I currently represent hundreds of homeowners who are either in foreclosure now or who are close to being in foreclosure. I require that every client participate in efforts to get their mortgage modified or push the lender for the deed in lieu or short sale offer they are requesting. Almost two years ago my clients began complaining that they couldn’t get through to their lenders or they were forced to wait on hold and transferred around or that they would send in or fax their paperwork numerous times, but were told time and time again that their paperwork wasn’t received or lost. I will admit that at first, I thought my clients were not trying hard enough or were not following directions”¦I know for certain now that the vast majority of my clients have been and are working hard to try and negotiate a mortgage modification with their lender, but that the lenders are either totally incompetent or are not interested in providing a mortgage modification.
If one or two clients were having a problem getting their paperwork straignt with one or two different lenders that would seem to be an isolated problem and one that could easily be dealt with. The problem is virtually every one of my clients reports the same problems with dozens of different lenders they are dealing with. I now require my clients to keep a log or written record of all their phone calls and proof of delivery of documents. For some the logs go on for page after page. On hold for half hour then disconnected”¦transferred to a foreign sounding worker who didn’t have any record of my file”¦no record of prior payments made”¦.no record of the trial modification the lender had already sent out and accepted payments from. The number of clients that report such problems with so many different lenders suggests that this is a massive problem with the systems the lenders have sdet up to process these things.
What concerns me most is if the lenders are unable to manage the paperwork associated with reviewing a file for modification, how in the world are they ever going to manage the payments and accounting of millions of homeowners if they do get a modification in place. The reality is that without a massive overhaul of the lender’s existing systems, they will not be able to efficiently or accurately process the current and future requests for mortgage modifications. As a result, a homeowner should consult with an experienced real estate attorney to assist them in the mortgage modification process.
For more information, visit my website at www.mattweidnerlaw.com.