Sound familiar? It seems many people are having trouble getting their lender/servicer to modify their loans. Many lenders are just not abiding by the guidelines they said they would follow after taking TARP funds under the Obama Stimulus Plan. Where are the Mortgage Modification Police? Word has it they all lost their homes so no one is validating anything. True, lenders are required to prepare a report for the Treasury that shows how many loans were modified during the previous period. But what good is a report if it merely becomes dead tress and nothing more? Reports are useless without accountability.
In the face of so many businesses out there that are scamming borrowers with upfront modification fees and no results, I admit I have been one to suggest that borrowers contact their lenders directly to get help. Does it beat throwing away up to $3,000 to a rogue outfit? No doubt. Though a better solution would be to find the “right” professional to help you with the modification. More than likely, if you need help filing your taxes, you will need help with a loan modification.
This mornng, I read a very informative blog post by Martin Andelman. Martin is not a mortgage person, nor a lawyer, nor a debt specialist. He HAS spent considerable energy and time investigating the mortgage modification business. What he has to say is well worth reviewing. Read it here.
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