Question by Dolphincove: How to get help in dealing with a mortgage lender that isnt helping through our hardship?
Can anyone offer advice or information on how to deal with the fact that we were denied for a loan modification twice by our mortgage lender and through this time we have a hardship, given the runaround and nonsense and they messed up our credit, where do we get help from here to either get refinanced or someone to contact to get the payments deferred, which the bank claims they do not do?
Answer by chatsplas
Sorry to sound unsympathetic, but they don’t OWE you this loan modification.
The government has provided some incentives for lenders to work with their borrowers, but the programs are voluntary.
Think about it–you went to them and begged them to loan you money to buy a house with little money down. Now you want to change the terms of your deal with them, through NO fault of theirs. It isn’t their problem you have a hardship, and they owe you nothing.
The way to obtain loan modification is persistence. Provide what they ask for, be polite and persistent, and understand that they don’t have to do this. Make them want to help you rather than DEMANDING that they help you. Follow through and keep on top of the process.
Failure to pay your loan payments in full and on time is what harms one’s credit, not anything lender does. If there’s NO income, then there’s no reason to go to the expense of loan modification or refi, because there is no assurance of future payments.
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