Homeowners not getting Loan Modifications. What lies between the excuses?

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Foreclosure signs, Mortgage crisis,

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Even though the Obama administration created a $75 billion program to limit foreclosures and help make homes more affordable through loan modifications -I think it's fair to say that the program isn't working as intended. 

When questioning why they continue to get a runaround when seeking a loan modification, homeowners are often met with a myriad of excuses that include; "we lost your paperwork"  "you don't qualify"  "we're understaffed" ---some don't get a response at all.

This video explanation offers an easily understood depiction of  what lies between the excuses;There is far more money in foreclosures and short sales, than there is in loan modifications.  Watch this video

The financial industry has all sorts of  government agencies whose efforts are fully concentrated on protecting corporate assets -- -this video may highlight why it is consumers need to have one agency...one that will watch over and protect their assets -and their backs! An agency such as the proposed Consumer Financial Protection Agency is a good place to start -but not surprisingly, the financial industry heavily opposes such an agency.

Homeowners continue to fight to save their homes while up against unfair predatory lending practices, illegal foreclosures, mortgage servicing fraud and accounting errors. In Florida bankers are now working to speed up the foreclosure process while disguising their proposed legislation as a way to assist cities and neighborhoods in avoiding the burden of empty homes.

Earlier investigative reports clearly show there is little to no incentive for mortgage servicing companies to work with homeowners. As mortgage fraud continues to be exposed and lenders continue to cut off home equity lines and block consumers from access to credit, we can only ask -  who's looking out for us?  What government agency can the consumer or small business owner turn to for protection?  If you agree it's time for these and other questions to be answered - call or e-mail your elected officials today and tell them to support a strong CFPA 

Watch this video

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1 Comment

I received back a postcard from Senator Nelson that theyrre looking into Chase's denial (after 14 months)and will see if anything can be done. Will let you know the eventual outcome.

Meanhwhile, received paperwork from Chase that we can now file all sorts of new documents and re-apply.

(our full story in on shamethebanks.org. What I didn't mention there is that my 89-yr-old mother-in-law lives with us. We just hate it when she answers the phone and has to listen to Chase's collection calls, which happen once a day.

Kathleen Burt

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