He introduced his problem as if it were something I'd never heard of, and cited a
It caused me to dig into our electronic library to see how often my name and the term "mortgage modification" came up between 2007 and 2014.
The count: 318 times.
I thought lenders and mortgage servicers had finally gotten it right after several years of what
But, Schroeder said, "they are still botching it up," citing the case of one client who had been given a trial mortgage modification in February that dropped his percentage rate to 3.5 from 8.5.
"He finished the trial payment period, but the lender turned around and decided not to give him a permanent modification," said Schroeder.
No explanation was given, but the lawyer surmises that the value of the house in question has increased as the real estate market has been experiencing its fits-and-starts recovery over the last couple years.
His client's house was less "underwater" than it had been, meaning that it was closer to the value it was when purchased.
The reader who e-mailed me did so a few days before a jury in
PHH is, of course, appealing the jury award, but what homeowner
Linza's monthly payment was lowered from
Linza said he was never told why.
In saying that PHH would challenge the jury's unprecedented award --
Even after all these years, obtaining a mortgage modification remains complex and is probably something that most of us cannot do on our own.
"If you leave out a word or get a calculation wrong, they will make you start from the beginning with a new application," said
Though lenders and servicers have made some aspects of the process easier, they have added new potholes. Some require, for example, that a certified public accountant sign off on tax returns from self-employed borrowers.
"No CPA would do that for a first-time client, and the charge is typically
"They can at least review the application to make sure it is complete," Hasson said.
"I wouldn't say it is a perfect process," she added, "but it has improved."
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