CNN Money gave the skinny regarding the Obama administration's foreclosure prevention program.
The phones are going to be ringing off the hook for information regarding the foreclosure prevention program. Be Patient. While borrowers can now start contacting servicers, it may take several week for companies to implement the guidelines, said a senior mortgage industry official in a conference call with reporters.
Servicers are adding staff to handle the expected deluge of calls. Bank of America, for instance, just boosted its servicing staff by 1,000 people.
JPMorgan Chase, which said it "strongly supports" the president's plan, will need a few weeks to get the program up and running, a spokesman said.
Official warned borrowers - many of whom have complained of long waits and unresponsive staff at servciers - to be patient. Until then, they can find out whether they meet the basic criteria and can start gathering the financial documents they'll need to give their servicer.
"There will definitely be a flood of activity, so it's important for consumers to be patient and be persistent and to take a hard look at their own personal financial situation so they can come prepared to really move the process forward as rapidly as possible," the official said.
Please be patient with the staff you talk to. This just rolled out and their is for sure going to be a learning curve until the bugs are worked out. Go easy on them and remember they are there to help you.
The phones are going to be ringing off the hook for information regarding the foreclosure prevention program. Be Patient. While borrowers can now start contacting servicers, it may take several week for companies to implement the guidelines, said a senior mortgage industry official in a conference call with reporters.
Servicers are adding staff to handle the expected deluge of calls. Bank of America, for instance, just boosted its servicing staff by 1,000 people.
JPMorgan Chase, which said it "strongly supports" the president's plan, will need a few weeks to get the program up and running, a spokesman said.
Official warned borrowers - many of whom have complained of long waits and unresponsive staff at servciers - to be patient. Until then, they can find out whether they meet the basic criteria and can start gathering the financial documents they'll need to give their servicer.
"There will definitely be a flood of activity, so it's important for consumers to be patient and be persistent and to take a hard look at their own personal financial situation so they can come prepared to really move the process forward as rapidly as possible," the official said.
Please be patient with the staff you talk to. This just rolled out and their is for sure going to be a learning curve until the bugs are worked out. Go easy on them and remember they are there to help you.
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