Some modifications are arranged very quickly, and it seems others take forever.
At the end of the day lenders dictate the process. I regret to advise that in many cases lenders are very disorganized resulting in significant delays - often requiring (multiple) new submissions with fresh information. Below are a few articles that illustrate the state of affairs. It's a mess frankly. Please do be assured that we remain focused on getting the best possible modifications for our clients. As of today we have a 100% success rate, and we have not lost a single property to foreclosure! - Paul
"Mortgage modifications remain elusive even with a federal program intended to help..."
More than two months after the Obama Administration launched a plan to streamline mortgage modifications, those striving to save their homes from foreclosure remain frustrated over financially crippling delays.
Read more.
"For some homeowners, promised help is elusive..."
More than three months after the Obama administration outlined a new program aimed at rescuing millions of distressed homeowners by compensating banks that modify mortgages, Ms. Ulery’s experience illustrates the mixture of confusion, frustration and limited assistance that now reigns. Read more .
"The failure of the mortgage modification system threatens housing"
The theory was simple and elegant. By offering homeowners who could not afford their monthly mortgage costs lower monthly payments, people could be able to stay in their homes. That would lower the US default and foreclosure rate, in turn building a foundation under the housing market.
Read more
"Foreclosures grind on as lenders fail to modify loans"
The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear.
Read more.
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Posted
Saturday Jun 20
As other articles have pointed out - all the factors that need to be in place for the loan modifications are not in place for most of the people in trouble.
Paul: What we need is more, more government involvement in banks, more governement involvement in markets, more federal government involvement in state affairs, more HOPE, I mean HELP! from the government!
nice....this article is informative...
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