Homeowner Outcry Reaches Maximum Decibel Levels

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 25, 2010 -- Throughout America, more and more homeowners are facing foreclosure. Financial analysts believe that the recession is finally coming to an end, and, while the outlook for 2010 is bright, a disturbing number of homeowners are still losing their homes.

A massive public outcry against oppressive Banks and Mortgage Servicers is taking place, as homeowners cries for help reach maximum decibel levels. These pleas have reached the ears of Congress and the President, and now, finally, action is being taken to help homeowners keep their homes and avoid foreclosure.

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Homeowner Outcry Reaches Maximum Decibel Levels

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As part of the Obama Administration's Financial Stability Plan, homeowners are encouraged to speak with their lenders regarding the modification of their mortgages to achieve lower monthly payments. The Government Initiative, aptly named Making Home Affordable, takes a two-pronged approach to combating the rising tide of foreclosures.

The Home Affordable Refinance Program allows for the refinancing of 4.5 million loans currently serviced by mortgage giants Fannie Mae and Freddie Mac.

The loan modification side of Making Home Affordable, known as the Home Affordable Modification Program (HAMP) commits $75 billion towards helping 4 million Americans keep their homes and lower their monthly mortgage payments.

Often, homeowners simply do not have good enough credit, enough equity, or enough income to qualify for a refinance under the Government Initiative, and many homeowners not only qualify under the Loan Modification Program, but achieve better results.

It is estimated that over 200,000 homeowners will face foreclosure in January 2010 alone, and while steps are being taken to help these homeowners, it's apparent that not nearly enough is being done.

Homeowners that do qualify for a Home Affordable Loan Modification are placed into a 3 month "Trial Modification" during which they are instructed to make 3 consecutive payments on time, with the assumption that they will immediately roll over into a Permanent Loan Modification. Unfortunately for the majority of homeowners this is not the case.

Bank of America currently services the most mortgages of any lender in the United States, and as of December, had placed 43,000 homeowners in Trial Loan Modifications. Of those 43,000 homeowners, only 98 were actually placed into Permanent Modifications.

During the Trial Period, the lender has the ability to continue foreclosure proceedings, meaning, that while they may not actually foreclose on the homeowner, they may set the groundwork for a sale of the property. The moment the homeowner is kicked out of the Trial Loan Modification Program, the lender can foreclose.

As more and more homeowners are being foreclosed upon who have qualified for Making Home Affordable, public outcry and frustration has been growing.

The decibel is widely known as a measure of sound pressure level. The higher the sound, the higher the decibel level it registers in the decibel scale. Higher decibel levels can hurt the ears and even break glass. As public outcry rises, pressure on Washington and the banks continues to increase.

Additional pressure has been placed on the major lending banks to modify more home loans by The Treasury Department, HUD, and the Obama Administration. Banks are now being held to higher levels of accountability, and in time, the number of homeowners facing foreclosure should diminish, along with the cries of outrage.

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