I spoke to a client yesterday that was trying to get a loan mod. He has been talking to his lender for months. He lost his job 6 mos. ago and has been unable to get a job since then. He's living on savings and has made all of his payments to date. He bought at the peak.
He has not heard from his lender for almost 60 days. He just found out through an account manager that the mod department had rejected his file and had failed to inform him. This all took place in June.
My advice was to re-apply for the loan mod. Since the federal guidelines with President Obama's Making Home Affordable program are out there for mods, his lender may have a better program now. I also told him that he may not have made the cut for eligability due to the volume of mod's. He wasn't into the "Red Zone" yet.
I saw this article this morning that gives an indication that the loan mod wave has saturated or even overwhelmed the lenders ability to keep pace with the requests for mods.
Read this article from PR Newswire reported in Forbes. It just goes to show that it may take persistance from the borrower to get the mod.
I think it also gives us a message for our clients and people who come to us for information. We need to tell them to keep at it...stay focused... and it may take some time to get the mod.
Here is the article:
http://www.forbes.com/feeds/prnewswire/2009/07/24/prnewswire200907240952PR_NEWS_USPR_____PH51495.html
Let me know what you think and if this helps you or any of your clients.
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