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Michigan Family Says Obama Foreclosure-Prevention Program Cost Them Their Home

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posted on Feb, 1 2011 @ 08:10 AM
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After nine months of dutifully making lowered mortgage payments under the Obama administration's foreclosure-prevention program, Bea and Terry Garwood of Pinckney, Mich., are all set to move out. Despite the promise of relief, they are losing to foreclosure the two-story house that has been their family home since 1994. They say the administration's initiative has effectively pushed them out the door.


Source


This is crazy!

Banks are taking people, who are under the the new loan-agreements for lower payments, and reporting them as deliquent to the credit agencies.

TSeems, even tho people are trying to work with the banks, they continue to try and take your property from you, regardless how much you work with them.

It's crazy, the corruption of the banks. The government is also trying to make the bills they passed to help those home owners, and now they want to make those bills useless, as they tighten the screws down.

The people suffer, and the continued insanity of special interest continues.




posted on Feb, 1 2011 @ 08:19 AM
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The worst part of it is that some people have been proactive, such as, they are aware of their situation and where they will inevitably be with their finances. So, when they contact the banks to get assistance BEFORE they really get into trouble but know it is coming the banks do not help. They wait until the person gets behind so that they have them by the balls.

I wish Assange would hurry up and release those bank cables that he says he has, I am hoping it is something that puts banks in a situation they cant get out of.



posted on Feb, 1 2011 @ 08:31 AM
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reply to post by Skewed
 


It could be quite interesting, should those cables contain some interesting details, it very well could lead to the complete meltdown of everything.

I wouldn't be surprised tho. the house of cards is so precariously perched, that any wrong movement could bring the whole thing down like a ton of bricks on a glass table.

Time will tell. Be prepared, and be vigilant, and never forget.



posted on Feb, 1 2011 @ 08:44 AM
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Well to that I would say Obama's plan is working as intended. Democrats/Liberals need people in poverty requesting govt handouts to stay in power.



posted on Feb, 1 2011 @ 09:12 AM
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reply to post by jjkenobi
 


Sadly the entitlement mentality that the government has been "enabling" for the past years is seriously coming back to bite people in the posterior.

Shame on the gubberment, and shame on the people for not being self-reliant. (Save cases where disability, and such come into play).



posted on Feb, 1 2011 @ 10:03 AM
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Don't worry about them. Obama will fix their homelessness like he has healthcare: he'll make it law that everyone buy a house..




posted on Feb, 1 2011 @ 10:15 AM
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The way I see it is that the owners of this home lost the home due to their inability to make the payments. If anything, Obama's Foreclosure-Prevention Program bought them an extra nine months to get their finances in order. I totally see how this is Obama's fault


EDIT:

From the OP source article:


Last week, Republicans in the House introduced a bill that would end the program, known as the Home Affordable Modification Program, or HAMP.


Whose fault is it again?

Also:


But the program depends upon the cooperation of mortgage companies, whose participation is voluntary.

edit on 1-2-2011 by Aggie Man because: (no reason given)



posted on Feb, 1 2011 @ 12:12 PM
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Yeah it's a scam. They lower your payments and tell you that you qualified for the program and then 9 - 12 months later after only paying half payments they say your going to lose your house and you owe them the other half of payments(thousands of dollars). Then they try to enroll you into another program same bs.



posted on Feb, 1 2011 @ 04:45 PM
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Originally posted by Aggie Man
From the OP source article:


Last week, Republicans in the House introduced a bill that would end the program, known as the Home Affordable Modification Program, or HAMP.


I am almost certain the banks will HAMPer the progress of anything good. (sorry couldn't resist the pun)

I think it is obvious to many people now that the banks are NOT interested in doing what it right for anyone. The way they view it, you borrowed money. If you cannot pay it back it is your problem not theirs. I recognized this years ago. This is why my mortgage payment has always come first. I underborrowed (at least that was the term the "buyer's agent" used) and I have consistantly over paid in order to try to get ahead of the negative equity.

I feel for the folks that are in dire straits... It is not a good feeling at all. You cannot,however, expect the banks to do ANYTHING to help you out. In their mind, "It's their money and they want it NOW!"



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