I am the Cheif underwriter and a principle in a loan modification company; Marsh Robert Group (Marsh Robert.com) I personally prepared and submitted a loan modification request for a family in Arizona. They would have been prime candidates for any lenders modification critera. The household lost significant income in the economic downturn when one of two employment contracts were cut.
The father goes out and finds a job teaching special needs kids. He continues in his original employment contract remaining and continues running his part time business. He still is making much less than he was when he bought his house and has fallen behind in his payments to HomEq at this point. He calls them several times to hear "you do not qualify for a modification" he keeps calling until a lady says, "well, with three jobs, surely you can get more hours at one of them and catch up."
That's when he gives up and calls us. We jump through all the hoops of asking about where and how to prepare his modification package to their standards and where to send it. After the usual few calls of "we don't have it" and then "we show we have a package but it is not yet accessible", I talk to a lady. It is soon obvious that I am talking to the same one my Client had given up on! She was quite proud that she had told him he did not qualify and it was all his fault because when someone else told him he did, he wouldn't call her back for her to review his file again.
Explanations from me like, "Maam, he was feeling overwhelmed, you had not helped him in the past, and we were preparing a professional package for him during that time to clearly show he was a worthy viable candidate" were dismissed out of hand as he had not given her the respect she deserved by immediately calling her when she told him to. It went down hill from there!
No understanding, no criteria, no logic just no! And then the HomEq websites accuse loan mod people of scams... These guys are only a servicer! They have a fiduciary duty to their investors that requires modifications in this economic climate. Class action anyone???
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