We research, you save.
September 8th, 2009

Having Trouble With Your Loan Mod? Read This



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.

Share and Enjoy:
  • email
  • Print
  • RSS
  • Add to favorites
  • Yahoo! Bookmarks
  • Facebook
  • Twitter
  • Technorati
  • Digg
  • del.icio.us
  • Google Bookmarks
  • StumbleUpon
  • Yahoo! Buzz
  • Mixx
  • BlinkList
  • Live
  • Reddit

Leave a Comment

Receive Updates via Email

Delivered by FeedBurner

About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

Our bloggers:

Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

Connect With Us

  • rss feed icon
  • facebook icon
  • twitter icon

Compare Lowest Mortgage Rates