Homeowners Try To Hold On While Prevention Programs On Foreclosure Slowly Moves
The administration of Obama said that the program is going to give help to over 4 million homeowners for them to make loan modifications. The Treasury Department claimed Over 200,000 of the said loan modifications are presented to date. This will just signify that millions of people are still hanging around for their turn. This could also mean that if these trouble homeowners are not reached on time, more foreclosure news will be heard.
One of the many homeowners who waited for the loan modification was Deborah Sherman. A day on March 4 before it was proclaimed, she applied for the said government program.
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.
During the latest press briefing, President Obama expressed his frustration with the said government program. He said that the mortgage program implemented helped a lot of people in mortgage modification, however it had not been keeping pace even a lot of foreclosures are already taking place. He is asking his staff to make more aggressive actions because he is bombarded by complaints from homeowners.
Congressional Oversight Panel's Chairwoman Elizabeth Warren echoed the remarks of the president at a current congressional hearing. Warren oversees the Treasury Department's response to the financial crisis. She also stated that the program had taken a couple of weeks to set off and they are now "moving very rapidly."
"I think it's important that the public realize they don't have to have missed a payment on their mortgage to get help. If they see that they have a problem ... they should get in touch with their servicer" says Warren.
A lot of homeowners have already applied for loan modifications with their respective servicers but are still getting the same response as Sherman and the waiting time takes longer 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.
