If not, you may be one of the lucky ones. There's an interesting article at CNN which reveals that many homeowners facing foreclosure are getting the run around from mortgage lenders when they try to modify their loans (just like we suspected).
The article said:
Megan Cavallari looks up from her stack of hundreds of faxes and documents, proof of her efforts to try to save her home from foreclosure. She's been on hold for over an hour, trying to get details for a loan modification. Finally, she's transferred to another line. But she doesn't get a human. Exasperated, she sighs. Once again, it's the "automated lady."
Hundreds of faxes and documents to receive information on a mortgage modification? So, we have given the mortgage industry billions of dollars to stop foreclosures and this is what happens when homeowners facing foreclosure reach out for help. There are over 3 million Americans who are facing foreclosure and only 250,000 homeowners facing foreclosure have received mortgage modifications or repayment plans from mortgage lenders since February.
According to this article many homeowners facing foreclosure are holding on the phone with mortgage lenders for as long as 2 hours and still receiving no information and no answer about their modification request. One homeowner facing foreclosure who was featured in the article has been negotiating a mortgage modification with her mortgage lender for 6 months. If you guessed that she eventually lost her home to foreclosure, you're right.
If you are facing foreclosure and are battling with your mortgage lender for a loan modification please contact a Dallas-Fort Worth bankruptcy attorney to find out about your bankruptcy options. You can save your home in bankruptcy. Do not allow six months to pass if you are facing foreclosure, take action to keep your home using the bankruptcy laws.