Is Obama's foreclosure rescue plan working?

Homeowners in trouble are having mixed results applying for President Obama's foreclosure prevention plan. CNNMoney.com readers tell us their tribulations and triumphs trying to get their loans modified or refinanced.

1 of 8
BACKNEXT
Jose Rivera, Manchester, Conn. - Frustrated
Rivera applied in April to refinance his $352,000 mortgage, hoping to lower his 7% interest rate and save $600 a month. Though he can make his payments, he received no raise and only 20% of his usual bonus from a financial services company, where he works as a quality analyst. He could use a break on his monthly payments on the loan originally made by Countrywide.

"It's a struggle in today's economy to meet all my credit obligations," said Rivera, who is married with a 19-year-old son. "It would allow me to have a little more breathing room."

Rivera hit roadblocks from the start. He never received a call back from the first customer service agent at Bank of America, which bought Countrywide, despite leaving three messages. In May, he requested a different agent and was told because he has private mortgage insurance, he couldn't apply until the end of May. He called back in early June and was told to try again at the end of July. Now that interest rates are rising, he's concerned it won't be worth it to refinance.

"This process has been extremely frustrating, with a lack of returned calls from BofA, and me having to contact different loan officers," said Rivera, 48. "As a taxpayer whose taxes have been used to assist these large financial institutions, it is extremely frustrating, disappointing and discouraging to receive such a lack of assistance and poor customer service from these banks."

Bank of America said it should start processing loans with mortgage insurance within several weeks.


NEXT: Obama plan - Four months later
Last updated July 06 2009: 3:05 PM 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.