From Tami Luhby at CNNMoney: Yet another try at foreclosure rescue
The Treasury Department on Thursday announced new guidelines that will require applicants to provide all paperwork before getting a trial modification.
The new policy will make it harder for troubled homeowners to start the process.
The new rules will effectively shift the paperwork burden to the start of the process.
"They aim to make it easier and quicker to provide permanent modifications," said Treasury Assistant Secretary Herb Allison. "These changes also will enable servicers to process more efficiently and handle more volume effectively so we can can help more people more rapidly."
Not only has there been a problem with getting paperwork from borrowers, I am also hearing that people are in deed sending in there paperwork and the servicers are losing it. To top it of, I also have heard for readers that they are consistently being transferred from one person to another. Like they don't know where to send the client or the numbers posted are incorrect, This process needs more work than just collecting paperwork up front.
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