Loan Modification Taking Too Long…Need Advice!!?
I’m currently doing a loan modification. I hired an attorney-backed company six months ago to handle the matter for us. So far, we have been VERY displeased with the service.
Long story short, we own two properties. The lender is GMAC. One property (our investment) has already been modified as of three weeks ago. The second one is taking forever!
I had entrusted that the company was doing their job. However, six months later, we’re getting nowhere it seems like. Basically GMAC asks for financials, we fax it right away to our loan modification company, then we later found out GMAC never received them for whatever reason. And according to the loan mod firm, GMAC keeps losing our paperwork!
When I signed the contract with the loan mod company, we were current on all payments. Now, six months later, my property that I currently live in just had a Notice of Default filed last weekend!
I forwarded this information to the loan mod company. Apparently the loan mod company failed to include both mortgage account numbers in the financial info they faxed over to GMAC over a month ago. So therefore, the faxed info only got applied to my other account which is the one that was just modified and not my owner occupied residence which is why we’re still struggling to get it modified. So the loan mod co refaxed it to them about three weeks ago. And we were told it would be 15 working days before we get any answers.
Yesterday, we find out that they never got the fax!!! So I’m now 90 days away from foreclosure. And I just spoke to GMAC and since my property taxes are late, they are now applying for an escrow account. They said at this point, it should be another 4-6 weeks total before we get an end result.
So as you can see, it’s been nothing but delay after delay after delay. The loan mod company is not doing their job in following up with GMAC to make sure they got the paperwork.
I’m worried sick to my stomach. I don’t want to lose my home, especially due to someone else’s stupid mistakes!! I can no longer trust the loan mod company to do the right thing for us. They assure us they’re doing everything within their power and that some loans take longer than others. Just depends. In my opinion, it should have never taken this long! It is very obvious to me that it was due to their lack of following up with GMAC that things are taking forever! Six months and no loan mod yet!!! Ridiculous!
We are perfect candidates in every way. If done properly, I know for a fact that we will get a mod. Basically my question is, now that I have an NOD and it could still potentially take 45 more days for the loan to be modified and not trusting the current company that’s handling my loan, should I seek another attorney? Should I just stay persistent and make sure everything is being handled? I’m at a total loss here.
I heard that GMAC is helping just about everybody out. My biggest worry now is that we’re now 90-100 days away from foreclosure. Just need to make sure our situation is being handled properly in the right hands. Please advise!!
try2help, wow, you nailed it right on the head!! Thank you for your input! I am embarrassed to admit, but I am a loan officer. Well, I am going back to my career for now which is more profitable nowadays for me. Just closed my last FHA loan last week.
Basically lots of my clients were coming to me saying their lenders were of no help to them when their loan recasted. So therefore, I felt I should hire an attorney-backed loan mod firm to have the experts do the job…..WRONG!!
I have a mortgage background. And now that I’ve stepped in, I see it’s nowhere near as difficult as I’ve heard from others. In fact, I now regret not taking this step myself!! I know I could have done it myself! I just hope it’s not too late!!!!!
Landlord, I do blame the company in part for all this. Yes, I understand what you’re saying. But since we did pay a hefty up-front fee, we expected better service than this. If the bank did not receive a fax…..THEN WHY IS IT TAKING THE LOAN COMPANY THREE WEEKS TO FIND THIS OUT EACH AND EVERY TIME?? Every time I talk with GMAC, they say it takes 72 hours to upload any faxes into their system. Why is the loan mod company finding out three weeks later? Because they’re not doing their job in properly following up on anything they fax over to GMAC. So now, I’m stepping in to make sure they ARE receiving what they need and get this over with before I lose my home!