Fee for 'expert' help can streamline process, hasten a decision
A borrower can use the portal free of charge to develop the package of documents required by the servicer, to transmit the package electronically to the servicer, and to communicate with the servicer until such time as a final determination has been made on the borrower's request for a modification.
Borrowers who need assistance in completing the forms and compiling the required documents can purchase it for $150. This service is provided through an affiliated nonprofit company DMM Counseling Inc.
As between MyCaal and DMM, I would go with DMM if my servicer was connected to them because the portal provides a superior way to communicate with your servicer.
The servicers now connected to DMM are: 21st Mortgage Corp., America's Servicing Co., Bank of America (but only if you are in an active bankruptcy), JP Morgan Chase/EMC, Ocwen Loan Servicing LLC/Litton Loan Servicing, Resurgent Capital Services, Saxon, Select Portfolio Servicing, Washington Mutual, and Wells Fargo Home Mortgage.
If your servicer is connected and you go with DMM, spend the $150 to have an expert check your submission. It will save everybody's time and hasten a decision.
If your servicer is not connected to DMM, the selection is more of a tossup. DMM charges a little more for expert services, but it has been around much longer than MyCaal. Whichever one you use, please drop me a line and let me know how it went.
Thanks to Igor Roitburg.
The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.
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