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Bankruptcy

: The Law of Second Chances

What to do if you seriously want a loan modification.

By R. Grace Rodriguez, Esq.

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IF YOU ARE TRYING TO GET A LOAN MODIFICATION:

1. FILL OUT ALL OF THE INFORMATION REQUESTED BY YOUR LENDER.

2. SEND ALL OF THE INFORMATION IN A MANNER THAT WILL RESULT IN WRITTEN CONFIRMATION THAT IT WAS RECEIVED. PREFERRABLY BY FAX, OR E-MAIL OR BY CERTIFIED MAIL, OR OVERNIGHT MAIL, OR DIRECT DELIVERY WITH A SIGNATURE RECEIPT BY THE LENDER IF THEY HAVE A FORECLOSURE CENTER.

3. CALL ONCE A WEEK TO REQUEST STATUS. IF THEY TELL YOU DON?T CALL BACK FOR A MONTH, DON?T LISTEN TO THEM, CALL EVERY WEEK. ASK THEM ?ARE YOU MISSING ANY DOCUMENTS?? ARE THERE ANY OTHER DOCUMENTS NEEDED?

4. WHATEVER RESPONSE YOU GET, SEND THE MISSING DOCUMENTS, EVEN IF YOU HAVE SENT IT 64 TIMES BEFORE AND THEY KEEP CLAIMING THEY DON?T HAVE, SEND IT AGAIN. IF THEY SAY THAT THEY HAVE EVERYTHING, THEN FAX A LETTER TO THEM SAYING THAT ?I SPOKE WITH _________ AT THIS PHONE NUMBER _____________ AND HE/SHE TOLD ME THAT YOU HAVE ALL MY PAPERWORK AND THAT I AM PRESENT BEING REVIEWED. IF THIS STATUS SHOULD CHANGE, PLEASE CONTACT ME IMMEDIATELY.?

5. EVERY WEEK FAX A LETTER TO THEM SENDING THEM ANY BANK STATEMENTS THAT YOU HAVE RECEIVED IN THAT WEEK OR COPIES OF ANY PAYSTUBS YOU HAVE RECEIVED IN THAT WEEK. THIS WAY WHEN THE REVIEWER GETS TO YOUR PAPERWORK, THEY CAN?T MAKE EXCUSES ABOUT HOW THEY DON?T HAVE UP TO DATE INFORMATION.

6. NO MATTER WHAT, DON'T GIVE UP. IT SEEMS TO ME THAT THE GOAL OF ALL OF THESE LENDERS IS TO FRUSTRATE YOU TO DEATH, EITHER YOUR OWN OR SOMEONE ELSES (JUST KIDDING) I BELIEVE THEY HOPE YOU GIVE UP SO THAT THEY CAN JUST TAKE YOUR HOUSE AND ADD IT TO THEIR PORTFOLIO OF REOs. THE BANK LOOKS LIKE A STRONGER INVESTMENT TO PEOPLE IN DUBAI AND IN CHINA WHEN THE PORTFOLIO IS FILLED WITH REOs AND NOT A BUNCH OF LOANS WHICH HAVE SHOWN POOR PERFORMANCE IN THE PAST. HOPEFULLY MY SAVVY READERS GET THIS POINT BY NOW!

MY CLIENTS WHO FOLLOW THIS PROCESS SEEM TO DO BETTER THAN THE ONES WHO DO NOT. THERE ARE NO GUARANTEES THAT YOU WILL GET A LOAN MODIFICATION AND THANKS TO THE COWARDICE OF CONGRESS AND OUR PRESIDENT IN NOT STANDING UP TO THE BANKS, AND TAKING THEIR CAMPAIGN CONTRIBUTIONS, THEY WON'T EVER STAND UP TO THEM, THERE IS NOTHING REQUIRING OR MANDATING THAT YOU BE GIVEN A LOAN MODIFICATION.

GOOD LUCK OUT THERE!!!!!

Full post as published by The Law of Second Chances on January 14, 2011 (boomark / email).