Homeowners Try to Hold on while Prevention Programs on Foreclosure Slowly Moves

The Obama administration claimed that it is going to lend help to as much as 4 million homeowners to be able to make modifications to their loans. According to the Treasury Department, over 200,000 of these loan modifications are offered to date. This means that there are still millions waiting for their turn. This might also signify further foreclosure news reported if these trouble homeowners failed to keep in touch with the company on time.

One of the many homeowners who waited for the loan modification was Deborah Sherman. She applied for the government program in March 4, a day after it was announced.

From that day, she always hears her loan servicer or Chase that the program she applied for will cover up to 90 days processing so she is still waiting for her turn up to now.

The experience of Sherman was also experienced by most other people. Back in June, the program started in a chaotically as a multitude of homeowners all across the country jammed phone lines, overwhelming the staff. Frustration among housing counselors and homeowners build up due to the delays and confusion about eligibility requirements.

“I think … our mortgage program has actually helped to modify mortgages for a lot of people, but it hasn’t been keeping pace with all the foreclosures that are taking place,” said President Obama during a recent press briefing, expressing his disappointment with the program. Because of that reason and due to the fact that a lot of complaints from the home owners are already attacking him, he was asking his staff to put into practice more forceful actions.

At a recent congressional hearing, the president’s remarks were echoed by Elizabeth Warren, chairwoman of the Congressional Oversight Panel. Warren oversees the Treasury Department’s response to the financial crisis. She also said that the program set off for a couple of weeks and they are now taking fast actions on it.

Elizabeth Warren stated that the public must importantly realize not to miss payments on their mortgages so they will get help. She also added that if people noticed that they are having troubles, they must stay connected to their servicer.

Numerous homeowners who had applied for the modification of loan also get similar response like Sherman. Their respective servicers also said that the process will take longer time than expected. As the processing time of these modification requests get longer and longer, most trouble homeowners result to giving up and making foreclosure news rise.

Frustrations towards the program were expressed also by several federal officials. They said, “People who are engaged in this program must need to perform better job so that expectations of the public will be met.”

Provided that these needs on loan modification are achieved, we might be expecting to listen to further foreclosure news because an increasing number of troubled homeowners fall short to save their properties.

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