Did you know that only 9% of homeowners are granted modification?
Did you know that average time on hold with your lender is over 30 minutes long?
Did you know that that all your financial information is sent in over 3 times before it is even reviewed?
Unfortunately, this is just the beginning...... I figured out that I sit on hold an average of 5 hours per file, and that I send in over 50 pages via fax on each file. Not to mention, that it's not uncommon to get completely different answers from the lender. For example, I have been told that a file was in final review, only to call back the next day and be told it was cancelled a week ago. Frustrating is putting it mildly.
The facts are: modifying your loan takes perseverance above anything, time, intricate knowledge of your financial situation, and PATIENCE.
The Home Mediation Center