Loan mods a '3-ring circus'

Re: '3 major loan servicers denied incentives' (June 9)

Dear Editor:

I have tried to assist in loan mods from several servicers, mainly Bank of America. It's very difficult to do. You provide info, it's lost, you provide it again, it's lost again. It's a three-ring circus.

When those whose incomes have been reduced for whatever reason, and they can (only afford) a lesser payment and make the trial payments, it (still may not go) into a permanent mod. Why? A loan servicer makes more money if a house goes into foreclosure than if the loan is modified. At least, that is what I have been told.

The majority of those who have lost their homes should have been helped. Of course, there are those who don't care and just want a free place to live until they are evicted.

But these companies need to hire people who understand mortgages. Nothing is worse than talking to someone who has a script to read from ... and will not deviate because they don't understand the mortgage procedure. This has to be changed. Hiring cheap help costs us taxpayers more in the long run.

Lorraine Raiteri Santo
Broker-owner
Gulfport, Miss.

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