Good articles, although BOA is special situation because of the Countywide lawsuite settlement with the states.
At least Treasury is making statements although not very definitive:
"In Washington, the Treasury Department said Friday that it had begun an audit program to ferret out eligible borrowers who have been incorrectly denied loan modifications. Officials continue to prod banks and loan servicers to improve the loan modification process. "We believe all servicers must do more to reach struggling homeowners faster," Treasury spokeswoman Meg Reilly said."
But "reach faster" sounds like trials. We of course are screming its not the trials that are the problem its the final mods.
In other article shows maybe good to contact AG's but again BOA/Countrywide is a special situation. And again the article doesn't seem to knnow the difference between trials and actual mods.
For example:
"McBride provided the Sun Sentinel with copies of notarized paperwork showing the loan modification process had been completed for her home. It took place in February."
NO this was the final paperwork required in order for it to be considered for final. It is no final agreement at this point which too many people don't understand.
Than the excuse which we have heard before which may be BOA fault:
"Of McBride, Bank of America spokesman Simon said in an e-mail, "The loan modification had to be declined because the borrowers did not provide necessary documentation of financial information in a timely fashion, despite three contacts with a home retention specialist over a 12-day period." McBride said she doesn't know what the bank is talking about.
But here is another thinking he has a mod when all he did was make trials:
Nicholas Gonzalez-Pardo has filed complaints with the attorney general and the federal agency that regulates national banks, the Comptroller of the Currency, over a similar story, saying Bank of America accepted his payments for six months for his home in Sebastian and then told him he did not qualify for a loan modification.
We don't know why denied but that is the point its taking 6 trails.
Concerning the FL AG:
The Attorney General's Office is responding individually to those who complain, providing borrowers with information on mortgage fraud, the state's legal settlement with Bank of America calling for foreclosure relief, and suggesting that borrowers contact federal regulators and local attorneys. The complaints also are being sent to the lender involved.
But local attorneys are having the same issues and Federal Regulators have no enforcement power just oversight.
The good news is media is getting attention but they do not have a clear understanding of what the real issues are.
I posted:
"We believe all servicers must do more to reach struggling homeowners faster," Treasury spokeswoman Meg Reilly said."
Reaching is NOT THE ISSUE. It is easy to get on trials often going for 6 months instead of 3 in the HAMP directives. The issue is not getting final modifications even if all the directives for getting them are followed. Most servicers are backlogged for months since there is to much "reaching" going on to get more in the pipeline they can't process. Its getting the modification approved that is the huge problem.
Desperate Home Owners Petition Congress For Help
PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress | 
Connect with Facebook
Linear Mode
