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Lenders Say Wait Until Late Fall |
Not much has changed in the economic climate since the Obama mortgage refinance program became live. Sure the program has huge potential to help millions of homeowners and giving the banks more of an incentive to help is a step in the right direction. There is still one major flaw – it is still voluntary for your bank to even consider you for a loan modification. There is no mandate in the program that requires the banks to help you if you meet guidelines. Because of this banks are taking their sweet time in getting around to processing loan modifications and are often understaffed (yes another problem that is the banks fault) causing losses in modifications, calls not being returned, and paper work being lost.
All of this is just a big slap in the face to the American homeowner who is struggling with increasing unemployment rates and declining home values. The response from the banks who are suppose to be writing these modifications is that “they are still gearing up” which obviously shows us how serious they are about putting these new plans into action. In fact they are so slow about putting this Obama loan modification plan into action they are issuing statements that they should all be ready by late fall dashing any hopes anyone had about getting a timely loan modification done this summer since these banks don't have exceptions to even gear up fully until late fall.
These same lenders also say they have issued near record foreclosure filings again this quarter up 22% from last. Which assures us they are working hard to push people into foreclosure but slow to help them in any form of loan modification and ZERO help if you are about to fall into foreclosure. For many people who are still current and still making payments but are on the verge of falling into despair and foreclosure the lenders in most all of the cases we have seen simply ignore your request for refinancing or modification.
Now that we have gotten the current state of affirms out on the table we would love to hear from people who have gotten their loan modification and what it took to get it done. Please share your story on our forum here: http://freeforeclosurehelp.us/index.php?option=com_fireboard&Itemid=26&func=view&catid=33&id=2058#2058
It is vitally important that if you where able to get help that you post your story on the forums on how you got the job done so you can help your fellow Americans and hopefully help someone save their home from a corrupt and evil banking system which is best described as a domestic terrorist.
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