Monday, March 15, 2010

Loan Modification in 24 Hrs, YES it's true!

I went to help out a friend in need... put all his paperwork together for the company holding his mortgage.
IMPAC ... an investor using Bank of America as a servicer. IMPAC asked for the minimal information from my friend, most recent Bank Statements showing deposits, lease agreements for rentals, oh yeah this was on a rental and not his primary home. Hardship letter and a brief application of his personal info. We faxed it all to the provided number and I wished him luck and told him to call me and we'd go over their offer once they got back to him. Most lenders are so slow I told him it would probably be a while before he hear anything! BOY was I wrong, THE NEXT DAY he call me and had a contact in hand. They reduce the payment by $400.00 and lower his rate to 3.75% for a 5 year period. They gave him a 2 month reprieve from making a payment and his new payments would start May 1,.... I was stunned. If I didn't see it for myself I never would have believed it.
Why is it this company can do in 24 hrs what BoA, Wells Fargo, Chase and Citibank cannot get done in 120 days.... I don't understand why these lenders are taking so long to help people complete their modifications??????
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