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Loan modification borrowers frustrated with loan servicers who repeatedly request paperwork

Loan modification borrowers frustrated with loan servicers who repeatedly request paperwork

As the country teeters on the razor edge of some semblance of recovery, Market Watch reports that “roughly 8 million to 13 million foreclosures are expected over the next five years, according to the Congressional Oversight Panel for the $700 billion bank-bailout program.”

This makes one wonder what is really happening in the mortgage meltdown and subsequent bailout.

Banks blame borrowers

The servicers for the banks insist it is the borrowers fault for not returning the proper documents on time.

Treasury says document issue lies with the servicers

Assistant Secretary of the Treasury Michael Barr agrees that there is a documentation issue; however, it is on the side of the loan servicers, not the borrower.

Mike Rockwood has modified five of his own loans, including his personal residence and investment property. He has created a top-notch workbook to walk you through the steps of fighting to get the best terms on your loan modification.

Click here to get proven help with your home loan modification

“Over time, as loan servicers get their systems better in shape, we’ll see improvements in conversion into permanent modifications,” said Assistant Secretary of the Treasury Dept. Michael Barr in an interview with reporters. “We need to pick up the amount of permanent loan modifications, which we believe is mostly an issue of documentation, not people not meeting their qualifications” (Market Watch).

In the meantime, desperate, qualified borrowers work (often more than a year) sending and resending documents to servicers over and over. Much of the time the only response a borrower receives from the servicer is a voice on the phone– outside the US– to send more documentation because they “never received it”…again.

Borrowers then run out of time, money and hope as the lending industry takes their house and then blames the borrower for not being responsive.

Comment: In light of such disorganization with servicers, I recommend borrowers take a preemptive step to protect their home from foreclosure while hassling with the bank/servicer. A government program will help you stop foreclosure in less than a day without having to hire an attorney. See the Tools Section for more details.
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Source: http://www.associatedcontent.com/article/2599349/is_us_economy_headed_for_an_economic.html

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