August 31, 2009
In Stop Foreclosure, Preventing Foreclosure and Loan Modifications
Right now 27 mortgage companies have signed up to participate in the Making Home Affordable Modification Program. This is the program introduced by the Obama Administration designed to help people facing foreclosure save their homes.
Until recently there has been little mention of the large mortgage companies which so far have not agreed to participate in this program. Seven large companies as well as some smaller ones have not yet signed up for the program.
The large companies are SunTrust Mortgage, HSBC, American Home Mortgage Servicing, Litton Servicing, HomeEq, PHH and Flagstar Mortgage. None of these companies have given valid reasons for not applying to participate.
SunTrust has indicated that they are still considering whether or not to join. HSBC was analyzing whether it would be in their best interests and the interests of their customers. American Home Mortgage Servicing and Litton Servicing said they would join soon. The other three had no comment.
There is no reason for any of these companies not to participate in this program. Any people who have mortgages with them and who are facing foreclosure are at a tremendous disadvantage.
I am sure that state and federal officials as well as many civic groups will be urging them to get involved with the program. When that happens, most of these will rush to join the program.
If your mortgage company is one of these seven and you are facing foreclosure, don’t try to contact and to negotiate with them on your own. You will definitely need the help of a lawyer or an expert in dealing with foreclosure to help you. You have too much to risk and it looks like none of these companies will be very helpful to you.
Much Success,
Mark Elkins
