Today we see another press release from Hope Now, with another initiative. Bank bailouts, implosion, and stock market news makes one point perfectly clear. Even President Barrack Obama is shunned by some shady lenders. Obama is ignored by shady mortgage servicers. No matter how hard Hope Now actually tries, investors block every attempt to actually help homeowners.
Servicer members participating in the Reach Out campaign include American Home Mortgage, Bank of America, Carrington Financial, Countrywide Financial, HomEq Servicing, HSBC, Litton Loan Servicing, Ocwen Financial Corporation, Saxon Mortgage Service, Select Portfolio Servicing, SunTrust, Wells Fargo and Wilshire.
Ocwen seems to actually have a plan. Other do not. Hope Now does not actually see results. For Saxon results are iffy at best judging by complaints about restructures, modifications, and new loans. See complaints on Saxon Watch for examples.
Homeowners are outraged by HSBC, which shut down the same predatory lenders – HFC and Beneficial – that people are supposed to call when asking for help. The doors are closed. Nobody is home. See HSBC complaints for examples.