The premise of this article is that, though it may be ineffective, at least it has brought awareness to the distressed homeowner and more of them are seeking assistance. To a point, it is correct.
I specialize in the distressed home market in Maricopa Arizona and consult with numerous homeowners on a weekly basis. A year or so a go, my appointments lasted much longer as the owner had no idea of any of the options out there for them. Now, most of my potential clients are well educated on the process and many have at least called their lenders. That being said, the problem still remains in that the lenders, in most cases, have not been very helpful. In the event that the lender has actually agreed to consider a loan modification request, the process has been frustratingly long and usually resulted in a program that made no sense to the borrower. I have come across a few cases of an owner obtaining enough relief from a loan mod to agree to participate but they have been few and far between.
Bringing more awareness to the options that are available is a good thing but a much better scenario would be for the program to work in the first place!
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