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“Most housing counselors and advocates for borrowers will tell you they are submitting documents three, four, five, six, seven, eight, nine, ten times, and they’re getting lost,” said Diane Thompson, an attorney with the National Consumer Law Center, a national consumer group.
The slipshod handling of loan modification requests by loan servicers is “endemic across the country,” Thompson said.
An adjustable rate mortgage combined with a layoff has put Joanne Smith at risk of losing her home in West Salem. It took nearly a month and a half of repeated phone calls, and long waits on hold, to get a person on the phone to discuss a loan modification, she said.
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