Skate-Wear Central

Ellis Dark

Loan Modification Frustration – The Dark Side of the Process

Contacting your mortgage company when you are having challenges with your payments can be a very scary process. If you have done this on your own you know what I mean. Speaking with someone who really does not care about your plight outside of “are you making a payment today” can be just as frightening and frustrating as law enforcement coming to your front door.

Just for kicks I contacted my mortgage company to see if I could modify my mortgage. Just a little background; I am not currently behind I wanted to find out what can be done if I was having a hardship. I contact my mortgage company and the first person I spoke with was in the loss mitigation department. After I explained my plight he proceeded to tell me that he needed to transfer me. Once transferred I asked, “What department is this” the gentleman told me, “collections”. You may be thinking just like me, why was I transferred to collections? That is a question neither he nor I could answer. I then proceeded to ask what my options for a modification are. He proceeded to tell me about a refinance. I expressed to him that my house is under value and there is only one income in the house hold (for dramatic effect). Therefore a refinance was out of the question.

After a long silence he told me he would transfer me to loss prevention, which is the same department as loss mitigation… hmmm why not call it what it is? After 1 hour and 19 minutes I was connected to a human being. To make an already long story short, I was offered a forbearance agreement (only applies if your behind) which would raise my payment. Then he offered a capital “something or other” which takes the arrearage and adds it to the loan and then a possible interest rate reduction. Both of these I do not qualify for and neither one was a true modification, so I asked for a manager.

Once I got on with the manager she proceeded to tell me about the HAMP (Homeowners Affordable Modification Program) sponsored by the government. “Hmmmmmm”, I said to myself, “now we’re getting’ somewhere”. During the process of her questioning for the application I told her how much I paid in homeowner association fees. She said, “a month?” I said, “Yes, why”. She said, “Are you sure, cause I have done this allover the country and I have never heard of it being that high”. As I assured her that I knew what I was talking about she still was in doubt. At this point she might as well called me a liar.

Well after this phone call I felt like less than a person, especially since each person I spoke with, outside of collections, spoke with an air of arrogance and no compassion. Needless to say I did not feel empowered when I was done, nor did I feel as if I had accomplished anything. I am going to wait and see what I get in the mail in the next 5 to 7 days.

Tips when going through this process:

• Write down every bodies name you speak with – you want to journal this process

• Set aside 2-3 hours and expect to be on hold – prepare to wait grab a cup of       coffeeor a snack

• Have your information in front of you – paystubs, mortgage statement, taxes, insurance, bills

• Make sure they understand you want a modification not a refinance – you could spin your wheels here and waste time

• Be able to explain clearly why you are having a problem – your house being under value is no longer a hardship…because everyone is now.

I am very familiar with the modification process and have helped many people navigate through these murky waters. I was left frustrated and annoyed. If I did not know some of the key things to ask for I would have never gotten to the manager. However even still I feel no empowerment. My advice is seek professional assistance, ask a lot of questions and take good notes. Before you call the mortgage company, try to find out what you can about their modification process every company is different.

About the Author

William Love III is a specialist in the modification industry. He believes one should know what to look for so you do not get scammed when you are trying to save your biggest investment… your HOME. He has helped many people save their homes from foreclosure, even his own. He has first hand experience of the ups and downs when trying to keep your property.

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