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Thousands who got temporary help from an Obama program face huge bills for repayment.

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kickysnana Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-23-11 11:56 PM
Original message
Thousands who got temporary help from an Obama program face huge bills for repayment.
http://www.startribune.com/premium/114426144.html?elr=KArks%3ADCiUHc3E7_V_nDaycUiD3aPc%3A_Yyc%3AaUoD3aPc%3A_2yc%3Aa_ncyD_MDCiU (for reference only not available without subscription.)

Lenders routinely approved short-term "trial" loan modifications that reduced payments for desperate borrowers under the umbrella of the Obama administration's Home Affordable Modification Program. But lenders continued to count the mortgages as delinquent or in default.

Now instead of granting permanent modifications, lenders often are reinstating the original loan terms and demanding big back payments.

Through November nationwide, lenders canceled 729,109 trial modifications. No one knows how many Minnesotans have been affected, but housing counselors say it could reach into the thousands. Carl Christensen, a Minneapolis real estate attorney, said he is getting 15 telephone calls a week from shocked borrowers.

"We're seeing a lot of really sad stories of families who thought they were getting help only to discover they're $20,000 or $30,000 behind and about to lose their house," said Thomas Bloomquist, housing supervisor for LSS Financial Counseling Services in Duluth.
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Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-24-11 01:02 AM
Response to Original message
1. It is past the time for the President to demand that
his administration step in and stop the bullshit
If he does not then he cares not for the American people
and does not deserve the office he holds

The banks and investment houses caused this disaster and
they are the ones that deserve to be shut down and
thrown in jail
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annm4peace Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-24-11 01:51 PM
Response to Original message
2. fight back, join others who are fighting back against the lenders
It is easier to fight back if you join others both emotionally and in info of what to do.

There are several groups in MN who can help Habitate for Humanity is one of them. Just don't leave your homes unless it benefits you.

Make it hard on the banks. Demand the Deed. There are a lot of people fighting back and winning.
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