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May 18, 2009

So Much for the "Making Homes Affordable Program"

From: Carol G. Stebbins [mailto:[email protected]]
Sent: Monday, May 18, 2009 9:50 AM
To: '[email protected]'
Subject: NACBA or any other organization organizing a statement to the White House about the failure of Making Homes Affordable as a result of lender bureaucracy?

I've spent a significant amount of time and frustration in the last month and 1/2 trying to find some actual results from the Making Homes Affordable program. The lender having the most of my clients' loans is, not unexpectedly, Chase.  Communications with Chase have been a disaster. You think you are dealing with one department, you get mailings that you assume are from that department and three weeks later you are told that the mailing was from "President Obama's Making Home Affordable" program . . . .uh, that would be Chase's office that is participating in the $75 billion and not the Pennsylvania Ave address itself, right? And maybe that part of Chase could coordinate with the other Chase departments (at this point I know about Loss Mitigation, Home Preservation, Bankruptcy, and Subprime Departments, and I'm
sure that is ony the tip of the iceberg) through that little thing called the loan number?

Client and I are now at 45 minutes on line with directions to the Chase person not to leave us on a cold transfer but to stay on the line and make a warm transfer, since I've had multiple phone calls to Chase that have created a nearly endless loop, "nearly" because eventually we get a recording that says "I'm sorry, your call cannot be processed any further".

Do you know of any organization that is making an effort to emphatically tell the White House that the $75 billion is going down the administrative expense drain and leaving borrowers more frustrated than every? Because if there is such an effort, I'd be willing to spend time on that rather than on hold with Chase and the likes.

Carol G. Stebbins
Attorney at Law
18880 New Gambier Rd
Mount Vernon, OH 43050
[email protected]

Hey, client and I are now at 1.5 hour on the phone and we are just getting the most wonderful runaround in the world. This is two times worse than it used to be before all these programs and you all know that it was really bad back in the Day.

So -----anybody have a handle on what will happen to this poor woman if I file her?  Any chance that the bankruptcy filing would improve her odds of getting something better?

Carol G. Stebbins

May 18, 2009 in Current Affairs | Permalink


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What also concerns me are those FHA loans that guarantee the loans 100%. The banks and lenders have nothing invested in the loan.

Posted by: arizona bankruptcy | May 19, 2009 8:13:57 AM

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