There is currently a $75 billion program called MHA or Making Home Affordable, which aims to modify mortgages so home owners can stay in their homes. According to a new report by the Treasury Department, some banks are starting off so slowly that they’ve yet to modify a single mortgage. Others, like Bank of America, have modified only 4% of the eligible mortgages in its portfolio that are 60 or more days delinquent.
The big problem may be poor customer service.
“We have been disappointed …about the variation in service performance in helping people in a timely fashion and with the respect they deserve,” says Michael Barr, Treasury’s assistant secretary for financial institutions. “We’re going to be requiring ramped up efforts across the board.”
For more information about the program and how to take advantage of it, click here.
Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners [Department of the Treasury]
Just 9% of eligible homeowners have had mortgage modified [USAToday]