http://www.makinghomeaffordable.gov/for-partners/understandi or go to http://www.cnafinancialcorp.com
The hard part is getting out of the tax on the 1099s that they issue...Good luck!
The answers you have received are worthy of your attention. As you know it may come down to document, document, document, every conversation. Remember the recording when you call that says the call may be recorded? Well, I am no attorney and you should consult one before you utilize this advice but I always record the calls that I make to the banks. Always start the recording before the phone is picked up, and always let each and every person on the other end of the phone know that you are recording it as well!
The reason is two fold; first it gives you great documentation about any representations they make to you but most importantly it keeps the inexperienced person from "guessing" at the answers and because of the inate fear they have of losing their jobs you will be transferred up the supervisory chain very quickly towards a successful resolution. I bet if you started this in the morning you will have it nearly resolved by lunch.
Of course, nobody but you will ever know whether you really did record the call or not!!!
So as the previous writer said, "grind away"! But as I say; "always use a sharp sword".
Have a happy holiday season and remember, the only thing between you and success is often only you.
Steve Innis, Broker
Yet, some investors (myself included) will work with some borrowers like you and the banks to do a workout. Basically, we'd buy the loan at a deep enough discount for us to earn a profit and to modify the terms of the loan. Stated another way, we become the bank, and we do the workout using our own guidelines (which are often more flexible than what the banks can legally offer).
Nevertheless, please keep in mind that the previous solution doesn't work in all cases. Some banks won't sell their notes, and some borrowers' situations are such that they can't be helped. For example, let's say a borrower hasn't made a payment in a while, hasn't saved any of that money, and has filed for bankruptcy. S/he could be helped if the "drop dead" date is at least 1 month away, and most likely couldn't be helped if that date were less than 1 month away. The primary reason for this is that it takes the banks and courts some time to process all of the necessary paperwork. Otherwise, an investor could close these kinds of deals in a few days (ie less than a week).
If you get a bad time from any worker, simply ask for a supervisor. Make sure you get everything in writing of what they will or will not do.
I have been working on a loan mod with them for a client it will be 2 years next month!