National Public Radio ran a story yesterday (December 4, 2013) entitled Are Settlement With Banks Helping Homeowners? This story is consistent with what we are seeing here in San Antonio. Banks, (even those who are part of the settlement to help homeowners modify mortgages) are not modifying mortgages for homeowners at an acceptable rate. One housing counselor who was interviewed in the NPR piece said that nationally, only about 10% of those applying for loan modifications are approved for them.
Many homeowners who are going through the loan modification process with their bank find themselves falling farther and farther behind on their payments while waiting months and months for help from the bank. Sadly, in the end, many can’t afford their new modified loan because the payments end up being higher than the original mortgage payments.
Bottom line? Don’t put your family’s home in the hands of your mortgage company while waiting for a loan modification. 90% of loan modifications are not approved. In Texas, the home foreclosure process moves very quickly. Call our office. We help San Antonio area clients save their homes everyday. Your bank is not working for you but our law firm will.
To listen to Are Settlement With Banks Helping Homeowners? (the written transcript of the article is also available on the same page.
Click here to learn more about how our law firm can stop a home foreclosure or call our office and schedule a free appointment with Attorney Robert Vanhemelrijck.