The Alternative Universe of Loan Modifications

I am trying to do a loan modification for one property. Actually, I would prefer to this for several properties. However, my life is currently in drive-by administrative mode--meaning I sit at the desk for about 10 minutes at a time. Just long enough to get 1/3 of any task done until the phone rings.

March 31:

I sent the loan modification paperwork to the bank, along with a letter explaining why I was looking into this. I sent them sales comparables. I sent them everything their Web site said I needed to send them.

May 1:

I received a letter (that they sent to Bliz) dated April 4. It said they made "several attempts to contact me" and I had 10 days from the notice of that letter to respond or they would be closing my file. As I hadn't heard from them during any of their "several attempts" I found this rather disturbing.

Afternoon of May 1:

After waiting on hold for an eon, the customer service representative explained they did indeed have my phone number and current address. Yep. They can reach me. I asked the customer service representative if there were notes in my file saying when they tried to reach me. The notes said they sent a letter out April 4. "That's it?" I asked. Yep.

The good news is--according to the customer service rep--all I needed to do was resubmit my loan modification on their new and improved form. He said to include my lease for the property and my 2008 taxes and I should be good to go. Otherwise, as it stood then, the file was closed. Good bye. Good luck.

Last Week

Because of time constraints I have have been working on this on and off ever since. Last week I got my 2008 taxes finished. Yippee!!

June 2 10 a.m.

Marty Sunshine provided me with his latest paystub and I was in the process of double checking everything before I hit the fax machine. I had my new six page form from the bank's Web site filled out, my hardship letter, two pay stubs, two month's bank statements, lease agreement, sales comps and 2008 taxes.

Because my fax machine is a bit challenges with more than a single sheet of paper, I was planning on taking this over to the local UPS store when I got out where they have a high-tech machine that actually can handle more than one piece of paper.

June 2 10:15

Through some sort of bizarre psychic premonition Olivia called (whom I guarantee her first language was not English). In her opening breath, completely bypassing all social niceties, she identified herself as a person from my mortgage company, asked me to tell her the address of my home and my social security number.

Me: Which home?
Olivia: The one you have with us.
Marty Sunshine (who is standing in the background seeing the purly puzzled look on my face): What is this about?
Me (to Marty Sunshine): Some woman is calling asking me to tell us our address and asking for our social security numbers to confirm who we say we are--even though she called us.
Olivia (hearing this): Wait! I am calling about your loan modification.

Olivia then repeats the address of the home where the loan modification paperwork is still sitting on my desk.

Apparently my "dead" file has somehow made it to Olivia's hands months later and she wanted to tell me I needed to go to their Web site and download new forms so that I can resubmit my request for approval. After not getting very far asking about how this "dead" file managed to get into her hands, I decided to see about the future. What I really wanted to know was how this processs works for an investment property.

Olivia didn't know. However, she was kind enough to find out. After putting me on hold for an eternity Olivia came back and told me the bank would not work with investors.

According to the representative I spoke with on May 1, the bank was handling investor loan modifications. According to the bank's Web site the bank is handling investor loan modifications. According to Olivia who called me out of the blue the bank isn't touching them.

I don't know what to believe. But, I can tell you this: A lot of time when into getting together all of the papers necessary and I am not giving up now. By golly if I had to fill it out, they have to read it.