Many homeowners have complained of the headaches involved with the loan modification process. Here is a list of reason as to why this process turns in to the long drawn out headache which so many have had to deal with.

1. Fax machines. Often banks and loan modification firms have homeowners send their paperwork via fax. Fax machines have a tendenacy of cutting off documents or skipping pages in long faxes.

2. Mulitple Forms. There are numerous forms involved in processing a loan modification, and the time that it takes to go through these forms not only slow down the homeowners, but also the banks, as they are inundated with these forms.

3. Outdated Documents. By the time banks get to the homeowners paperwork many of their pay stubs and documents are outdated and they need new records, again dragging out the process.

4. Poorly trained personel. As the loan modification business grows many peope are being brought on not having any experience, and with the influx of business there is  little time for actual training.

5.Unclear offers. Many homeowners are receiving offers they do not understand which leaves them unsure if they should move forward with the loan modification.

Needless to say there are many kinks that need to be worked out in this system.

This entry was posted on Tuesday, August 11th, 2009 at 1:37 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.