Shortly after the government urged them to step up their loan modifications, mortgage loan modification servicers are finding it hard to keep up with requests and inquiries from thousands of struggling borrowers. Borrowers, on the other hand, are beginning to get frustrated at the long waits.
A performance report by the Treasury Department showed that response times varied widely from one Mortgage Company to another. Many borrowers who try to get loan modifications either have to wait several months, get evasive excuses, or get no response at all.
The report also showed that only a small fraction of troubled homeowners have benefited from the government’s loan modification program. Only 9% of borrowers who meet the loan modification requirements had been given lower monthly payments as of July. Continue reading ‘Loan Modifications Slow Down as Servicers Get Swamped’ »