Under Distress

" And foreclosure. Millions of people across America are struggling to avoid its summer -- to loan modifications. In an effort to save their homes. We spoke to one of them in Virginia. We've got this -- ten years ago. In June 1990 click okay there was and 275000. But -- thirteen thousand for home improvements. Should. Grand -- with roughly 300000. At the time. Back ten years ago what was your mortgage payment about."

" About that only 1300. And I put 25%. Down to avoid what they call private mortgage insurance was --"

" Fixed interest -- remembered that it was fixed at that time."

" And then unfortunately. We went to a refinance. Or pay adjustable rate mortgage."

" So in 2006. Site try to go back to a fixed rate cut pollution -- true."

" Unfortunate -- misled by a company that gave us an mentioned a perfect tree what do you pain."

" Now a month for this home. It's -- thirteen 200 and it's seven point 5%. And you still could -- from the have you talked to the bank about renegotiating. That I have talked to -- should know because."

" Which -- drastic fall in prices this economy going to spiral what is the value of the house -- you understand my loss cash diminished. No no operational -- about love. Truly. 400000. Match -- in March truth out of the street 2006. World savings bank had it represents 61015000. When you. Close to 400."

" Down zero almost even know exactly unless we unless -- let -- in fact that your. Bet you you've got to do this mortgage payment now 3000 and let's see -- into this house now. The game and tie them up like Social Security issue falls out of its senior living as if their house country doesn't carry the -- she makes 4011000. And trying to figure out a way to make this more. Economic us. Better for your family. You are now trying to disability in March when you try to do it well what -- the government's home affordability. Stabilization. Plan that FDIC has."

" Gotten for many homes. They will pay out -- 1%. How someone can five wouldn't -- So roughly 30% of -- B 1200."

" I could soon team and present when you make its first application to do that to -- to get set to take it benefited more than six months ago man. We spoke to Alex any city -- six months ago for this loan modification he's made. Follow his. Mortgage payments so many of the bank is not a big hurry into this modification for him. How. Rush rush to get the stimulus done and that a couple days. My question is rush -- by the treasury and the banks to actually. Do loan modification."

" It's very saw its various -- I've gotten some done enough and -- 34 month period which I would say is about average. Some do -- as long -- six months. An -- personal -- case it's it's. In my opinion incompetence. Total lack of staff. -- organization. It's just -- submitted the same headquarters up to five or six times same exact paperwork crooner here."

" Why can't get that he did this six month still what is CNN show why won't the bank did this --"

" And in this particular case -- that lenders they were waiting for. The federal government to come out. Hand and make some different changes and things might be advantageous for them and so they were holding everybody off to turn their loan modification case that. This is a real hardship this is a fellow retirement he's using -- all -- asset base. -- payments on time. He's made all the allegations this is a perfect case and get it done quickly."

" More information or refinance in modification goes from. Making home affordable and that down."