December 3, 2009

The US Treasury Wants Companies to Get More Involved With Helping Home Owners Facing Foreclosure

Filed under: Uncategorized — americanforeclosures @ 10:52 pm

The Obama administration recently said that it will begin to crack down on companies that aren’t doing enough to reduce the amount of foreclosures that are taking place. This effort is trying to make the mortgage assistance program more effective. Officials will monitor the largest of the 71 participating mortgage companies via daily progress reports. If they don’t comply, the treasury warns that they won’t make payments to mortgage companies.  The Treasury will publish a list in December of the mortgage companies, also known as servicers, that are behind in meeting their obligations. With the $75 billion Home Affordable Modification Program, the companies that agree to lower mortgage payments will be rewarded but not until the modifications are made permanent.  Executives at the lending companies argue that many homeowners who are given the paperwork to reduce their loans to as low as two percent over five years don’t get the paperwork back.  Loan modifications aren’t prevalent enough and the economy is still hurting.

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