Obama Wants 500,000 Loan Modifications by November 1^st including in San Diego

 The Obama administration set the goal to have 500,000 or more loan modifications by November 1 of this year.  The current estimate is that around 200,000 loan modifications are being processed.  San Diego has seen a surge of loan modifications in the works, but many fail due to lack of qualifying, time delays or lack of skills by the loan modification company.

Loan modification servicers recently met with the Obama Administration Officials currently participating in the modification program.  The largest complains by loan modification candidates is the delays in processing their loan modification applications.  These modifications can take up to 6 months to get through in San Diego, leaving homeowners in the darks whether the modification will be approved and will meet their needs. “[T]oo many homeowners are at risk of foreclosure right now,” Treasury Secretary Tim Geithner said in a statement after the meeting. “Today’s meeting was an opportunity to identify ways to accelerate the program and bring relief faster.”

So far the modification program put in place in February this year has not been effective, admits the Obama Administration. “Our mortgage program has actually helped to modify mortgages for a lot of our people, but it hasn’t been keeping pace with all the foreclosures that are taking place,” Obama said last month.  San Diego loan modification is still a viable alternative for San Diego homeowners who wish to keep their home, despite their negative equity position.  

Suggestions by the loan servicers handling the loan modifications suggested a streamlining the paperwork and creating an online presence to facilitate the submission of the paperwork.  Sanjiv Das, chief executive of CitiMortgage, said: “Today’s meeting was an important step toward the administration’s and our shared objective of improving the effectiveness and efficiency of the Make Home Affordable mortgage modification program.

If you are ready to get started on your San Diego Loan Modification simply call us now for a free consultation: 1-(619) 631-4546.

Don’t wait until it’s too late!