Real Foreclosure Help Ignored by Homeowners
Banks report that they have been busy trying to help homeowners under their obligations of the new multi-billion dollar mortgage settlement yet are still seeing very little response from borrowers to offers. Wells Fargo recently announced helping as many as 27,000 homeowners with home loan modifications and short sales recently, the majority of whom have been in California. Bank of America has recently been criticized for perhaps doing the least to meet their commitment but has also previously reported a very small number of responses to offers of help sent by mail. Chase on the other hand says they have moved to a streamlined system of pre-approving refinances which significantly reduce rates and payments or principal balances. However, this still requires borrowers to check their mail and sign off on the new terms. So as burnt out as homeowners are from endless unfulfilled promises of foreclosure relief and having been turned down for modifications and short sales in the past there could be real help waiting in the mail box. However, we also know that these institutions are hardly making these moves simply out of the kindness of their hearts. This often means that borrowers could get a better deal than they are offered, especially when it comes to banks waiving rights to chase them down for deficiency judgments in states where it is still permitted. So do reach out and take advantage of the real foreclosure help out there but also consider having an unbiased third party take a look at the paperwork to ensure you are getting a fair deal and the best deal.
Have you been turning away real help that could help you with selling an underwater home or with reducing your payments and what you owe so that you can stay in it?