I have yet to meet anyone that has gotten a mortgage loan modification. A lawsuit has been file in LA Federal Court against BAC (Bank Of America) alleging breach of contract. The suit involves permanent modifications through the U.S. Treasury-administered Home Affordable Modification Program which offer incentives to loan servicers who extend modifications as well as “proprietary” modification.
Read More: http://www.signonsandiego.com/news/2011/jul/05/borrowers-sue-over-apparent-loan-mod-mishaps/?ap
We would love to hear about your experiences with a loan modification problem.
I know a VP with an MBA. He was laid off from work and he went to his bank for a loan mod. Now this person is highly educated but it took him 30 hours to complete the application which included getting all the documentation together. After sending in his paperwork he did not hear back for a month and he called the lender and they stated they never received his paperwork. Well he sent it electronically and by registered mail and he still could not convince to them they received it. He resent the paperwork and waited a week and called. They got the packet but they needed additional documents (was not doc listed in application) . The docs were sent in. Next month the bank could not find application, next week needed more docs, etc. Sounds familiar?
Where to go for help? The banks? The government;?; depends. I recommend going to a non-profit group and have them help . They usually have updated info and they know all the programs. I had a client that I referred to:http://www.neighborhoodhouse.org/ . (Use to refer to ACORN too but you know what happened to them). If you do not know of one in your community call your local Health and Human Services and start asking if they know of a program in your community. Try your local food bank or co-op. Find out what attorneys in your area are taking on the big banks and they may have info you are looking for.
Good luck and don’t give up!!!!
Green Real Estate Appraiser 