Saving their homes: Did Obama help?

In June, CNNMoney profiled homeowners hoping to qualify for President Obama's foreclosure-prevention plan. Four months later, we check in on our panel.

1 of 6
BACKNEXT
The Richmonds: Long wait for an answer
The Richmonds: Long wait for an answer
Kevin Richmond with his family at their home in Charlotte, N.C.
Kevin Richmond was elated when he learned in June that he qualified for the Obama administration's loan modification program.

The father of five had been struggling since losing his job as a $63,000-a-year accountant at Bank of America in 2006. The only work he could find was as a customer service representative at Wachovia for less than $12 an hour.

Richmond sent in his Obama paperwork in April, only to spend months in limbo and be told that his application is still being processed. Then he learned he would receive a trial modification that would lower his payments to $786 from $1,600 a month.

The trial, which was originally supposed to last three months, dragged on for five. Every time he called his loan servicer, SunTrust, he got a different story about when he'd learn if he qualified for a permanent adjustment. Meanwhile, since he was still listed as delinquent, his credit was getting slammed.

A SunTrust spokesman declined to comment on Richmond's case. But a week after being contacted by CNNMoney.com, the bank sent him his final loan modification paperwork and told him he would now be listed as current on his credit report.

"I'm relieved the end is in sight, but it's not done until the loan has been changed," Richmond said.


NEXT: Dawn Porter: Didn't qualify
Last updated October 24 2009: 8:56 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
These 10 food trends could dominate 2015 So long, kale. Here's what's expected to shake up the food industry next year. More
Beyond Russia: Geopolitical hot spots in 2015 Investors beware: These 5 global crises are likely to rattle the stock market and world economy. More
These 20 antique guns could fetch big bucks Morphy Auctions in Pennsylvania is putting nearly 1,000 old guns on the block. Here are just a few. More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.