Debt

Keep On Trying

Posted by Jean

A quick post: Am headed to Today this morning for a Money 911 segment.  Yet again, we have questions (many, though we’ll answer one) from people feeling stuck — stranded — with mortgages they can’t afford despite the Making Home Affordable plan.  They’re right for the plan:  Have Fannie Mae or Freddie Mac loans, not in excess of the $700,000+ cap, have been making their payments but are paying more (often way more) than 31% of their income toward the loan.  They’re calling their servicers (that’s the 800-number on your statement) and they’re getting….absolutely nowhere.

If this describes you — and judging by the piece in the New York Times over the weekend that noted only tens of thousands (not hundreds of thousands or millions as expected) of loans had been modified and made affordable, you MUST keep trying.  The banks, the lenders, were unprepared to deal with this in terms of the manpower they have on their sides.  They are attempting to get through the paperwork they have on their desks.  They are just swamped.

I am not excusing them.  I am just telling YOU what is happening behind the scenes.   Call again today.  Then again tomorrow.  And while you’re at it, get a counselor from the Hope Now Alliance — call 1 (800) 225-5342 — to call with you and for you.  And keep on trying.