February 18, 2011
An article in today's Wall Street Journal reports that the number of new borrowers more than 30 days delinquent on their mortgage dropped for the first time in more than 2 years (see "Mortgage Delinquencies Decline" WSJ, 2/18/11). While this may appear to be good news, it shadows the more pertinent message conveyed later in the article - that "
the number of loans in foreclosure remained at its highest level since the start of the mortgage crisis..."
While lenders blame this on the backlog created by the "robo-signer" crises revealed this past fall, a truer explanation for the overwhelming number of people facing foreclosure is lenders' refusal to work with borrowers to modify the terms of their loan. The paucity of loan modification has little to do with the number of borrower requests for help. Rather, it lies with either the lenders' incompetent mortgage servicing departments or with their ceaseless stream of manufactured excuses for denying qualified borrowers a loan modification- or both. Regardless, the end result is the same - an exorbident number of people needlessly facing foreclosure.
At The Dunn Law Group we deal with your lender for you. We assemple your loan modification package, we hound your lender, and we get you a substantive answer to your loan modification request - usually within 30 - 60 days. Call (617) 725-0033 or email (mdunn@dunn-lawgroup.com) us today to see how we can help you stay in your home.