Underwater homeowners in Milwaukee are getting help from local county mediators. Wisconsinites are doing everything possible to avoid more foreclosures. Milwaukee is in the state lead for foreclosed properties, according to Realtytrac.com, and the state currently ranks 21st in comparison to the rest of the nation's foreclosure crisis.
Pierce Country Herald recently reported on a program happening in Rock, Dane, Iowa, Milwaukee, and Waukesha County that involve mediation between lender and borrower.
The main problems so far are between the borrower admitting there's a problem and the lender agreeing to a foreclosure prevention agreement. The program helped 50 homeowners thus far.
Many foreclosure prevention programs are helping borrowers across the nation, but not in the amount needed. Too many consumers that are in need of loan modifications don't qualify and the supply can't keep up with the demand.
The government sponsored Home Affordable Modification Program (HAMP) is putting pressure on big banks to approve foreclosure prevention practices, but they're not reaching the millions needed as of yet. The last press release revealed only 116,000 loans had been permanently modified.
HAMP also stated that around a million more are in the process of loan modification, but the process is apparently part of the problem. Bank customers have consistently complained about the multiple request of lost documents, being transferred to customer service agents in India and the bank taking too long to modify loans before foreclosure happens.
Written by Amy Munday
Huliq.com
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