The Obama administration made a huge deal about a foreclosure rescue/housing plan it announced earlier this year.
The plan was supposed to help homeowners with little or no equity in their homes refinance into loans with lower interest rates and also help some people who had fallen behind on their monthly mortgage payments modify their loans so they’re more affordable.
So how’s the plan working?
CNN asked homeowners who sought help and got a negative reaction.
Only one person really reported having success. Others described endless phone calls, unreturned messages and delays before getting the final message: denied.
Some who were current on their loans were told the priority was to work with people who have already fallen behind on payments.
Here in Massachusetts, the foreclosure picture is mixed.
A new report by The Warren Group shows that the number of actual foreclosures dropped in May.
Good news, yes, but the picture remains cloudy because lenders initiated more foreclosures.