Making Homes Affordable Refinance Program Scam

[Mtaylo24]

1. It is for Fannie Mae and Freddie Mac loans, who are the investors, not for FHA
2. If you are current you have to do the refinance, if you are 2 or 3 months behind you have the do the loan modification
3. The Refinance is if you are pratically upside on your loan and cannot do a regular refinance
4. Reading is fundamental, here is a Q and A link

SunTrust Mortgage, Inc. - --Making Home Affordable Plan

Here is the url to the program

Making Home Affordable - Home

[509]

[quote=suzie02;12465015]This is a modification not a refinance which is the topic of this thread.

You should have posted this in the politics forum because that seems to be the goal of the thread.

The Refinance program works because it allows people to refinance who wouldn't have been able to do so solely because the drop in house values.

quote]

It is a refinance. It is available for people like me whose income has dropped significantly. The government web site said I was eligible under the program and to contact my lender.

I should explain why I am so mad about this.

That poster asking for help that did not speak English well got me going.

I came to this country as an immigrant with my parents. They did not speak English, so at a fairly young age I became their "official" translator.

You should see all the schemes to defraud poor immigrant families that we went through. My parents passed on almost all of them. The one time that asked for help in a fraud case the government was on their side.

Woody Guthrie was right "some people rob you with a fountain pen".

The reason I get so mad on this issue was that myself and friend started to go through the refinance with "TARP" banks and found out that it was going to cost us MORE money.

This is a government program. The program implies that the "BANK" is acting as an agent of the government to help refinance your mortgage. Some people are going to believe the banks. That's fine as long as your NOT being refered by the government!!

The program needs to be modified so you deal with a government employee rather than a bank employee for eligibility and the loan. The Federal government then needs to monitor and regulate the large money center banks so they don't "rob people with their fountain pens".

IF it makes you feel any better in the early 90's I got the Attorney General of Washington to intervene on my behalf with another mortgage company when they FLAT out lied to me. Once the Attorney General wrote them a letter under his letterhead. The offer of settlement came rather quickly. That was a different poliltical party.

I am sorry if you think this is political. It passed under this administration, they deserve the blame. I really do not care which political party is in office. IT STILL STINKS.

Once people lose faith in their government as being fair we are finished as a country. This is too great of a country for this to happen.

[Green Irish Eyes]

suzie02 is correct that this is more appropriate for the Politics forum, as this forum is to actually discuss mortgages. You're welcome to take the discussion elsewhere.