Cenlar took over our mortgage shortly after we closed on our house. A few years into our mortgage we had some financial issues and asked for assistance. We asked if we could skip a payment and have it put on the end of our loan. We did it many years before with a different house. Cenlar said no way. The only option is a loan modification. We asked for the paperwork.
There is a section on one of the forms that mentions short term financial issues and another that you can choose that says issues not in your control, such as increase living expenses, etc. As we started to fill out the paperwork we noticed that it all talked about having to sell the home, short sales etc. Unfortunately it's all the same paperwork regardless of what the issue is.
We submitted the paperwork and several weeks later we received a letter that we were missing some things that were requested. Submitted what was requested and then got another letter a few weeks later stating that something was wrong on a form and that we didn't submit something requested. We requested a form and was told that it was a federal form and that we can google it and then print the form. Printed a form from the internet and submitted it. A few weeks later received a letter stating that we submitted the wrong form and that they would mail us the form, which we received a few days later. Sent that and then received another letter a few weeks later stating that one of the documents we first submitted has not expired. We have been going back and forth for the past 6 months and have not gotten any further than day 1.
The only way to submit paperwork is by fax or regular mail. Other mortgage companies use secure email and PDF files because it is secure. Regular mail is the least secure form a sending paperwork. Unfortunately that has been our only option. We have a business in town that can fax documents for us, but the cost is $1 per page up to 10 and then it is $1.25 per page. It is cheaper to send by mail. They do not work by email or scanned documents. When I asked why, I was told that it is not secure.
Since we are using only regular mail we need to allow 5-10 business days for them to receive the documents. Then 5-10 business days for them to enter the paperwork into the system and then another 5-10 business days for someone to look at them and process them. That explains why it takes at least 2 weeks to receive a response.
When one of the documents was not filled out properly I asked to have the document returned. They told me that they do not have the paperwork because it is all electronic.
I don't get it. Regular mail is not very secure. Today's technology and software are a lot more secure. Using technology would make the process so much faster and more efficient.
Product or Service Mentioned: Cenlar Loan Modification.
Monetary Loss: $5000.