Huffington Post reports that over 29,000 American homeowners have been stuck in their mortgage modification for at least a year, with no end in sight, under the Obama administration’s anti-foreclosure program!
According to a recently released report from a group designed to watch over the process, many homeowners were supposed to receive lower payments on a trial basis lasting three months and then gain so-called permanent mortgage modifications–lowered payments lasting five years.
But more than a year after beginning their trial phase, they have yet to be granted the permanent relief, leaving them unsure about their ability to hang on to their homes. Meanwhile their lenders continue to report them to credit bureaus as delinquent, impairing their ability to borrow in the future.
Read more over at Huffington Post.