Potential help in the process

[fredk]

Article by Jack M. Guttentag

http://www.washingtonpost.com/wp-dyn...072401709.html

Posted on Tuesday, August 25, 2009, 12:00AM

With no end to the housing crisis in sight, the need to modify loan contracts to make payments more affordable is greater than ever.

While the number of modifications is rising steadily, it is running far behind the need. In the first quarter of 2009, the loan servicers reporting to the government reduced the interest rate or loan balance on only 120,465 loans. This is an annual rate of about half a million, which is no more than one-fifth of what is needed.

The widespread adoption of a Web portal that would directly connect servicers with borrowers and counselors could help change this, because the current situation in the industry is in need of repair. The portal would allow users to access a servicer's specific requirements and submit modification applications just by clicking a button.

This would automatically forward the application to the servicer, who would also be alerted by email that a new borrower file has been created. All subsequent messages by the servicer and the user, and all new documents submitted by either, would be recorded and dated in the user's file.

Also, the portal would replace communication by phone and fax with documents and messages left in the portal. The correct forms would be filled out because the user would receive them directly from the servicer. Long telephone waits, the inability to find the same person and conflicting information from different people would be eliminated. The portal would allow both parties to view all messages by sender and date, so there could be no misunderstanding of what was said, when it was said and by whom. All documents would remain in the portal and be accessed by either party.

[Moe Bedard]

We are building something that will do the same thing here, but better. We have th traffic and the experience to do this effectively here on LoanSafe.org and have been helping for free for 2 years. Long before this dude. Stay tuned!

[Believe]

I'm interested to hear more, Moe. Please keep us updated. I recently received a letter from one of my US Senators (R) stating the he is re-visiting the idea of cramdowns, at least as it applies to interest rates and terms. This fight's long from over, and I'm in it for the long haul. Thanks for keeping us informed.

[caldwellb02]

this is the first good news I've had in some time. Been in a real funk lately guys. I'm a single 60 year old woman who supports college-aged son (not living with me) and who works more than full time as the director of a non-profit. I volunteer. I give. I'm not greedy. I can't remember my last vacation. I want to keep my home. I want to keep my home. I want to keep my home.

[Irish Gal]

Originally Posted by caldwellb02

this is the first good news I've had in some time. Been in a real funk lately guys. I'm a single 60 year old woman who supports college-aged son (not living with me) and who works more than full time as the director of a non-profit. I volunteer. I give. I'm not greedy. I can't remember my last vacation. I want to keep my home. I want to keep my home. I want to keep my home.

Hang in there, caldwellb02. Another idealist, here. Your work does not go unnoticed. I've done non-profit work, also. I loved the work, but got out due to org politics. Just wanted to say hang in there. This too shall pass. Don't let the bums get ya down. For too long. Peace be with you.