Treasury Department reports say that only 9% of eligible home loans have been changed under Obama program. Since the $75 billion program was launched in March, only around 250,000 have received loan modifications out of the 2.7 million borrowers who have missed at least two mortgage payments. Only few banks have done those modification, other lenders have modified far fewer loans under the program. According to The Washington Post, J.P. Morgan Chase has modified 20 percent, or 79,304, of its borrowers who have missed at least two payments. Saxon Mortgage Services, which is owned by Morgan Stanley, has modified 25 percent of its eligible delinquent borrowers. Citigroup has modified 15 percent, or 27,571, of its delinquent borrowers. But the two mega-banks that dominates the mortgage market, modified even less often: Wells Fargo & Co. reduced payments for only 6% of its eligible home loans under the government’s program, and Bank of America Corp. modified just 4%.
According to the Treasury Department report, under the Obama plan, more than 400,000 modification offers have been extended and more than 230,000 trial modifications have begun.
But there is a huge number of homeowners who are in distress. According to foreclosure data firm RealtyTrac, nearly 2 million foreclosure filings were made during the first six months of this year, ranging from default notices to completed foreclosure sales. There were 3.2 million such filings in all of 2008 and 2.2 million in 2007.
Many homeowners have complained about lenders’ sluggishness or outright refusals to modify loans. Some homeowners were behind in their payments; others were keeping up by going through their savings, but facing a looming bankruptcy.
Anderson Chase Financial
Tags: financial protection, homeowners, loan, Loan modification, mortgage
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I need some help. Can someone tell me if I have missed several of my house payments, can I still get a mortgage modification? And if so, will get get huge fees slapped on to my loan balance? appreciate it.
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