The Treasury Department and Department of Housing and Urban Development has announced a plan to help borrowers convert to permanent loan modifications. As expected, the announcement emphasized the importance of ushering borrowers currently in trial modifications into permanent modifications. Phyllis Caldwell, chief of the Treasury Department’s Homeownership Preservation Office, said in a press release that with the success of the trial modification program, agency officials will aim to augment the permanent modification plans. “We now must refocus our efforts on the conversion phase to ensure that borrowers and servicers know what their responsibilities are in converting trial modifications to permanent ones,” Caldwell said. The plan would involve applying more pressure on banks to convert trial modifications into permanent ones. It’s a task that has proved tricky — while over 650,000 borrowers have qualified for trial modifications under the Treasury’s program Making Home Affordable only 375,000 of those are expected to transition to permanent modifications by the end of 2009. The Treasury plans to disclose how many permanent modifications each bank implements, according to Michael Barr, assistant secretary for financial institutions, a move intended to call out those banks that aren’t performing adequately. “We’re going to be quite focused and direct on particular institutions that are not doing a good job,” Barr said. “Some firms ought to be embarrassed, and they will be.” TRD
Treasury Department announces permanent mod plan
November 30, 2009 02:38PM
March 12, 2010 at 12:37 am, CA resident said:
I too have been trying to get a loan modification with Wells Fargo and they have given me the runaround I hope that Caldwell keeps her word and tells these banks they must make permanant loan modifications once approved to a trial period. It is only fair and logical.
November 30, 2009 at 6:17 pm, Anonymous said:
It is my hope that Ms. Caldwell takes her role seriously, takes no prisoners with regard to enforcement of bank/mortgage servicer slackers, and facilitates IMMEDIATE REMEDIES and SOLUTIONS for homeowners. This problem is becoming ridiculous and an embarrassment to our country! It doesn’t make sense how banks/mortgage servicers are dragging their feet when slated to receive “incentives of several thousand dollars for each mortgage they agree to modify with lower payments. Those payments aren’t made until the modification is permanent.” In fact, it seems more evident that banks/mortgage servicers are somehow benefitting from foreclosures!
December 02, 2009 at 6:29 pm, Anonymous said:
Have been in an on-going nightmare with Chase since mid-2003, involving them forcing me into bankruptcy then to save my home, and the last year and a half of misfeasance, malfeasance, simple incompetence and outright greed. My “three-month modification trial period” has now stretched to eight months, with no end in sight, and no guarantee of anything resembling an equitable mortgage finally coming out of this. Not only that, Chase at one point attempted to have my wife and I falsify our incomes to get a better deal. And reporting this occurance, which is a felony, to several federal agencies got us nowhere. Nothing has been done, and it looks like my only remedy is going to be to sue Chase in federal court to see if I can get a mortgage out of them for something less than the 11 3/4% I’m paying now.
January 26, 2010 at 10:55 pm, BOA said:
If they managed money like they manage paperwork submissions they would be closed by the feds. now they seem to be blaming 3rd party vendors that BOA hired, for any negative issues or lack of compliance in converting temporary modifications to permanent modifications. I keep track of all calls, emails, faxes etc and forward them on to the treasury, white house etc. I actually believe I could help other people try to accomplish submitting a modification
December 09, 2009 at 7:40 pm, Anonymous said:
I”M living the CHASE Nightmare also.
December 09, 2009 at 7:44 pm, DC Metro Area- Grandmother said:
CHASE after one year of false hope and deception, has given the same terms I had at the time I requested loan mod assistance but this time they want the first 10 years of monthly mortgage payments to be interest only.What about a class action suit?
January 11, 2011 at 8:39 pm, jay said:
Who in California want to join a CLASS ACTION against Chase Mortage. We have just got the OK from a Judge to go class-action
call me 805 -215-8622
August 15, 2011 at 6:38 pm, Anonymous said:
read Http://www.saveyourhomethebook.com great homeowners resource to be prepared.
December 01, 2009 at 12:23 pm, Anonymous said:
I hope you check out Central Mortgage Company. I’ve been dealing with them since the end of February and they keep telling me that they lose my paperwork. I’m fed up. I hope this works
March 30, 2010 at 7:19 pm, Joseph (CA Resident) said:
I have spent over 10 months in Trial Mod with BofA. No docs missing, everything submitted as requested after about 8 cases of “lost Docs” (how convenient). Now I am told they are waiting for Investor Approval. Why was this not mentioned in the beginning. This is supposed to be between Govt and Bank and Borrower so it really should be noted that the only thing that makes the final decision is the investor before we spend half our life jumping through hoops for the banks. This i s hell.
January 25, 2010 at 2:12 pm, george justus said:
I HAVE BEEN TRYING TO GET A LOAN MODIFICATION FOR OVER A YEAR AND TURN ME DOWN 3 TIMES. I AM SO UPSET BECAUSE IF I DONT GET A L.M. I WILL LOSE MY HOME. BANK OF AMERICA HAS GIVEN ME THE RUNAROUND FOR A YEAR.I CALL HOPE AND THEY GIVE ME THE RUNAROUND. I DONT KNOW JUST WHAT TO DO.IF YOU KNOW SOMETHING I CAN DO PLEASE ME KNOW.
December 29, 2009 at 6:15 am, SOUTH CAROLINA said:
WACHOVIA/WELLS FARGO ARE NOT RESPONDING TO SUBMISSION LETTERS FROM BORROWERS. THEY ARE TOTALLY IGNORING THEM. ARE THEY TAKING OBAMA’S PLAN SERIOUSLY?
January 07, 2010 at 3:54 pm, Anonymous said:
The banks are winning. They are not honoring the agreement they made with the govt. They should be fined 1 millions a day until they start modifying loans. The banks are making the program fail. That is what they want. Govt needs to step it up and make the banks accountable. We jump thru hoops and fire to get a loan mod and ther banks were handed it on a golden platter. And 0%.
February 01, 2010 at 12:32 am, Anonymous said:
Dear, BOA
If you can help us with suggestions what to do with BOA, we also have been trying to modify our loan under the HAMP, finally after 9 months they approved “over the phone” a temp loan modification (requesting $1.714 for 6 months payments will be sent by cashiers check until perm loan modification is approved) I sent the first $1,714 by cashiers check and then I follow up two weeks later to confirm receive of payment, then they said it was a mistake by any of the customer service reps.I called again HUD and Carmel one of the person working for HUD told me that BOA was not willing to negotiate anything, she said; “your family needs to probe that more income is coming or the only option is a short sale or bankcraptcy in other other words, there is nothing I can do to help you for now” then she was in a hurry because she had another customer in front of her waiting for her. I need to file a complaint about HUD, Treasury, White House, etc. please help providing emails or faxes when to send information in writing. My email is intergra2000@sbcglobal.net
April 09, 2010 at 12:42 pm, Anonymous said:
I hear what all of you are saying. It is true–government needs to understand that the groups that they have that are trying to help people are only helping themselves to the incentives offered by the government to make themselves more money. After the application fee is gotten these counselors are doing nothing.
We as a group of investors help people in foreclosure for free and actually send in short sales and loan mods to the banks which do get looked at. We have had success and it is so sick to hear that people coming to us are 15 mo behind because they went to NACA, Hope for Homeowners and other programs which have helped them lose their house. The gov needs to let us in the private sector help people in foreclosure. We’re not getting gov funds but are successfully doing the work. What’s wrong with this picture??
March 16, 2010 at 2:23 am, Anonymous said:
I have made my 7th Trial Payment to BofA. They say I am not missing any docs but need approval from investor. Do investors make the decision after we do all the banks require? What’s up with that?
December 01, 2009 at 9:44 pm, Anonymous said:
Check out America’s Servicing Company. This company is a joke and they are putting people in foreclosure. I was put on a forbearance agreement and have made every payment. I was informed that at the end of the agreement I would qualify for a loan mod review. I was denied without submitting any paperwork and the rep laughed at me. I have met MY obligations. What about ASC?
February 19, 2010 at 4:37 pm, Anonymous said:
Chase has us in a Loan Modification for one year now! We are pushing for a Final, Permanent Loan. Now Chase tells us that we do not qualify for HAMP. NOW WHAT???? Does this mean they will foreclose on us? We, THE PEOPLE, do not seem to count AT ALL!
December 25, 2009 at 5:33 pm, Anonymous said:
Chase is foreclosing viciously and at a rapid pace on innocent families hoping for a modification. Now that they got their $25.5 BILLION, yes I said BILLION DOLLARS from the “home preservation” government money, they are doing even more fraud to homeowners!
R. Hemmerle, attorney, in Cincinnati Ohio, is familiar with Chase’s crap. He MIGHT take your case if you ask him! Call him people!
December 01, 2009 at 10:33 pm, Anonymous said:
According to the Chase Bank which now owns Washington Mutual, the loan modifcation began but the President failed to give further instructions so now we “have a colliseum of paperwork”.
All the middleclass is doomed. We have no voice. My application was completely filled out and sent twice. No response other than it wasn’t complete. Problem is, only missing part is the AIG statement which is really the government’s own domain now.
What is an honest citizen supposed to do?
December 01, 2009 at 10:34 pm, Anonymous said:
Phyllis Caldwell, are you reading the responses of United States citizens? You do need to address each and every issue listed in comments. It is your duty as a government employee of the home ownership preservation office.
March 26, 2010 at 2:48 pm, Anonymous said:
We first applied for a modification in April 2009 through Chase, after resubmitting papers over and over, we were put on the “trial payment” plan in September, made 7 trial payments! In between September and now we have resubmitted all the information at least 7 times!! Got the call today that we were officially denied! Now that we are behind about $7000, our home in now in danger of being foreclosed upon, since the lady from Chase said that even if we paid up to date now, they will not accept payment! Thank You President Obama! Your plan is just wonderful! So when we become homeless, it is nice to know we will have health care….Is there room at the White House for all the people your plan didn’t help?
December 02, 2009 at 1:07 am, Anonymous said:
December 02, 2009 at 1:07 am, Anonymous said:
December 02, 2009 at 1:07 am, Anonymous said:
December 02, 2009 at 1:07 am, Anonymous said:
December 02, 2009 at 1:11 am, Charles Fetters said:
Please view the Youtube video “Foreclosure address to President Obama”. And you will better understand why bank-lenders don’t want to modifiy our loans.
December 26, 2009 at 8:08 pm, Anonymous said:
Banks need to fall. They are reaping the rewards take advantage we are at there mercy. we all need a loan mod but they are stringing everyone along. The govt should of never gave the banks the choice to modify or foreclose.. banks get money from govt to foreclose so they are a win winl They are getting the properties and bundling them up to package to investors and when eceoonomy bounces back after all the crooks and slimy banks cheated and stole from everyone they will sell the properties again now they are up for sale and guess what? The properties are worth more now.that the banks own them they can turn a larger profit. The banks win no matter what. I have a mold house let them keep it, let them sell it. Good luck it will just sit in a nice cul-de-sac and rot which will hurt my neighbors oh well. No more taxes or homeowners insurance or association dues. Sounds kinda nice looking at it that way. Good luck to you all.
December 10, 2009 at 9:32 pm, Kentucky area said:
I have been going thru a nightmare with Household Finance. I wish I have never heard of these people. I have tried to get our house lowered where my husbands job was slow and he has made over $20,000 less than he did before. He later got laid off and they still say we make enough to pay our payment. He is now laid off again we have no ideal when he will go back to work his company has no jobs. He works construction. All these people do is harrass you. They do not even go by Obama’s plan they have their own plan. Their plan is not to help people. This is why so many people are losing their homes and having to file bankrupty.
January 24, 2010 at 11:33 pm, Anonymous said:
Can anyone determine/explain what is going on? Why is private business, which banks are, allowed to operate in such an incompentent and larcenous manner? Has freedom in America actually gone too far? They are proving to be “enemies of the state,” are they not? They are fuctioning as though they are above the law. How did this happen? And when will it stop?