contrary to its promises to keep families in homes, preserve neighborhoods.”
Why did the HOPE program not work and why wouldn’t the banks
not work with homeowners? As the story and truth unfolds, Fannie Mae
is in essence bankrupt. To save Fannie Mae and Freddie Mac, these two
government entitties are desperately trying to get debt off of their books
to look good and to protect their shareholders so that they can stay in
business. Thus, even today they are forcing banks to foreclose especially
on people who are behind in their mortgages by 1 year or more.
One might say well of course if a homeowner is a year or more behind
in their mortgage they should be foreclosed. However, most of the loan
modification programs were taking 5 to 6 months to close, and to apply for
a loan modification homeowners had to be at least 1 to 3 payments behind
to even be considered for the loan modification program. Furthermore,
homeowners were being led on and promised a loan modification by their bank
especially if they had experienced a loss in income due to the economy.
One must understand too that Fannie Mae and Freddie Mac are owned by
the government and therefore are in direct conflict with the nationalized banks.
Fannie Mae hungry for money knows that once a foreclosure takes place the
taxpayers rather than Fannie Mae is on the hook to bailout the bad loans.
In addition, the O’bama administration wants to spread the wealth around.
Obama is looking at the possibility of taking all of the foreclosures and making
them into Section 8 houses to diversify neighborhoods and to give low income
people nicer homes and neighborhoods to live and prosper as wealth is
spread around and redistributed.
The HOPE program was/is a sham …just that… “hope and change.”
The banks said one thing, but the government turned around and said
the exact opposite. The government is at war with the citizens of the
United States. And that is the truth. That’s the design of the whole
program — all smoke and mirrors.
The only problem is that the huge number of foreclosures are depressing the
neighborshoods and slowing economic recovery. The housing market is causing
the government to lose more revenue than predicted. Yet, at least Fannie Mae
and Freddie Mac can still remain in business to start this whole viscious cycle
over again. You can thank Senator Barnie Franke, the man behind Fannie Mae.
Obama and the Federal Reserve are also going to do Qe3 to stimulate the
economy some more by again flooding the market with more dollars.
So be prepared for more foreclosure as people continue to lose their jobs
and spending power to inflation as a direct result of this administration’s bad
policies.
Homeowners are now just figuring-out what we in this industry having
been saying all along. If you want to save your home, you will have to fight and
sue the bank/lender to save your home by going directly to the bank’s legal
department. The servicing companies don’t have the authority or power to
complete loan modifications.
If you need assistance call Foreclosure Prevention Institute’s hot line today.
1.800.826.1929. We will answer your most pressing foreclosure questions
and direct you on the best course of action and the options you may have
to save your home.
Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
800.826.1929
Stopping Foreclosure
