Friday, May 22, 2009

All We Have to Do to Modify Our Loan is Get a Major Media Outlet to Do a Story About Us

Do you guys every listen to the Planet Money podcast? Well, it's great. You should! Monday's podcast ("Your Future Mortgage") featured a story about a homeowner who had been attempting to modify his loan through Obama's plan and had no success. Wells Fargo is his loan servicer and hadn't been able to give him any answers even though he was a perfect candidate for the Obama Plan. This sounded just like us. They kept giving him the runaround. For weeks. And weeks. No answers. Just, "Call back." And, "Send us your financials." Just like Countrywide did with us- as I wrote here.

Anyway, Wells Fargo eventually told this guy that he had been denied for a modification. Until, that is, Planet Money aired his story! Monday, the day the Planet Money podcast aired, this guy was suddenly told that his modification had been approved. No explanation as to how it went from being denied to approved.

He is now saving $500 a month and has a 3.75% interest rate down from 6-something%. Today's Planet Money podcast talks about this and how this is seemingly a phenomena. People go through hell trying to get modifications, get nowhere, then a major media outlet airs their story and WHAMMO! Loan Modified!

So, now to get someone's attention. NPR, PRI, CNN, MSNBC, ABC, XYZ, LMNOP?! Help.

"And Three Baby Camels" - Planet Money


Jessica said...

So I just came to your blog FROM the Planet Money site (which I love). I'm hooked! I know I'll be coming back to follow your saga. I enjoy your writing style and your bravery. Best of luck with your short sale, or perhaps getting a major media outlet to do a story. ;) When I've got more time I think I might have to sit down and read more from the beginning.

Love in the Time of Foreclosure said...

Thanks Jessica! Wow! So many Planet Money friends coming to the blog. I'm thrilled.

Please do come back and read when you have more time. And comment. We love comments!


Crystal Trulove said...

Hi there. I surfed in from a facebook link. I am looking forward to reading more here. My blog is about life in general, not as focused as yours. What really strikes me about your intro is that, like you, in the midst of our massive student loan and credit card debt, IRS fees, and home foreclosure, I am also happier with my family than I've ever been. I'll have to blog about our success story now, having seen yours. Wells Fargo took care of us rather "quickly," and we have hope right now.

Oh, also, I was quite interested in the This American Life podcast called "No map," from the weekend before last. One of the chapters is about a loan modification company and how they choose which loans to modify.

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