As a current loan officer and also a mortgage Alt-a Victim, I would like to share with all that will read this as to exactly what you can expect from HOPE NOW, and the lender that is a partner to this group of concerned caring government and bank players in this dance to forclosure. Here is my story. I have a home that is over priced, in a market that it can not be sold in and is more than likely $100,000 to $150,000 in the whole. I am not late or behind in payments, but I have had a drastic cut in income over the last two years. I had worked things down to wear if I could get the mortgage reduce either by rate reduction or modification this would be the answer. So I called HOPE and did what they said to do. I was told there role was to gather the information for the lender and complete the analysis for them. She would then send it to there collection department (I have never been late in the 2yr I have had the loan) for review to see if I am a candiate for modification. She said it could take two to four weeks. Well I got a letter back within ten days stating what and how to proceed with a "SHORT SELL". This is not what I had in mind. A simple modification is really all that is necessary. But, I call my contact at HOPE and explain the letter and she states that due to the fact that my income had dropped and I was using credit cards to pay the short fall that they recommed a short sell. I stated that I could have got this information from the collection department at AURORA. What is HOPES purpose. I would like to here if anyone has been helped. Oh I did speak to a guy in there department at AURORA and he had been hired on from HSBC. He was disgrunted and told me that AURORA is going not for modification, just short sales. There was no one to talk to. So we will see were this goes. No hope for hope.
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