Facing the Mortgage Crisis: Documentary – 1pm on 7/24/09
We aired our Facing the Mortgage Crisis documentary narrated by Michigan Radio’s Christina Shockley at 1pm on Friday, July 24. We hosted a web chat with guest panelists Kent Spencer and Gloriane Wiley of the Wayne County Mortgage Foreclosure Prevention Program. Michigan Radio’s Steve Carmody helped moderate the chat.
Listen to the show online:
To download the MP3, right click this link and choose “save link as”.
To read the web chat from 7/24/09, please click “REPLAY” under the Michigan Radio logo below.
I’m not sure if you will recieve this, and sorry I don’t know Twitter… Do you have tips to help those of us who have [both] been laid off, and have never missed a mortgage payment? Our mortgage company has not called back, and we heard some say the only way to get their attention is to stop payment of mortgage!! !!! ???
Located in Michigan, we have some savings but wonder what we can do when those are gone. Are there tools anywhere to help, we were never eligible or in need of assistance, or low income services.
We are not “yet” facing foreclosure but want to do what we can to prevent that. Any tips for us?
Kris -
I’ve heard that they will not speak with you about modification if you are current with your payments. It may seem counter-intuitive, but it appears that you have to be late by 30 days before you are able to get their attention. Just try not to cross the line (3 payments?) at which they put you into foreclosure…
Actually under the Home Affordable Modification Program if you are in risk of imminent default (are current but foresee that you cannot make future payments) you can speak to your mortgage company about a modification. It is always best to call early and call often when talking to your lender about alternative options to foreclosure. Even if you can or can’t speak to your lender, either way calling a housing counselor is a great way to assess your circumstances, review your options and get an action plan set so that when the lender is ready to work with you, you’ll be ready to go.
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I got a lump in my throat when I thought of that. gs777-villivonka
I have been dealing with this program for over
a year. I got to see the modification but my husband signed on the wrong line and they denied me.
Now they will start foreclosure procedure. They told
me on the begining not to pay my mortgagee so now I owe to
much in back pay.