The Problem with Federal Mortgage Modifications

Posted Wednesday, November 18, 2009

Tags

Economy, Facing the Mortgage Crisis, Regional Economy/Business - Analysis and Trends, Government/Politics

Guests

Paul Bellamy Director, Cuyahoga County Foreclosure Prevention Program
Robert Ruckstuhl Performing Investments Corporation
Mark Seifert Executive Director, Empowering and Strengthening Ohio's People (ESOP)

Additional Information

ESOP was featured on Families in Foreclosure on Nightline ABC News
More Foreclosures to Come, New York Times editorial
**It’s been a tough year for many in Northeast Ohio. As part of the ongoing Facing the Mortgage Crisis project, WVIZ/PBS has organized a live phone bank, hosted by ideastream’s Rick Jackson, in the ideastream studios from 8-10pm on Thursday, November 19 during a special block of programming. Representatives from several area community organizations dealing with mortgage, foreclosure, and unemployment have teamed up with ideastream and will be on hand to take calls and offer information and guidance on where to turn for help.**

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Sarah 10:58 AM 11/18/09

I frined of mine tried to refi with this program and was told that she has to be delinquent before she can qualify, is that true?

Mark Seifert 4:57 PM 11/18/09

That is not true. While it was not discussed much on the show this morning, in addition to HAMP (Home Affordable Modification Program) there is HARP (Home Affordable Refinance Program). HARP is specifically designed for homeowners who are not behind on their mortgage but are unable to refinance because of tightened credit standards and/or because they have very little equity (or might even have negative equity) in their home. Like HAMP, however, borrowers are strongly encouraged to seek out a HUD certified housing counselor.