Atlanta, GA (PRWEB) May possibly five, 2010
Two IT professionals from Atlanta, GA who were tired of complaining about banks and their targeting of minority neighborhoods with subprime mortages and then dragging their feet on loan modifications decided to do anything about it. The duo created the fixmodifications.com webportal which allows property owners to rate their loan modification banks and community members to find out particulars regarding loan modifications in their impacted states, counties & cities.

The purpose of this voluntary work is to highlight experiences of home owners who are going by means of the process of a house loan modifications. “We encourage property owners to register and answer a couple of quick queries to rate their loan modification encounter with their mortgage banks. Our team will then combine all responses into state, county and city reports showing details of a community’s modification experiences” said project lead K. Anne Abrams. The objective is to highlight and help the banks which are doing an outstanding job and name and shame the banks which are delaying any meaningful negotiation hoping that such delays will outcome in them getting to make no loan modifications in the lengthy run.

Abrams goes on to say that, “Massive banks have been bailed out inspite of their greed, poor risk management and overall failure to handle their businesses quite properly. It is also well identified that loan originators targeted minority communities with subprime loans even though at least 50% of subprime mortgage holders had been eligible for regular loans, yet despite the aid extended to them, reciprocity is not the order of the day. The foot dragging on loan modifications continues largely impacting targeted minority communities. This delay leaves credit reports ruined, households in limbo awaiting choices, and property owners stressed out as they battle underemployment.

According to our discussion with some home owners Abrams continues, “modifications which must have taken upto three months are running into as much as 12 months. As time goes on and homeowners make their trial payments, the distinction among the trial payments and the larger subprime monthly payments continue to rack up. Principal is not normally lowered, so on a residence which has lost 30% – 50% of worth, home owners are stuck with an underwater mortgage balance plus a huge balance on their mortgage payments. This new combined liability leaves homeowners with no true benefit at all. Is it surprising that loan modifications as they are currently created are failing?”

The team’s hope is that by shining a light on these information, the larger community will move to assistance banks which reciprocate and work with homeowners by decreasing principle and/or payment balance and shame banks which continue to punish these hurting the most in this challenging economic climate.

All responses are entirely anonymous and registration will permit free access to all of reports. Follow this hyperlink for more info http://www.fixmodification.com.

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