and further strengthening requirements to push servicers to conduct timely evaluations and communications. she also stated that they ve helped nearly 700,000 struggling homeowners, reduced mortgage payments to avoid foreclosure and established a number of standards and protections that led to additional two million mortgage modifications, outside of the program. in fact, smith says he learned he didn t qualify for hamp after he was told to default on his payments were both offered modifications through their banks. both turned down the deals. connie says she has fallen too far behind to meet chase s less generous modification. chase never returned our requests for comment. as for charlie smith? he got to thinking the american dream turned into one big racket. he s now suing bank of america for predatory leaning. b of a officials told us they
requirements to push servicers to conduct timely evaluations and communications. she also stated that they ve helped nearly 700,000 struggling homeowners, reduced mortgage payments to avoid foreclosure and established a number of standards and protections that led to additional two million mortgage modifications, outside of the program. in fact, smith says he learned he didn t qualify for hamp after he was told to default on his payments were both offered modifications through their banks. both turned down the deals. connie says she has fallen too far behind to meet chase s less generous modification. chase never returned our requests for comment. as for charlie smith? he got to thinking the american dream turned into one big racket. he s now suing bank of america for predatory leaning. b of a officials told us they
homes are worth, some homeowners may be thinking that walking away from home is the answer. there are big downsides to walking away. it s best to know the facts and exhaust options before doing so. if you plan to purposefully foreclosure, first make sure you look into mortgage modifications. talk with the lender and inquire about a loan modification. also talk to a nonprofit housing counselor through the national federation for credit counseling at nfcc.org and the department of housing and urban development site hud.gov. another option before you walk, if you have another place to live consider renting out your home to cover costs while offering it for a short sale. not a bad idea. how does this impact your credit? is it substantial if you walk away? oh, yes. walking away is considered a foreclosure which stays on the credit report 7 to 10 years and you will likely not be able to get a mortgage for at least three years. if you are looking to rent, keep in mind that landlords look
has been accomplished. what has been accomplished? guest: well, what has been accomplished, there have been and this is important to the families, 500,000 mortgage modifications that have been finalized and, again, not to minimize how good that is for those families but when you look at that, compared to over the life of this program, it is estimated it could be between ten million and 13 million families receiverring foreclosure filings and an estimate of the program could help 700,000 to 800,000. it is good for those people but a drop in the ocean. we need to aim higher than that and go back to the original expectation. unless less is a failure for those people. neil: thank you for keeping us abreast. good stuff. thank you very much. when we come back, you may want to call me a $$4 billion nag. of. after got the job at walmart, things started changing immediately. then i wrote a letter to the food stamp office.
proceedings. jenna: when we re talking about foreclosures being hatted, for how long? is this a temporary stay, if you will? that is the key question. first, in some states like florida, it s taking almost two years to foreclose, so you add on to the two-year process, now you re going to have a delay while j.p. morgan chase hypothetically if they re closing on someone say in dade county, has to review the documents and say hr-rlt, now we can proceed. it s taking longer than it did three years ago to foreclose and the reason, if you and i are not in foreclosure, not paying your mortgage, the reason you pay attention to this is the longer it takes the foreclosure to work through the system the longer it takes for the housing market to forever, the longer it takes for you to try and sell your house. jenna: the bank has the bailout money. do we see the government steping in at all to say to the banks you didn t do your job, you didn t actually help the consumer? the mortgage modificati