Valerie's Belfair WA Real Estate Blog

They threw the life ring but there was no rope attached...Now these people are drifting out to sea!!!! 

(Not my norm to stir up trouble. Probably opening a whole world of frustrated people with this one... I am one of them.)

The LIFE RING - The infamous "Loan Modification Program"

I have a very close friend who has been working through the loan modification process. Oh wait... did I say working through??? 

Ummmm. How about in the hurry up and WAIT mode. Hurry up and wait for the lender to even UPLOAD their faxed documents into their system.

60 days??? are you kidding me?? And how is anyone who is looking for help ahead of time going to stay out of default at a rate of 60 days just to upload the information into their system so someone can even begin to look at it????

The lender is Chase. Every week these homeowners get a pamphlet in the mail from Chase that reads "WE CAN HELP! WE ARE HERE TO HELP! CALL US BEFORE IT IS TOO LATE!"  Guess what ? They've called and called and no one has any answers. It's too late!!!!! They make sure whoever they talk to types into their little computer that they called, but it doesn't seem that the reps even look at it as they tell them to have a nice day and please call back if they can be of further assistance!

They have been into this 60 days. 60 days mind you. March 4 they uploaded their information on line as they were told to do. They were told it would take 10 days for someone to get a hold of them. Not trusting their system, they hard copied everything and faxed it one week later as well.... and then followed up with a phone call in two days...

Still not in their system.  They faxed it again the following week. Phone call 2 days later still not in their system. They were told it would be anywhere as long as 30-45 days because they were backed up.They call every week. Every week spending hours on the phone waiting to get through- taking time off normal work hours to do this! Nothing. Nada. Zilch. Zero. Zip.

 60 days -They resend it once more hoping to tie up their dam fax system and get someone's attention. Nothing... One week later - they call and wow guess what the information was scanned into the system. But guess what else? The information is now almost 70 days old!!!  Guess what they want NEW INFORMATION!  AHAHAHAHAHAHAH   - SURE so it will sit there for 60 more days and be OLD AGAIN!!!???????

  HOW CRAZY IS THIS!!!!????? 

These are honest to God hard working people who drained their savings over an 8 month period, waiting and working towards making things better. Wanting to hang onto their home- Knowing their obligations and wanting to take care of them, but just need some restructuring.  And things are going to get better but probably not for another month; so here they sit, drifting out to sea because of the life ring  that was thrown out there had no rope attached and they are drifting away....

Did they really not think or realize how many people were in trouble and/or were going to ask for assistance? Talk about setting people adrift. Talk about putting the cart before the horse...

Has anyone heard if anyone has even been able to get through this process??

Prisoners of the SYSTEM and the PLAN.  The raft is drifting farther and farther away and now there may be no turning back or way to get some back; people who deserved to be helped and tried to do the right thing. And we wonder why people are up and leaving their homes. They have no choice - they have been set out to sea adrift......

Totally totally crazy ... frustrating to no End.