The New York Times published an article over the weekend that does a great job of personifying the struggles homeowners go through with their lender when trying to get a loan modification.
We’ve often talked to homeowners about the difficulties they face with their lender when doing the modification on their own. And the long, muddled process explained in the article is probably reason number one so many people throw their hands up in the air and get representation to help battle their lender.
Some highlights from the article:
- In the beginning, the article describes a process that included “several rounds of mislaid paperwork and resubmitted forms.”
- Chase told the borrower she would not be reported to the credit agencies…she was.
- Chase approved her for a trial modification to become permanent after three on-time payments…she made 4 when no word came after three months. She eventually still got denied because of an income issue.
- After getting denied, she received a letter saying the modification was still under consideration. Then she got a call saying never mind, start over.
- She would call Chase and be told everything happening to her is common, then call again and be told it never happens.
Sounds like fun, huh? Would you believe, even with all that, a Chase spokesman said in the article that she’s better off for what the program has offered even though after a year, she’s barely any closer to a resolution?
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