Home > Attorney Generals, Congress, Foreclosure, Mortgage Modification > Dual Tracking by Lenders is Unacceptable

Dual Tracking by Lenders is Unacceptable

Your lender has finally responded to your many calls. You’ve sent your documents in repeatedly and finally have a dedicated person handling your case. But then, suddenly that person disappears. He won’t return your calls and you are in limbo again. Then you get a call from your lender, it’s a new representative asking if you’d like to apply for a loan modification. You explain that you’ve already applied and are waiting for approval. This rep can’t seem to find your documents and asks you to send them again. Oh, and by the way, since so much time has passed he will need everything you send to be updated.You call several times to check with him – has he received your documents? He tells you your file is incomplete, there are several documents missing.

This scenario happens too many times to count but each time you are contacted by a new representative it gives you hope that this may be the last one! But it never ends because it is by design to keep you in a maze.

In the meantime, even though they are giving you the impression that you are on track to receive a modification (as soon as they receive your missing paperwork) there is something else going on behind the scenes. It’s called dual tracking. While your stuck in the maze of lost paperwork and representative turnover the lender is advancing your home into foreclosure.

Call your senator, representative and attorney general’s office and demand that legislation be passed to prohibit lenders from starting the foreclosure process while a homeowner is in the process of a loan modification.

  1. Frank
    December 11, 2011 at 4:37 am

    This is exactly the process we have been through several times most recently this past Friday and they required that I have the thirty plus pages back to them by Monday.
    Here is a question that I don’t know the answer to. My principle started out at around 245,000 before we ran into problems, we missed several payments, when the first modification came back the principle was 265,000 how is that possible?

  2. January 19, 2012 at 2:40 am

    Dual Tracking is also known as Parallel Foreclosure.

    Hi, I’m not affiliated with HSI trust but I do have several bank protest blogs and I am encouraging you all to sign the HSI petition at Change dot org to help a family that had their home parallel foreclosed upon by Wells Fargo and then sold by Wells Fargo even though the family was completely compliant with their government mandated mortgage payment strucuture.

    Please help another family keep their home, and the success of that mission may eventually bless your own situation. http://www.change.org/petitions/john-g-stumpf-ceo-wells-fargo-rescind-rachel-kendalls-foreclosure-auction.

    If you agree to sign the petition, you don’t have to use your real address or zip code if you don’t want to, just make one up. However I would suggest using your real name and correct email address.

  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: