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Ask the Expert

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Give loans a happy rap

Posted: September 2, 2010 4:55 a.m.
Updated: September 2, 2010 4:55 a.m.
 

The recent article Jim Walker penned regarding the inefficiency and ineptitude of the big banks concerning their loan-modification process ("The 2010 rap: loan modification and self-mutilation," Aug. 20) was indeed funny. The humor was certainly the result of many frustrating and time-consuming calls that appeared to be an utter waste of time.

But it is important to know that there are indeed many folks getting loan modifications who are receiving radical improvements over their existing loans. Janitors in the Newhall School District, hair stylists in Canyon Country, self-employed mechanics in Valencia and even a girl with two part-time jobs in Castaic are getting permanent, ultra-low, fixed-interest-rate loans after they each had been repeatedly turned down by their respective lenders.

I absolutely appreciate the comedic purpose of the article, but it may have the unintended effect of encouraging folks to give up prematurely. Getting a loan modification is not based on the most needy homeowner or the borrower who has suffered the most - it is a reward for those that know how to squeeze their information into the box the lender has created.

Have Mr. Walker call me, and I will give him some SCV residents to interview who can attest to the fact that modifications can - and do - happen. Maybe then he can come up with a happy rap that will help folks push through the very real barriers that most assuredly exist.

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