Replies to This Discussion

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on February 26, 2010 at 6:12pm

I'm in California and I think that we already have something similar where the lender has to try and contact the homeowner at least 3 times for a loan modification before they start foreclosure or something like that. For those of you who are familiar with Titanium Solutions, I believe that is part of what their work is.

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Permalink Reply by Josh Cahill on February 26, 2010 at 8:13pm

I was under the assumption that Freddie Mac hired out Titanium Solutions to contact homeowners already in "Trial Mods" to collect missing documentation in order to complete the mod.

Sara Mehrpouyan CDPE said:

I'm in California and I think that we already have something similar where the lender has to try and contact the homeowner at least 3 times for a loan modification before they start foreclosure or something like that. For those of you who are familiar with Titanium Solutions, I believe that is part of what their work is.

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Permalink Reply by Steele V. Propp on March 1, 2010 at 2:49pm

Freddie Mac has hired TS to do follow ups with loan mods. I have done several. Always surprises me that these borrowers want a loan mod so badly, make their trial period payments and then forget to send in the necessary paperwork to convert the loan to permanent.

And several of the banks that TS works with have similar programs.

Was reading today that although the Administration has this as a possible option, it was by no means front and center. Just one of many options under consideration.

Or so their spokesperson said...

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Permalink Reply by Josh Cahill on March 1, 2010 at 10:45pm

Borrowers are not forgetting to turn in the final paperwork to modify their mods. The banks are plain and simple loosing the paperwork and are completely incapable of handling such vast modification efforts.

Steele V. Propp said:

Freddie Mac has hired TS to do follow ups with loan mods. I have done several. Always surprises me that these borrowers want a loan mod so badly, make their trial period payments and then forget to send in the necessary paperwork to convert the loan to permanent.

And several of the banks that TS works with have similar programs.

Was reading today that although the Administration has this as a possible option, it was by no means front and center. Just one of many options under consideration.

Or so their spokesperson said...

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Permalink Reply by Steele V. Propp on March 1, 2010 at 11:54pm

Sorry, but the ones I was sent to see had not turned in the paperwork. Usually it was a form that had to be notarized.

"I forgot." was the answer on about a half dozen of these. A couple of other cases the borrowers had changed their minds about the loan mod but hadn't bother to tell the lender.

But even if the paperwork had been lost, at least the bank was sending someone out to get it. In a time when this process if so burdensome I have to give them credit for trying.

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