Mortgage Loan Modification for Your Home

Find out who owns the mortgage loan on your home

Simple as this might sound, but some homeowners have no idea who is their lender because of all the bank merging activities of the last two years.

Go through the “official” mortgage loan modification process

Call your lender up and ask for a mortgage loan medication. Log all phone calls and paperwork submittals requested by your lender.

Make copies of any documents requested by your lender because they will ask for it again. Note down the date, time, who you talked to, and what was the outcome of the conversation in your log. You need this paper trail when you escalate your mortgage loan modification request.

Keep calling until you get to a supervisor or customer service representative that can help you.  With the large amount of people working at the call center, if you get someone that is not helpful, hang up, and call again.  You are bound to get someone different each time you call.

Escalate your request for a mortgage loan modification

Find the contact information for the Vice President of Customer Service, CEO, and President for your lender.  After 2-3 months of not getting anywhere, it is time to escalate your request by contacting the corporate office. You need to be able to demonstrate that you are getting the mortgage loan modification run-around to the corporate office (hence the paper trail). You can easily find their contact information if your lender is a publicly traded company on the internet.

Write a letter to the vice president of customer service detailing your mortgage loan modification run-around and requesting help. Be concise, but list all your phone calls, request for paperwork submittals, etc. Be sure to include your loan number, name, all contact information, and what outcome you want from the corporate office.

Note that you are sending a copy of your letter and documentation to the Office of the Comptroller of the Currency (OCC) in the letter to your lender. The big mortgage lenders are regulated by the OCC. Send copies of your letter with your paper trail with return receipt or overnight mail to the Vice President of Customer Service, CEO, and President for your lender and to the OCC. The OCC’s address is:

Office of the Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
Phone: 800-613-6743
Fax: 1-713-336-4301

Some home owners are finding help with their mortgage payments when they escalated their request with the corporate office and the OCC. But your mileage may vary.