Thinking of negotiating a loan modification on your own?
STOP! Before you venture forth into the land of 45 minute holds, 9 digit extensions and dropped calls, I encourage you to grab a seat and watch the following video.
Congresswoman Maxine Waters spent hours on end testing the loan modification approval process with "Bank of America" and "Indymac" only to be placed on hold, misdirected and told to complete an online application before any definitive information could be provided. To make matters worse, the people on the other end knew they were talking to a member of Congress and still proceeded to place her on hold. At one point she was given an extension that didnt work and in the end nothing was done to resolve the problem for any one of her constituants.
THE MORAL OF THE STORY?: You only get one chance at a loan modification. Make it count! Have your loan documents evaluated for predatory lending practices and mortgage fraud before hiring a professional to negotiate on your behalf. If you've already been served with foreclosure papers, hire an attorney that specializes in foreclosure defense to represent you in stopping the foreclosure.
For more information on how our FMA (Forensic Mortgage Audit) program and loan modification processing services can help you to be more effective in your fight to save homes, or if you or someone you know is a victim of Predatory Lending and/or Mortgage Fraud, please call NAFMA TODAY: (888) 201-8608. You can also email us at help@nafmainc.org
Showing posts with label Loan Modification. Show all posts
Showing posts with label Loan Modification. Show all posts
Wednesday, September 9, 2009
Thursday, August 27, 2009
Wells Fargo Ordered to Testify on Loan Modification Practices
[Scroll down to view video]
When it comes to obtaining a loan modification, Wells Fargo’s reputation is a long way from being stellar. In fact, they’re one of the worst, according to several attorneys who have had significant experience working with the bank on behalf of clients over the past six months. So, when I read this past week that a woman in Phoenix had filed a complaint claiming that Wells Fargo had ignored her request for a modification, it was hardly news to me.
According to a story from KPHO.com, Channel 5 in Phoenix, the woman’s name is Bobbi Giguere, and apparently she applied to Wells Fargo for a modification this past December after losing her job, and got nothing but lies, the run-a-round, and finally a foreclosure notice in return. The KPHO.com story quoted her as saying:
“I sent them everything they asked for, and then when I called to follow up they said, ‘What paperwork? What modification? We don’t know what you’re talking about,’” said Bobbi Giguere.
So, now a federal bankruptcy judge in Phoenix, Judge Randolph Haines, has ordered that a top Wells Fargo executive must come and testify about the bank’s loan modification policies.
Ms. Giguere’s bankruptcy attorney was also quoted in the story as saying that it’s “very unusual” for a judge to issue such an order. “The judge is trying to send a message to Wells Fargo and other banks that they need to pay better attention to customers who want to modify their home loans,” Nussbaum told Phoenix’s Channel 5.
Okay, so what? Big deal, right? Yet another story about a bank or servicer not doing what they’re supposed to do under the president’s Making Home Affordable program. Well, here’s the rub…
Again, according to the KPHO.com story, Wells Fargo responded by issuing the following statement from Mary Coffin, the bank’s head of home mortgage servicing. It said:
“We appreciate the court giving us the opportunity to share our servicing practices, which include working with all customers facing hardships — even if they declare bankruptcy — until every reasonable option to prevent foreclosure has been exhausted.”
The bank “appreciates” the court providing the opportunity to “share” servicing practices? Does anyone not see just how far from contrition we are here. We, and by “we” I mean anyone involved in obtaining loan modifications from servicers, all know what’s going on here… Wells Fargo is full of you know what.
They routinely deny having received paperwork, routinely refuse to comply with the rules of the president’s program, and obviously aren’t the slightest bit concerned that they be called to task for their widely known shortcomings that are putting people out of their homes and onto the street. Their practices are costing our president a great deal of credibility, and preventing our economy from even coming close to starting on a path to recovery.
CBS 5 News also reported that after running the story, many other homeowners contacted the station, “sharing remarkably similar frustrations”.
According to the station:
“Getting the runaround about lost paperwork was amongst the most common complaint. The complaints came from customers using a variety of loan providers, including but not limited to Wells Fargo and Bank of America.”
Channel 5 also quoted Arizona Attorney General Terry Goddard as giving banks and servicers “a D minus” when he was asked to grade them as related to helping homeowners obtain loan modifications. He went on to refer to the servicers’ response to the president’s program as “pathetic”.
Apparently, Channel 5 called Wells Fargo for a comment on the case and Ms. Coffin replied that the bank “could have offered better customer service and definitely could have communicated better.” Well, gee golly whiz… could they now? Is that all they could have done?
Listen, I’ve had enough with the sugarcoating that surrounds this issue. What the bank/servicer could have done is live up to its agreement to participate in the Making Home Affordable program. Wells Fargo took billions of dollars from taxpayers and they agreed to the terms of the president’s program. They need to live up to that agreement and they’re not… not even close. What was the percentage of Wells Fargo loans modified under the program that was reported last week in the administration’s “report card”?
Oh yeah… 6%. And in response, Wells Fargo’s Mike Heid, co-president of Wells Fargo’s mortgage unit issued the following statement:
“We know we’ve fallen short of our customer service goals in some cases.”
They’ve got to be kidding.
According to Phoenix’s Channel 5, “a Wells Fargo executive is scheduled to testify in federal court on September 3rd. The hearing was originally scheduled for this week, but the judge granted Wells Fargo an additional two weeks to research internal records and prepare their case.”
Wells Fargo needed a little extra time? In my view, they should have been given the same amount of extra time they’ve too often given homeowners before they’ve foreclosed on their homes… none.
For more information on how our FMA (Forensic Mortgage Audit) program and loan modification processing services can help you to be more effective in your fight to save homes, or if you believe you or someone you know has been a victim of Predatory Lending and/or Mortgage Fraud, please call the following number TODAY: (888) 201-8608. You can also email us at help@nafmainc.org
When it comes to obtaining a loan modification, Wells Fargo’s reputation is a long way from being stellar. In fact, they’re one of the worst, according to several attorneys who have had significant experience working with the bank on behalf of clients over the past six months. So, when I read this past week that a woman in Phoenix had filed a complaint claiming that Wells Fargo had ignored her request for a modification, it was hardly news to me.
According to a story from KPHO.com, Channel 5 in Phoenix, the woman’s name is Bobbi Giguere, and apparently she applied to Wells Fargo for a modification this past December after losing her job, and got nothing but lies, the run-a-round, and finally a foreclosure notice in return. The KPHO.com story quoted her as saying:
“I sent them everything they asked for, and then when I called to follow up they said, ‘What paperwork? What modification? We don’t know what you’re talking about,’” said Bobbi Giguere.
So, now a federal bankruptcy judge in Phoenix, Judge Randolph Haines, has ordered that a top Wells Fargo executive must come and testify about the bank’s loan modification policies.
Ms. Giguere’s bankruptcy attorney was also quoted in the story as saying that it’s “very unusual” for a judge to issue such an order. “The judge is trying to send a message to Wells Fargo and other banks that they need to pay better attention to customers who want to modify their home loans,” Nussbaum told Phoenix’s Channel 5.
Okay, so what? Big deal, right? Yet another story about a bank or servicer not doing what they’re supposed to do under the president’s Making Home Affordable program. Well, here’s the rub…
Again, according to the KPHO.com story, Wells Fargo responded by issuing the following statement from Mary Coffin, the bank’s head of home mortgage servicing. It said:
“We appreciate the court giving us the opportunity to share our servicing practices, which include working with all customers facing hardships — even if they declare bankruptcy — until every reasonable option to prevent foreclosure has been exhausted.”
The bank “appreciates” the court providing the opportunity to “share” servicing practices? Does anyone not see just how far from contrition we are here. We, and by “we” I mean anyone involved in obtaining loan modifications from servicers, all know what’s going on here… Wells Fargo is full of you know what.
They routinely deny having received paperwork, routinely refuse to comply with the rules of the president’s program, and obviously aren’t the slightest bit concerned that they be called to task for their widely known shortcomings that are putting people out of their homes and onto the street. Their practices are costing our president a great deal of credibility, and preventing our economy from even coming close to starting on a path to recovery.
CBS 5 News also reported that after running the story, many other homeowners contacted the station, “sharing remarkably similar frustrations”.
According to the station:
“Getting the runaround about lost paperwork was amongst the most common complaint. The complaints came from customers using a variety of loan providers, including but not limited to Wells Fargo and Bank of America.”
Channel 5 also quoted Arizona Attorney General Terry Goddard as giving banks and servicers “a D minus” when he was asked to grade them as related to helping homeowners obtain loan modifications. He went on to refer to the servicers’ response to the president’s program as “pathetic”.
Apparently, Channel 5 called Wells Fargo for a comment on the case and Ms. Coffin replied that the bank “could have offered better customer service and definitely could have communicated better.” Well, gee golly whiz… could they now? Is that all they could have done?
Listen, I’ve had enough with the sugarcoating that surrounds this issue. What the bank/servicer could have done is live up to its agreement to participate in the Making Home Affordable program. Wells Fargo took billions of dollars from taxpayers and they agreed to the terms of the president’s program. They need to live up to that agreement and they’re not… not even close. What was the percentage of Wells Fargo loans modified under the program that was reported last week in the administration’s “report card”?
Oh yeah… 6%. And in response, Wells Fargo’s Mike Heid, co-president of Wells Fargo’s mortgage unit issued the following statement:
“We know we’ve fallen short of our customer service goals in some cases.”
They’ve got to be kidding.
According to Phoenix’s Channel 5, “a Wells Fargo executive is scheduled to testify in federal court on September 3rd. The hearing was originally scheduled for this week, but the judge granted Wells Fargo an additional two weeks to research internal records and prepare their case.”
Wells Fargo needed a little extra time? In my view, they should have been given the same amount of extra time they’ve too often given homeowners before they’ve foreclosed on their homes… none.
For more information on how our FMA (Forensic Mortgage Audit) program and loan modification processing services can help you to be more effective in your fight to save homes, or if you believe you or someone you know has been a victim of Predatory Lending and/or Mortgage Fraud, please call the following number TODAY: (888) 201-8608. You can also email us at help@nafmainc.org
Tuesday, August 11, 2009
Obama's Plan: Over 500 Bad Reviews!
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!
“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!
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