CONSIDERATIONS IN RESOLVING YOUR MORTGAGE DISPUTE

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99% of people who are behind on mortgage payments and need a loan modification attempt to resolve the problem by calling their “Bank”.  Typically, they only reach out to “professionals” after they are denied a loan modification.  If this describes you, trust me, you are not alone.

Since nearly everyone reading this has already attempted to resolve a problem with his or her "Bank", the following probably sound familiar. You have experienced repeated requests for documents, been told one thing one day, another the next, received a letter saying one thing and been told something else when you call. 

I think everyone has experienced how our world has changed and continues to change. In virtually all fields, customer service departments are staffed by robots “programmed” to follow a script: strict instructions with esoteric language to use that the typical consumer has no hope of understanding without investing hours. Typically, following a 3-way call with one of my clients and their "Bank", the client will say “I did not understand anything!” or “What just happened?”  

Representatives tasked with "helping" consumers, typically have never read the actual guidelines for programs, or the rules of the game. The typical representative may be "nice” but is usually only versed in the script they were given and not the actual rules or programs of the owner or investor of your loan. 

The truth is, investor guidelines and rules change regularly, and keeping up with changes requires constant learning. I can only imagine how hard it is to keep staff trained.  I wish they would do better.  

There is a long list of rules and guidelines that attempt to protect consumers. However, very few attorneys take the time to learn them.  For this reason, very few attorneys are willing and capable of bringing legal action on these types of cases, which are very nuanced and dependent upon specific details.

So, what is a consumer to do? Consult knowledgeable attorneys and educate yourself!

• Bankruptcy Attorney

• Modification Consultant

• HUD Counselors:   Home (hud.gov) 

• Foreclosure Defense Attorney

• Consumer Attorney

Attorneys knowledgeable in:

• Loss Mitigation Rules

• Loan Modification Guidelines

When discussing loan modifications WITH ANYONE, if they do not use the terms ‘INVESTOR’ or ‘GUARANTOR’ frequently, and they do not give set expectations for you as it relates to terms of the modification per your Investor or Guarantor, they are simply applying for a modification and hoping and praying for a favorable result.  Your success is determined by the alignment of your specific situation with the investor’s guidelines.  Work with someone who knows how to cast your case in the best light for a favorable outcome (See Step 1 on my website).

 "RR Compliance Consulting is not associated with the government or your Lender" 

"Even if you accept this offer and use our service, your lender may not agree to change your loan." 

"HUD offers similar service at no cost"- Visit HUD.gov