“I don’t understand why my mortgage company has asked me to resubmit our loan modification papers 12 times!”
Recently, on a call with a client. He expressed his frustration that the bank has just repeatedly asked him to complete the loan modification paperwork over and over again over the last several years.
They claimed that something wasn’t filled out correctly. Or that something was missing. Or that it arrived past the deadline.
“Why do they keep doing that to us?” he asked while we were on the phone.
As I explained that mortgage companies get funding for every application they received, the puzzle pieces started to fall in place.
“Well how much funding do they get for approved applications?” He questioned further
“They don’t receive any funding for approving an application. That’s one of the reasons that less than 30$ of applications are approved.” I elaborated.
After learning more about his situation, a loan modification wouldn’t even make sense for him to do. He was furious. They were just wasting his time and stringing him along while his bill to them climbed higher and higher.
I wish I could say this is rare, but it’s not. Most people don’t know this. They don’t know why on earth the company would have them fill out the same forms again and again. They’re stressed. They’re scared. They’re trying to do whatever they can to get out from under this loan so, yes, they keep filling out the forms and hope for the best.
At the end of our call, he was thanking me for having shared the options he had. And was ready to move forward and get his mortgage problems solved once and for all.
If you are struggling with your mortgage payments and want to learn more about the options you have to get out from under it, connect with one of our specialists to find out what options you have.
