Don't you wish that you could just yell and scream about yoru experiences with every lender. Whether you are the lender, realtor, lawyer or client - at some time or another in this current market we are all being kicked in the teeth by these lenders and servicers.
Two days ago I closed a loan modification with one of the largest and oldes lenders in the country. For eight months my client and I did everything that the lender told us to do. She would have provided a hair sample if it meant getting her loan modified and out of foreclosure. Through nearly every step - and four rejections - we kept showing the lender their mistakes and lack of logic when dealing with this loan.
- First solution was a repayment plan that would increase her payments [duh!] that wasn't going to work.
- They saidcome up with $8,000 and they'd restructure the mortgage (blah, blah, blah) - she didn't have $8,000 so they said submit for modification.
- Two days after submitting the modification she came up with the money - THEY WOULDN'T TAKE THE MONEY - they say because the file is in modification.
- We try to get out of the modification - we're told we "can't" come out of modification. We have to wait for a decision.
- The decision comes back as DENIED. Why? She doesn't make enough money. Now I'm not an idiot (most days) They ignored her child support - and two other sources of income (litterally because they didn't like how it showed on her check) (I can't explain that). We restructure her payroll to show all of the money on one simple check with no disbursements and resubmit.
- They rejected her again - FINALLY - we're not worried because she's been saving - now we can pursue the repayment plan that she accepted - right? WRONG... When I call to schedule the repayment... THEY WON'T ACCEPT REPAYMENT... They say she's a case for modification - her loan MUST be modified.
By this time the client is ready to jump off of a roof... I'm leaving off the multiple calls and letters from them offering us modification - or denying modification - because no one took the time to look at her file.
So we finally got the modification - but it was exhausitng.
Through every step we followed the bank's instructions. I really feel like the system is still designed to make homeowners give up and walk away. The point in sharing this with you is to remind you that your client's really need you to dig in and work with them through the issues. No doesn't always mean no - and you have to be willing to fight with the less than considerate people at the bank care about the needs of your client. Regardless of whether we are writing a new loan or saving an old one - give your clients all you have to give... They need us.
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