"EFFECTIVE COMMUNICATION"
WHAT YOU MUST DO TO GET A RESOLUTION WITH YOUR LENDER.
You are a good person. You just have a bad loan. You are working hard, making sacrifices and doing every thing that you can to make your constantly increasing payments. If you have attempted to call you lender to discuss refinancing you already know that things are not exactly business as usual in their office. Negotiating a more affordable payment so you don’t have to sell your home seems like the best solution for everyone and it is. The problem is not what you are asking. The problem is simply that your lender is drowning in the requests.
A recent article in the Wall Street Journal chronicled the situation when they shadowed a Loss Mitigation Counselor who worked for Countrywide Home Loans. Loss Mitigation Counselors are the “front line” employees that you speak to when you first contact your lender. This particular employee not only had never owned a home, she was receiving a $12 per hour salary, and was assigned 873 Loan Modification requests. Shocking.
How in the world can your voice be heard in the midst of such chaos? I would suggest that you ask those who are effectively receiving Loan Modification Approvals daily, more than anyone in the nation.