Homeowners seeking relief from burdensome mortgages have a handful of government programs at their disposal, but trying to qualify for the aid has left many frustrated and frantic.
Since President Barack Obama took office in January 2009, his administration has unveiled plans to modify and refinance mortgages and help unemployed and “underwater” borrowers stay in their homes.
While at least some of the initiatives have had limited success, they are widely considered confusing, bureaucratic and ineffective.
Borrowers complain that lenders offer mere lip service when it comes to helping them. They say their paperwork gets lost amid red tape and their applications are rejected without sufficient explanation.
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