Posted 7 years ago on Jan. 16, 2012, 1:48 a.m. EST by ihopeharp2is4real
This content is user submitted and not an official statement
I know the banks are supposed to be offering loan modifications, but in my experience they have only offered high blood pressure and headaches. I am current and underwater (I know many of us are), but my interest rate is ridiculous. I attempted a loan mod twice.
The first time they lost the paperwork I was forgiving... I figure people make mistakes. But the second go round they my lost documents again. It seemed fishy... They wouldn’t tell me what document was missing, until I finally got a letter that said, my modification was denied because I didn’t supply all the necessary documents. (after I had spent two months faxing and emailing asking them what docs they needed.) Since that time, a friend in the banking industry told me that what their doing is calculated.... they’re “losing paperwork” because it doesn’t benefit them fix a loan that is making them a lot of money. And because there isn’t anybody enforcing their compliance, they seem to be acting as unethical as always.
Now Harp 2.0 is out. I was hoping that there were some positive testimonials out there before I try again.