Mortgage Modification Question & Answer

Question:

Cool, good read, mortgage {on the} modification. It is for relief of
the borrower. Due to trying to work I lost my private pay disability. My current mortgage rate is 7% and I applied in May at Chase for a modification program that is still sitting on someone’s desk. I need relief, my income is now less and the program is fully
underwritten. The banks are sitting on the cash making money while I
bob in an ocean of debt with no help. Do you know a way I can expedite this process.

Regards.
Anonymous

Answer:

I am going to make two assumptions not having the complete situations.

Assumption 1.) You have applied for the modification but they haven't sent you the final documents.

If this is the case then it may not necessarily be a bad thing. If the modification is still being processed, that means no payment for you in the meantime. Believe it or not, modification attorney's use many stall tactics to drag the modification process out. While I know that you are anxious, take this time to save money and of course do you’re due diligence and follow up with them weekly.

Assumption 2.) That you have applied for a modification, but what they have approved you for is forbearance. In this situation, it is likely that you had to send them a down payment and then a monthly-agreed amount (usually 75% of your regular monthly payment). Additionally, they tell you that they have some time to actually approve you at the end of the three-month trial.

If this is the situation then all you can do is call, call, and call. If it were me, I would send a certified letter, request a signature, and copy the letter to the regulatory agencies. The more attention you draw to the matter, i.e. newspaper, media outlets, online publications, local congress and representatives and regulatory agencies, the quicker the bank will respond. Don't be nasty; simply state the facts and what additional hardship the delay is causing you and your family. The banks look bad enough, they do not want any negative PR right now.

One last thought. In the modification process, you have a designated "worker". The number you have goes straight to them. Another possible "trick" is to dial the number and then play with other extensions on your telephone keypad or numbers such as 0 to reach the operator. It is possible that if you speak to someone other than your caseworker, you may get somewhere a little quicker. Let the person who you eventually stumble upon know your situation. If this didn't answer your question or I made the wrong assumptions, feel free to email me.

Thank you for reading my blog and I truly hope that you, along with the rest of my readers, get the help they deserve.

Regards,
Shannon Anderson
mortgagemodificationguide.info