Unraveling Money – My Exploration of Personal Finance and Productivity

June 2, 2009

New York Times article on…my problem!

Filed under: Mortgage — unravelingmoney @ 10:13 pm

Very timely – the New York Times has a great article about homeowners who do not qualify for loan modifications even though the MakingHomeAffordable site states that they should:

For Some Homeowners, Promised Help Proves Elusive

The article profiles a homeowner in Arizona who, according to MakingHomeAffordable, qualifies for a loan modification – however, she has not been offered one by her mortgage bank, Countrywide (they’re still around??). Like me, she went down the checklist – mortgage greater than 33% of income, recent reduction or loss of income, owes more than home worth…but still apparently isn’t getting an offer from her bank.

It’s really frustrating – the only response from the government is that they need to “fine-tune” their reporting with these banks.

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