Last year the 5 biggest banks cut a deal with 49 attorney generals.They were B of A, Chase, Wells Fargo, Citigroup and Ally financial. In return for not being sued, they agreed to certain practices.
No dual tracking. That means that they can’t continue with the foreclosure process while in negotiation with the homeowner for a loan mod or short sale.
Only one person to deal with through the process. Each time you call, you get a different person.
Short time lines- 30 days for a decision on loan modifications.
Guess what? They are not paying attention to the law. Is anyone surprised? This is important to know when you are talking to a homeowner who thinks they are going to be treated fairly and don’t have to worry about being foreclosed on just because they submitted loan modification papers.
It’s important to inform sellers abut the perils involved.- both fro scummy banks and also from scummy attorneys who tell them that they can stop the foreclosure with a retainer. I know people who have paid 15k or more to these crooks and got nowhere.
We are having a loan mod specialist come to our gold meeting this month to educate us about what reality is so we can help sellers avoid disappointment or worse. Click here to become a Gold Member.