Lost Paperwork? Really?

 Posted on December 10, 2011 in Loan Modification

It is true that banks claim to lose loan modification paperwork. It is also true that thousands of homeowners throughout our country are frustrated by lenders clogging the loan modification process by losing paperwork. It is the norm within the mortgage modification industry that the bank loses paperwork and homeowners must re-submit paperwork over and over again. Bank of America has even been sued for withholding government funds intending to save homeowners from foreclosure and a basis of the claim is the excuse of lost of documents. The allegations are that Bank of America intentionally deferred or wrongfully declined mortgage modifications that should have fallen under the Home Assistance Modification Program otherwise known as “HAMP.” Perhaps this is most frustrating because banks have advised people to stop
paying their mortgage so that they can potentially qualify for a loan modification.