Nevada's newest congresswoman Dina Titus has set up a Web site as part of her weapon in helping prevent the spread of bank foreclosure in the state. She invited her distressed constituents who are struggling to modify their loans to post their stories on her Foreclosure Fighter site.
She has requested troubled borrowers from her district to share their stories about their dealings with banks. Distressed homeowners could also ask Titus' office to negotiate with lenders on their behalf.
Titus wants to determine which loan providers are helping homeowners in Southern Nevada and which are not responding to requests for help. On her Web site, Titus said that she believes that it is important for lenders to communicate with their distressed clients. She promised distressed homeowners that she will do her best to encourage lenders to talk to them.
According to industry experts, many troubled homeowners in Nevada have experienced difficulties with lenders who refused to workout solutions that could save their houses from foreclosures and make them stay in their properties. There were also complaints against lenders who simply ignore calls for help from troubled homeowners.
The same scenarios are also being played out nationwide, as hundreds of distressed homeowners complained of being mandated to submit volumes of documents only to wait for a response that often do not come until it is already too late to save their homes from foreclosures.
Earlier last week, the Treasury Department released a report about the progress of the Obama Administration's Making Home Affordable program and how well participating lenders respond to modification requests from homeowners.
The program was launched by the Obama Administration in March to help reduce the number of foreclosure properties across the country. Under the program, the federal government provided $75 billion incentives to encourage lenders to modify bad loans to make them affordable. For each loan modified, the bank will be given $1,000 and more incentives are in the offing for lenders that succeed in stopping foreclosures.
The Treasury report showed that out of the 1.4 million modification requests since March, banks were able only to help 400,000 and of these figures, 230,000 modifications are under way.
For her part, Titus has made foreclosure prevention the top program of her office. And monitoring loan servicers who are not doing their part in helping distressed homeowners is just a start of her foreclosure fight.
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