The New York Foreclosure Law Blog has posted an article about some of the difficulties that consumers face when seeking a mortgage modification. Difficulties with banks seem to be the most common. Banks are generally not equipped and are too understaffed to deal efficiently with the large numbers of modification requests sent in over the past year.
The understaffing causes a delay before the bank gets back to you or can even confirm that they received your paperwork. Loan modification departments have groups of rotating phone representatives, meaning that you won’t likely speak to the same person every time you call and will spend more time giving explanations that getting answers.
This method can take months if you go it alone, and be irritating when having to deal with courts or other legal proceedings that you might not be familiar with. This article suggests that if you are interested in pursuing a mortgage modification it’s easier to contact a lawyer who can get you faster results.
If you have more questions about mortgage modification, feel free to contact us through our website or by calling 205-879-2447.