California Foreclosure – What are the Banks Doing?
Besides a lot of things wrong the banks are doing very little to help homeowners avoid California foreclosure.
They were given millions or even billions of dollars to help stem the tide of foreclosures that were recognized from the very beginning. Money they used to pay their executives extravagant bonuses.
They were given directives from the US Government to modify loans to help people save their homes. While they did make a half-hearted effort their programs were never really set up of for success. They never bothered to staff up enough to handle the sheer volume of requests. This is cause for endless delays and lost documentation which pushes most homes to mature into the final phases foreclosure before the homeowner is given a final answer.
What happens next, the homeowner is denied a loan mod–which in many cases they never qualified for in the first place but the bank failed to inform them of this in a timely manner–and now they are left with little or no time to pursue another option.
Homeowners facing California foreclosure who are thinking about or in the midst of a loan modification should research bankruptcy as a back up plan. Should you end up being denied you can be fully prepared to step directly into the bankruptcy process and stop the foreclosure of your home.
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Tags: California Foreclosure, Doing