Loan Modification

Why I don?t do loan mods

By Chip Parker, Jacksonville Consumer Attorney

As a Jacksonville Florida foreclosure defense attorney, I am often contacted by homeowners requesting representation in the loan mod process, and my answer is always the same: NO!

My firm never engages in the pointless process of loan modification because we would like to keep our sanity, thank you very much!

There is only one way to obtain a meaningful modification of your mortgage ? make the lender understand that modification is it?s best option.  This phenomenon only occurs when leverage is shifted from lenders to homeowners who fight the foreclosure in state court.

The servicers don?t want to modify these loans, and as proof positive, just look at this real, recent job posting for Bank of America for a modification specialist in their ?Home Retention Division.? The job is in Mumbai, India, and there?s no experience necessary!  That?s who you?ll be talking to when you call Bank of America.

Why is the job in Mumbai?  That?s where the cheap labor is located.  What kind of background, education and experience must the Mumbai workforce have in dealing with loan modifications?

More likely, this loan mod specialist is being paid a couple hundred dollars a month to transfer Bank of America customers to other loan mod specialists who will, in turn, do the same until the caller hangs up in frustration.

Thanks, but you couldn?t give me all the tea in India to get trapped in that nightmare.

Related posts:

1. Loan Modification: Who Ya Gonna Call? Part I
2. Who Are The 100,000 Homeowners Who Got A Loan Modification Through BOA?

Full post as published by Mortgage Law Network on December 16, 2009 (boomark / email).