Posted on: 03rd Jul, 2010 07:08 am
Cliff, looking for your help & advice. Been working with my lender WAMU now Chase for the past 18 months to obtain a loan mod to no avail. I've gotten the run around, lost doc's that I have sent 2,3, 4 plus times. I understand that they are backed up since I was a loan originator for 12 years. My question is this - How do I speed up the process and how do I get them to reduce my loan amount since I'm now underwater on the value of my home? Currently per Chase I'm in underwriting.
Also any suggestions on a loan mod company or attorney?
Thanks
Jacqueline
Also any suggestions on a loan mod company or attorney?
Thanks
Jacqueline
every mortgage company tries first to MOD the loan under the government program, if you don't qualify for the governments program the mortgage company transfer the loan to another MOD department, and so on and so on; as you don't qualify for each individual MOD program. The down side to this is that your documents don't transfer fomr MOD department to other MOD department. Each MOD department has it's own type of documents required to qulalify, and they can't see what the other MOD departments have done, or even she the documents that you sent to them. :?
You will have to be in constant touch with your lender and check out what steps he is taking in order to modify your loan. You should get in touch with the lender and request him to modify the loan asap so that it becomes affordable for you to pay off the loan.