Can Loan Modifications Help?
We had a chance to review the guidelines before they came out and we already know that the loan modification program is not really going to help the people who need the help the most.
The Treasury Department announced the first six participants to sign up for President Obama's loan modification program and they are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services and Select Portfolio Servicing.
The good news is that we have worked with and recently modified loans with every single lender presented here before they applied and or were selected to participate in the program. They all have internal modification departments dedicated to helping the homeowner facing difficult times.
Now they will get incentives from the government to modify these mortgage loans; it will be interesting to see how many guideline changes they will go through before they decide to move forward with and approve homeowners for the government’s HAMP program.
A statement issued by Wells Fargo said, "We view this modification program as yet another incremental opportunity for thousands of homeowners to preserve and maintain the dream of home ownership."
Left unsaid is the fact that now the second wave of foreclosures will begin, as banks decide which loans are worth trying to save and which are not.
The Treasury Department announced the first six participants to sign up for President Obama's loan modification program and they are JPMorgan Chase, Wells Fargo, Citigroup, GMAC Mortgage, Saxon Mortgage Services and Select Portfolio Servicing.
The good news is that we have worked with and recently modified loans with every single lender presented here before they applied and or were selected to participate in the program. They all have internal modification departments dedicated to helping the homeowner facing difficult times.
Now they will get incentives from the government to modify these mortgage loans; it will be interesting to see how many guideline changes they will go through before they decide to move forward with and approve homeowners for the government’s HAMP program.
A statement issued by Wells Fargo said, "We view this modification program as yet another incremental opportunity for thousands of homeowners to preserve and maintain the dream of home ownership."
Left unsaid is the fact that now the second wave of foreclosures will begin, as banks decide which loans are worth trying to save and which are not.
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