InvestorCentric: Mortgage Counselors Face Uphill Battle InvestorCentric The news and information that matters to real estate, small business and alternative investors. Thursday, November 1, 2007 Mortgage Counselors Face Uphill Battle From the Associated Press: “Counselors help homeowners examine their finances, what it will take to catch up with payments, if that's feasible, and how the foreclosure process works. They also work with lenders, often spending hours trying to reach the right representative. Urban jokes that he has passed so time on hold he can play ‘name that tune’ with the canned music that's played. Officials worry counselors may quit due to burnout or better jobs just as demand is soaring, said Meg Burns, director of the single family program development office for Housing and Urban Development. ‘I don't think people fully appreciate the pressure that's being put on those counselor organizations today,’ she said. ‘Everybody's pointing to counseling as ... (an) end-all be-all solution to this crisis and here we have all these nonprofit organizations struggling to provide services without adequate funding.’” From the San Francisco Chronicle: “Mortgage lenders rarely help homeowners struggling with rapidly increasing adjustable mortgages, according to survey of 33 California housing counseling agencies released on Wednesday… …Politicians, banking regulators and consumer advocates have urged lenders to avert foreclosures through loan modifications. Banks in turn have publicly embraced the concept but have not provided statistics to show how common loan modification actually is… …’The most striking thing that came out of this (study) is that there is a huge chasm between what the lenders are stating, which very well may be their policies, and what's happening on the ground. That clearly works to the detriment of homeowners and their communities.’” From RIS Media: "The upward trend of calls to the Homeownership Preservation Foundation’s Homeowner’s HOPE Hotline continues, with counselors fielding almost 60,000 calls in the third quarter of 2007. This doubles the call volume from the previous quarter and represents a more than ten-fold increase from the same quarter in 2006." Posted by: NuWire Investor @ 10:28 AM Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest Labels: economy, real estate No comments: Post a Comment Newer Post Older Post Home Subscribe to: Post Comments (Atom) Previous Posts Loading... Archives Archives July 2014 (1) May 2014 (1) March 2014 (1) February 2014 (1) November 2013 (1) September 2013 (1) March 2013 (3) February 2013 (3) January 2013 (4) December 2012 (2) November 2012 (3) October 2012 (3) September 2012 (3) August 2012 (5) July 2012 (3) June 2012 (4) May 2012 (6) April 2012 (4) March 2012 (4) February 2012 (3) January 2012 (5) December 2011 (5) November 2011 (6) October 2011 (10) September 2011 (11) August 2011 (8) July 2011 (11) June 2011 (5) May 2011 (4) April 2011 (13) March 2011 (3) February 2011 (6) January 2011 (30) December 2010 (43) November 2010 (39) October 2010 (40) September 2010 (42) August 2010 (44) July 2010 (43) June 2010 (44) May 2010 (38) April 2010 (42) March 2010 (45) February 2010 (40) January 2010 (40) December 2009 (45) November 2009 (42) October 2009 (45) September 2009 (44) August 2009 (41) July 2009 (45) June 2009 (45) May 2009 (43) April 2009 (37) March 2009 (38) February 2009 (34) January 2009 (39) December 2008 (39) November 2008 (40) October 2008 (34) September 2008 (21) August 2008 (22) July 2008 (22) June 2008 (31) May 2008 (34) April 2008 (36) March 2008 (41) February 2008 (45) January 2008 (28) December 2007 (25) November 2007 (44) October 2007 (16) Simple theme. Powered by Blogger.