A Game Lenders Play

If you are working to arrange a loan modification with your bank, you may notice a severe lack of respect in the communication process. Mortgages are all based on contracts. That is simply contract law. If the intention is to honor the commitments between all parties, documentation of all communications is always welcomed. But when great efforts are in place to AVOID any mechanism that provides the consumer with a documented record of what was promised, said or how questions are answered, it doesn’t take a rocket scientist to realize that the game has been manipulated to exploit and abuse one party and shift all the advantage into the lenders court

  • The lender can record conversations, but if you tell them you are recording, they disconnect you (JP Morgan Chase — even with government supported mortgage consultant company calls.)
  • Letters that say one thing, and phone calls that say the opposite. Loan modification requires many documents to be sent to the lender. There are numerous situations where borrowers are sending in all the required documents and the lenders send out letters threatening to cancel the modification because some documentation required is missing. The letters are often form letters and and typically say something like “One or more of the following items are missing and must be received to proceed with processing your loan modification request: (Then it lists eight or so items – with check marks – none of which are checked.) Naturally, a responsible consumer will pick up the phone and call: “I sent in all the items listed on that letter, can you tell me which ones you say are missing”? The answers are provided by your only point of contact: Credit / collection agents working for the lender. They simply don’t have access to the information you require, and their answers need to evade the question. If you pressure them, they tell you to just re-send everything. Sometimes that could be 30 to 50 pages of documents you may need to assemble and resend every time they send out a vague letter? There is no accurate record keeping of your calls or the responses made. One agent may tell you “We have everything, don’t worry…” But call back in five minutes, the next agent will have no record in your “NOTS” file that documents what you were told! The policy seems to be to notate what the consumer says: NOT WHAT THEY TELL YOU. Boy is that a scam! (Again most of these reports center around JP Morgan Chase. Please send your emails to alert us to other situations!)

One Response to “A Game Lenders Play”

  1. Спасибо