Are Banks Doing Automatic Loan Mods Now ?

Author

Previous Topic | Next Topic

RCJFC888

122 Posts

Posted - 07/25/2008 : 01:37:21 AM

One of my friends was going to have his loan reset in September it was a 100% done through WMC and he had called ASE about a loan mod but they told him to wait until he got the letter, stating what his new payment would be. He never called back and was waiting for the letter. Today he called me up and said that he got a letter stating that he was approved for a loan mod and all he had to do was sign the acceptance letter they sent him send it back and pay his mortgage for the next two months on time. If he did that they would automatically fix his current rate for 5 more years. He was not required to send anything else in except for the signed letter they sent him. Has anybody else's clients received a letter like this are banks doing this now? I never heard of this happening before a loan mod with no paperwork required and no call needed. Lucky for him because he is at least 150,000 under what he bought it for but can make his current payments no problem and wants to keep his house.

genealle

958 Posts

Posted - 07/25/2008 : 05:52:31 AM

Now if they would all do that, it would save everyone a lot of money, especially us tax payers.