Loan Modification Help: Get Some Answers From The Bank CEO
Added November 13, 2009 by Ilyce R. Glink
Summary: Loan Modification Help: Get Some Answers From The Bank CEO Are you in loan modification hell? Like thousands of other people, this reader has filed for a loan modification, but can't get any answers about the future of his loan modification from his lender. The banks are swamped with loan modifications and foreclosures right now, but you deserve answers about the future of your loan, too. If you're not getting anywhere by calling customer services lines and other options, try using the format below to document your loan modification situation and get some answers from the bank CEO.
Loan Modification Help: Get Some Answers From The Bank CEO
Q: I am really angry about what’s going on with my loan modification – or I should say, my non-loan modification. I have been going back and forth with my big box lender and first they say I can get a loan modification and then I can’t.
I know you’ve been encouraging people to tell their loan modification hell stories. Mine is too long to go into in an email. But I want to do something to get my lender to pay attention to me. What do you recommend?
A: I’m sorry to hear that you’ve had so much trouble getting a loan modification from your lender. Perhaps it will help to know that there are literally hundreds of thousands of folks having the same confusing and frustrating experience you are.
After consulting with some sources at the Treasury Dept., someone suggested that if you’re in loan modification hell, you should write a concise letter that clearly details what has happened to you. Organize your thoughts into a timeline of events. And, be sure to include any information you have that identifies which employee you spoke with (the employee’s identification number, office or location would be helpful), the date of the contact and even the time of the call. If you’ve received a letter or emails, include a copy of them with your letter.
You’ll want to address your letter to the president or chief executive officer of the bank. If you don’t know who that is, go to Yahoo.com finance page. Under the “investing” tag, use the search box to type in the name of your lender. A bunch of company names will pop up. Choose the company you’re interested it. On the company page, choose the “profile” tab on the left navigation bar. That will take you to a page with the company headquarters and the names (and salaries) of key employees, including the CEO.
Once you have the CEOs name and address, you’ll want to write a letter that roughly follows this format:
Dear [name of bank president or CEO]:
I am writing to tell you how confused and unhappy I am because [fill in reason why]. Here is what happened:
On [fill in date], [fill in what happened, with whom you spoke with, contact information for that person and any other information.]
(Repeat until you have finished the time line.)
My question is: [fill in the questions you want to ask].
What I want you to do: [if you want the company to look into your situation, approve your loan modification, or do something else, write it here.]
I’ve attached supporting documentation, including:
I’ve copied the Treasury Dept., the OCC and the FDIC on this letter.
I look forward to hearing from you or your team quickly.
Sincerely,
[Your Name]
You should then overnight the letter, or send it return receipt requested so you know that your letter was received by the company. Be sure to send a copy to the Treasury, OCC and FDIC so there is a record of your complaint.
According to the latest figures, some 650,000 loans have been put into temporary loan modifications under the MakingHomeAffordable.gov program. Big banks say they are putting thousands of others into their own loan modifications.
Some people will slip through the cracks, or wind up on the phone with someone who isn’t trained well or isn’t knowledgeable enough to help you.
I hope that by elevating your concerns to the executive suite, your loan modification will get the attention it deserves.
Good luck. Let me know what happens.
Read more about loan modification help and why some lenders are slower than you'd like
See more articles on this topic by clicking on the "RELATED ARTICLES" above and to the right.
We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, don't forget to post your comment below. We thank you for coming to ThinkGlink.com.
© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.
Additional Topics
(View All Topics)HUD consumer advice credit history credit score foreclosure home loan ilyce glink loan modification mortgage mortgage lenders mortgage loan personal finance advice real estate advice real estate law refinance mortgage
Related Articles
Related Blog Entries
Top Rated Articles
Related Videos
DIY Projects and Home Repair
DIY projects and home repair can be a quick and ea...(4:25)
Home Selling Tips - Staging Your Home For Sale
Staging your home for sale is one of the top thing...(4:26)
How To File Your Taxes
Should you be filing your taxes on your own? If yo...(4:06)
Comments
Carol F Sanders says
Where do I get addresses for Treasury/OOC/FDIC? I've tried and am still trying to do everything I canmeow ilrc
Carol F Sanders says
Where do I ger addresses for Treasury/OOC/FDIC. I've have tried and am still trying to get modification
chris says
I did exactly as you describe above to Wells Fargo on 8/27/09, having first requested a loan modification in January of 2009. On 9/23/09 they sent me a letter saying my loan was approved for a modification and that paperwork had been "forwarded" for me to sign. None ever came despite my regular follow up phone calls and faxes. Next I received a letter on 11/17 saying they were "unable to adjust the terms of my mortgage" without input from me. That they had been unable to erach me to discuss my situation. I have called them at least once a week since JANUARY and they won't talk to me. I just absolutely want to scream. I really can't take it anymore. I am going to let them foreclose my property.
vanessa says
Please, Please do not give up. I am having the same problem with them. They approved me for a modification took the first payment and 5 days later sent me letter that I was cancelled because I did not make payment. My bank draft prove it was taken but when I called to clear this they did not want to hear it. They said I have to start the process over and if this does not sound crazy they took the 2nd trial payment after they said I was cancelled. I am still fighting this frustrated can't sleep but I am not giving up.... Please do not give up. Obama gave them bail out money to help. They just need to audit this banks.
LITTONVILLE HORRORS says
Hello, I am in POST MODIFICATION HELL. Litton gave me what was SUPPOSEDLY a HAMP modification, NOWHERE does the word appear. It is NOT done on the government forms. An escrow shortage was disclosed in the modification and stated to be 843.42. That shortage was to be covered by the payment. The payment was to NOW become 933.81/month for FIVE YEARS. There was a note that escrow could increase, WELL OF COURSE it can, we know if the INSURANCE COSTS go up, then the escrow payment would, follow suit. BUT that isn't what caused MY ESCROW TO GO UP BY OVER A HUNDRED DOLLARS A MONTH for the next FIVE YEARS! Having sent in the OVERDUE TAX BILLS, I assumed the BIG PRINCIPAL INCREASE, reflected those bills getting PAID, as PART OF THE MODIFICATION. The modification was completed on 11/24/09. However, within days of this Litton's WEBSITE, reflected an ENORMOUS ESCROW DEFICIENCY, not estimated to be OVER SEVEN THOUSAND DOLLARS! To correct for that, they wish to charge me OVER A HUNDRED DOLLARS A MONTH EXTRA, for FIVE YEARS! How's THAT for post modification HELL. I already have a lien that wasn't dealt with that costs me a hundred dollars a month. NOW THIS. NO WONDER POST MODIFICATION DEFAULTS HAPPEN. WHAT KIND OF TILA VIOLATION IS THIS, BECAUSE THEY WERE NOT TRUTHFUL IN THE MODIFICATION. THOSE BACK TAXES COULD HAVE AND SHOULD HAVE BEEN CAPITALIZED AS PART OF THE MODIFICATION.
Al says
Address of OOC: http://www.fdic.gov/about/contact/ask/otheragencies.html