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5 Reasons Foreclosure Plan Isn’t Working

Obama Foreclosure Plan

You’re probably wondering why mortgage servicers can’t process more that 9% of the eligible borrowers for loan modifications right?

Here are 5 reasons why:

  1. The Dreaded Fax Machine – Most of the loan servicers require the documents be faxed.  They’re becoming more like typewriters by the day.  Sometimes the faxes don’t go through or they’re so blurred, you can’t read them.
  2. Too many forms – Each servicer has their own form along with Freddie Mac and Fannie Mae.
  3. Outdated Material – Once the borrower has faxed all the material over, it’s outdated and they have to resend a whole new package.
  4. Newbies – New training staff is being hired by the day and they can’t be taught everything in a week much less understand the process.
  5. Junk Mail – Eligible borrowers are receiving loan modification offers in the mail, but can’t understand the jargon and end up throwing the offers away.

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