subject: Nearly Half of Homeonwers Terminated from Modification Program [print this page] We are seeing an increasing number of homeowners fall out of the program faster than they had ever imagined. The Treasury Department states, "approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the effort have been cut loose through July.". A copious amount of borrowers have complained about the many faults that this program presents. MSNBC reports, "Borrowers complain that banks often lose their documents and then claim borrowers did not send back the necessary paperwork." This plan was initially intended to lower the monthly mortgage payments of the people in financial trouble.
Homeowners who are in this predicament and want to avoid foreclosure can turn to companies such as Housing Assist of America (www.housingassist.com), who help those who have been turned down visit their alternatives to foreclosure. President of Housing Assist Aram Afshar says, "We have successfully helped hundreds of homeowners avoid foreclosure via a short sale. Loan modifications do not get rid of negative equity, so your property is still worth less than what you owe the banks. This is an opportunity for homeowners to get out of a bad investment."
Real estate data company RealtyTrac reports, "Overall foreclosure activity, including notice of default, scheduled auction and repossession, rose 4 percent in July from June. Actions were taken on 325,229 properties, with one in every 397 housing units getting a foreclosure filing." Homeowners are getting foreclosed on left and right; it is important that they know their options. Many are now turning to short sales as an opportunity to get out of an unfavorable situation.
Nearly Half of Homeonwers Terminated from Modification Program
