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Obama mortgage relief help
Original post made
on Jul 29, 2009
I was wondering if someone out there can give me some advice or direction with regard to my issue. I have a home and like most others my home has lost value and also my job has changed and therefore I am making a lot less than I was when I purchased my home so therefore I am having a very difficult time making my payment and my home is now worth less than my loan balance. My loan is with Bank of America. In April when President Obama announced his Mortgage Relief Program I contacted Bank of America and they said that I met all of the criteria for the program and I even received a letter from them stating that I would be contacted soon and my loan would be redone so that it would be more manageable. I have heard nothing from them and have been calling them everyday since the beginning of May and get the same answer. "Mr. Obama wants 7 - 9 million homeowners to take advantage of this program but thus far only 300K have been able to us it because none of the lenders have the infrastructure to support the program and we were surprised by his announcement". As I mentioned, I have been calling every other day and have written a letter to my representative Mr. McNerney but thus far no progress and my existing loan expires in January at which time it will float up with the interest rate fluctuations. Does anyone have any advise which they feel could help me as I am having difficulty making my payments and want to stay in my home?
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