Has A Silly Reason Derailed Your Loan Mod?

Many clients come to me after being denied for a loan mod that they attempted to handle themselves. Lenders don’t always behave well during this process.

Many have poorly trained staff. Some homeowners are told false information. Lenders tell homeowners that documents are missing when often they have been sent in multiple times. Reps tell homeowners inconsistent information. Some reps actually encourage homeowners not to pay their loans and later when the homeowner is denied for a permanent loan mod, they are left frustrated and upset that the lender actually caused or encouraged the default. Some lenders will encourage you to apply and later tell you that a mysterious investor will not even allow loan mods. Homeowners would be smart in that circumstance to request and check a copy of the PSA – the pooling service agreement – and to try other possible workout arrangements. Most feel lost during the process and do not know how to get a lender to behave and act in good faith. Having a lawyer that understands foreclosure and banking law can help. If you feel that your loan mod has been derailed for a silly reason please give us a call to review your case. We may be able to help.