As I continue to try and help homeowners with their mortgage modifications I have developed a "wish list" that I would love to see put in place...........
The financial institution putting in writing their requests for additional information. I have called in to do the weekly check-in and been told...we have everything and it is in "active review", just call again next week to check the status. Repeat call for the next 3 weeks (sometimes months) and on the call to request the foreclosure sale be postponed be told.....we need updated financial statement, hardships letter and RMA. But, if one did not place this call, how would you know this? There is never any communication to the homeowner that this information is needed.
Email works GREAT...both sides can track requests/responses. I have absolutely loved it when I can correspond with the processor by email. Talk about streamlining this process...they can make the request in a "clear" manner. The bank needs X,Y & Z. Bam! You now know what they need and you can scan it and email it to them and they can "acknowledge" the receipt of that information. Does it get any better?
Please, please, please can we stick to just 1 contact, or even department. I have spent DAYS calling. I have learned that each number/department brings a different answer...
My favorite(not sure this is a wish, but I feel that this is a typical oooops).... the homeowner received a FedEx package requesting that he FedEx back his Tax Return. The cover letter in that package stated that he had until September 25, 2010 to do so. His home was set for foreclosure on September 8, 2010, he received the package August 25, 2010. I call his assigned negotiator/processor and asked if the foreclosure had been postponed and recapped the letter stating that he had until September 25thto furnish the bank with the information requested. Her response....the letter was "just a formality".
So, those are my thoughts for today on the ongoing Mortgage Modification Madness!
Donna Rattee
"Selling Cabins to Castles"
I'm here to help!
Keller Williams Coastal Realty
Portsmouth, NH
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