- Jul 15, 2003
- Professional Status
- Certified Residential Appraiser
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"