You would think the Servicers would come up with a better excuse than "the homeowners aren't sending in their paperwork" so we can't do modifications. We've already exposed their slight of hand with our checks, proof of insurance, etc. You would think that by now they would have purchased fax machines that work, or at least figured out that the machine had to be plugged into an electrical outlet!!
Long-term Obama loan modifications prove elusive
Treasury department extends mortgage aid trial period by two months. But loan servicers are having trouble compiling all the needed paperwork.
The foreclosure prevention plan, which reduces eligible borrowers' monthly payments to no more than 31% of their pre-tax income, requires homeowners to make three on-time monthly payments before they can receive a permanent modification.
Loan servicers use the trial period to verify borrowers' income and ascertain whether they can handle the reduced payments.But servicers say they are having a tough time collecting the necessary documents to determine whether troubled borrowers should receive permanent adjustments.
To read the entire article, go here: http://money.cnn.com/2009/10/16/news/economy/Obama_modification_program/index.htm?postversion=2009101611