Mortgage Modified on the Third Attempt
Sometimes the most important part of the mortgage modification process is being persistent.
This morning at about 10:30 AM, I was able to secure a mortgage modification for client whose case I thought was dead in the water.
The lender was a Aurora mortgage company based out of Colorado that operates more like a mom-and-pop shop than a traditional mortgage lender. Apparently their fax machine doesn’t function well either, because it took three tries to get the modification packet to them and four attempts to get authorization for them to even speak with me.
After I confirmed receipt of these documents with a confirmation phone call the waiting game began. April turned into May, and on May 7, I got the first rejection. The rejection was because they had difficulty reading the financial sheet that was attached, so I had to start again. July 3 brought another rejection, this they did not believe that my client actually lived on the property. I guess they thought he lived in a box somewhere, because it was his home and that was where he got most of his mail delivered.
So on July 8, I got on the phone with a representative named Stephen, who advised me that the clients mailing address didn’t match his home address and that was why the modification was rejected, in fact the modification wasn’t even looked at or considered because the addresses did not match. I sent Stephen proof that the clients mailing address was a UPS box that he used for his part-time business, not his home address, and Stephen began the process of the modification.
It was definitely worth it. Usually I like to crow about the great interest rates I get my clients, and how much money per month I save my clients, and it’s all true, but there is something cool about being able to say I’m saving my client over $1000 per month on their mortgage. In this case it $1014 per month.
It would have happened if I wasn’t persistent. I put many hours into this case, in fact this case took twice as long as the average modification to case does. Two of those hours came from July 8, when I got the proof the UPS box and I typed out my clients income statement and had him sign it rather than fill it out, ensuring that it would be readable by the person in the modification department who would determine whether modification should be granted.
My question is how many of these mortgage modification companies for attorney-based mortgage modification companies are this persistent? Technically, my contract with my clients indicates that I’ll make one attempt to get a modification, and if that attempt fails I’ve done my job. That just seems wrong to me though. I fully expect to get a modification on the first try, so if I don’t, I’m going try again, and again, especially when it’s something as stupid as we don’t think you live here. (and in this business, stats matter, and right now I have only gotten one rejection in 57 completed cases).
So my question to you is this, are you sure the guy who’s calling you from California from the major national mortgage modification company or that gal who works for the lawyer based mortgage modification firm in Florida, that can’t even give you his attorneys bar ID number, is going to put and as much effort on your case as I do for my clients?
If you’re starting to wonder too, call me at 484-661-2891 or e-mail me at Jim@padebt911.com and we can discuss hiring an attorney that doesn’t quit and who knows how to solve a problem that just won’t go away on its own.
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Comments
Wow Jim! Very poignant post! Makes me want to hire you to get a loan modification. Glad to hear about your track record and the success you had with this client. Keep working for the little guy, it will take you places!
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