Mortgage modification disaster results and for-sale-by-everyone neighborhoods

By Neil Crane of The Law Offices of Neil Crane LLC posted in Mortgage Modification on Sunday, November 22, 2015.

If you reside anywhere in Connecticut, you now live in neighborhoods racked by foreclosure, vacant homes and massive real estate sell-offs. Foreclosed homes and record large sale inventory throughout Connecticut threatens even the tepid recovery of recent years.

Thank the government that let the big banks off the hook and then most recently gave them the keys to the candy store by allowing them to act unregulated and irresponsibly all over again while destroying the potential for a middle class recovery in the pursuit of their own profits.

The Inspector General's recent scathing Report* on the bank-run HAMP program shows that bank-run mortgage modifications and the efforts to avoid massive countrywide foreclosures have failed miserably.

The result is a glut of homes for sale throughout Connecticut and a shortage of buyers in all neighborhoods in every town throughout the state - a condition that continues to be a permanent blight on our neighborhoods, our towns, and our financial health.

*Special Inspector General Christy Romero reported this July on the widespread lack of success in the government's failed attempt to modify over 4 million mortgages. In fact, less than 900,000 mortgages have been effectively modified with a failure rate in Connecticut of approximately 70%.

To learn how to save your home and avoid the difficulties of attempting to modify your mortgage, call the mortgage modification attorneys at the Law Offices of Neil Crane at 203-230-2233 or toll free at 888-249-3027.