George Russo talks about the loan modification process
We’re finding that a lot of the banks, who are supposedly being incentivised by the government to undertake loan modification procedures, have stretched the process out and have reluctantly accepted some of the modification files. The banks are not geared up for loan modification, in terms of their staffing, and this is a relatively new phenomenon in the industry: that banks are creating units of employees to handle the overflow of loan modification applications.
Even if a bank is deficient, there are a number of stumbling blocks that the bank is facing. Banks have investors who need to sign off on a loan modification, and banks have servicing companies that are in between the bank and the home owner that are being paid by the bank to collect the mortgage each month, and even if the home owner is not paying the mortgage, that servicer gets paid by the bank.
George Russo and Associates provides the guidance and experience to necessary to navigate the loan modification system. Now more than ever a record number of foreclosures are facing the banking system. Banks are saturated with clients seeking to modify their mortgages. Don’t get lost in the process. Contact George Russo and Associates to help you.