Investigating the Issues That Affect You Most

After $75 Billion, Homeowners Ask: Where's the Money?

By Lisa Parker
|  Thursday, Mar 11, 2010  |  Updated 12:53 PM CDT
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Losing Hope, Home Over Bank Delays

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Complaints about the federal loan modification plans continue to pile up, as do foreclosures.

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Losing Hope, Home Over Bank Delays

Complaints about the federal loan modification plans continue to pile up, as do foreclosures
More Photos and Videos

Complaints about the federal loan modification plans continue to pile up, as do foreclosures.

Darrell Goldberg of Chicago says he has been waiting since April for the packet of paperwork promised to him by CitiMortgage. Lori Gonzalez of Fox River says she has faxed and re-faxed a thick packet of her documents to Bank of America no less than 10 times, but still has no clear answer if the lender has what it needs to modify her loan.

They are two of the millions of voices in the at-risk loan nightmare, trying to stave off foreclosure. What is taking the financial industry so loan to streamline the modification process?

In a word, they say:  resources.  They simply can't handle everyone all at once in a complicated process. 

Some helpful links on this issue:

For the IL Attorney General's Office and Homeowner help
http://www.ag.state.il.us/consumers/homeowners_help.html

For CNBC's breakdown explainer of who qualifies:
http://www.cnbc.com/id/29510983

For the US Treasury Department's latest report card:
http://www.treas.gov/press/releases/docs/MHA_public_report.pdf

For the National Consumer Law Center report:
http://www.consumerlaw.org/issues/foreclosure_mediation/content/ReportS-Sept09.pdf

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