Reports that over 650,000 homeowners were taking part in the Obama home loan mortgage modification program seemed to be a good start in dealing with the foreclosure crisis but the numbers as of late say that only 10,000 of those who were in the program have been granted permanent home loan mortgage modifications.
There has been some finger pointing from both sides as Congress has charged lenders with taking little or no steps to make home loan mortgage modifications permanent for homeowners who are struggling.
The amount of homeowners who qualify for the home loan modification program versus the number who have actually received a home loan mortgage modification are not even close. Many feel that with interest rates so low and more people looking to buy homes with the first-time homebuyer tax credit extension, lenders are looking to press foreclosures so that will have homes to sell.
Homeowners are getting into the trial periods for home loan mortgage modifications but as the reports indicate many more are not having this modification made permanent.
Lenders, on the other hand, argue that homeowners are either not filling out paperwork correctly or at all and this is the cause of such low numbers for permanent home loan mortgage modifications.
Conversely, homeowners are saying the complexity of the process for getting a home loan mortgage modification and the lack of help they receive make it almost impossible to get their paperwork in order on time.
There will be more information and numbers released on this subject this week so please come back to rwbpress.com for home loan mortgage modification news.