What’s the difference?  Really?  I, like the millions of real estate owning Americans whose homes are now worth 50% less than what they 5 years ago, have been attempting to either short sale or complete a loan modification(mod).  Last week, when I filled my gas tank, I had a more meaningful conversation with the gas station attendant than what I had with the loan mod department at the bank.

I pumped gas, bought Gatorade, and the attendant knew who I was; he told me how much and I paid him the money.  Every week I call my lender, ask for my loan mod status, and I have to tell my entire story every time I call.  I think my bank is working with an abacus and slide ruler.

I was supposedly approved for a loan mod 5 weeks ago.  They overnighted a package, and I signed their documentation, agreed to their loan terms, and even sent them a check for the amount of my new payment.  I was VERY EXCITED.

I was concerned when my check was not cashed.  Last week, they sent it back stating that they no longer take personal checks, and it was for the wrong amount.  I called, told my story, waited on hold for 10 minutes, and then finally a supervisor came on saying my loan mod was not approved and was still being processed.  She also asked that I send in certified funds, and those funds would not be sent back.

So here I am, four months after my initial request to have my loan modified and NOTHING HAS HAPPENED.  They have had all my documentation for over two months, and still no answer.  Who knows if and when this will get approved.


Raichart Out…. I think I will go down to the local convenient store if his loan mod has been completed.