Homeowners Battle to Keep Homes

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.

  • A man in Omaha, Nebraska logged over forty three phone calls, was transferred one hundred and eighty seven times and received conflicting answers. He thought the process was done that the modification had gone through only to find out that it had not six months after the fact. He continues to get the run around.
  • Several homeowners complain that they send documentation and it either gets lost or never gets received.
  • Homeowners who are no longer employed or have received a reduction in wage will most likely not be able to do a modification loan as they no longer qualify for the home they current own.
  • Another man in Ohama, Nebraska fell behind due to his medical bills; he has been working on getting a modification since March and the process has been delayed with conflicting answers. The matter has been complicated by the fact that the call center is located in India and he is unable to understand the parties he is reaching.
  • Others who are social security as a sole income have had issues as the lenders are requiring the back payments to be paid in order to do the modification; often this is more than the monthly social security check. Consumer Credit Counselors are assisting in this case and had actually made a deal with the lender; however it still needed the lenders final approval. It’s been two months and the homeowner has received no word in regard to the modification.

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.

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