Are mortgage firms stepping up on loan modifications?

Real Estate Agent with Future Home Realty SL3214261

As many homeowners are finding out working with the bank is very frustrating. In a letter to 25 mortgage-servicing firms, Timothy Geithner, the Treasury Secretary, and Urban Development Secretary Shaun Donovan, have urged the firms to modify more home loans. Analysts say the Obama administration's loan modification program has not done enough to stem the rising tide of foreclosures so far. The program's effectiveness has been hampered by mortgage firms not being able to keep pace with the applications received for loan modification. "We believe there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share," wrote Geithner and Donovan in their letter. 

The administration exhorted the firms to provide "an escalation path for borrowers dissatisfied with the service they have received" and suggest ways of improving the design of the program. Industry experts have been disappointed with the pace of the program so far. "We are not getting anywhere near the level of resolutions we expected," says Bruce Dorpalen, national director at Acorn Housing Corp. Housing counselors say there is a need to raise homeowners' awareness of the program. "Homeowners on their own are not able to navigate the system," says Maeve Elise Brown, executive director of Housing and Economic Rights Advocates.

It's crucial to hire an Attorney when negotiating a loan modification with your bank. You need an experienced professional on your side, looking out for your nest interest. If you need help or have clients that need help please let me know. We have over a 90% success rate helping homeowners and offer 100% money back guarantee.

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