Comments on: Fannie and Freddie Foreclosures Increasing at Fastest Rate Yet http://www.totalmortgage.com/blog/mortgage-rates/fannie-and-freddie-foreclosures-increasing-at-fastest-rate-yet/5189 View the lowest rates we have to offer. Thu, 09 Feb 2012 02:25:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Michael Kraus http://www.totalmortgage.com/blog/mortgage-rates/fannie-and-freddie-foreclosures-increasing-at-fastest-rate-yet/5189/comment-page-1#comment-1964 Michael Kraus Mon, 02 Aug 2010 15:33:51 +0000 http://www.totalmortgage.com/blog/?p=5189#comment-1964 Dan, I think you are correct. I do not believe that the lending institutions really ever bought into a lot of these modification programs. I am not sure whether it is in an effort to seemingly maintain a healthy bottom line or something else, but I do feel as though a lot of the feet-dragging is on their part. Dan, I think you are correct. I do not believe that the lending institutions really ever bought into a lot of these modification programs. I am not sure whether it is in an effort to seemingly maintain a healthy bottom line or something else, but I do feel as though a lot of the feet-dragging is on their part.

]]> By: Dan Scott http://www.totalmortgage.com/blog/mortgage-rates/fannie-and-freddie-foreclosures-increasing-at-fastest-rate-yet/5189/comment-page-1#comment-1963 Dan Scott Mon, 02 Aug 2010 15:24:04 +0000 http://www.totalmortgage.com/blog/?p=5189#comment-1963 I'm a practicing bankruptcy attorney. I hear this Tracy's story over and over. I'm not sure what's happening but I suspect that the government required the lenders to offer the program and the folks in charge never bought into the idea. It's be interesting to find out if they offer the program, then the mortgage gets foreclosed, do they get some reimbursement from the government or some special treatment because the "offered" the program. Clearly these lenders know how to do a volume program. That's how they got in this mess. They are "choosing" not to set up an efficient program now. I don't see this changing anytime soo. I’m a practicing bankruptcy attorney. I hear this Tracy’s story over and over. I’m not sure what’s happening but I suspect that the government required the lenders to offer the program and the folks in charge never bought into the idea. It’s be interesting to find out if they offer the program, then the mortgage gets foreclosed, do they get some reimbursement from the government or some special treatment because the “offered” the program.

Clearly these lenders know how to do a volume program. That’s how they got in this mess.

They are “choosing” not to set up an efficient program now.

I don’t see this changing anytime soo.

]]> By: Michael Kraus http://www.totalmortgage.com/blog/mortgage-rates/fannie-and-freddie-foreclosures-increasing-at-fastest-rate-yet/5189/comment-page-1#comment-1951 Michael Kraus Wed, 28 Jul 2010 20:37:40 +0000 http://www.totalmortgage.com/blog/?p=5189#comment-1951 I've heard many similar complaints to yours from others who have dealt with HAMP. By all accounts it seems to be a huge pain to deal with. I’ve heard many similar complaints to yours from others who have dealt with HAMP. By all accounts it seems to be a huge pain to deal with.

]]> By: Tracy http://www.totalmortgage.com/blog/mortgage-rates/fannie-and-freddie-foreclosures-increasing-at-fastest-rate-yet/5189/comment-page-1#comment-1950 Tracy Wed, 28 Jul 2010 19:44:24 +0000 http://www.totalmortgage.com/blog/?p=5189#comment-1950 In my opinion, the reason for the large foreclosure rate for Freddie Mac loans is they take too long to review for HAMP. I started my 1st HAMP review in Sept 2009. They said I didn't qualify because I didn't answer my phone on a day they called. They never left a message. This was on Dec 22, 2009. We had to start the process all over again because they clear their files out every 60 days. Four months later, another phone call telling us we didn't qualify for HAMP but they would try and put us in another program. Today, we didn't qualify for their "special program". All this time we were allowed to make partial payments according to the contract. Since we do not qualify for any program, we are required to pay back all the back money owed in one lump sum or "FORECLOSURE". Exactly who qualifies for these programs and what are the guidelines? I think they are made up as they go along. We have been told many different things each time we call (at least twice a week). We followed their rules and the rep told us to make more money and then we would qualify for these programs. If I made more money, I would not need the program. In my opinion, the reason for the large foreclosure rate for Freddie Mac loans is they take too long to review for HAMP. I started my 1st HAMP review in Sept 2009. They said I didn’t qualify because I didn’t answer my phone on a day they called. They never left a message. This was on Dec 22, 2009. We had to start the process all over again because they clear their files out every 60 days. Four months later, another phone call telling us we didn’t qualify for HAMP but they would try and put us in another program. Today, we didn’t qualify for their “special program”. All this time we were allowed to make partial payments according to the contract. Since we do not qualify for any program, we are required to pay back all the back money owed in one lump sum or “FORECLOSURE”. Exactly who qualifies for these programs and what are the guidelines? I think they are made up as they go along. We have been told many different things each time we call (at least twice a week). We followed their rules and the rep told us to make more money and then we would qualify for these programs. If I made more money, I would not need the program.

]]>