Your Bank Wont Help You Stay In Your Home.
An apathetic attitude by the banks and delays on the part of the government has worsened the foreclosure situation. Federal legislators gathered in Cleveland during the first week of December to analyze the grim situation of worsening foreclosures in the region. The legislators formed part of a subcommittee of the Congress. They listened to a body of local officials about he attempts being made to save the house owners and the localities from the blight of foreclosures.
Jim Rokakais the treasurer of Cuyahoga County said at the hearing of the subcommittee, “I’m sad to say that this state and this county haven’t been in worse shape. This is an endless war. We are losing that war.” He had made this grim assessment counting the increasing loan delinquencies and impending foreclosures locally as well as right through Ohio. Hitherto the main culprit had been the sub-prime loans but now the focus was on increasing unemployment that was leading to delinquencies and foreclosures. Many had lost equity on their properties with the value of the units dropping below the loan amount.
Rokakis categorically stated that HAMP had failed. Only 650,000 had participated in the programme across the nation but even of these only a fraction had been able to acquire permanent status.
Councilman Michael Dudley of Garfield Heights also echoed same sentiments about the failure of the programme and pleaded with the legislators to intensify its awareness plans among the borrowers who were floundering in the middle of mishandling by the bureaucracy, wrong information and apathy. Dudley stated that the lenders had misguided some of the house owners by telling them that they could postpone loan repayments while waiting for modification. Meanwhile they tacked
Posted By George Beckus Esq
