Local San Diego, California Homeowners Leary of Newest Lender's Offerings.

Local San Diego, California Homeowners Leary Of Lenders Newest Offerings.

Many homeowners are wary of housing relief--major lenders have begun to promise much more housing relief to troubled borrowers, from forgiving mortgage principal to doling out dollars for closed short sales in light of this year's historic mortgage settlement between banks and 49 states.

Bank of America, for instance has been sending out about 10,000 letters a week to solicit for its mortgage reduction program for the past five weeks. Problem is "they're" (homeowners) not responding.

Borrower fatigue is to blame for the lower than expected interest in house programs that provide mortgage help. It stems from never-ending loan modification, unresponsive bank officials, lost documents all common complaints from borrowers in San Diego County and beyond. Couple that with a constant stream of information on federal, state and lender mortgage programs and you have really confused borrowers. It takes a sophisticated borrower to figure it out,even though the servicer and lender are giving us a clear path.

Another factor is borrower avoidance. Homeowners who received solicitation letters bad news. from banks often dodge them or tear them up because they expect bad news. To deal with that Bank of America has been sending the offer letters by certified mail and then following up with  a phone call.  It recommended that distressed borrowers talk to counselors who are approved by the federal Department of Housing and Urban Development. These services are free and should be able to help lost borrowers navigate the complicated path's of mortgage aid.

Courtesy of: Crescent Moon Realty, Inc.
------------------------------------------------------------