mortgage complaints
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Millionaire by Thirty: The Quickest Path to Early Financial Independence $2.20 Most people know that there are 70 million Baby Boomers in America today….but what is less known is that there are approximately 100 million people in America between the ages of 16 and 30. This generation has just entered, or will soon be entering the work force. And they have no idea how to invest, save, or handle their money. Young people today come out of school having had little or no forma… |
Chase Bank recently announced that from Jan -July 2010, it has assisted approximately 900,000 homeowners interested in modifying their home loan. What’s interesting about this announcement is that Chase is actually doing something to address the three major complaints that have plagued both HAMP (the Federal “Home Affordable Mortgage Program) as well as the entire banking and loan modification industry. Here are the three major pitfalls and what Chase is doing about them.
Problem One. The loan modification process confuses most homeowners.. The majority of homeowners throughout the United States originally purchased their home through a realtor or mortgage broker who held their hand throughout the buying process and guided them. To help bring a homeowner up to speed to do a loan modification, Chase now assigns a counselor to each customer that is working with Chase; this counselor walks the customer through the modification process and is their primary contact with Chase from start to finish.
Problem Two. Banks commonly lose documentation and ask homeowners to resend documents. Most homeowners who have encountered financial difficulty find it difficult to send the necessary documentation to a lender and hold a job at the same time. What makes things worse, some homeowners learn that after sneaking off at lunch to fax the financials from a Kinko’s, that the documents previously sent were either lost, incorrect or never received by the financial institution. The other day, for example, a person at a bank notified me that an application had been rejected because it was missing a zipcode on the address. She told me that resubmitting the correct document should be an easy task, not knowing how precarious the current job market is and how difficult some companies make it for their employees to do personal tasks while on the job. To make things easier for homeowners, Chase has established a centralized location for document collection and imaging, making it easier to review a customer’s file and reducing the need for borrowers to resend documents.
Problem Three. Loan modifications take too long. Most homeowners have been promised that their modification will be approved after making three monthly trial payments only to learn that after making seven or eight trial payments they are no closer to gaining approval than when they first started. To help speed things up, Chase has hired 8,000 new credit counselors to help complete the loan modification evaluation within 30 days of receiving borrower’s completed application package.
By expanding their team to assist customers, Chase can now weed through their applicants more effectively. They can communicate better and help those fortunate enough to qualify and discover the homeowners who are not eligible for a modification but who might want to pursue a short sale or other foreclosure prevention option. Still the statistics for loan modification approval from Chase are not encouraging. From Jan – July of 2010, only 27% of the modification applicants offered for the Chase HAMP program had gained approval, and 38% of applicants through Chase Bank’s own loan modification program had been approved. But at least it’s a start in the right direction!
Bob Boog is the author of Mortgage Modifications Made Easy a $10 guide to help homeowners modify their own home loans successfully. Visit: http://www.free-loan-mod-info.com
Los Angeles Times Housing, HUD, real estate
mortgage complaints Questions
complaints about hartford mortgage protection plan?
are their any people who have taken their protection plan and found it not to be what it was suppose to be or did anyone get ripped off
MOST people who buy mortage protection coverage, find out that it’s not what they thought it was.
I think that type of coverage is a ripoff. It’s not HARTFORD, it’s the product. That’s beause most people don’t know what they’re actually buying. Or, that it covers someone else, not them.
How will a 1% interest rate cut by Australia’s RBA affect your finances & lifestyle & plans for the future?
The Reserve Bank of Australia has decided to cut interest rates by 1% or 100 basis points as a ward or defence against worsening economic conditions internationally.
The biggest complaint that most Australians have is that the banks won’t pass on this interest rate cut to clients with home loans. The excuse for this being that they have increased cost bought about by their exposure to the US bad debt marked – eg CDO’s etc.
Australians are having to pay for their folly in good times and are not happy like their counterparts in the USA. Our federal treasurer – the Australian equivalent of the Secretary of Treasury or Chancellor of the Exchequer – will not pressure the banks to lower home mortgage rates.This is causing political angst. What do you think?
Im torn here. We need our banks to be strong and make profits so whats happening in the US doesnt happen here. I know i prefer to know that the bank i do my business with has a strong background.
The banks most likely wont pass on the full 100 basis points, obviously for the reasons you said.
I cant really understand though, how lowering rates and increasing inflation (which is what this would surely do) helps the economic crisis – so yeah, im confused from the start!!
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Reverse Mortgages For Dummies $1.98 For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.Reverse Mortgages For D… |
|
|
Streetwise Seller Financing: Sell Your Property up to 70% Faster $19.75 Help in selling your property… |
|
|
Millionaire by Thirty: The Quickest Path to Early Financial Independence $2.20 Most people know that there are 70 million Baby Boomers in America today….but what is less known is that there are approximately 100 million people in America between the ages of 16 and 30. This generation has just entered, or will soon be entering the work force. And they have no idea how to invest, save, or handle their money. Young people today come out of school having had little or no forma… |
