If you are a homeowner who has been struggling with making your mortgage payment and have felt like your mortgage servicing company isn't really doing enough to help you...
You are not alone.
Many people are reporting that mortgage servicing companies aren't helping them, are difficult to work with or are just plain not telling them everything that is available to help. And apparently there are enough people that are reporting these issues that the government is starting to look into the problem of mortgage servicers not being responsive to people who need help.
Today Treasury Secretary Geithner told a Senate appropriations subcommittee:
"We do not believe servicers are doing enough to help homeowners -- not doing enough to help them navigate the difficult and frightening process of avoiding foreclosure..." and indicated that he was troubled by reports that servicers had done things like foreclose on homeowners who were potentially eligible for relief under the government's Home Affordable Mortgage Program, lost documents or claimed to have done so and even steered troubled homeowners away from available assistance.This is not the smoking gun exactly that it first appears to be because no exact data has been released -- yet -- on how bad the problem is. But that is about to change.
Geithner said during his testimony that Treasury will publish "much more detailed data on the performance of servicers" so that people can see just exactly how responsive lenders are being with homeowners who are having trouble.
And I suspect that very few people are going to be surprised by the results -- except for maybe a few senior executives at the banks who end up with a black eye when the report is released.
Just a hunch.