Loan Loss Mitigation Facts & Fiction
Loan modifications are handled by a bank’s loss mitigation department. The employees of this department are trained to protect the banks assets, not to help you. YOU CAN VERIFY THESE INEFFICIENCIES ARE ACCURATE BY CALLING YOUR BANK’S LOSS MITIGATION DEPARTMENT, TAKE NOTES AND OBSERVE HOW YOUR INQUIRY IS HANDLED. In fact, they will purposely obstruct your efforts to modify the loan. Presently, they are overwhelmed and poorly staffed as they try to figure out what to do with the thousands of bad loans on their books.
Mortgage holders who are 30-90 days delinquent are given preferential treatment by the banks. We do not encourage you to default, however.
THERE IS NO GUARANTEE AS TO THE LENGTH OF TIME BANKS WILL BE OFFERING LOAN WORK-OUTS. Therefore, time is of the essence to ensure success with your situation.