May 11
5
Lenders Error in Processing Loan Modification
Loan modifications are a tedious process with possibility for error at every turn and the truth is lenders lake mistakes modifying loans. Homeowners and investors are advised to interview trustworthy loan modification companies and utilize the skills of a reputable third party representative and here’s why. One of our clients received an approval for modification, rather than reduced interest or a lower payment, their fixed payment was increased by an additional $200 per month.
This particular investor is nearly a year behind in payments, they were eager to get a more manageable monthly mortgage payment. After much investigating, the lender showed one of the borrowers having two jobs, which in fact was not the case. During the process of uncovering the problem, the lender indicated the reason for the increased amount was associated to the huge deficit that accumulated in back mortgage payments.
Had the borrower attempted the modification on their own, chances are, fear of loss and foreclosure would have
prevented them from challenging the decision. Most likely they would have accepted the new terms and dug themselves further into a financial disaster. Lenders, like doctors are perceived to “always” be right with their findings.
After a lengthy telephone conference, I was able to learn there was mistake regarding employment. We were able to decline the mortgage modification based on error and resubmit once again for consideration to obtain a traditional modification for an investor. It goes without saying the client is relieved not just to learn there was an error that can be fixed, but that they have guidance and assistance from a professional loan modification expert.
If you or someone you know is struggling with unmanageable mortgage problems, I encourage you to obtain the A1A Mortgage Relief Guide, this 12 page guide provides options and alternatives to relieve mortgage distress.
Related posts:
Agi Anderson, CDPE, compiled changes made to Make Affordable HARP refinancing program, October 2011 ~ to see if you qualify, just enter your name and email to request HARP guidelines. (make sure to check spam for email confirmation)
