I am curious to know what we need to do to FORCE the bank to make a decision about the MFA loan modification after three successful trial modifications have taken place.
In theory after three successful trial payment have been made, and if one's financial position is the same as when the trial started, then one should be able to do a permanent loan modification.
BUT with the backlog, the permanent modification can take months to authorize and then if it is declined, under the current legislation, the homeowner is then liable for the arrears in the mortgage that has built up during the trial.
What recourse other than a class action lawsuit does a homeowner have in this situation?
If anyone has an idea could you drop me a line in the comments? Or on my facebook?
Caroline on Facebook
Without proper knowledge of this whole process, do not let Realtor say they can help you with this process. The best way is you will ask help from an attorney. As a Realtor they are not negotiation experts with the bank, and the time it takes to work on your home is not best use of their time.
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