Feldman Law Center
Mortgage servicers such as Wells Fargo and Bank of America were already having a difficult enough time protecting their reputations before recent events. Now, they have all three branches of the government focused on how they are treating borrowers. In fact, some judges are going to great lengths to find out the truth from mortgage servicers.
Recently, a woman had to submit her loan modification request to Wells Fargo three times and got no response from the bank. A federal judge in the United States Bankruptcy Court gave the woman a chance to actually question the bank executive face to face in a court of law. The judge said he was frustrated by Wells Fargo in general when it came to the way they handled loan modifications and wanted to take the opportunity to put them in the spotlight. The judge was quoted as saying “The kind of story I hear from this debtor is one that I and other bankruptcy judges around the country are hearing over and over and over again.” Unfortunately, this judge cannot make this woman’s house reappear.
The poor response time by mortgage servicers is damaging President Obama’s loan modification plan as borrowers are waiting an eternity for an answer to their claims. In the meantime, homeowners are succumbing to foreclosure and bankruptcy because they cannot get an answer from their banks regarding their loan modification application. One of the reasons cited by banks for failed responses is that loan modification applications are incomplete. In one instance, a bank official from Wells Fargo claimed that the person applying for a loan modification did not have the proper paperwork. In the end, this claim came back to bite the man as the letter Wells Fargo sent to the woman applying for the loan modification never mentioned the specific item he brought up.
While federal bankruptcy judges are extremely frustrated with mortgage servicers, there is nothing they can do at the moment to stop foreclosures or help people who have already fallen into bankruptcy. This is why a California loan modification attorney is so important to anyone applying for a California home loan modification. A California loan modification attorney will have the experience to properly fill out any and all paperwork, as well as to use the law against the mortgage companies should there be a problem.
As for proper loan modification applications, an attorney will know exactly what paper is needed for every application, allowing the borrower to worry about other things. A mortgage servicer may not include everything in the letter, but a California loan modification attorney will know every last document and piece of information necessary for the application. Yelling at bank executives at a bankruptcy hearing might have some level of satisfaction, but avoiding foreclosure is something more satisfying. One of the closest, fool-proof options to make sure your loan modification application is properly filled out is by using a California loan modification attorney. They may be able to help you avoid foreclosure, avoid bankruptcy, avoid a short sale and stay in your home.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.