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Loan Modifications , The DUH factor
Every person that comes to us for a loan modification we send to the Government web site www.makinghomeaffordable.gov. We do this because almost every one that is working directly with their lender is getting everything but a loan modification. This leads us to the DUH factor.
Banks are slammed with foreclosures. They are signing blindly to try and keep up with their paper work. Yet a great number of people we see have had income reductions but still are working and WANT TO PAY and stay in their homes. Their level of frustration grows to the point where they finally give up and end up adding another property to the foreclosure pile. DUH want to have less Foreclosures? MODIFY MORE LOANS !!!!!
So the question is, if you are conspiracy minded, is there more incentive ( i.E. $$$$) for a bank to foreclose rather than modify? To me doing a better job of loan modification is a great way to slow the rate of foreclosures. It really is a DUH factor. So who will tell me what am I missing ?
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