Today on CNN Newsroom

The latest news and information from around the world. Also connect with CNN through social media. We want to hear from you.
April 16th, 2010
12:13 PM ET

Help for Homeowners

A new report out this week by the Congressional Oversight Panel says President Obama's foreclosure-prevention plan may fall far short of the 4 million troubled homeowners it hoped to help.

The panel says for every home saved, another 10 will be lost to foreclosure.

So what can you do if you're facing foreclosure?

Financial expert Ryan Mack, the president of Optimum Capital Management, will join us tomorrow in our 2pm ET hour with specific steps you can take to keep from losing your home.

We'll also discuss how to make the most of your tax refund, plus what you need to know about the new overdraft rules taking effect this summer.

Ryan is also ready to answer your $$$ questions.

Leave your questions here, and we'll answer some of them on air tomorrow.

Filed under: CNN Newsroom • Fredricka Whitfield • Josh Levs
soundoff (7 Responses)
  1. Carl

    Bail out the homeowners in foreclosure. Its their turn and long over due.

    April 16, 2010 at 12:18 pm |
  2. Michael in Phoenix

    If they want to help everyone get those of us that can afford our mortgages a 4% loan. Have the TARP money cover the cost of the refinancing. We will have extra money every month to pump into the economy. Thus creating jobs.

    Helping people that cannot afford their homes in the first place is a mistake. Then again, our government just keeps making one mistake after another and we get to pay for it.

    April 16, 2010 at 1:25 pm |
  3. Cathie

    Is short refinance something that is an option instead of a short sale?

    April 16, 2010 at 3:48 pm |
  4. alam

    My realtor working on short sale of my home since January 2010 because of loss of income and there is a cash offer on the house, but now house modification department of Bank of America sent me a package to apply, if I qualify for trial modification. My home value has dropped more than $100,000……In this case what should I do?


    April 16, 2010 at 6:36 pm |
  5. maze1gerald

    I think I would make the most of my tax refund by investing in cnn.a sure stock everyone likes the news.

    April 16, 2010 at 8:59 pm |
  6. Kelly,Austin

    Hi Josh, Hear this from somebody who is knee deep in it as I type this note. I was disabled (Nov. 2008), 60% cut in pay. I have multiple impairments in Social Security lingo. In Oct., 2009, 6/months after winning my SS Disability Benefits, my disability insuranace company, MetLife, wrote me stating they were cutting my benefit to $100/mn, and they demanded that I pay them back over $8K in monies paid to me as benefits. That total represents all they paid me, dating to the start of my disability, except $100/mn.. Without the Metlife benefit, my monthly income dropped to $1078, from my SS Disability. (more details on Metlife actions left out to shorten story) I called my mortgage co., Bank of America, Oct. 29, the day I got the Metlife letter. My partner and I purchased our 1st home in Sept., 2007, we have never been late, even through the months of 40% pay. They interviewed me and qualified me for both "Making Homes Affordable" & "Help for Home Owners" , told me it could take up to 45 BUSINESS days for me to get me paperwork, to keep current until I get the documents. We calculated 45 business days to be Dec.31,2009. Through New Years, nothing came. I called in early Jan., BOA told me the info was there, but not acted on, they apologized and said they would expedite the issue, call back in 10 days. Four 10 day escalations later we're about to enter March, 2010. To keep current, in Nov., I borrowed the cash value of my life insurance, Dec. I borrowed all & shut down my 401K, in Jan. borrowed $1K from a friend and in Feb. we borrowed $1600 from my partners 401K. On 3/3/2010, I printed the "Making Homes Affordable" Application, filled it out, took it to a BOA branch in person, told my story to the Manager. She appeared appalled and got on the phone to get that day resolution. The person she spoke with at the BOA Home Retention Dept. told her that I was qualified for the programs, but could not be placed in them because I was current on my mortgage & needed to be behind at least 2 months. I was livid, Oct. 29, 2009 – March 3, 2010, borrowing from every asset I have to pay the $1400 mortgage every month, to be declined because I am not behind. I hit the roof. To resolve the issue BOA has offered me a forebearance program, starting that day in March, and on 4/16/2010, I faxed them 60 pages of documentation they asked for to make a final decision on the forbearance. In March and April I have not been required to pay the mortgage. I cant tell you how much stress this has been, and I, the disabled one, has to do all the work and I can't drive anymore. I have left out so many details you should know for the sake of brevity, believe it or not. This is the abridged version of all that has happened in my efforts to save my home and enter one of the programs President Obama has so generously tried to develop to help people like me to keep our homes. Unfortunatly, I don't think the banks are delivering it to the people as President Obama intended. I'm happy to share the whole story if you can use your unbelievable power to let the President know how his plans are being abused by the banks.

    April 17, 2010 at 1:34 pm |
  7. TJ

    I bought my home (a 2/1) in 2004 for 249k, I put 20% down so now I only owe 180k but I ended up having to take out a EQL of 40k a year later so now I owe 220k combined...

    My home has dropped in value to 163k and for me to sell it w/o taking a loss and being able to pay for closing cost and possibly a commission I'd have to sell it for around 240k..

    I've never missed a payment, I've never even been late and my credit score is close to 800 but at this point I just feel like giving it back to BOA.. I'm self employed so I can't afford to put money into the home to update it which would help it sell, I want out simply because being single and living in a single family home is draining me and the value keeps dropping.. P&I plus escrow is about 1,700 a month at this point I could buy a nice 2/2 town home totally updated for 150/160k and save so much money and have peace of mind.. UHG!! What to do, what to do...

    April 21, 2010 at 6:24 am |