Unfortunately, yes. I just saw a situation where a homeowner was approved for a loan modification. They sent paperwork several times and kept getting the run around. Finally they were told everything was complete and the decision was imminent. On a Friday afternoon, they were told it had been denied (no reason given except that "the investor didn't approve it) and the home went to sale in 3 days on Monday. Foreclosure sale was done for about 1/3 less than what the home was worth.
They wrote letters to the President of the mortgage company, BBB, Chamber of Commerce, State Attorney General, and a few other places. 3 months later the sale was canceled. The law firm handling it works for the mortgage company, NOT you, so keep that in mind.
(RA) MBA, e-PRO, REALTORÂ®
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