Author Sidney Potter takes a look at mortgage operation centers to discover what went (and continues to) go wrong. He describes “an underclass of mortgage professionals” who often take advantage of the power they wield to grant a loan; turning it into “a shameful experience” for applicants. There’s no love lost between Potter and the many mortgage brokers he’s dealt with, and he suggests that borrowers hoping for a loan modification have an even tougher time than those in the normal loan process. An example: his description of “vindictive, judgmental loan modifiers LMs (or what I refer to as Lone Morons).”
Read full article here: Stories From the Frontline: Please Tell Me I’m in Kansas
Here are some other hardship letter and loan modification resources that you might find helpful.
Loan Modification Dilemma | University of Connecticut School of Law
HAFA Short Sale Hardship Letter
Mortgage Modification: Definition from Answers.com
Have an investigative tip about foreclosures and loan modifications ...
Falling home prices mean more hardships for owners - CNN