Have three months have past by and you’re still awaiting your “permanent” modification? 
As Gomer Pyle says, Surprise, surprise, surprise. 
USA Today points out that Chase & Bank of America just don’t quite seem to know how to calculate three months. It seems three is the same as five or six or NEVER!
Unfortunately, this is the norm and not the exception. If your loan modification is going nowhere or your latest payment has been rejected then contact professional to resolve the situation. Be very aware that some of the mortgage servicers such as Flagstar, Wells Fargo & Ocwen are known for canceling your modification mid-stream and then setting the foreclosure sale date for the next month.
Also, make sure that your modification agreement doesn’t waiver future rights to resolve conflicts with your mortgage company. Many times folks seek help after signing away their rights in a modification. We recommend that every loan modification agreement be reviewed by an attorney.
The USA Today article is below.
- The Bank Slayer
Some 3-month mortgage modification trials dragging on
By Stephanie Armour, USA TODAY
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| By Rick Bowmer, AP | ||
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| Cancellations in the program are growing because of insufficient documentation from borrowers, missed payments, or because borrowers are found to earn too much to qualify, according to Treasury. | ||
Bank of America (BAC) and JPMorgan Chase (JPM) service the mortgages for half the homeowners who have been awaiting decisions on permanent
mortgage modifications for three months or more, according to a government report.
Through July, the government’s mortgage-aid program had a backlog of 118,000 borrowers whose trial plans have run at least six months —
three months past the typical duration for determining if they qualified for a permanent modification, the government said Friday. Bank of
America and JPMorgan Chase, the two biggest banks, account for about 59,000 of the cases.
HOUSING MARKET: Outlook remains dim
Under the government’s Home Affordable Modification Program (HAMP), borrowers are supposed to get permanent modifications if they
keep up their adjusted payments for a three-month trial.
But the program has been dogged by controversy.
Servicers blame delays on borrowers who don’t provide necessary documentation and on the government’s frequently changing requirements.
Borrowers complain that the servicers repeatedly lose the paperwork they send and don’t return calls.
Friday’s report said the number of borrowers who have been in trials for six months or more had dropped from 166,000 in June and that servicers
indicate decisions on those remaining should be made in August.
Bank of America expects to make decisions on most of them in August and September, says spokesman Rick Simon.
BofA’s total number of customers in trial modifications dropped from 121,000 in June to 85,000 in July as decisions were made on who
qualified for permanent modifications, he says.
JPMorgan Chase declined to comment on whether it will resolve all of the older trial modifications this month.
