[Moe Bedard]

my experience with Chase was a very different one............while the process took alot longer over a year ago.............the overall experience that I had was a good one.

I am not sure what the reason is that this is happening.........

This is an excerpt from an article on why modifications are so hard to get.


Payments from homeowners are collected by servicers and paid to investors holding the bonds backed by that mortgage. So it has fallen to these loan servicers to try to modify mortgage terms for homeowners whose loans were sold into these pools. So far, that process has involved a painstakingly slow review of each loan, something most servicers weren’t originally set up to do.

Each mortgage pool comes with different guidelines for how to deal with bad loans. Some don’t spell out clearly who has the authority to make changes in individual loans. Some trusts are managed by two layers that include both a servicer and a master servicer. If a servicer decides to modify a loan, it still faces a potential legal challenge from investors.