Why Some Loan Modifications Fail
This is an interesting article but the one part that really stuck out to me was the woman who worked for Chase trying to chase, no pun intended, down documents. I have repeatedly said how bad the banks are at dealing with modifications, they lose paperwork, you have to refax it, etc. but maybe it’s not just them.
Unfortunately there are many people are applying for a modification and do not need one along with probably many not following directions cause the system to get backed up and cause chaos.
Anyway, I guess it is very easy to forget the saying “it takes two.”