I posted in the past on the frustration of trying to obtain a loan modification, which I know is an issue for many.  I started this process last fall, with a perfect record re: payments, but had recently incurred an income loss.  My request was simple, so I perceived, to change our 15 yr. loan into a 30 year loan, thereby cutting our payments nearly in half.  I won't belabor the phone calls (hours), faxed documents, etc., all for not, as we were denied twice.  I tried one last time, in February, when President Obama introduced his loan modification program.  I heard absolutely nothing.  In mid-May, a representative from my lender called and congratulated me on our qualifying for a loan modification.  I truly thought it was a prank call at first, as it had been 9 months of an exercise in futility.  We have now completed our trial period (3 months), have remained on time with our payments, and just received permanent approval for the modification: it will NOT affect our credit, which was a vital element for us.  The terms were better than I expected, which was a pleasant surprise.  I have had a lot of support in the past from other bloggers and I wanted to express my thanks, andit is true, never give up hope.  (Special shout out to TheraP!)

I wanted to share an example of how one area of avoiding foreclosures would help homeowners, which I don't believe the lenders wish to do, actually.  We have a 15 year fixed loan with GMAC, investor Fannie Mae.  Over the last several months, due to two job losses between my spouse and myself, I have requested GMAC to consider letting us change to a 30 year vs. 15 year.  We could keep current if allowed to use this option.  No go.   I was told to default and maybe they would work with us, key word maybe, not to mention destroying our credit.  Recently, Fannie Mae has implemented an early workout program for homeowners current on their loans but stressed financially.  GMAC claims to be working with Fannie Mae, and yet, I have sent in all documentation for this program option and still, here we are with no reply.  I called again yesterday and was told I would hear something in 3-6 months.  It seems sanity and common sense are lost in these trying times.  We are in CA so refinancing is not an option, even if they were lending, as everyone where I live has seen their house values drop, in our case from $550k (silly, I agree) to $195, maybe.  Just wondering if any one else has encountered this type of stonewalling.  Best to all.

I feel there is a need to share our experiences during this critical downturn in our economy and how it is affecting each of us personally.  I believe the ramifications are far greater than are being reported in the media.  I am going to start with my personal story and hope you can comment on or add your stories.  All the best.

John McCain is running for President on his one great asset, his experience and strength in military and foreign affairs.  My question is, what experience, what strength?  This is a man who graduated third from the bottom of his class of almost 900 students, crashed 5 planes, flew only 21 hours before he was captured and that is it.  He has no military command experience, never lead any troops, and cannot even get the factions in Iraq straight when he has been corrected over and over.  The only experience this man has is D.C., and that is exactly what we do not want.  I want intelligence, fresh ideas, and promises kept.  Senator McCain cannot even operate a computer by his own admission, but we are to trust him running our country in a global economy? The McCain who ran in 2000 is not the McCain running now.  He has lost his edge, he seems at times to run off the track and he certainly is not grasping basic facts about the war.  He is NOT experienced, he is just another rerun.  I want a new show.