Mortgage Loan Modification – What?

In Rialto, California, a Wells Fargo & Co. customer, Richard Cormier, made 8 mortgage payments on a trial mortgage loan modification and on Oct. 12 they told him his home was going to be auctioned at the end of the month. Why? Wells Fargo & Co. informed him that there was some paperwork not in his file. Can’t believe that?  Well, you’d better, because this happens all too often with mortgage loan modification paperwork.

Richard stated, “Every time I try to do something they ask, it’s never right”.

Mortgage Loan Modification – Hopeful News For Some?

A spokesperson from Wells Fargo, which is the largest mortgage lender in the U.S., said the mortgage loan modification will be approved.  The Hopeful News, if you want to call it that, is that as of June, according to Tom Goyda, a company spokesperson, Wells Fargo has started to designate one employee to take care of a mortgage loan modification from beginning to end. Goyda said this was implemented so that a homeowner “knows who they’re working with”.

Under HAMP guidelines, a final sale for a foreclosure is banned until 30 days after a homeowner has received rejection notification. The foreclosure sale can’t happen until servicers provide foreclosure attorneys with written certification that all mortgage loan modification efforts have been implemented.

Mortgage Loan Modification Nightmare

Bank of America’s Bauwens said in an e-mailed statement , “Our normal policy is to continue with the foreclosure process while we review a customer for a loan modification,” and also stated “If we have not finished our review, we will postpone the foreclosure sale automatically.”   However, wouldn’t you agree that the foreclosure process should be stopped when someone is applying for a mortgage loan modificaton?

It can take as long as nine months for many lenders to approve a mortgage loan modification, something that shouldn’t take more than 45 minutes, said Rick Rogers, who is an attorney in Bannockburn, Illinois, who represents homeowners.

“Lenders are overwhelmed,” was said in an interview with Nathalie Martin, a professor at the University of New Mexico School of Law. “A lender is duty-bound to hire enough people to be able to service their loans.”

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage loan modification or other situation as a first step to getting you help to stop foreclosure.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.bloomberg.com/news/2010-11-02/mortgage-modifications-meant-to-save-u-s-homes-push-them-into-foreclosure.html

Mortgage Loan Modification – Are You On That Merry-Go-Round?

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B of A – Please Answer The Question

Critics say, even if B of A [Bank of America] has only been foreclosing on property owners that are late and after appropriate loan-modification attempts, B of A’s statements have just ignored the most pertinent question.

Rebel Cole, a law professor at DePaul University in Chicago, made a great point about B of A by saying, “They may have been accurate in that the borrower was delinquent,” “But what they don’t say is, ‘We have followed the law,’ and that is where the issue is.”

Cole states that in a lot of cases, the banks do not have the necessary paperwork to proceed with foreclosures.  ”The genie’s out of the bottle on this one,” Cole says regarding B of A.

B of A Cut Corners

Last month, a letter from Ohio Attorney General Richard Cordray pointed out that B of A cut corners in what “would appear to amount to a fraud upon our courts.” Skeptics say that Bank of America’s apparent failure to abide by state property law could become a stumbling block for B of A as well as for JPMorgan Chase and Wells Fargo.

“The banks are trying to paper over this problem, but if you know the law, you know there is no easy way out of this,” Rebel Cole also stated regarding B of A and other bank’s issues.

Not everyone agrees that the foreclosure fiasco signifies a certain doom for the banks like B of A, which potentially face much larger issues with a still-sick housing market and a weak economic recovery.

Chris Whalen, of Institutional Risk Analytics, is one, because Whalen said, “In the scheme of things, this is not going to matter,” Whalen also stated, “We’ll see some bizarre trial decisions and the cost of servicing is going up, but this is not going to kill them.”

B of A Said They Aren’t Perfect

Last month, B of A conceded in a statement that “we’re not claiming perfection,” which is just as well because of the wrongful foreclosure nightmares that have come to surface of late. B of A has emphasized that it’s “committed to getting our process right.”

Bank of America, meanwhile maintains it’s going to resume foreclosures – though recently their statements have been more cautious.

On Oct. 18, B of A stated that it they are planning that “the first foreclosure affidavits will be resubmitted to the courts” by Oct. 25. However, they have modified that by saying it is “preparing to submit affidavits” in a process that “will take several weeks.”

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you non-attorney help to stop foreclosure.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://finance.fortune.cnn.com/2010/11/02/what-we-still-dont-know-on-bofas-foreclosures/

Do you have a B of A loan?

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