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.
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~~Valerie~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Loan mod has a common element with short sales. The banks don't like it. Why should they hurry to do something they hate? If this goes through, have your clients divide the dollars they will be saving by the hours they actually put into the process. A hefty wage, I'll bet.
Ron -It is sooo crazy. I made sure she has documented it all (not that it will make a difference) but they BS is nuts. No answers whatsoever..
Valerie, they say that they want to help, then they hold the client in limbo hell. How is that help??? I hate lenders who can't hire enough staff to work through the mess that they have created!
Caren - limbo hell is right. Its quite aggravating. Supposedly they hired exra staff but it seems like they hired enough to handle the phones not the paperwork and or decision makers.
Valerie: I'm not sure alot of loan mods. are being done. It could be that the companies don't even know what they're doing. Let me know if you hear of any success stories. Thanks!
Paul - I have not heard ONE success story. My friend just called me she just received another "we can help you letter" from the lender (along with a notice of default).... she's beyond delirious and past tears not it is a joke about how it is being handled. Let me know if YOU hear any success stories!
Talk about false hope. After this long how can your friends even relax. They get one line after the next. I doubt that they will ever trust what they hear...AND WHY SHOULD THEY!
Why offer help if there isn't any. I hope that this works out for them. They are in my prayers. This mess was not created over night and those in the know should have seen it coming. Lenders were out of control. Some of them. And this has effected EVERYONE. Our values have dropped and jobs have been lost at the same time that prices are going up everywhere. I am so sick of hearing people blame the home owners. Sure some made Naive choices but most of them just got caught up in what we are ALL experiencing.
I know I am ranting. It is time we quit blaming and start repairing. And it begins with helping people when you say you are going to. My best to your clients. They deserve more than they are getting.-Dinah Lee
Dinah - they DON'T relax I don't think. You can see it in there eyes that it is always in the back of their mind and it has affected their marriage as well. They are only full of laughter in disbelief at this point.... I wish there were a better way... Thanks Dinah.
Chase isn't the only one that is here to help but doesn't know how. Even the credit unions here are now having problems helping.
Russel - It's a pretty sad situation - it truly is. People have drained their savings to stay afloat - don't qualify for a short sale and are looking to do the right thing and they get put to the back burner which turns them into one of the statistics. All these programs that were supposed to help those that were not in default but saw it coming - lost. Set out to sea with no rope attached. I have yet to hear of a success....
I have never heard of anyone getting a loan modification. Washington Financial, my company, diligently went to seek out how we at WAFI could help and even do loan modifications. What we found was nothing. Yeah...throw out the rope with nothing attached. So sad that all of this is happening to people. As a lender not even I can help.