I routinely get inquiries from home owners who are seeking relief from their mortgage. The scenario is similar in each case:
- Heavily upside down value versus amount owed.
- Current on payments but barely.
- Some form of hardship in the past few years that has caused mega-stress on the finances from then till now.
So the home owners call the bank for assistance.
The bank representation is friendly, kind, and happily recommends the home owners apply for a modification. The home owners are happy too.... finally their is light at the end of the tunnel.
Next isn't quite as good. The happy, easy process turns into months of back and forth. Every time they call the bank, they get a new person that often has no clue as to what's going on…