Many say their servicers are not responsive — losing paperwork

CNN – Borrowers and housing counselors, however, have been complaining about the program since it began.

This is the common reoccurring theme that our law firm has experienced since early 2007 when we first started performing loan modification for our clients. If this was easy then we wouldn’t have so many foreclosures and everyone would be getting the help they deserve.

But you and I know that simply is not true.

Mortgage servicers do not have the manpower to handle the volume of delinquent borrowers and thousands of homeowners are simply getting lost Read more

Ocwen begins loan modifications under Treasury plan

Ocwen Financial Corp., a servicer of subprime mortgages, is among the first mortgage servicers to begin modifying loans under the U.S. Department of the Treasury’s Home Affordable Modification Program.

The program, unveiled last month, allows at-risk borrowers to reduce their monthly mortgage payments in an effort to keep them from losing their homes. It creates a $75 billion loan modification program that would allow “responsible homeowners” to refinance to interest rates as low as 2 percent. Read more

Meltdown 101: Is there a downside to mortgage aid?

NEW YORK (AP) — It’s welcome relief for homeowners struggling with mortgage payments.

The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans lower monthly payments and avoid foreclosure. So what strings are attached?

You might be concerned about the impact to your credit report or the tax implications, for instance. Others who are still paying low introductory rates might fear their monthly bills could skyrocket.

Here are some questions and answers on concerns people might have about the Making Home Affordable program. Read more