Why are 2MP Loan Modifications Taking So Long?
by DANNYE A.
(DALY CITY, CA.)
WHY ARE 2 MP PROGRAMS FOR WELLS FARGO TAKING SO LONG? TARP BAILED THE BIG BANKS OUT ASAP. HOW ABOUT HELP FOR THE STRUGGLING HOMEOWNERS.Mortgage Loan Modification Answer:
I can only imagine that part of the reason for 2MP modifications taking so long is that it's a relatively new program that compels banks to do even more to help distressed homeowners -- not exactly what they really want to do. So they drag their feet and pretend that they are trying really hard.
Once 2MP loan modification gets traction and policymakers and homeowners start demanding results from banks and start exposing individual bank results (or lack of it) for this program, then you'll see a little better adoption of it.
It's not what a lot of homeowners want to hear, but unfortunately, it is reality.
All the best to you.