Crosby & Fox utilizes Stretto DMM Portal's easy-to-use technology to simplify the loan modification process for its debtor clients.
Borowitz & Clark
“Before Stretto’s solution, the loan modification process was such a complete waste of time that we stopped doing them altogether. The need for something better was tremendous and the transparency and ease of use of Stretto’s DMM Portal fit the bill.”
Stretto: An absolute must have in the world of loan modifications
In the early days of his career, Erik Clark found himself in a catch-22 situation.
Erik is the Managing Partner at Borowitz & Clark in Southern California. His firm has helped more than 40,000 people get out of debt. Throughout the years many of their clients were in need of a loan modification.
The catch was that to obtain a loan modification one used to have to complete a labor intensive and time consuming process. In fact, the loan modification process was so cumbersome that many legal firms gave up trying.
That is until they discovered Stretto’s DMM Portal.
Stretto: Customized solutions to streamline the loan modification process
“Prior to the Stretto DMM Portal, the loan modification process was such a complete waste of time that we stopped doing them altogether,” recalled Erik. “A client would come in seeking a loan modification, we’d reach out to their loan servicer, get transferred around from one office to another, and 45 minutes later finally reach someone in their loss mitigation department.
“Upon request, the servicer would send a loan mod package to the client by snail mail. The client would have to fill it out and send it to us for review, and then we’d fax it to the servicer. At that point we’d wait and wait for a response. Inevitably we’d have to start calling for an update only to hear they couldn’t find the package and we’d have to start the ‘process’ all over again. It was like banging your head against the wall over and over again.”
With its DMM portal, Stretto combines best-in-class technology and streamlined workflows to provide customized solutions to facilitate communication among debtors, creditors, and lawyers in the bankruptcy arena. Time is saved, costs are reduced, and resolutions are arrived at much quicker.
“The need for something better was tremendous,” recalled Erik, “and the transparency and ease of use of Stretto’s DMM portal fit the bill.
“DMM’s Portal makes it easy for attorneys to upload their clients’ information. It’s easy for debtors because they’re able to have professionals working on their behalf. It’s easy for creditors because all the information comes through a centralized location.
“With a central place for communication, everyone can see who said what and when, and who got what and when. There’s no he said, she said regarding missing documents. It’s all there for everyone to see. The entire process is streamlined, and clients don’t have to wait as long for an answer.”
Expediting the bankruptcy process
With the nation coming out of the COVID pandemic and the end of mortgage moratoriums and government assistance, Erik believes there will be an increase in Chapter 13 bankruptcy cases involving home and business owners.
“With a Judge overseeing the process all parties treat this process with the seriousness it deserves.”
“When facing debt, what clients really want is an answer on whether they can get a loan modification, and if not, why not. Mortgage servicers have a language of their own so explanations can be very confusing. The DMM Portal helps to get answers in language that clients can understand.”
“Before, clients were often denied a loan modification with no understandable explanation. With the Stretto DMM Portal, there’s a channel of communication open that we can access to find out why. We’re then able to decipher a creditor’s reasoning, explain it properly to our client, and come up with other options that might be available. All of which increases client satisfaction.”
The best program out there
For a legal firm considering pursuing cases involving the loan modification process, Erik has some advice based on his years of experience.
“Lawyers do not practice Bankruptcy law to make a ton of money. In fact, most other practice areas would result in higher income. We do it because we want to help people every day. The loan modification process gives us another tool to make a difference in somebody’s life. Being able to help people save their family home makes me feel good about what I do for a living.
“But, the only way I would do it is with Stretto’s DMM Portal. It’s so easy to use, once I explain the process to the client and they agree to pursue a modification, my staff can produce the motions with the court and upload documents to the portal thereby freeing me up to spend more time reviewing servicer responses and helping other clients.”
“I think it’s the best program out there and it should be available in every bankruptcy court in the country.”