Almost 15 million people are upside down on their mortgage and very few loan modifications are actually being completed, as a result Treasury Secretary Timothy Geithner sent a letter to the 25 biggest mortgage servicers encouraging them to process more loan modifications. The letter also details a meeting to be held on July 28.  The letter states:  “…there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share.”

Whether this will be a successful move on Geithner part is still unclear as many lenders are being bombarded with loan modification requests. The completion of a loan modification is not the easiest of tasks leaving many lenders dragging their feet.

Tags: avoid foreclosure, foreclosure leads, loan mod leads, loan modification, loan modification leads

This entry was posted on Wednesday, July 15th, 2009 at 2:39 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.