Obama Urges Lenders to Move it on Loan Modifications
Troubled homeowners waiting on loan modifications are getting help from the Obama administration. 25 lenders who signed up for the Making Home Affordable program were urged to move faster to help homeowners.
According to the California Association of REALTORS®, the letter sent to the chief executives of these 25 institutions said: “We are asking that all servicers expand servicing capacity and improve the execution quality of loan modifications in order to help the sizable number of homeowners at risk of foreclosure and eligible for the program.”
By August 4, the Obama adminstation wil be issuing monthly reports on lenders’ performance including information on how many loan modifications have been implemented.
For more information about getting a loan modification, check out my series:
Loan Modification 101-the Basics
- Part 1- Loan Modification 101 – How to start the loan modification process
- Part 2- Loan Modification 101 – Doing your homework
- Part 3- Loan Modification 101 – Determining if you qualify for a loan modification
- Part 4- Loan Modification 101 – Tips for qualifying for a loan modification
- Part 5- Loan Modification 101 – Negotiating new loan terms
- Part 6- Loan Modification 101 – Finalizing your loan modification
Posted In
-
Top 5 real estate posts of the day 7/17/2009
[...] Obama urges lenders to move it on loan modifications – For those lenders who signed up for the Making Homes Affordable program they are now being [...]
-
Rick Bonetti
Great to meet another APR blogger. Look forward to meeting you at RECamp. I just contributed to Compass Community Services as you suggested – what a great idea. This is using the positive power of the internet for social justice. It’s what Realtors should be doing through social networking.
-
Ginger Wilcox
Rick,
Thank you SO much for your donation and for stopping by. I look forward to meeting you as well!!
Leave a Reply
Additional comments powered by BackType
3 Comments »