“Mr. X” came to Crisis Housing Solutions after trying several times unsuccessfully to get a loan modification on his own. In fact, he had paid an agency to assist in this process but, to his frustration, got nowhere. At his first appointment, I explained that while he had started the process, it could take some time to get a decision. We contacted his bank to check on his status and found that the bank was still in need of certain documents and updated information. All of the required documents were obtained from the client and submitted to the bank for review. This review process “took forever” considering the original application had been submitted many months prior.
After repeated calls to the lender and additional document requests, we received verbal approval for a trial modification. But, Mr. X never received the paperwork and became quite nervous. I called the bank on a weekly basis and, for a time, it appeared the modification might fall through. Fortunately, through our repeated phone calls, Mr. X finally received his modification package from the bank. He was approved for a 3.875% rate for five years and a 4.75% rate for the balance of the loan. He is extremely happy and grateful that he and his children will not lose their home.