New Rules for Foreclosure Help

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It is taking quite a long time for homeowners who are in need of help to get the permanent help under President's Obama foreclosure prevention plan. Because of that the Treasury Department has changed the rules a little bit to speed up the permanent assistance.

They say the policy changes will make it harder for folkjs trying to get started in the trial modifications but that it will speed up the process of getting the permanent help in place.

The change they have made is they now reuire for applicants to have all of the necessary paperwork before even getting started on the trial modification.

"They aim to make it easier and quicker to provide permanent modifications," said Treasury Assistant Secretary Herb Allison. "These changes also will enable servicers to process more efficiently and handle more volume effectively so we can help more people more rapidly."

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Some applicants have complained that loan servicers have mishandled their paperwork as in losing it etc. Also, servicers have complained that applicants don't bring in all of the necessary paperwork.

The shuffling of papers has been a nightmare for the trial and permanent loan modifications.