Gov’t Put’s Heat On Mortgage Industry
The Obama Administration is putting the pressure on the mortgage industry to help out more homeowners who may be facing foreclosure. Treasury Department officials said Monday they will step up pressure on the 71 companies participating in the government’s $75 billion effort to stem the foreclosure crisis. They will be asking for daily reports from these companies in order to monitor the progress.
The biggest problem for the homeowners is understanding the paperwork that needs to be completed for the lender.
“Borrowers must understand the urgency of getting their completed paperwork in so they do not miss out on the opportunity for more affordable mortgage payments,” said Phyllis Caldwell, who recently was named to lead the Treasury Department’s homeownership preservation office.
“The documents were confusing. Borrowers did not understand the process wasn’t closed until the documents came in,” Sanjiv Das, chief executive of Citigroup’s mortgage unit, said earlier this month. “Even when the documents came in, they were not always complete.”
I have been helping many distress home owners here in the Knoxville Area. My experience has been the amount of paperwork that is required is different from lender to lender. If the paperwork was standardized it would streamline the process. The paperwork should also be simplified for everyone to understand. But of course when you get the government involved nothing is simple. They think they are helping matters when they really just making manners worse for everyone involved.
I know there are alot of people who need help right now that are having trouble making their mortgage payments. I think the government should take time to listen to industry experts like Alex Charfen founder of the CDPE designation and Dave Liniger of RE/MAX just to name a few. I think with the help of people like Alex and Dave the process could be streamlined and alot more homeowners could be help.
The training I have gotten and continue to receive from my CDPE Designation have been invaluable in helping distressed property owners in the Knoxville Area. These are confusing times and if you are a homeowner in the Knoxville area who needs help understanding your options call me at 865-675-8326 or email Rick@TheBigOrangePress.com I’m more than willing to help you and my service to you are of no cost to you….