Many people often ask me if I can send them an exhaustive list of lender contact info to help them with their loan modification business. Unfortunately, I don’t have that, and it’s likely that no one will ever have that. There are literally thousands of different banks out there, many with multiple numbers and departments depending on the specific investor or region for any given loan. To confuse matters more, lenders change numbers, create new departments, change processes and go out of business from time to time, especially these days as banks are cutting jobs and dealing with high volumes of defaults and mod requests. Plus banks get bought by other banks, sometimes keeping the old department and numbers, and sometimes not. Long story short, compiling an accurate, up-to-date, and exhaustive list would be extremely difficult, if not impossible. You’re better off just keeping your own current lender list and updating it as you go. Add to the list every time you have a client with a new lender. All the info will be on the mortgage statement and the website, and you can get specific department (i.e. Loss Mit, or Loss Mitigation, department) contact info from there. You should keep a lender contact spreadsheet to help you keep your files and communications organized. All that said, however, here are some websites that have lists of contact info for many common banks. I’ve personally checked the links and called some of the numbers on these lists; some still work, while some don’t. These links can be a good start for compiling your own list. http://lvattorneyma.wordpress.com/2008/12/13/list-of-loan-modifications-lenders/ http://www.loansafe.org/forum/loan-modification/133-lender-information-apply-loan-modification-loan-workout.html

I was watching Fox News last night and saw their free loan modification story. They made it sound so simple and enticing that I could immediately tell that none of the people involved in the production, filming, or writing of the piece had ever tried to do a loan modification without an attorney. Well I have tried, and I’m writing this to say that even if I had completed my modification it wouldn’t have been worth the wasted time and aggravation spent pursuing it on a day to day basis. In fact, the one thing I was waiting for was a couple testimonials from people that had done it themselves. Needless to say, there were no testimonials. I know why, too. Even if they had found someone that had seen their modification through to the end I’m pretty sure they wouldn’t be happy about it. Maybe relieved, but not happy. In my own experience after months of hold time, snotty people at my bank, and hundreds of unreturned calls all I wanted was for it to be over and I didn’t care whether it happened or not. I just wanted it over. Any testimonials like that would not have fit in to the sunny disposition of the report so in the back of my mind I knew I wasn’t going to be hearing from any success stories. I’ve got to say, the piece actually upset me a bit because what was being said on the show was nothing like the reality of trying to get a do-it-yourself one done. I actually went to a couple non-profits that provided counseling and information but came away from them feeling like maybe I had taught them more about flying solo than they had taught me. At any rate, I didn’t walk out of one of those meetings feeling like I was loaded for bear and ready to represent myself in an actual negotiation. Part of that was because my mortgage was really complex with negative amortization and a bunch of moving parts that determined my interest rate. Dealing with my bank was a pretty horrendous experience too. The bank wasn’t very helpful at all during the times where I didn’t understand what they were talking about or had questions on things like what to do next. A pretty common response was “We are your bank but we are also re-negotiating a contract you signed. It is not our job to walk you through the process to help you negotiate with us.” That seems to be a pretty common mentality as I found out from chatting with many people with similar experiences. I should mention this as well. My house was fast coming up on a foreclosure so time was becoming more and more precious. The most wearing part of the whole thing was knowing that there was nothing I could do, being reliant on people that really weren’t interested in what happened either way. It wasn’t until an acquaintance mentioned that Feldman Law Center had done his loan mod that I first heard of the company. He said his was done by an attorney and considering that my payments were a bunch of months late that should think about using one too. By that point I was more than happy to pay whoever wanted to take over the job for me. I handed everything over to them and they got the loan mod done. It just seems that there was so much naivety in the Fox News thing that I wanted to share my experience. I hope it helps. For more information on loan modifications call 1-800-470-0865 or visit  Feldman Law Center. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

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