Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
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Loan Servicers Under the Microscope
The Obama administration has decided to pressure loan servicers to do what they said they would do, which is help homeowners long term.
Many, many borrowers are stuck in trial adjustments when we really need to get them into permanent modifications. The government will be sending teams to the various institutions to evaluate what is taking so long. Banks will have to submit progress reports twice a day during December.
$75 billion has been spent to help home owners but so far only 1,711 of those in the trial modifications have been moved to a permanent loan modification.
The financial institutions have claimed that home owners are simply not turning in their paperwork. Home owners are saying that their paperwork keeps getting lost by the bank. Personally I have had to spend many hours on the phone with a bank or two on behalf of clients and I have a really hard time believing that very many of these are the fault of the home owners. I believe that, that is what the government will discover as well, if they really dig deep while visiting those financial institutions.
For example, the Obama Administration has had to do this before. The Treasury and Housing department officials brought bank executives to Washington, D.C. to get them to increase their trial modifications. Then a report was published to display the efforts of each institution. This brought up numbers dramatically. That just shows that they were not doing all they could on the honor system. Hopefully this new plan will again get financial institutions to ramp up their efforts. It’s just sad that these measures are necessary.
http://money.cnn.com/2009/11/30/news/economy/permanent_modifications/index.htm
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