Judges Growing More Frustrated With Small Number of Loan Modifications

The New York Times reported recently that federal bankruptcy court judges are becoming more frustrated with mortgage servicer companies like Wells Fargo for the slow pace of mortgage modifications.

As the Times reported:

“With consumers complaining about the difficulty of getting any response from their mortgage servicers, the effectiveness of the Obama administration’s plan to provide homeowner relief is being threatened. As they wait for an answer on whether they might qualify, homeowners are succumbing to foreclosure and bankruptcy proceedings and winding up in courts — at times in front of judges who are also frustrated.”

Many homeowners are experiencing the same frustration.  Many lenders are either overwhelmed, intentionally dragging their feet, or simply avoiding their own customers, putting up numerous hurdles in the way of a modification.  As a result, thousands of homeowners are being forced into a foreclosure or bankruptcy which could have been avoided.

If you or someone you know is facing foreclosure and having difficulty obtaining a loan modification from your lender, please free to contact us for a free consultation today at (415) 472-8100.

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