Having Trouble With Your Loan Mod? Read Thisby Tim Manni
Countless readers of this blog have expressed their frustrations over the slow process that is the government’s Making Home Affordable program. As a last resort, readers have asked us about some form of recourse to the modification process that has seemingly stalled at the hands of their lenders.
Many of the complaints we have received have been from borrowers who claim that their lender has either “lost” or “misplaced” their paperwork. Borrowers have been told to resend their applications, adding weeks, if not months, onto the process.
While we can’t speak to your lender on your behalf, The Consumerist says a HUD-approved counselor may be able to (emphasis added):
We contacted one of the loan counselors at Making Home Affordable (the official government website for the program) and asked what these borrowers should do. The counselor told us that they hear complaints like these all the time from frustrated borrowers, and that if you’re having problems getting your bank to cooperate you should call one of their counselors at 888-995-HOPE. She says you can authorize them to act on your behalf and talk to the bank for you. It may not solve the problem, but it would at least give you a chance to have someone with more expertise on the program talk to the bank’s loan modification people.
Note that if when you call you’re given an option to speak to someone in your area or to a counselor, choose “counselor” to reach someone immediately.
Click here to find a HUD-approved counselor. We can’t promise that this will speed the process for you because this is, after all, the government. Good luck.