Quite honestly, I think this mortgage modification program sucks monkey turds in the way banks are applying it. In my case the modification offer came up with a payment that was $16 higher than the payment required by the original mortgage. Then they had the balls, when I wrote them and told them the proposed payment was too high, to write back and to acknowledge that I had 'rejected' modification. I did not reject modification, only the amount of the payment they came up with.
To be honest, my original mortgage did not require an escrow for taxes and insurance and the modification did, but why would they propose a payment to me that is higher than the one I couldn't' keep up? If I were financially able to pay the modification amount, I would have been able to keep the original payments going. As I just read online, the banks are not interested in adjusting the amount of principal owed but only in modifying the interest rate.
Come on Mr. Obama. How ab out giving us a modification program that really modifies our situation.
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