The most talked about aspect of the recent settlement between banks and the government has been the money that will be dedicated to providing mortgage modifications and write-downs for underwater homeowners and those in default. This article discusses another aspect of the banks failures to work with homeowners–the run around that the owner gets while trying to comply with the banks requests in connection with HAMP and other homeowner assistance programs.
In an effort to resolve this problem the settlement requires each homeowner have a single point of contact with the bank. This isn’t a new conept. In fact banks have technically been converting their procedures to a single point of contact since the 3rd quarter of 2011. However, experts say any improvements have been marginal. Most do not have high hopes that this renewed effort will help much either.
If you are in default or facing foreclosure, and your bank is giving you the run around, please give me a call so we can discuss how I can help.