Newswise — As the threat of foreclosure looms, many homeowners are trying to modify the terms of their mortgages. But mortgage companies are having a hard time getting borrowers to complete the necessary paperwork for the Obama administration’s loan modification program. Nearly 60 percent of the 375,000 borrowers who qualify to have their loan modifications completed by the end of 2009 have either submitted incomplete paperwork or none at all.
Not only are borrowers not completing the necessary paperwork; the banks that process loan modifications don’t have the necessary manpower to aid their customers with the required forms.
The situation has become so urgent that the US Treasury Department is now sending in three-person “SWAT teams” to monitor the work of the eight largest mortgage companies participating in the government’s $75 billion effort to stem the foreclosure crisis. The teams will request twice-daily reports on the companies’ progress.
“When SWAT teams are involved, you know a crisis is at hand. The banks are swamped—and that’s potentially very bad news for you, your family and your home,” says Ryan Boyajian, president of We Save Homes, Inc., a publicly traded software company whose products are designed to aid banks, servicers as well as homeowners to electronically build financial document packages to help expedite the loan modification process.
“The real problem is that the banks that service mortgages currently don’t have the capacity to deal with massive demand for loan modifications and the paperwork involved. What’s the solution? Twenty-first century technology,” he adds.
We Save Homes’ flagship product, eTurboMod, allows homeowners to complete the paperwork for a loan modification more quickly, more easily, and in less time than ever before. The last step is crucial: The sooner homeowners forward their completed electronic application to their bank, the faster the bank can ensure it is complete and process it.
Mr. Boyajian is available immediately to answer questions such as:
• To what extent is the foreclosure crisis being exacerbated by delays in the processing of loan modification paperwork?
• How can We Save Homes, Inc.’s eTurboMod software help homeowners complete the loan modification process in less time than before?
• Why do mortgage lenders that are currently overwhelmed with loan modification requests stand to gain through the use of eTurboMod?
Ryan Boyajian serves as the company President and is also one of the company's founders. Ryan is in charge of all Business Development aspects of the business. He has brought significant high level customers who joined We Save Homes' subsidiary MMLN, as Affiliates through his professional business relationships that he garnered over the past 15 years in the mortgage business. Prior to joining We Save Homes, Ryan was a Partner in a Mortgage Brokerage firm for 4 years. He has placed in the top 50 of Mortgage Originators nationwide since 2002 (Mortgage Originator Magazine). Ryan earned his BS degree in Accounting from Fresno State and is married with two children. He is also a proud member of National Association of Mortgage Brokers and California Association of Mortgage Brokers.
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