Banks and mortgage companies have foreclosed on 5,000 residential properties in the St. Louis region so far this year. But a growing number of homeowners are managing to save their houses by convincing lenders to cut their monthly payments.
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Facing a flood of consumer complaints, federal, state and local officials say they’re working on the mortgage mess. One South Florida mayor wants his city to reconsider doing business with Bank of America, which had drawn more complaints than any other lender in Florida over stalled loan modification deals.

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Some struggling homeowners are turning to the courts in a bid to force mortgage servicers to consider them for the Obama administration’s foreclosure-rescue program, arguing they are eligible for help but haven’t received it.

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Loan modification is the most effective way to avoid foreclosure for homeowners if they are lacking behind in their mortgage payments and experiencing financial difficulties. To put it simply, loan modification is a permanent change in one or more conditions associated with the terms and conditions of a mortgagor’s loan. This makes the payment of monthly dues easier. The repayment schedule becomes more “affordable” and easier for the mortgagor who might be already facing financial difficulties. Usually the changes involved in a loan modification are:

• Reduction in the rate of interest
• Increase in the length of the term of loan
• A different type of loan
• Or any combination of the above three

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For months, troubled homeowners seeking to lower their mortgage payments under a federal plan have complained about bureaucratic bungling, ceaseless frustration and confusion. On Thursday, the Obama administration declared that the $75 billion program is finally providing broad relief after it pressured mortgage companies to move faster to modify more loans.

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This story come from our good friend Mandelman over at http://mandelman.ml-implode.com:

Phoenix Breaking News: NACA’s Save the Dream Tour Personnel Threaten Mandelman Matters Reporters: “Leave or We’ll Have You Arrested”.

Mandelman Matters field reporters, Brook Parsons and Phil Winter, tried to attend the Neighborhood Assistance Corporation of America’s (”NACA’s) “Save the Dream Tour, held this weekend in Phoenix, Arizona at the Phoenix Convention Center.  They were wearing Mandelman Matters shirts, which were in stark contrast to everyone wearing the bright red NACA shirts proclaiming the nonprofit organization’s opposition to predatory lending.

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Capitol Hill housing and mortgage lobbyists were buzzing last week about an aggressive new legislative proposal that could put tens of thousands of financially-stressed home owners into loan modifications, even if their lenders and loan servicers had to be dragged kicking and yelling to the negotiating table.

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