Millions of Americans who are struggling to save their homes from foreclosure are trapped in a minefield of disappointment and misinformation and the banks, lenders, and servicing companies are all to blame.

Instead of trying to help the homeowner they actually make it more difficult and I know this to be true from firsthand experience. I sometimes pretend to be the homeowner calling the bank for general information on what to do next (and yes this is with my clients consent) and their form of communication is to scare you into submission.

We have seen the fourth revision of the current program and this is the third program the government has put out to help homeowners avoid foreclosure. Homeowners, housing counselors, consumer advocates and attorneys working with borrowers report that the latest effort is falling far short of its original goal.

In some cases, lenders are moving to foreclose even after homeowners get approved for loan modifications. I know this be fact and the reason is simple, but also avoidable. While the loan is being reviewed the collection process continues. The loss mitigation department will tell you that while in review the auction date will be postponed, but not delayed so if you don’t stay on top of your case you will become one of those unfortunate statistics. Click on this link to read our previous post and a great 60 page article titled “Why do lenders foreclose when then can modify”.

There is so much more, click here and subscribe to our News Blogs