Weekly Recap (12/13/10-12/18/10)by Tim Manni
We hear from a lot of disappointed Bank of America customers. Yet I guess when you make 15 trial modification payments on time (when technically you only have to make three) and then out of nowhere BofA tells you that you no longer qualify for a modification and your home is moving to either foreclosure or a short sale, “disappointed” doesn’t really capture the true essence of your emotions.
In the latest tales of missing paperwork, communication breakdowns and out-right oddities, we have another example of how the entire Making Home Affordable system is so totally broken…
Surprisingly, we’ve been hearing from more and more readers who have said their lenders have reached out to them, soliciting a refinance (see our Tuesday post).
Another one of our readers just wrote to us this afternoon, explaining that his lender offered him a refinance at “little or no cost.” Confusion quickly turned to anger when our reader found out that this refinance offer was far from free…
Today marks the third time we’ve written a blog post under the title: “The dangers in playing the mortgage rate waiting game.” A recent question from one of our HSH.com visitors is the reason why this post has now become a trilogy.
On Wednesday evening, one of our visitors wrote in with this question:
Interest rates are on the rise for home loans, but we have the option to wait to lock. Will the rates continue to climb? Should we lock now at 4.875% or wait until January (we’re scheduled to close Feb 28, 2011)?
If you’re a struggling Citi mortgage customer, today’s your chance to get a Citi representative on the phone to help you answer your questions about a loan modification or any other foreclosure-prevention effort Citi has to offer, reports Jean Chatzky on WalletPop.com:
On Wednesday, the company’s foreclosure prevention experts will be on hand to answer questions and provide advice. The lines will open at 7 a.m. December 15 Eastern Standard Time and stay open until 1 a.m. December 16, specifically for CitiMortgage customers who have foreclosure concerns. Experts can provide information about various homeowner assistance programs that may be available. Homeowners can call 1-877-617-9465 or log onto: CitiMortgage.com, New.Citi.com, or Blog.CitiMortgage.com…
Not surprisingly, one of our more-popular posts on this blog is a piece titled “HARP receives one year extension — what’s the point?” Despite originally being published on March 02, 2010, the post still receives comments — the latest coming at the end of last week.
One reader originally wrote to us back in November asking why their family qualified for a HARP refi. “We are not the people in the situation HARP was designed to address,” wrote our reader in November. But in this turbulent market, our reader said it best, “This is an offer we cannot refuse.”
Here was the first (11/09/10) comment we received from this reader (emphasis added)…
It’s not at all unusual to see the mortgage market slow down during the holiday season. Yet this year, the market has become especially quiet due to the presence of rising mortgage rates.
You may be thinking that this latest uptick in mortgage rates is going to cap off an exceptionally-poor year for the mortgage market, but that’s not exactly true. Record-low mortgage rates in 2010 allowed for a substantial number of homeowners to refinance their mortgages and lower their monthly payments…