Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co., four of the largest U.S. mortgage servicers, are likely to show the poorest levels of homeowner assistance among the 31 companies participating in President Barack Obama’s $75 billion loan modification program, according to David Sisko, the head of default management services for Deloitte & Touche LLP in Charlotte, North Carolina.
“A majority of them have an inability to handle the demand, an inability to process the waterfall calculations and a high volume of first-look denials,” Sisko said.
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This should not come as a surprise to anyone. Often the largest most bureaucratic institutions are the most difficult to deal with. These large institutions have been focused on poisoning the waters and confusing borrowers. Instead of working with legitimate loan modification companies which are trying to do the right thing for the borrower, the lenders efforts have gone to thwarting, deterring borrowers and convincing them that they can understand and do this themselves.
Question: when borrowers applied for a loan where they left to their own devices or did they have and real estate agent, mortgage broker, lender, loan officer, inspector, appraiser and Title Company to deal with?
Now borrowers are supposed to be left to their own devices and rely on the people who help submerge them in this mess?
1st-Trust.Net has prepared many loan modification workout packages and we can personally attest that this is not a small challenge!
Each workout package can take 30 to 40 hours depending on the complexity. Gathering the information, organizing the information, analyzing the information and determining how to present the loan modification following the waterfall process is no simple task. Doubt those that try to convince you that this service can be provided for free.
Moreover, negotiating a resolution is even more complex.
1st-Trust.Net’s has over 18 years of experience in the mortgage business and has created a technology empowered environment to streamline the process within the Making Home Affordable guideline.
We have over 40 years of combined experience negotiating various types of deals. 1st-Trust.Net is completely on the side of the borrower and receives no incentives other than fees we earn from our clients only in the event of a successful loan modification or refinance.
Recommendation: do the research, vet out the people you do not trust and hire a loan modification firm or professional that only focuses on providing this service. Make sure you know who you are working with and how they intend on delivering on their promise.
For a no cost consultation We will not charge you for a loan modification until we have determined that your lending institution will support the proposed workout. Payment options with no late fees may also be discussed.
Thank you for your time and consideration, we welcome the opportunity to earn your business and lead this matter to resolution.
Mr. Sharaf