More Loan Modification Help
We will find out more today but the Treasury wants to monitor it more and increase the amount of modifications. Now if you are looking to get a modification and are reading this, don’t get too excited because we have seen this push before.
With delinquencies increasing I guess the theory is that they need to stop foreclosures. I personally think if you are going to do this then you need to go back to the Hope for Homeowners loan where you get a new loan based on 90% of the current appraised value and share the equity with the government. Unless you make it so the homeowner isn’t upside down you are postponing the inevitable.
If you have attempted to get a modification I am sure you have experienced this, “Mortgage companies have stepped up efforts to collect documents, but many borrowers say firms are frequently disorganized and ask repeatedly for the same paperwork or offer confusing information.”