To qualify for a reduced mortgage, borrowers must first make three reduced payments under a trial program. To receive a permanent fix, borrowers must also provide a hardship affidavit and other documents.
But many borrowers complain that it is difficult to get a permanent loan modification even after making required trial payments.
Roughly 375,000 borrowers are on track to receive a permanent modification by year’s end, provided they meet program requirements, the administration said.
But only one-third of applicants have submitted all their required documents. “Borrowers need to take responsibility,” Mr. Barr said. Administration officials said they also are working with more than 300 state and local groups to assist borrowers with the paperwork.
{ 1 comment… read it below or add one }
Get rid of the Loan which is the worse decision to keep. We can help, with Cash to purchase and you still stay in the home.
We do credit repair for FREE.
We are Loan Document Detectives for those who want to sue your lender. We are the best in Arizona, our Loan Audits, are hand done by 40 year underwriter and Previous Auditor for Santa Barbara, California District Attorney. These Audits have gotten people homes for FREE. Are you a VICTIM, we are ranked in the Top Ten Best Auditors in the USA. ACT NOW. If you have been declined for an Loan Modification, Auction is about to happen, if Mortgage Fraud happen to you or you just want to know if you have a Lawsuit, Forensic Audit, it is the only way to find out for sure. We have yet to find an Loan without Violations in it.