A recent article in the Press-Enterprise claims that “Fewer Loan Mods Grated.” According to the US Comptroller of the Currency, there are fewer homeowners who will qualify for a modification as a new wave of foreclosures looms on the horizon. According to the article, “Numbers of modifications are shrinking because servicers are exhausting the pool of eligible people.” The article goes on to say that much of the remaining pool of those seeking a modification are unable to qualify for a modification because of a loss of employment, health concerns, or other disqualifying factors.
After millions of foreclosures and modifications, it is true that there are less people eligible for loan modifications. However, i disagree with the statement that servicers have exhausted the pool of eligible people. Banks have dragged their feet as millions of homeowners have lost their homes and real estate prices have crashed. Servicers have only begun to change their habits as investors have balked at huge losses and real estate prices continue to stall. As banks see declining profits and investor lawsuits, they have begun to work with home owners looking for a modification.
Our firm has successfully worked with the largest banks to obtain loan modifications that fit their situation and keep them in their home permanently. If you are considering whether a modification is right for you, contact our office at (877) 346-7411 for a free consultation to discuss your options.