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 could also mean that if these trouble homeowners are not reached on time, more foreclosure news will be heard.

Deborah Sherman is one of those homeowners who are waiting for their turn on the loan modification. 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. Because of the confusion and delays regarding eligibility requirements, disappointments build up among homeowners and housing counselors.

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. 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. The answer of the Treasury Department with regards to financial crisis has supervised by Chairwoman Warren. 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.

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.

Some federal officials also expressed frustration with the program stating that people involved should need to do a better job in order to meet the public’s expectations.

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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