The FDIC stated that they are working on yet another foreclosure prevention program. No guidelines have been released yet but they have said lender participation will still be voluntary but include more incentives for lenders to allow you into the program. Is this more of the same or do you think this version may actually help?

Read the news here

The only way any program is going to work is if the FDIC or the President says, it is mandatory that any bank that received money on the 700 Billion dollar bailout must participate in the program, without this no bank is going to let go of the money. The banks aren't even lending money to people with good credit what makes anyone think they will help out the guy in trouble. The promise of help down the line is not coming until people start writing letters and demanding help. It looks like alot of talk with the guys running for President, again alot of nothing. If they can loan 700 billion to the banks who got us here someone should figure out away to help the people that got the shaft by the banks who really won't help now that the ball is in there corner. There has to be a reason why all of this is happening, and I guess I just haven't figured it out yet. I've gone every way there is to get help, modify,tried to refinance, forbarance, there is always something not right. I've managed to just barely keep one step ahead, but feel soon I'm going to stumble and fall. Still HOPE for all.

The only way any modification will work is to have a bill that makes it mandatory the lenders and banks work with homeowners. I read today Congress members are upset because that is why they passed the $700 million bailout was to lend money to banks and lenders so they would help homeowners out. That did not happen. The Treasury Dept. did not have a problem shoving money at Bank of America and BOA refused and said they did not need the money. Treasury Paulson said they had to take the money. They made banks and lenders take money, but they will not make bank and lenders help homeowners. It just makes me sick. I called BOA 70 times about my predatory lending loan and a modification and they never called me back. So I called about 30 lawyers and finally found one who filed a lawsuit on contingency basis and now just waiting. Good Luck to you homeowners. I am in the same boat. Do not give up.