Comments on: Banks Must 'Step Up' To Help Stop Foreclosure

By: Chicago Foreclosures

Chicago Foreclosures — Fri, 05 Mar 2010 15:50:20 +0000

I think both parties are somewhat at fault for the housing crisis. The lenders for living outside their means and the banks allowing them to do so with the loans they gave out.

By: Michael E. Riley

Michael E. Riley — Mon, 11 May 2009 16:51:39 +0000

The above scenario talks about the HASP REFINANCE program. In any refinance there are going to be substantial closing costs. These include but are not limited to points, underwriting fees, processing fees, appraisal fees, and title insurance. Generally in a refinance the closing costs are added to the loan amount which means that the balance on your mortgage actually winds up being higher than it is presently. A loan modification is a totally different program. In a loan modification you are not taking out a new loan to payoff the existing loan but merely modifying or changing the terms of your existing loan. There is usually a one time fee equal to approximately one month’s mortgage payment and no other closing costs. The ultimate goal is to pay down your mortgage balance, not to keep making it higher.

By: Jack Hudson

Jack Hudson — Mon, 11 May 2009 15:32:43 +0000

I started my refi. of my first mortgage in Jan. 09. My existing mortgage holder Countrywide now Bank of America loan officer advised that I may qualify roe a rework under the HASP program. Well two months later in March 09 I submitted all requested paperwork and met the prequal. rules under the HASP. I have never been late on a payment and am not in foreclosure but because of the market and what thebuilders are doing to the housing prices in my development I met the prequal. requirements to refi. into a 30 year fixed rate from my current 5/1 ARM. I have about 2.5 years left on my existing ARM at 6% rate. Under the HASP refi. I locked in @4.75% APR with .75 orig. fee. Was told I would be required to pay 2 discount points under the HASP program. I was willing to pay the points to get into a lower 30 year fixed mortgage. No apprasial was required. My home was new construction and we paid $450,000.00 for the home. We owe $411,000.00 with the first and second mortgage. The second Mortgage is also with Bank of America. At this point Iwas told that everything was a go and we would close 10 May 09 and that my loan disclosure paperwork would be received in about a week. Well three weeks went by and no paperwork arrived. I contacted my loan guy and he checked on it and said because I had a second mortgage on the home (which he always new about and had factored this in to the plan)Bank of America was now requiring an additional 2 discount points to do the deal. I stopped everything at that point. Looks like price gouging by the bank under the HASP program to keep from lending the money. I have above a 730 credit score. I decided to take a wait and see approach. From where I sit the HASP program will not really help anyone but the BANK. Customers are again gouged and left out in the cold, while our tax dollars pay them to do it.

By: Foreclosure Scene » Blog Archive » Credit repair foreclosure

Foreclosure Scene » Blog Archive » Credit repair foreclosure — Fri, 20 Feb 2009 17:58:22 +0000

[...] stop foreclosure Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions step up to. More Foreclosure News… [...]

By: Banks Must ‘Step Up’ To Help Stop Foreclosure | bLoan Modification/b Hope | Loan Modification Blog

Fri, 20 Feb 2009 12:16:23 +0000

[...] Here is the original post: Banks Must ‘Step Up’ To Help Stop Foreclosure | bLoan Modification/b Hope [...]