We are getting many reports that the loan modifications are taking a long time to be processed. I know of a few people that have applied for a loan modification. Only one of the applications has been completed.
Unfortunately, people wait until the last minute to submit their applications. In many cases, it's impossible for the lender to react as quickly as needed. This isn't putting up an excuse for lenders. In reality, they have the technology to complete these rather quickly, but as we all know, banks and lenders in general profit from our mistakes. It's hard to teach an old dog a new trick.
The couple made a decent amount of money in this story. Like many, they were hit with unemployment.
Friday, September 18, 2009
One couples frustration with a loan modification
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