Posts Tagged ‘home foreclosures’
The administration of Obama said that the program is going to give help to over 4 million homeowners for them to make loan modifications. According to the Treasury Department, over 200,000 of these loan modifications are offered to date. This will just signify that millions of people are still hanging around for their turn. This could also mean that if these trouble homeowners are not reached on time, more foreclosure news will be heard.
Deborah Sherman is one of those homeowners who are waiting for their turn on the loan modification. She applied for the government program in March 4, a day after it was announced.
Since then, all she heard from Chase, her loan servicer, is: the process could take up to 90 days. Until now, she is still waiting.
The experience of Sherman was also experienced by most other people. The government program last June started uncontrollably because a large number of homeowners all around the country have been overwhelming the staff by jamming their phone lines. Frustration among housing counselors and homeowners build up due to the delays and confusion about eligibility requirements.
“I think … our mortgage program has actually helped to modify mortgages for a lot of people, but it hasn’t been keeping pace with all the foreclosures that are taking place,” said President Obama during a recent press briefing, expressing his disappointment with the program. He is asking his staff to make more aggressive actions because he is bombarded by complaints from homeowners.
Congressional Oversight Panel’s Chairwoman Elizabeth Warren echoed the remarks of the president at a current congressional hearing. The answer of the Treasury Department with regards to financial crisis has supervised by Chairwoman Warren. She also stated that the program had taken a couple of weeks to set off and they are now “moving very rapidly.”
“I think it’s important that the public realize they don’t have to have missed a payment on their mortgage to get help. If they see that they have a problem … they should get in touch with their servicer” says Warren.
Numerous homeowners who had applied for the modification of loan also get similar response like Sherman. Their respective servicers also said that the process will take longer time than expected. As the processing time of these modification requests get longer and longer, most trouble homeowners result to giving up and making foreclosure news rise.
Frustrations towards the program were expressed also by several federal officials. They said, “People who are engaged in this program must need to perform better job so that expectations of the public will be met.”
As long as these needs for loan modifications are met, we may expect to hear more foreclosure news as more and more troubled homeowners fail to salvage their properties.
More information on ms foreclosures and foreclosures in general (often miss-spelled ‘forecloser‘) can be found at http://bestforeclosurenews.com.