Home Loan Modification Plans Huge Failures
Government loan modifications
Home Loan Modification Plans – Fewer than 5 percent of all trial loan modifications on Freddie Mac loans stuck, that is, were converted to permanent modifications, according to a recent article on CNNMoney.com.
Under the Obama administration plan, qualifying homeowners would have their loans modified to payments that are no more than 31 percent of pretax income. During the trial period, homeowners must supply documentation to verify income and expenses. This appears to be the hitch. Some banks have begun sending servicers door to door to obtain the documentation, or have begun offering $25 gift cards to provide the paperwork.
Dallas Texas real estate lawyers
If you enjoyed this post, make sure you subscribe to my RSS feed!
1 Comment
Comments are closed.
This is the result of cooking the books to give home loans to people who otherwise couldn’t even get a car loan. The lenders and the borrowers are equally to blame. They created the bubble that burst- and who are the true victims?– those of us who could actually qualify for the loan and are still making house payments and homes that are rapidly depreciated due to the crooks and liars who cooked the books.
San Bernadino drunk driving lawyers