Borrowers across the nation continue to fall behind on their home loan payments. Many have contacted their mortgage lenders in an effort to renegotiate mortgage rates.  Many borrowers have been offered loan modification agreements and forbearances. Clearly the process of modifying their mortgage has made most homeowners become weary.

What else could you call it when almost 1 in 7 of South and Central Floridians who jumped into the Obama administration’s Making Home Affordable Program in January in hopes of getting a loan modification had dropped out by May?  The borrowers who have dropped out have joined an exodus of more than 215,000 borrowers nationwide in the past five months. They went through the trouble of applying, only to leave with nothing to show for it.

The answer, according to representatives of Chase and Wells Fargo/Wachovia among the largest banks operating in Florida is: Those borrowers did not meet the loan modification qualifications. Many of the mortgage relief prospects were not able to send in the documentation or their loan modification application was not completed correctly.

Using the May report from the Treasury Department, it’s clear that Miami-Fort Lauderdale and Orlando-Kissimmee are the largest metro markets in the nation for loan modifications. The two regions account for 6.8% of all Making Home Affordable loans nationwide, topping Los Angeles 6.4% and New York 6.1%.  Here, even those borrowers who do get a loan modification say the process is too vexing. Even if they comply with all the lender’s rules, borrowers say they get the runaround and often, contradictory answers from one day to the next.  Read the original article online Thousands giving up on home loan modification hopes.

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