Posted by Mark (SDCA) on January 24, 2009 at 14:16:08:
Yeah… it’s a pity about all those NINJA loans coming back. Who could have ever guessed that? Certainly, the bank did their due dilligence and maintained rigorous down payment and underwriting standards.
No fault with the bank for sure. Im sure the LOs were under no pressure to close every single to hit their numbers and make some quick cash for the execs.
Stupid is, as stupid does, anyone?
Need advice loan modification family member - Posted by Lisa
Posted by Lisa on January 23, 2009 at 19:42:39:
I am looking for any advice from someone who has done a loan modification or works for a bank and has some experience in this area.
This is not for business. I have a family member who is behind with Wells Fargo. They filled out the package to apply for a loan modification and sent it back in - that was on November 10, 2008.
We still have not heard anything. They (family member) have called every few weeks, but there is never any news. They just say that the package is being reviewed and someone will contact them.
Is it normal to take this long? I am just very concerned. They need the payment adjusted soon. Anything anyone can tell me about this process - I would be deeply appreciative. I have never done one of these before.
Thanks in advance for your help.
Lisa
Re: Need advice loan modification family member - Posted by Talya
Posted by Talya on January 24, 2009 at 23:59:25:
If this is the only property your family member owns, they should contact this non-profit organization. They homeowners to negotiate with lenders.
Re: Need advice loan modification family member - Posted by NJD
Posted by NJD on January 24, 2009 at 07:24:48:
Is it normal to take this long?
Unfortunately, yes. But your relative must remain diligent and keep calling the lender. The squeaky wheel gets the grease.
Re: Need advice loan modification family member - Posted by River City
Posted by River City on January 24, 2009 at 01:57:00:
Lenders are really back logged and things are only going to get worse. With everyone defaulting on their mortgages, lenders are having to lay off workers because they don’t have money coming in. What is bad is that they have to handle work on loans that people are not making payments on. So, when you don’t pay your debt, but you want the lender to hurry up and do something, they can’t. They cannot get to everyone that wants to NOT pay their bills. I am not saying this is the case with you because you are trying to modify the mortgage, which is much more commendable than a foreclosure. However, they are dealing with a bunch of deadbeats that have just clogged the system, which really hurts those that are trying to do it the right way.
Re: Need advice loan modification family member - Posted by Lisa
Posted by Lisa on January 25, 2009 at 08:15:59:
We live in Michigan. Michigan slipped into a recession about 6 years ago. Things here have been bad, getting much worse much faster now.
Property values have declined drastically, property taxes are still rising, and we are losing people fast. This state has held the #1 slot for most people moving out for 3 straight years.
My family member worked in construction. There are no jobs up here. He works where and when he can, but there is nothing consistent available.
The state raised business taxes last year and small business are running for their lives.
My family built this house themselves. They do not want to lose it and are trying everything they can to work with the bank.
They just can’t seem to find anyone to speak to that has any authority to make a deal with them.
The folks at the call center are nice enough, but they are put in the way to keep you away from the folks who can make decisions. They don’t have any contact info for these folks either - I am sure on purpose.
It is just frustrating. I agree that there are a lot of people out there that can pay their mortgages but choose not to. I understand their frustration with folks that are getting help when they pay on time, but some people really are trying and do need the help.
Thanks again to everyone for all the advice.