Loan Modification Services Offer Foreclosure Relief
The huge 75 billion dollar bailout back in February was supposed to provide funding to help provide foreclosure relief for millions of Americans behind on their mortgages. However, the number of people who have actually been helped by the program is dismal. The government hopes to pressure banks into processing more loan modifications for borrowers.
[I:http://www.uniquearticlewizard.com/extras/pics/championseo1image10.jpg]Only about 1,700 homeowners have succeeded in getting permanent loan modifications through the program since it began in February. According to the banks, people are not turning in their forms so they cannot process the applications. If I was losing my home, I’m sure I would find time to fill out some paperwork to try to save it. That must be one huge stack of forms.
There are around 375,000 people who should qualify for the loan modifications but over 60%, or 225,000, of them have not turned in their paperwork or have turned in only part of the paperwork. But are the people who did turn in their forms doing any better? It sure doesn’t look like it.
If over 225,000 people didn’t complete their forms, there were a bit fewer than 150,000 who did. About 50,000 of the people who completed their applications have not heard anything yet. Of the 100,000 who have, roughly 1. 7% actually got permanent modifications to their loans. That’s a pretty pathetic figure.
The government is now trying to get banks to get more loan modifications processed. SWAT teams are being sent to the banks from the Treasury Department to oversee how the banks are handling the loan modification applications. The department plans to publish a list of lenders that are not doing enough to help borrowers next week in order to get them to approve more modifications.
If you’re counting on Obama’s foreclosure relief to save your home, it’s probably best to start looking for a loan modification attorney to help you. Participation in the foreclosure relief program was never made mandatory as a condition for taking the bailout money. It’s too bad the banks haven’t been more cooperative, but it really isn’t all that surprising. After all, they’re out to make money, not deals.
To learn more information about loan modification services contact Janian and Associates for a free consultation.
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Tags: bail out, Economy, loan modification, Loans, Mortgage, Mortgages, Personal Finance, real estate
