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I do give him some credit on the $75 billion loan modification mortgage plan but that plan lacks teeth and is not very direct. It seems to be the same old thing coming from the politicians. It looks like another case of the Fed’s giving corporate America a bunch of our money with no stings attached.  The wording in the plan asks the banks to try and work with the home owners and try to give them some mortgage modification help or refinance them. What the heck is going one here. Where is the hammer to make these guys work with the home owners? 

From the financial institution’s point of view they don’t want touch a mortgage modification. They are in the game to make money and they will loose money if they give home owners mortgage modification help. This is where the plan makes no sense to me. We need to force these guys to help home owners. But again our politicians just gave them the money and said to them please do the right thing. How many times have you had a banker want to help people and not just be in it for the money. None!  It is against his whole business model.

People we need to wake up and stop giving these guys money with out telling them what to do with it.  We are going into debt way beyond our generation and for what to have some bankers get richer.  If we get the money to the people that really need it then we have a shot at getting through this mess. It is pretty simple if we put more money in the hands of the people by lowering their mortgages and therefore giving them more disposable income then this has to be wining situation.

The Washington Post has claimed that the mortgage modification bill is being slowed by many senatorial republicans. It seems that the financial industry which is opposing the bill has been lobbying the republicans to not pass the bill. Again we have another darn industry creating our legislation and running our country. Wake up folks they have been doing this for years and the only thing they are interested in is making more money for themselves. I am not opposed to many more money we all want that but not at the expense of the American families.

In my view if we pass this mortgage modification bill “Helping Families Save Their Home Act” then we can correct the current imbalance of housing prices and mortgage debt associated with those prices. If we don’t modify these loans now then it is going to take twice as long to get through this mess and put more people on the street. This will not help anyone if this happens. We currently have two houses on our street going through foreclosure. I know I would rather have my kids playing with the kids that used to live in those houses instead of them being empty and owned by a bank. We need to take action now and reset these assets to market conditions. It seems like we don’t even think twice about having the Fed send out billions of dollars to help some bank or company get back on its feet but when we go and try to help the American people directly we get so much push back. This is wrong and what has happen to us as a country? I am tired of our government not doing the right thing. We need to get back to making common sense decisions and help Joe down the street and not Joe the CEO.

So if you not sure how your local senator or house rep is voting on this mortgage modification bill then please look them up by following one of the links below to the House or Senate’s website.

Find your House Representative

Find your Congressional Representative

This bill was specifically taken out of the bailout plan in an effort to make sure that the bailout plan would pass. Again the president let down the American people! With the passing of the plan and leaving out this bill, I think it was a golden opportunity missed. It again gave the corporate head again another flood of money poring into their coffers. When are the guys in Washington going to get it? We don’t need our hard earned tax payer money flowing to the CEO’s of these large multinational companies that are already multi millionaires. We need it flowing to the average Joe that is working hard to save what he or she has.

The Washington folks just don’t get it. The old method of pumping money into the banking system just does not work any more. The system is completely broke and it needs to be rebuilt. With that being said we need to find alternative methods of getting the money into the hands of the people that need it. With the passing of the current Helping Families Save Their Home Bill we will have created a pipe line to the families in need of that money. It is pretty simple guys! Let’s look at an extreme example. If you lower a families mortgage payment from $3,000 dollars a month to $1,500 dollars a month, that leaves $1,500 of disposable income. We all know by now that our economy is driven by the consumer. Roughly 70% of our GDP spending is from the consumer. Who are the consumers? It is me and you. So from our loan modification example above, that would pump possibly another $1,500 a month or $18,000 a year into the American economy just from this one family. The example assumes that all of the money was spent and not placed into savings.

Everyone if Washington is going to do the same old thing and just throw our money around and not put it to good use by placing it into the hands of the homeowners that really need. Then we must contact our local representatives and give them some guidance. Here is a link the congressional website with numbers and email addresses. Folks the represent us and we need to get involved on this one. Please place a call or send email letter etc. but get involved. This is not the time to sit back and watch. We need to do this for our children and families in need. Remember the bill is Called: Helping Families Save Their Home Bill or H.R. 1106 for the 111th Congress! We need to stand up and take control of this one. Good luck and God bless this great country.

Find your House Representative

Find your Congressional Representative

A homeowner will receive on average 250 cards and letters from folks who try to do business with families in distress,” said David Petrovich, executive director of the Society for the Preservation of Continued Homeownership, a nonprofit group in Ocean Township. “The key is to not immediately rush into paying for a service without first reviewing the decision with someone else.”

The Smiths are far from alone. The housing market began to collapse in 2008, when buyers couldn’t keep up with their escalating mortgage payments and went into default. It sent the economy into a tailspin. Home prices fell. Consumers stopped spending. Workers lost their jobs. And foreclosures rose even more.

Servicing is costly, and increasing loan modification increases the costs of servicing. While the practice of modifying loans shows promise, the practice is highly risky, both to the consumer and the lender, and substantially unproven. Moreover, there are currently no industry standards for a loan modification and financial reporting, and no consumer safeguards to monitor or prohibit predatory practices. Modification will not be suited to helping avoid the massive defaults expected as a result of ARM interest rate resets, which account for the majority of the industries problems into 2008. Legislative pushes to mis-apply the practice to those ends will substantially worsen industry performance. One of the key reasons loan modification has grown has been to skew financial reporting of delinquencies, modifying loans to help borrowers make a few payments and then aggressively reaging the accounts to classify them as “current,” instead of “delinquent.

It seems that modification service companies are popping up everywhere. If you feel that you can’t talk to your mortgage company about a modification or you just don’t want to then you should use one of these service companies.

If you are going to chose from one of the many mortgage modification services out there then you must make sure you contact the BBB (Better Business Bureau) and run the name or names of them by the BBB.

You will need to prepare a revenue and expense sheet so that you can get an idea of your current financial state. Basically you will need to right down on a piece of paper your revenue on one side and your expenses on the other. At the end of this exercise you will be able to see how much you need to lower your payments. This will help the mortgage company understand what they need to do to help you lower those payments. They have a few options of how they can lower you payments such as extend the length of the loan, lower your interest rate etc.

If you are not comfortable or just can’t get a handle on getting your finances in order then maybe you should use a qualified mortgage modification company. They should have some worksheets for you and guide to help guide you through this process. You can also check out this website mortgage modification info which has a lot of information to help you.

As I said above I have modified my mortgage loan and it has help our family with providing us with those lower payments. Our mortgage company used the lower interest rate method of modifying a mortgage loan. Another reason to using a modifying company is that if your lender says no then maybe their lawyers can force them to modify your loan with some lawyer talk. Not sure how that works but it is probably better to have a lawyer in your corner when the mortgage company says not. Hope all this helps. Don’t give up there is a lot of people and companies out there trying to help!

It seems that the investors of the notes are the ones saying no to a mortgage modification. This I think is going to backfire on them. There is legislation that is currently in congress that will give the bankruptcy judges the ability to modify loans. Once this power lies in their hands there will a ton of people requesting a loan modification. I seriously believe that it will probably have to come to this for our economy and country to get back on track. Once the judge forces or crams down these crazy loans back into the face of the investors then it will ultimately get to the goal of lowering the borrowers monthly payments.

When borrowers get to lower payments on their loans and not be under on their mortgage or house values in relation to their mortgages then you probably see people start spending again. Loan modification help from one of the mortgage modification companies will be in the best interest for all concerned. If we still want to live these great life styles that we live in America then we must get this thing back on track. With the consumer being 70% or more of the GDP then this must be where we are spending our tax dollars and time.