The home loan modification program which allows struggling homeowners facing foreclosure to modify their loan and fix payments to a more affordable level is having trouble from an unlikely source: the home owners. Reports are that the homeowners simply aren’t doing their homework, meaning they either are turning in incomplete paperwork or no paperwork at all, which stalls the home loan modification process completely.
It’s estimated that well over 300,000 homeowners qualify for the home loan modification program and according to the numbers only about one-third of those who qualify are in a period of home loan modification.
The blame for this is falling on the mortgage companies and the Treasury is on the verge of sending teams to the biggest of these mortgage houses to monitor their daily workings with the home loan modification program, but can the mortgage companies be blamed for the sub par paperwork from homeowners?
Many people have argued against the home loan modification program saying everything from it’s a socialist program and if someone can’t make a mortgage payment they shouldn’t own a home, to arguments that the program is good for the nation’s economy but the home loan modification process is too difficult and the mortgage lenders are bogging the process down and need to be dealt with.
However, the current problem lies with homeowners and it seems that if paperwork is being done incorrectly or not at all there is little mortgage companies can do seeing as how a homeowner won’t be forced into the home loan modification program.
The bottom line is the home loan modification program works but if there isn’t effort on both sides then obviously nothing can be done. Hopefully, the implementation of these outside teams will cause mortgage companies to do more to stress the importance of the completion of the necessary steps to qualify for a home loan modification and perhaps save their home.
The economy has gotten a little bit better but there are still many looking for ways to save cash. In fact, some will be seeking Best Buy 3D TV sales in hopes of getting low prices on the newest technology. If you have been through the home loan modification process recently and you are tight on cash it might not be a good idea to be looking for the highest quality TV in June or July of 2012.