It seems very few people are getting the help they need from government sponsored programs. Do you feel the government has abandoned you? How do you feel that the banks that caused this mess are getting bailed out? How do you feel about the banks continued harsh stance despite many of them receiving government aid at this point?

We feel that if this crisis is ever to be solved the American Homeowner needs to have the assurance that they will remain in their homes and not be foreclosed on.

Read our findings

My wife and I called. Here's our situation. we bought a home 2 years ago. A small house. Not out of our means, but got a 100% financing with the intention of refinancing. Which we could have done had the housing market and economy and banks not collapsed. My wife lost her job. We called Hope and listened to a woman berate us for 20 minutes and tell us we should never have been approved for a loan and we were stupid for having agreed to this to begin with. Our initial rate was 7.4 on the first mortgage and 11% on the second. Now, our credit is good, we pay on time and next month the first one goes to 9.5% (I thought the LIBOR dropped) and we're looking at an extra $500/month and our home has lost no value.

This woman left my wife in tears. It's a lousy program.

Let's not forget ... we bailed them out. Our tax dollars saved them after they screwed up and now they're thumbing their noses at us?

All we wanted was a house. We didn't want to flip it. We didn't get in over our heads. If we could refinance at a reasonable rate we would pay the mortgage and the bank would have their money. Now? We can't afford a 2% hike on the mortgage.

I agree the government has abandoned homeowners. The horror stories that I have read on this website and heard from friends and family who are going through foreclosure are unacceptable. They get no help from the banks and more and more people are just abandoning their homes. I have a friend who just couldn't stand it any more. They were trying to stay in there home, but kept getting turned down for every program. They finally just gave up, and literally left the keys on the counter and moved out. If something doesn't happen, more and more people will be walking away.The banks and mortgage companies make it so difficult for anyone to take advantage of any of the new programs. It just adds insult to injury.

Here's the thing though. If you have two mortgages (an 80/20) and are looking at an escalating mortgage you have to negotiate with the bank. In order to take advantage of any program, the bank has to be willing to help. So what incentive does the bank holding the first mortgage (80%) have in lowering your payments? None. They can probably still get their money back by selling your home at a severely reduced rate. The second mortgage (20%) gets screwed though.
I don't understand how our tax dollars went to fund a bailout to irresponsible banks that went about their business unregulated and our gov't gave them our money and continue to allow them to deceive, rip off, and cheat people. If anything, this bailout has allowed them to continue business as usual.

I would think the process, time and cost of a foreclosure, plus selling at a deeply discounted price is a greater loss to the bank, than helping a homeowner stay in their house. And when home after home gets foreclosed on, how is that better for the bank, the homeowner, or the economy. You would think the number one priority of EVERYONE is to keep homeowners in their homes to help stabilize home prices and the economy. The real problem now, is that banks are not negotiating.

And look at this forum. Particularly this forum thread. There are two people commenting.

Had these banks been left to fend for themselves we might have seen the intelligence and ingenuity this country has always shown. It would have forced the banks to reevaluate bad loans and proactively make efforts to keep borrowers in their homes, paying mortgages, and assuring the banks a return on their investments. Instead, they've been bailed out and will continue to play the numbers that bean counters play.
They have lost nothing through this and will continue to do business as usual for as long as they can.