So what happened to the foreclosure relief for millions that was supposed to result from the 75 billion dollar bailout that was handed to the banks back in February? It’s about time for a progress report on how well the government has fulfilled their promises regarding the stimulus package.
[I:http://www.uniquearticlewizard.com/extras/pics/championseo1image10.jpg]Let’s see, 75 billion dollars is enough to buy 750,000 houses for $100,000 each, so surely at least that many people have been helped with all that money, right? Actually, no. The total number of homeowners who have gotten permanently modified loans as a result of the program is only around 1,700.
More than sixty percent of the people who are believed to qualify for modified loans have not completed all of the necessary paperwork. However, this is only part of the problem. Very few of the people who have turned in their paperwork in full have gotten approved either.
The paperwork is not the only problem, though. Based on some recent figures only about 1. 7% of the people who have turned in their completed paperwork have been approved to receive modified mortgages. Around 50,000 applicants have not been notified whether they are approved or not, so it appears that about 98,300 have been rejected, compared to the 1,700 who were accepted. That seems a little unbalanced.
The government is now trying to get banks to get more loan modifications processed. SWAT teams are being sent to the banks from the Treasury Department to oversee how the banks are handling the loan modification applications. The department plans to publish a list of lenders that are not doing enough to help borrowers next week in order to get them to approve more modifications.
If you are planning on taking advantage of Obama’s loan modification program to save your home, you should consider consulting a loan modification attorney.
[youtube:v8VRVuMlEUc;[link:stop foreclosure];http://www.youtube.com/watch?v=v8VRVuMlEUc&feature=related]
To learn more information about loan modification services contact Janian and Associates for a free consultation.
