anybody know whats going on with the mortgage relief programs, we were on one, got a notice of

[dogmoma56]

foreclosure yesterday. we were approved and got our payments reduced by Wellsfargo, then after a few months we get a notice of a Balloon Payment, $3,800 dollars. i heard on NPR the day before that 44% of americans couldnt come up with $2,000 in an emergency, that obviously includes us..

figures, the poorest 80% of Americans hold only 7% of the nations financial wealth. that looks like what is driving the recession. the recession really seems to have been engineered.

anyway, they said we are in Foreclosure and referred us to a HUD councilor. WHAT IS GOING ON.??!! is this typical.? is there just a new Fed program they can suck up more taxpayers money with, or are we just screwed.

actually after all we went thru to be approved, anyone with any sense would NOT give them the $3,800, they would walk out and use that money for renting another house. then tell them to show us the proof of ownership, or leave us the hell alone. i really worry about moving and being able to find a place that would allow our 2 puppies. i'm just finishing my last quarter of school, on the trade act. my partner has been having to support us on a low wage job. i worry about getting a job at my age, and no experience in my new career and at this level of unemployment.

i would appreciate any info or >links>>

thanks

[midnight]

1. O crap.... K&R....

[EFerrari]

2. I've read this story many times and have to believe, they're doing it

on purpose.

Some of these people are under investigation, you might want to do some research to see if your lender is. Also, call your Congressional rep's office. They keep lists of resources for this.

If you expect to ask them to show you the paper, it will only work if you are still in the house.

[dogmoma56]

10. the bank told us to go to HUD for counseling, i will check with a lawyer

[glinda]

3. Wow. Husband & I got our payments lowered also but not by much and now I am

worried about us! We have nine rescues too! It is like we are "twins". We did Wells Fargo also. We also cannot get proof of ownership. This is fucking scary!
Dogmoma56.... you need to consult with an attorney I think. If I remember what I have been reading... they cannot throw you out of a home that they cannot prove who holds the mortgage. Wells Fargo informed us yesterday, that they are "MERS". Isn't Mers under investigation?
I think people have been taking them to Court when this happens.
You were making your payments? Or did they ask you to stop for awhile?
And yes... this is meant to rip us off. All of our down payments, payments, etc.... I am sure of it.
DO NOT give your puppies up! Have faith that you will be able to be with them no matter what. You do not need any more heart ache at this time.
Am bookmarking this thread.

And a welcome to you also. Sad it had to be over this. This is awful!

[dogmoma56]

9. both rescued, Sammy is a 6 lb poodle, Ted is 14 yr old shelty mix, they are staying with us

we may need them to keep us warm living in a tent this winter.

[customerserviceguy]

4. You may just want to move on

Even if you were able to refinance your mortgage, would your house be worth anything near what you'd need to borrow on it?

Even if it messed up your credit for seven years to walk away, after seven years on a refinance, would you probably still be underwater on your mortgage?

That's the calculations a lot of Americans are having to make these days.

[madmax]

6. I agree.

My son tried the whole nine yards and they ran him around.

He walked away. He didn't want to, we didn't want him to but, it was the ONLY way. He saved what he could which wouldn't have covered his mortage anyway and now they at least have a roof over their heads.

[dkf]

5. Not sure if you got caught up in this...

3 big banks lose mortgage modification incentives
Bank of America, JPMorgan and Wells Fargo must make 'substantial improvements' if they want Obama's Home Affordable Modification Program to start paying them again.

Activists rally in front of a Bank of America in San Jose last week. BofA is… (Paul Sakuma, Associated Press)
June 10, 2011|By Alejandro Lazo, Los Angeles Times

The Obama administration has punished three of the nation's largest banks, judging them unworthy of receiving financial incentives through its signature foreclosure relief program until they improve their practices.

Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were found to be in need of "substantial improvement" under the $75-billion Home Affordable Modification Program, officials said. It was the first time that the administration had taken any major punitive action against the banks in its program, which has been criticized by consumer advocates and Republicans as ineffective and falling short of its Goals.

The three banks received $24 million in payments through the program last month, the Treasury Department said. No more payments will be made to the three banks until the mortgage servicers improve their performance.

http://articles.latimes.com/2011/jun/10/business/la-fi-banks-foreclosures-20110610

[dogmoma56]

11. yea, that is us

[struggle4progress]

7. What was your actual agreement with Wells Fargo? IIRC "balloon payment"

is usually a technical term for a pre-agreed lump payment made at the end of the term of a loan, under an agreement typically requiring some regular payments during the loan term -- so if you've being dunned for a balloon payment, you should check to see if it's described in your loan agreement

[dogmoma56]

8. we got a "balloon payment" after about 6 months. not at the end. they basically wanted all the money

back at once the program was intended to save us from foreclosure. the "balloon payment" wasn't at the end it seems it was just before it was approved permanent, from what i know about it. it was simply wanting all the money back the program had approved for us for 6 months.

so it looks like they were playing us and the government. they probably get a bunch of money to run the program to set up the reduced payments, which they drag out for 6 months, then get compensated for their loss reducing our payments, then tell us we need to give it all back to them after another 6 months.

our house was $140,000, then reassessed to $110,000, so we cant refinance, or sell it. the house was also appraised way above its actual condition. the inspector ended up working for the Realtor. it would take at least another $25,000 or more to make it worth $110,000. it doesn't even have 3 wire romex wall plugs.. just 3 hole wall socket plates. i have learned a lot about fixing stuff since we moved here. after i started watching all the house fixer-up programs on TV i realized how bad we got screwed.

[glinda]

12. Seriously, are we twins?????

[dogmoma56]

15. it was a vague agreement about a future review before the plan went permanent, no definite amount.

[LiberalAndProud]

13. I only know that I don't trust it.

Wells Fargo is constantly mailing us, trying to get us to restructure our home loan. There is *no way* such an arrangement would be beneficial to us. No way, no how. Yet, they want us to work with them to explore that possibility. One must wonder what's in it for them. Your experience give me a clue as to their agenda.

I look forward to the day I can tell Wells Fargo to GO TO HELL. It can't come soon enough.

[glinda]

14. That is what they did to us. They encouraged us to do it. We went

for the short form modification. It saved us $60/mo. which when struggling is better than nothing but now I am concerned about what will happen.