We still think that the entire loan modification endeavour is a gigantic waste that’s doomed to fail. But we completely feel for homeowners who are trying, in good faith, to do a workout with their bank, only to have the process stymied by intentional foot dragging.
You see, the banks love to tout the number of home mods they’re working on — they just don’t want to actually modify them in a meaningful way.
One irate JPMorgan (JPM) chase customer writes:
Its not the borrowers, its the lenders. If you know of any way to get in contact with [Edward] Pinto, please have him (as well as yourself) take a quick glance at the following forum with THOUSANDS of people getting strung along by Chase, on trial payments number 6/7/8 with nothing being converted to permanent.
I am on my 6th payment now. Can’t tell you how many times I have had to send the same document requests to chase, maybe 20, 30. I bet I have logged 100+ hours giving them everything they want.
They are not approving permanent mods, reporting people past due and ruining credit, instead of going to the floor 2% interest rate they are adding HUGE balloon payments (example is $297K I read from a guys post), all of which are outside of HAMP guidelines, etc.
Clicking that link above is a sure way to get depressed for the afternoon — not just because foreclosures are depressing, and because it’s depressing to see the dire straights so many homeowners find themselves in. It is a waste of time and human energy.