The struggles of loan modification, a true account

There was a time that began last year that I began to try and save every struggling home owner in America. It was our company policy to never charge up front, and to work in good faith to complete the loan modification process. Well it is a nightmare. We ssuccessfully completed roughly 50 or so loan modifications, and received maybe 15 payments, and half of those were for less than what the client agreed to. This was not the worst part. The real killer was the chaos of dealing with the banks on a side I had not been accustomed to and further more no home owner in America is accustomed to. With this being said, we have concluded our quest to save the struggling home owner in the realms of "Loan Modification for NOW", "see not all mortgage guys are bad", but it is still a issue close to my heart for many reasons.

The process of a loan modification is the next closes thing to, "well I cant go into that", but I will say this article is a perfect example of the process and you will see why struggeling homeowners need help.

http://www.ritholtz.com/blog/2010/02/mandate-foreclosure-abatements-mortgage-mods/

It is a lengthy story, but it is very well presented.

 

Good luck to all those in search to help a struggling home owner!