A couple of weeks ago I wrote and suggested that people really look at the mortgage modification process as being a tool that might be right for them. Honestly, many of my clients have been through the process and, while it has been long and painful, have been modified to a plan that really works for them. But, that is not always the case.
Right now, I have a client who has been in the process since spring. They have delivered the paperwork that has been requested and many times redelivered it – multiple times. Many times it has seemed as if the right hand does not know what the left hand is doing. In this clients case, while going through the modification process, their home has been started down the foreclosure process. Twice, the lender has been requested to hold the foreclosure since they were, in good faith, being modified. The second request was not even answered and the process was moving forward today – even after the mortgage company asked for and received a large amount of good-faith or catchup money.
This couple is in the place now to be able to make a modified payment. Things have changed for them, income related, that would allow them to keep the home. The mortgage company has decided, knowingly or through the bureaucratic mess, to move forward with a foreclosure. You would think they have enough homes on their books to want to work with people who can, with a little help, finish paying for their home. Guess that is wishful thinking.
What has your experience been?