Local San Diego, California Homeowners Leary Of Lenders Newest Offerings.
homeowners are wary of housing relief--major
lenders have begun to promise much more housing relief to troubled
borrowers, from forgiving mortgage principal to doling out dollars for
closed short sales in light of this year's historic mortgage settlement
between banks and 49 states.
of America, for instance has
been sending out about 10,000 letters a week to solicit for its
mortgage reduction program for the past five weeks. Problem is
"they're" (homeowners) not responding.
Borrower fatigue is to
blame for the lower than expected interest in house programs that
provide mortgage help.
It stems from never-ending loan modification, unresponsive bank
officials, lost documents all common complaints from borrowers in San
Diego County and beyond. Couple that with a constant stream of
information on federal, state and lender mortgage programs and you have
really confused borrowers. It takes a sophisticated borrower to figure
it out,even though the servicer and lender are giving us a clear path.
factor is borrower avoidance.
Homeowners who received solicitation letters bad news.
from banks often dodge them or tear them up because they expect bad
deal with that Bank of America has been sending the offer letters by
certified mail and then following up with a phone call.
It recommended that distressed borrowers talk to counselors
who are approved by the federal Department of Housing and Urban
Development. These services are free and should be able to help lost
borrowers navigate the complicated path's of mortgage aid.
of: Crescent Moon
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