The public relations departments of mortgage companies have done an amazing job in explaining the work they are doing to help homeowners facing foreclosure keep their homes. If you read the press releases of these companies will think that they couldn't do better.

But the truth is quite different from the image they portray. As of September, the mortgage firms who are part of the Making Home Affordable Modification Program had only provided trials of loan modifications for 15.7 percent of the 3,100,305 loans suitable for modifications.

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Any measure of performance is abysmal. However, the public relations department of each mortgage firm has been able to take the work performed by their own firms and has made it appear that people not familiar with the program and not looking at the bottom of the barrel is being told that their organizations are doing their best work. could. They are going beyond the call of duty to assist people who are who are facing foreclosure to save their homes.

The trial modification period is three months. After the period an permanent loan modification must be provided to anyone who made their monthly loan payments punctually during the trial period of loan modification.

It sounds simple enough, doesn't it?

In the meantime, the department of public relations for mortgage companies began to inform that the amount of permanent loan modifications that could be provided could be lower than what they expected. The mortgage companies went out their way to lower expectations during a meeting held by the Mortgage Bankers Association held in San Diego in October of 2009.

How Did Them Say?

The companies stated that a large portion of the 500,000 that are in trials modification period might not be eligible in the future for loan modification since they've not provided the required documentation. The people have also not been responding to phone calls from mortgage companies requesting them to provide the necessary information.

The mortgage firms are concerned about the negative reaction that could be expected from the general public as well as the government if the amount that permanent loans are modified aren't at the level they expected. They are worried that if they find that the rate that permanent loans are modified are very low, states and congress might pass legislation that requires that they make more efforts to help those who are facing foreclosure to obtain loans modified.

Let's take a look at the other Side

In addition, mortgage firms offered only a handful of trials of loan modifications, they have also made it extremely difficult for those who are facing foreclosure to obtain the modifications they need. Every time, individuals have complained that mortgage companies have not received the documents. Many have sent in their documents multiple times, and the companies haven't completed their mortgage applications.

Many who have applied had to wait for months before hearing anything from their businesses. Some of them required making people aware how they were treated, and gain public support before they could get their company to approve the loan modification request for a temporary period.

The mortgage firms have made it extremely difficult for individuals to obtain trial loan modifications that it's difficult to imagine anyone that are in their 3 month trial period will not be quick to return the necessary paperwork to transform their modifications from temporary into permanent ones. They wouldn't want to risk losing out.

The whole Hell Might Break loose In the months of November and December in 2009

The first permanent modifications are scheduled to be completed in October and November of this year. It is interesting to know how many of these modifications to loans is less than anticipated. If it's lower, we can anticipate that mortgage companies will argue that it is not their responsibility. They tried their best. This was because they didn't return the required documents.

Additionally, studies will be conducted. They could find out that, just like in the first phase of Making Home Affordable Modification Program the mortgage firms were the ones responsible for delays, this could be the case when it comes to the conversion of temporary loan modifications into permanent modifications.

The worst part is that mortgage firms will spin their tales in a very short time. It could take months before the truth about the motives are revealed. What is the price for those facing foreclosure and wanting to keep their homes?