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Blog 2014 January Consumers Still Struggle with Modification Process
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Consumers Still Struggle with Modification Process

Posted By The Pritchard Law Firm || 14-Jan-2014

THE new Consumer Financial Protection Bureau received 23,500 complaints about mortgage lenders from last December through this past June, according to a recently released semiannual report. And, not surprisingly, just over half the complaints centered on the problems borrowers encountered when they were unable to make payments.

The report, which encompassed a wide range of financial products, noted the “fatigue and frustration” experienced by borrowers attempting to get their loans modified or refinanced. “Though consumers must provide documents within short time periods and income documentation generally remains valid for up to 60 days,” it said, “lengthy evaluation periods can result in consumers having to resubmit documentation — sometimes more than once.”

Issues with making payments was another top concern, accounting for 25 percent of complaints; another was applying for loans, with 8 percent weighing in.

Categories: Bankruptcy, Loan Modifications

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