Any borrower who is thinking about negotiating loan modification with Countrywide should take the following advice:
Well…at least don’t do it alone, which is good advice for borrowers thinking about negotiating with any lender.
The problem with the lending industry is that trends are constantly changing, as are laws and internal policies. The increased oversight by the federal government on the lending industry has led to many changes in lending practices. These changes have created quite a bit of problems, even when they are intended to help.
Countrywide employees might be a hardworking and dedicated bunch, but from the complaints that borrowers have made bout them on consumer protection related websites over the past couple of years, the Countrywide staff has failed to perform. Borrowers claim to have been given the runaround by their lender, to have been hung up on by their lender, to have had documents lost by their lender, and the list goes on. These complaints are not specific to Countrywide, but they still describe Countrywide’s practices.
Negotiating loan modification with Countrywide should not be as difficult as they make it appear, but less than knowledgeable employees and years of predatory lending practices by the lending community as a whole have led to a loan modification process that is lengthy, frustrating, and often disappointing.
Borrowers are urged never to face their lenders, Countrywide or others, on their own. Even though loan modifications have proven to be more profitable than foreclosures, lenders continue to foreclose and deny loan modifications left and right. Perhaps this is due to lender employees holding a personal grudge against borrowers who can’t pay their bills. It’s possible that the individuals reviewing loan modification applications have a “I have to pay my mortgage and so do you” attitude. Whatever the reason, lenders continuously deny loan modifications to the applicants who really need them.
Having an attorney to negotiate loan modification with Countrywide will greatly increase one’s odds of not only being approved for a loan modification, but for being approved for a fair loan modification. Attorneys with proven track records know how to gain compliance from even the most uncooperative lenders on behalf of the borrowers. Going up against the lender alone leaves the borrower an easy target for unethical business practices and lying / unknowledgeable lending employees. Many employees will attempt to offer advice to the borrower on their best course of action given their financial situation. As far as that goes, here’s another word of advice:
Don’t take advice from the people trying to take your house.
Attorneys are the best folks to get advice relating to a mortgage contracts because they are entirely impartial and able to offer advice free from ulterior motives.
Lenders, however, and their representatives, have been known to lie to borrowers, promising one thing and delivering another. Sure, not every person in the lending industry is going to be a two faced liar, but this is a home we’re talking about. When a person’s home is on the line, the person shouldn’t have to hope and pray that they get the honest representative out of the bunch. The odds are already going to be stacked against the borrower, so the borrower should do everything in their power to level the playing field, which includes hiring a lawyer.