Obama To Push For More Mortgage Modifications

As foreclosures in Pinellas County continue to increase, there is news that the Obama administration plans to announce a new campaign to pressure lenders to modifiy mortgages for borrowers.   This will come as welcome news to the many homeowners struggling to obtain a mortgage modification from their lender but who have hit a brick wall.

The Lucky 2000

Last month, an oversight panel created by Congress reported that fewer than 2,000 of the 500,000 loan modifications then in progress had bdecome permanent under the Making Homes Affordable Program.   The same report expects thousands of permanent modifications out of the more than 650,000 trial modifications that will then be in progress, but I frankly doubt we will seee that many.   That’s a dismal percentage when you consider that the federal government has poured $75 billion into the mortgage modification program.

For the full text of an article that appears in today’s New York Times, click here.

If you’re one of the thousands of homeowners in Pinellas or Hillsborough County struggling with attempts to obtain a mortgage modification or in foreclosure trouble, contact Matt Weidner at www.mattweidnerlaw.com