This was a historic file for 360 Group. 18 months of hard work, multiple submissions and over 100 follow calls. This is a good example of the shear tenacity of Mel, my partner. Mel has never given up on any of our clients, but sometimes, over time situations change leaving us with few options. Income changes, employment changes, and other things that can affect the result of a file that may begin as a mod and turn into a short sale often out of our control.
In this case, Mel just would not allow the lender to bully her and she just kept fighting for the client. We thank our client in Las Vegas also who through countless requests for documentation, stayed with us the whole way. We can laugh now at the many tears of frustration during the process. At the one year mark, everyone was ready to quit…except Mel. She was not going to let 12 months of work go down the drain.
BELOW IS JUST A SHORT SUMMARY OF THE PROGRESSION OF THIS FILE.
Jan 2010 client is referred to 360 Group. Feb 2010 file is in review. March negotiator switched at lender. April lender says qualifies for MHA, send updated docs and MHA package. May 2010 Property status changes, need updated docs to show insurance, June 2010 B of A says MHA mod ppwrk is going out. Client never receives, we follow up 4 times this month, bank says client missed a payment so file is now in Default department starting over. Client says they did not miss a payment so we need documentation to prove to lender. Turned out client was making early payments and bank was applying to principal so when actual payment date came and no payment was made they thought it was late. File moves back to imminent default (current payments) June 2010 underwriter assigned.
June 2010, Bank begins to call borrower leaving message that it’s imperative to contact them. We call to see what bank needs and they say file is complete and in review. Negotiator says package is going out to borrower, when it arrives, it is just another new form for them to complete and send back. July 2010 personal situation changes status of home borrower needs to update title information with county recorder’s office. August 2010 Deed changed recorded and finally received at bank. Sept 2010 bank requests all new updated financials from client. October 2010 borrower has a couple bad months in business and cannot pay mortgage so goes late. File is denied for Modification – 360 Group files appeal with lender stating that numbers make sense and NPV test helps Note holder. Nov 2010 360 Group re-submits file and requests appeal running up to VP level. Bank requesting more documents and tax returns. Dec 2010, back with another underwriter for review. Jan 2011, 360 Group escalates file to management saying this has taken way too long and requesting Forbearance Plan. Borrower qualifies for mod, and is not a risk for future default if payment is lowered. Feb 2011 old authorizations expire so need new auths. March 2011 bank requests updated bank statements and pay stubs. April 2011 file approved for MHA but needs to be approved by Note holder. May 2011, no response from lender. Several follow ups gone unanswered, again escalate to senior VP. End of May, Forbearance is issued. Client must make payments with no grace period for 90 days to get final mod. Papers sent and signed. June 2011, underwriting requests updated documents – looking for reason to deny mod. July 2011, 360 Group follows up and bank says they will review after 60 day mark. August, bank request updated financials – gathered and sent. August 26th Final Trial Modification approved and package going out to client for review and signature.
Another happy client.