Homeowners Try To Hold On While Prevention Programs On Foreclosure Slowly Moves
The Obama administration claimed that it is going to lend help to as much as 4 million homeowners to be able to make modifications to their loans
. 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. Back in June, the program started in a chaotically as a multitude of homeowners all across the country jammed phone lines, overwhelming the staff. Frustration among housing counselors and homeowners build up due to the delays and confusion about eligibility requirements.
During the latest press briefing, President Obama expressed his frustration with the said government program. He said that the mortgage program implemented helped a lot of people in mortgage modification, however it had not been keeping pace even a lot of foreclosures are already taking place. He is asking his staff to make more aggressive actions because he is bombarded by complaints from homeowners.
At a recent congressional hearing, the president's remarks were echoed by Elizabeth Warren, chairwoman of the Congressional Oversight Panel. Warren oversees the Treasury Department's response to the financial crisis. She also stated that the program had taken a couple of weeks to set off and they are now "moving very rapidly."
Elizabeth Warren stated that the public must importantly realize not to miss payments on their mortgages so they will get help. She also added that if people noticed that they are having troubles, they must stay connected to their servicer.
A lot of homeowners have already applied for loan modifications with their respective servicers but are still getting the same response as Sherman and the waiting time takes longer 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.
by: Michael Bartonolis Refresh Your Home Naturally Before A Showing Find Great Littleton And Lakewood Homes For Sale How To Purchase A Budget Priced Property Through Foreclosed Homes? How To Buy A Suitable Home Through Bank Foreclosures? How To Zero-in On The Best Value Deal Through Foreclosure Homes? How To Buy Foreclosed Homes For Sale? How To Purchase Foreclosed Homes Successfully? How To Make A Profitable Investment By Buying Foreclosure Homes? First Time Home Buyer Tax Credit - New & Improved! Where Our Legal System Often Fails The Home Inspector Does Arbitration Actually Work For Home Inspection Disputes? Home Inspections: When Is Exceeding The Sop Going Too Far? Avoid These Mistakes When Buying Homes For Sale Online