A Wasteful Effort

This recently happened to a friend of mine in the Atlanta area.

A large lending institution advertised that they would be in Atlanta to assist people in modifying, or refinancing, their existing mortgages. Part of this program was a result of the new initiatives passed at the White House.

My friend went online to make an appointment to meet with the lender. No appointments were available. My friend then went to downtown Atlanta on the day of the event to wait in line for three hours! After a long wait my friend finally met with a lender representative. This was one of approximately 7000 such meetings that would take place in one day! As my friend met with the representative, the representative said that they had only approved 3 modification/refinance request all day! A TOTAL OF 3!

Needless to say that my friend was not approved for any help even with a large decrease in home value plus a loss of employment!

After 7 total hours of wasted time my friend received a $10 dollar gift card and had their parking ticket validated!

Based on these results I do not feel very optimistic about this housing market and the chance that the foreclosure mess can be cleaned up!