Homeowners are battling with lenders to keep their homes even with the Making Home Affordable Plan. Homeowners are waiting months to find out it their modifications are approved by the lender and worst when they call they are sent to a call center over seas where the language issues enhancing their frustrations.
Below are some examples of the issues that homeowners are running into.
Homeowners who have fallen pry to lenders and brokers that pushed them into arm loans with pre-payment penalties seem to be the hardest hit. The consciences among most homeowners is frustration and bitterness over the fact that the Obama Administration bail-out the mortgage lenders for the what they thought was to assist homeowners with loan modification only to lose their homes in the end.
Mortgage Lenders contend that while the message from homeowners is loud and clear in regard to the frustrations they have to deal with; the program is still relatively new and not all lenders have had the chance to implement the proper procedures to accommodate the on slot of those who qualify. They also acknowledge that some borrowers simply no longer qualify to have their homes loans modified due to lose of income. In addition, some homeowners that can obtain a loan modification under the plan eventually fall behind again and the foreclosure process begins again.
Problems between homeowners and lenders are not likely to end anytime soon but lenders are at less acknowledging that they existed and are working on way to relieve the frustrations.