According to an update by C.A.R. (California Association of Realtors)...
"Will government and private initiatives aimed at saving troubled borrowers be enough? A State Foreclosure Prevention Working Group comprised of attorneys general from 11 states reports that 70 percent of homeowners at least two months behind on their mortgage payments are not receiving any help whatsoever.
According to the study, the number of loan modifications made by loan servicers increased by 50,000 between October 2007 and January 2008, but the number of loans that were 90 days of more delinquent grew by 90,000 over the same period - a gap of some 40,000."
This does not surprise me. I've received many calls from people regarding loan modifications (I write a column for a local paper). The callers complain that the banks are non-responsive. Some have quit making their payments. The collector calls and the clients have told them they are waiting for their paperwork to be approved by their loss mitigation department. Many have made the comments where the collectors say there's no "notes" in their system regarding any type of workout.
What a mess!
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