WOW.... and you wonder why this market can't get turned around. With the Government supposedly putting Loan modification programs out there to help distressed Homeowners, the whole system, quite frankly is a MESS.
Working on short sales and having to make calls to the banks 3 to 4 times a week.. I get this Congresswomans frustration.. I am used to it, so I stay patient, because it is my job. The normal homeowner will eventually get bogged down with the system as faulty as it is and just stop trying. I can't blame them. Most homeowners come to me, beaten down, frustrated and at the end of their rope!
The truth is that in our industry we realize that these loan modifications are a joke. With most distressed property owners losing jobs, losing hours, getting laid off, market decline on their home, debt overload, most sellers will NOT qualify for the loan modifications. Thus the sellers get SHOVED down the short sale or foreclosure path, which they all are trying to avoid
Hopefully this Congresswoman has some pull and can start getting the word out, that these programs are NOT WORKING!! We need a better solution or this housing slump is going to be with all of us a lot longer than any of us want......
Frustrated and hoping for some REAL programs that will help distressed homeowners NOW....Cyanda