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1, 2, 3, 4, 5, 6, 7, 8 and many, many more loan modifications…approved, approved , approved!
Last week, Monday, Tuesday and today was just insane with the amount of loan modification approvals that I witnessed coming in from Countrywide Home Loans. Homeowners that have been waiting for months, now were offered sweetheart deals.
The speed and efficiency of these modifications that came in over the past few days was just awesome. I would like to take this time out and do something unusual on this blog and give Countrywide credit for doing the right thing for the patient borrowers that deserved these loan modifications 100%.
I am so darn excited for these people, but at the same time, I am also saying, “Wait a minute here. Why all the good will, low rates and home saving cheer? Why is Countrywide going from a rating of 3 to a high 8 in the loan workout department and why did it happen basically over night?”
My firm, Loan Safe Solutions processes loan modifications primarily for law firms and we have done a lot. Often we deal directly with Countrywide’s legal team because there may be legal matters on the mortgages we are processing. Their legal team works in tandem with Countrywide’s loss mitigation department and it now appears that they have streamlined the process to lightening speed.
But why all of a sudden?
Is it talks of the bankruptcy bill again that has them turning up the modification spicket? Is it Obama and his new team or the attorney general settlement? Maybe its is just good ole plain vanilla loan modifications?
Yeah, that’s it. I am just going to go with that since it’s a New Year. Plain vanilla, good ole loan modifications. So, with that said, thanks Countrywide and this Bud Light is for you!
