Re-Default: Up To 46% Of Bailed Out Homeowners Can’t Pay, UPDATE NUMBERS

http://www.shtfplan.com/headline-news/re-default-up-to-46-of-bailed-out-homeowners-cant-pay-their-mortgage-again_07242013

Re-Default: Up To 46% Of Bailed Out Homeowners Can’t Pay Their Mortgage (Again)

Mac Slavo July 24th, 2013 SHTFplan.com Comments (253) Read by 9,811 people

141   15   226

The Treasury Department and managers of the Home Affordable Modification Program (HAMP) are scrambling to figure out why homeowners who used the government’s bailout mechanism to save their homes are re-defaulting on their payments.
The program, originally designed to assist homeowners who were facing foreclosure following the 2007 sub-prime crisis, has reportedly saved 1.2 million people from losing their homes, but a report from the Special Inspector General who oversees the government’s Troubled Asset Relief Program (TARP) says that the loan modifications that were supposed to get American families back on their feet aren’t working as well as expected.

Quote :

“We launched this program in response to the worst housing crisis since the great depression,” Treasury Assistant Secretary for Financial Stability Tim Massad said in a press call.
“There will always be an inherent risk of homeowner default in programs like this,” Massad added.
Approximately 10% of homeowners with an active HAMP permanent modification — a total of 88,000 out of 865,100— have missed one or two monthly mortgage payments and are at risk of redefaulting out of the program.
Redefault rates of the oldest 2009 HAMP permanent mortgage modifications have continued to increase as they age and have reached a 46% redefault rate. The 2010 HAMP permanent mortgage modifications are redefaulting at a rate of 38%.

The Treasury department is going to launch an investigation into why the program isn’t working.

Quote :

Not only has the program fallen far short of that goal but with each year of the program, a growing number of homeowners have re-defaulted, the inspector general found.
“Treasury needs to research why so many borrowers are dropping out of the program,” said Christy Romero, the head of SIGTARP.

In 2009, as President Obama assured the nation that his multi-billion dollar economic bailouts would restore the economy and the housing market to stability and growth, we noted that you can modify these mortgages all you want, but that one important factor would be essential to their success.

Quote :

Unemployment is a ticking time bomb, and no mortgage modification is going to help if the home owner lost his or her income stream. Real estate will continue to collapse because of continued job destruction despite what we are being told about recovery. Couple this with rising costs for essential goods, a collapse in retail consumer lending and increased taxes, and I’d say hopes of recovery are just that… hopes.
For those who live in reality, it’s obvious that the American people are living in the Greatest Depression.
Via SHTFplan (October 21, 2009)

It didn’t take a Nobel Prize winning Keynesian economist like Paul Krugmann to see this one coming. It only takes a working knowledge of basic arithmetic.
If your mortgage payment is $1500 monthly, and you just lost your job and are collecting $800 in unemployment insurance monthly, then it is impossible for you to make good on your loan. Even if the government helps to reduce your mortgage payment to $850 monthly and provides you with emergency funds to cover all of your other expenses like food, health insurance and utilities, you still can’t service your debt.
It’s that simple.
The situation for America is dire.
According to the June 2013 jobs report, less than half of able-bodied Americans have a full time job.
The following report further illustrates the problem(s) we face.
Two food stamp recipients have been added for every job ‘created’ under President Obama’s watch:

Quote :

Since February of 2009, the first full month of Obama’s presidency, 9.5 million Americans have dropped out of the labor force.  Nearly 90 million Americans are not working today!
That means that 1.3 Americans have dropped out of the labor force for every one job the administration claims to have created.
There are 15 million more Americans on food stamps today than when Obama assumed office.
At the end of January 2009, 32,204,859 Americans received aid from the Supplemental Nutrition Assistance Program. As of April 2013, there were 47,548,694 Americans on food stamps.
That means that more than two Americans have been added to the food stamp rolls for every one job the administration says it has created.
CNS News via The Daily Sheeple

There is no recovery.
There will be no recovery any time soon.
Despite the rhetoric out of Washington, the Fed and mainline financial pundits, this economy is on the brink of complete disaster.

If you are currently underwater, then either drain the tub or buy a larger Yellow Duck (foat).

spring2 wrote:

If you are currently underwater, then either drain the tub or buy a larger Yellow Duck (foat).

 
 They said my wife made to much money to get any help, sign the papers to sell my home on my birthday May 21 2013 or 5-21-13 , bad year, got me, but I'll be back

Revelation 2
New International Version (NIV)
To the Church in Ephesus
2 “To the angel^[a] of the church in Ephesus write:
These are the words of him who holds the seven stars in his right hand and walks among the seven golden lampstands. ² I know your deeds, your hard work and your perseverance. I know that you cannot tolerate wicked people, that you have tested those who claim to be apostles but are not, and have found them false. ³ You have persevered and have endured hardships for my name, and have not grown weary.
⁴ Yet I hold this against you: You have forsaken the love you had at first. ⁵ Consider how far you have fallen! Repent and do the things you did at first. If you do not repent, I will come to you and remove your lampstand from its place. ⁶ But you have this in your favor: You hate the practices of the Nicolaitans, which I also hate.
⁷ Whoever has ears, let them hear what the Spirit says to the churches. To the one who is victorious, I will give the right to eat from the tree of life, which is in the paradise of God.

WE HAVE BEEN SET UP FOR COMPLETE COLLAPSE OF EVERYTHING YOU NEED TO GET READY AS QUICKLY AS POSSIBLE!!!!!!!
THERE IS NO TIME LEFT...
YOU ARE ON BORROWED TIME!!!!

http://www.stevequayle.com/index.php?s=33&d=490

Re-default is 76% and brand new loans after 2009 are 40% default You heard it from the Horses mouth.

The Re-defaults are eating us up alive! Sorry to say this, but these dead beats have no business being in these homes. These are the very ones who obtained LIAR LOANS with 540 FICO scores and still remain in their homes after 48-72 months without paying a doggone dime! We modify these people and fix their huge defaulted balances and six months later they are back reapplying claiming another hardship, and consequently, they are six months in default. We are what you would call SPOC, Single Points of Contacts for borrowers, we are assigned up to 300 files and these borrowers remain in our pipelines indefinitely, so we are seeing the tendencies of the mindset, it's utter abuse and corruption, and the bank loves the reapplications, like I was told yesterday, we need the Gov't monies coming in, we don't care how many times they reapply, we keep getting paid, [SIC]!

Re-default is 76% and brand new loans after 2009 are 40% default. You heard it from the Horses mouth. BANKER WHO CURRENTLY WORKS IN LOSS MITIGATION FOR SECOND BIGGEST FINANCIAL FIRM IN COUNTRY!

Jul 26, 2013

I have a close friend in banking, he told me B-O-A is dumping and do care they just want thier money. Didin't we bail them out?