Remember all the hoopla about Obama's Mortgage Plan, how everybody could refinance their loans when or before they default on them? I vaguely recall it was announced in February 2009, and allegedly implemented in April 2009, but where are the effects? According to www.cnnmoney.com's article, http://bit.ly/2OkkZO, the banks and service centers are trying to refinance and modify loans, but they are drastically under staffed and overwhelmed. Most people that inquire about their mortgage do not get responses, even after they have sent in all the required paperwork and established a relationship with a loan officer. We all know that the mortgage business is in crisis, and has been for a few years now, causing hiring freezes and layoffs. It takes time to hire back and train enough people to take care of the massive amount of homeowners that do and will need help with their mortgages. So far, only 200,000 trial modifications have been done, and 20,000 refinancing. Banks say that it will take several more months for them to have adequate staff, systems, and protocols to be able to deal with the demand for mortgage help, but how many people will loose their homes before then?
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