According to an article in the Star-Telegram, many mortgage companies are putting in very little effort to prevent foreclosures. Many homeowners facing foreclosure approach their mortgage lender for assistance but their pleas for help are often met with silence or "help" that's offered has very little tangible benefit.
The article said:
"Celina Gallegos of Arlington has taken a second, part-time job on a loading dock but still can't afford her $930 mortgage payment. The solution her mortgage company offered? Payments of $1,100 a month aimed at helping her get caught up on back payments."
And Celina is not alone. Many homeowners facing foreclosure are finding that mortgage companies have little motivation to help them keep their homes. And other mortgage companies such as Litton Loan Servicing are facing a crush of homeowners seeking relief from foreclosure. Many homeowners are faced with long waits that eventually send them to foreclosure anyway despite their best efforts.
The article continued:
"Companies like Litton have been deluged by requests to modify mortgage terms. Many loan servicers haven't ramped up the back office staff to cope. As a result, callbacks can take weeks, loan plans months."
That's why it took a protest by ACORN to force Litton to postpone Celina's foreclosure sale for 30 days and offer to negotiate a loan modification for her. Celina is lucky, many homeowners don't have the benefit of advocates. If their negotiations take too long to work out with the mortgage company they often succumb to foreclosure.
If you're facing foreclosure and have been unable to negotiate a loan modification with your mortgage lender, you may benefit from filing bankruptcy. Bankruptcy can stop foreclosure and help you keep your home. Contact a Dallas-Fort Worth bankruptcy attorney to discover your bankruptcy options.