From today through Monday, June 13th, get Mortgage Modification Help. The Neighborhood Assistance Corporation of America is at the Colorado Convention Center.
Stop by the convention center between 8 am and 8 pm if you’re a Denver area homeowner and need financial relief by modifying your mortgage. NACA is on a multi-city tour they’re calling the “Save the Dream Tour” in an effort to help troubled homeowners save their dream of owning a home and making their payments. Their web site provides more information.
Meanwhile, blame is being laid on the doorsteps of three of the largest mortgage originators for failure to help enter troubled homeowners in the Federal foreclosure-prevention program. Chase, Wells Fargo and Bank of America have been the hardest to deal with from a real estate perspective in terms of cooperation with short sales. Their response times are getting better, but it’s still a mystifying and frustrating experience to deal with these lenders. It’s not a surprise that they’re being called to the mat for doing little to assist borrowers who are close to losing their homes.
The banks’ systems are terrible, their staff is overworked and not invested in each individual borrower. It seems as if the homeowner isn’t a person in crisis, just another file on the desk. Real estate agents have been howling about the issues in dealing with the banks to get borrower modifications or short sales approved for a couple of years. Now, the Administration is echoing the concerns.
While the banks are no doubt hamstrung by the veiled “investors” in the background (when the loan has been sold, and the bank is only servicing it,) they need to be more transparent about the process. They should also disclose investors’ willingness to negotiate and whether there is insurance on the loan that makes it beneficial for the lender to just let a foreclosure proceed. No doubt, the Federal foreclosure-prevention program is a bureaucratic nightmare for the banks to deal with, but these lending institutions were a large enough lobby to have a voice in the conversation when the program was crafted. Now they need to get out there, like NACA is, and help homeowners stay in their homes. It’s beneficial for cities and neighborhoods – home ownership is an important part of the American lexicon.