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I guess Pres. Bush forgot to tell HopeNOW

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robert higgins

Thread Starter
Member
Joined
Jul 15, 2003
Professional Status
Certified Residential Appraiser
State
Connecticut
Before I tell you about my phone call, here are his exact words:

"HOPE NOW members have agreed on a set of industrywide standards to provide relief to these borrowers in one of three ways: by refinancing an existing loan into a new private mortgage, by moving them into an FHA Secure loan, or by freezing their current interest rate for five years."

And here are the eligibility requirements that would allow me to freeze my rate:
1. Have a loan originated between 1/2005 and 7/2007 (check), with a reset between 1/2008 and 7/2010 (check!),
2. Have made all my payments on time (check!!),
3. Can't afford the reset payment (check?),

Excited to have an ARM adjusting in June, I called HopeNow to find out how I could get my loan frozen. Here's the conversation as it happened almost word for word each of the eight times I called (almost is if they had a script! Hard to imagine for a call center!):

Me: "Hey, I'm calling to find out how to get my loan frozen."
Them: "We are a consumer credit counseling service. We do counseling,"
Me: "I'm not behind on my mortgage, and I meet the other guidelines, but I have an adjustment coming up and I want to freeze it.
Them: "We don't do that"
Me: "But I just heard the president say that you would help me?"
Them: "He gave our number as a resource because we are counselors"
Me: "So you can't help me freeze my loan?"
Them: "We are counselors, we don't do that here."
Me: "Well, in June I'm not going to be able to make my mortgage payment, what do I do?"
Them: "I don't know, as I said, we are just counselors"

http://www.mortgagenewsdaily.com/1272007_ARM_Freeze.asp
 

JSmith43

Elite Member
Joined
May 5, 2003
Professional Status
Certified General Appraiser
State
California
Thanks for posting. I will further lower the expectations of anyone I give this number out to in the future until I confirm that the counselors are up to speed.

I have told customers that are upside down and otherwise out of options about this number and have suggested brainstorming with the counselors:) prior to contacting their actual loan servicer. I may not have been cautious enough.

Anyone else with feedback on the hope now 800 number counselors? I should see if there is feedback on any of the broker sights.:huh:
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Here is one suggestion HopeNOW might use: As a counselor all I can say is you actually think the government is here to help you?? I'd suggest while the paper work is being processed, keep your eyes open for a very large cardboard box.
 
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