Loanmod Approval

What homeowners go through while waiting for their permanent modification…

This article tells it all: Chase Modification Process

Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America are going through as we speak. The sad thing about it is that Chase may not be the worst at delaying the process. This is happening to virtually every homeowner, regardless of who they pay their mortgage to. Bank of America may actually be among the worst banks in prolonging the modification review process under the Obama plan or for any modification program for that matter. Bank of America currently has the highest number of eligible borrowers  for the Obama Plan. Yet, as of early December of 2009, they’ve only modified 95 homeowners into a permanent modification. To put things into perspective, Chase has modified over 4,000 homeowners into permanent modifications under the Obama program during the same time period. So, what’s the problem with Bank of America???

The number of problems with Bank of America would take to long to list. What I can say is that if you do pursue a modification with Bank of America or any other banking institute for that matter, it is very important that you do exactly as you are instructed by your bank. Why? Simple really…You don’t want to give the bank any reason to deny you for a loan modification. The banks can be quick to deny a loan modification for the slightest of reasons. Like missing a page of your bank statements. So, it’s imperative that you fulfill your end. The banks should in return fulfill their end of the process with a suitable modification, no matter how long the process takes. If you find that your lender wrongfully denies you for a loan modification, then you must use their mistake to your advantage and present your case to the banks managers. You’ll need all the ammunition you can get to leverage yourself when asking for a loan modification.

Also, keep in mind that your bank may approve you for a trial plan or a forbearance plan, does’t guarantee that your loan will be approved for a permanent modification. More on this later…

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