A recent report from the National Foreclosure Mitigation Counseling Program indicates that homeowners are waiting, on average, 45-60 days for responses to requests for help. Other homeowners have found servicers reluctant to make meaningful changes to the terms of their mortgages despite advertised participation in the Administration’s foreclosure prevention initiatives.
Recently Senators Jack Reed (Rhode Island), Chris Dodd (Connecticut) and a few more senators urged Treasury Secretary Timothy Geithner to develop and implement a strategy requiring banks and loan servicers participating in the Administration’s foreclosure prevention programs to effectively respond to qualified homeowners seeking assistance.
The senators also showed concerned towards the huge number of option arm's resetting during the next 4 years.
the test of the letter sent can be seen here on this link
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