In the wake of the Espinosa family's amazing victory (Citibank vs.
Espinosa, see: http://www.occupyhomesmn.org/11th-hour-victorycitibank-cancels-foreclosure-auction-of-minneapolis-moms-home-commits-to-loan-modification-with-reduced-payments/) I am reminded of the loan modification
workshop I attended in North Miami Beach in late April. The main speaker was Raven Liberty, Esq.,
from Raven Liberty, P.A. and her focus that evening were the various changes to
the HAMP program. Ms. Liberty spoke at
length about the many changes but emphasized the importance of having the
"numbers" correct. Each of the
loan programs require an accurate and updated financial statement along with
requested documentation.
In my experience, the loan package provided by the banks are
not adequate to the task and so they keep asking repeatedly, for more and more
information. We know that the banks are
not to be trusted so it begs the question, is it a mistake, did the loan
officer forget to include the list of required documents? I cannot answer those questions, but what I
can do is assist any homeowner with getting his/her financial statement in a
format that is bank acceptable and organizing the necessary documentation
(including those not requested in the original loan package) for easy access by any
loan officer. The web-based, software
program that I employ, apart from producing bank ready financial statements,
has the ability to e-mail documentation to any loan officer and the homeowner
with the push of a button, thus saving time & money.
I cannot guarantee, nobody can (the governing documents of the trust may not allow loan modifications) that this manner of presentation will get the homeowner the much needed loan modification but it will get the loan application the attention that is necessary to make that determination.
The process is tedious and attention to detail is absolutely
necessary. We know the banks are
counting on homeowners to be stressed, frustrated and not equipped to deal with
all the paperwork that goes into getting the loan package bank ready. Let's not give them this perceived advantage. If you or any one you know needs help,
contact me and I will do everything I can to get the loan package bank
ready.
