No long monologs. None of my usual diatribes. Just facts… If you are in danger of losing your home and you are trusting your lender to assist you in successfully completing the mortgage modification process, you may want to reevaluate your game plan.
Check out the article from ProPublica on how the banks are not following the rules on loan modifications.
Then review this article on how only 7% of those who apply for a mortgage modification get approved.
If you have not read any of my previous posts (please do…), let me tell you where I come from. I am a mortgage planner in Northwest Indiana who takes pride in helping families get into new homes… and keeping them there. Unfortunately, life happens, and some of these folks may be facing foreclosure due to medical issues, divorce, unemployment, or even underemployment.
I have heard the stories and read far more about the lack of compassion (and education) these folks have endured while attempting to get assistance through their lenders or loan servicers. It is appalling that only 7% of those in a trial modification ever get it made permanent. It’s even worse when lenders admit to losing paperwork that is vital to the process and then tossing the borrowers out of the modification program (and maybe out of their homes).
If you are attempting to get a modification, or have been turned down in the past, I would love to hear from you. I honestly want to help and have a company that I trust very much who may be able to get the needed modification. Since there is no upfront-cost, you risk only a few minutes of your time to find out if you are a candidate for professional assistance.
Go here to get more information on the loan modification program including FAQs. You can also email me at scott@nwiloanguy.com.
Scott
Your Northwest Indiana Mortgage Loan Professional