Is Loan Modification Working?
Is this MORTGE MELT DOWN affecting YOU, your FAMILY, your FRIENDS, your STREET or your TOWN? When you call your BANK and ask for HELP who’s best interest do you think they have yours or theirs?
Mortgage lenders don’t try to rework most home loans in foreclosure because it would probably mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes. The Boston Fed’s findings suggest the Obama administration’s major effort to solve the foreclosure crisis by giving the lending industry $75 billion to rewrite delinquent loans to more affordable levels is not likely to work. It just boils down to the fact that the banks do not want to loose money helping you.
US Representative Barney Frank, head of the House Financial Services Committee, said the results of this study might provide answers as to why so few struggling homeowners have been able to get help. “The problem is worse than we thought,’’ Frank said. “The failure to do these modifications means the whole situation stays bad longer.’’ Help is now available through non-profit companies http://www.free-foreclosure-stop.com
According to the Office of the Comptroller of the Currency, lenders are trying to maximize profits, and at this point maximizing profits does not mean modifying loans. As a result, the number of foreclosure proceedings increased to 844,389 during the first quarter of 2009, up 73% from the first quarter of 2008. Foreclosures continue at a high rate. “There are something like 2.5 million U.S. homes in foreclosure now, and 250,000 new foreclosures starting every month,” according to Valparaiso University law professor Alan M. White, who has studied the issue. “They are not even making a dent,” he said of the administration’s program.
The bottom line is who is going to help you with your LOAN PROBLEMS? Who can you trust not to hurt you? Are the private companies out there in compliance with the GOVERNMENT or are they SCAMS? It appears that the private sector does have solutions. Companies like LIFE- Leaders In Financial Education and non-profit agencies have the tools to FIX your problem. http://www.free-foreclosure-stop.com
You have to do your homework like never before because this is your MONEY and FUTURE and no one cares more about your MONEY than you do!
Tagged with: Bank Of Boston • Barney Frank • Boston Fed • Comptroller Of The Currency • Delinquent Loans • Federal Reserve Bank • Federal Reserve Bank Of Boston • Financial Services Committee • Foreclosure Proceedings • Free Foreclosure • House Financial Services Committee • Loan Modification Information • Loose Money • Maximizing Profits • Mortgage Lenders • Office Of The Comptroller Of The Currency • Professor Alan • Profit Companies • Representative Barney Frank • Valparaiso University
Filed under: Loan Modification Information
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I don’t typically take the time to leave a comment, but this was especially helpful to me today. As I myself am in the midst of a loan modification, this is incredibly useful advice. Thanks!