Friday, May 31, 2013

UPDATE: Mortgage Relief - Hope Loan Port Hands Jail Keys to Inmates

Mortgage Relief - Hope Loan Port Hands Jail Keys to Inmates - UPDATE

McGrath & Spielberger works with borrowers to save their homes.

UPDATE: I thought I would share an update that further exemplifies the significance of the problems that the situation described below creates. In one of our currently pending cases with Bank of America in North Carolina - a foreclosure matter in which our client is seeking mortgage relief / loss mitigation - BOA demanded additional documents and imposed a strict (but arbitrary) deadline. Guess what? BOA did not unlock the Hope Loan Port file, thus Bank of America prevented us from providing the very documents BOA was demanding by way of the system that BOA forces us to use. The exclamation of concern I shared with the Bank of America "Single Point of Contact" (the third or fourth "single" point of contact in this case) went completely ignored.

So, you might be thinking, "Well surely the borrower would not be penalized due to delays caused by BOA itself, right?" Wrong. Unfortunately, completely wrong. Unless we are able to find away around this problem created by BOA and its control of the Hope Loan Port system, the loss mitigation request will be denied by Bank of America for "Failure to provide requested documentation." Since we almost always find away around, over, under, or through the unnecessary and sometimes mind-boggling obstacles that are thrown in our way by lenders/loan servicers like Bank of America, Bayview Loan Servicing, Suntrust, Wells Fargo, etc., I suspect we'll find away around this one. But we shouldn't have to, that's the point. Would any single one of you be okay with being pushed further toward losing your home due to this kind of nonsense?

It's never wise or fair to grant one side unilateral power and control, and it's also completely contrary to the core principles we have fought for centuries to establish and maintain in this country.

 Original post below

Certain mortgage loan servicers, like Bank of America, force us to use a "neutral" online platform to submit mortgage loan relief and loss mitigation applications. This platform is known as Hope LoanPort (although it does not own the rights to that URL, apparently). The primary problem is that one cannot upload documents into this system unless the bank / mortgage loan servicer allows it.

Hope LoanPort documents screen - click to enlarge

Hope LoanPort documents

For example, let's say that you need to update your hardship affidavit because you have suffered an additional hardship or your circumstances have changed. You can't do it unless BOA allows you to; you are locked out at the bank's whim. Just what we need, right, handing the keys to the jail to the very inmates we are trying to reform? After all, the large banks have always proved themselves to be model corporate citizens which can be trusted to do the right thing. (Or, perhaps not.)