The thought of facing foreclosure and the confusion about the process can make for a difficult time for any homeowner. However, when there are inaccurate numbers or timeline errors involved, the process or threat of home foreclosure can be even more frustrating for homeowners. Any Florida homeowner in the midst of home foreclosure or awaiting a loan modification may be interested to know that bank errors are still an issue.
It has recently been reported that three major banks are still plagued by costly errors when handling home foreclosures and loan modifications. The errors range in severity, but all affect those who are already struggling and trying to find a sensible or economically sound solution to their homeownership problems. One error still prevalent is wrong amounts cited as owed by homeowners. Banks are also still not responding to loan modifications or short sales as quickly as they should.
One particular big banking enterprise was cited for having a 25 percent fail rate when it comes to collecting documents on time for short sales. Also, one bank is still failing to follow the proper timeline for loan modifications. These failures directly impact the people who are in need of these services in order to avoid foreclosure.
As the economy improves, many more homeowners are getting back on their feet and finding ways to avoid home foreclosure in Florida and elsewhere. However, when homeowners still struggle, there are many avenues that can be pursued. Knowing the facts and timelines when it comes to home foreclosure and loan modifications may be of benefit for homeowners who may find themselves in need of those options.
Source: therealdeal.com, Foreclosure Errors Still Common At Big Banks, No author, Dec. 8, 2013