CNNMoney.com reported recently that an overwhelming amount of reviews from nearly 500 homeowners just like you have been pouring in regarding their experiences with the new making Homes Affordable Plan. The following are a few of the complaints found on the CNNMoney.com list:
“Obama’s plan is a joke,” wrote Jean in Michigan. “The banks are a joke… fax, fax, fax, call, call, call and no response for months. Even Washington representatives can’t get an answer or help, what a sham!!!!”
“I have a Fannie Mae loan through Bank of America and have been fighting with Bank of America since May to work with me. They continue to indicate that I do not qualify during this phase, but yet Fannie Mae says I do. BofA has given me every possible roadblock and excuse. They are definitely doing this intentionally.”
“Litton Loan serving is the worst.
I did an informal email survey received responses from 123 people who applied for Load Modification…NOT ONE got the Modification. All were lied to and dragged along for weeks until finally they were told they did not qualify. Who can stop this madness?”
So you call your lender, spend 15 minutes on hold, 10 minutes verifying your identity to Sergio in India and another 20 minutes explaining why you need a loan modification, only to be told you're calling the wrong department. For some reason the lender is lacking the cutting edge technology required to transfer the call which means you'll have to hang up and start the process all over again...splendid.
After being treated like a number (more specifically number 2) and wasting another hour of your life on the phone speaking to a long line of people who couldn't care less about you or your home, you're told to complete a financial worksheet, send in your income documents and "wait". Wait for what? How long does it take to determine your eligibility for a modification? It took the lender less than 20 minutes to approve the loan, yet its taking them no less than 20 days to approve a work out plan. Reality sets in as you realize the banks already received their stimulous package and simply couldnt care less about you or your home. That being said, you decide to give the same bank that set you up for failure once before the benefit of the doubt. After all, whats the worst that can happen?
So you rush to gather your documents, only to spend the next two days faxing and refaxing until the lender finally confirms their receipt. According to your lender, the process may take between 30-60 days to complete. FYI: A pending modification does not obligate your lender to stay any active foreclosure proceedings. As one hand dangles a carrot, the other hand may be reaching in your pocket for your house keys!
After a month of sleepless nights haunted with visions of the County Sheriff showing up at your door with a foreclosure notice, your heart sinks as you're told the modification has not been approved (why? because their computer said so) and your only options would be to sell your home, accept a repayment plan or lose it to foreclosure. Now what?
If this sounds like an experience you or someone you care about has had with a lender, please call NAFMA today at (888) 201-8608. You can also email us help@nafmainc.org. Our abundant network of industry professionals will provide you with all the information, tools and advice you need to even the playing field with your lender and win the fight to save your home!
No comments:
Post a Comment