Homeowners Frustrated With Home Loan Modification Process

From 9news.com:

DENVER - When many of you told 9NEWS you were frustrated with how banks were treating foreclosures in Colorado, we heard you.

The process is frustrating. The banks don't return phone calls or deny your modification without giving you a clear reason. So we decided to investigate how the system works.

Judy Landrum recently went through a home modification. She calls the experience a big game. Medical bills made it tougher and tougher to pay her mortgage. Like so many Americans, she'd heard of Obama's plan to help Americans avoid foreclosure. She thought her hardship would make her eligible to get help from her bank.

"I've learned that doesn't matter at all. It comes down to numbers," Landrum said.

Housing counselor Caleb Anderson sees that misconception every day.

"The lenders are looking at their bottom line. They aren't looking at hardship, you know," Anderson said. "They are looking at situations that are sustainable. Those are the types of homeowners who are going to get help."

If you are facing foreclosure, there are people who can help. You don't need to pay for help from a free HUD approved counselor. The Colorado Foreclosure Hotline can put you in touch with one. Their phone number is 877- 601-4673.

Read more on 9News.com.