31 Responses to “Loan Modification Success Story”

1. PAUL DAMIANO says:

   October 13, 2007 at 2:56 am

   I AM CURRENTLY WORKING AT A COMPANY CALLED THE FORECLOSURE AND LOAN MODIFICATION COMPANY. I HAVE DONE 35 LOAN MODS IN THE PAST 45 DAYS FOR INDIVIDUALS IN FORCLOSURE, PICK A PAYS, OR ADJ RATES. WE CHARGE A FLAT FEE. IF ANYONE IS INTERESTED LET ME KNOW. WE HAVE HAD A 100 PERCENT SUCCESS RATE CUTTING MORTGAGE LIENS DOWN. WE PRESENT A LOAN SCENARIO WITH A 6% INTEREST RATE INTEREST ONLY FOR THE FIRST FIVE YEARS THAN PRINCIPLE KICKS IN. THIS IS A 30 YEAR FIX. I HAVE HAD PEOPLE CRYING AT THE CLOSING TABLE. IT IS GREAT TO HELP PEOPLE IN NEED. HOPE EVERYBODY IS DOING ALRIGHT. PLEASE CONTACT ME WITH ANY QUESTIONS AT PDAMIANO@CITYREFI.COM…
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5. LANDIS says:

   March 31, 2008 at 4:35 pm

   I pay 4800 monthly to EMC on a interest only loan and now I am only able to pay 2000. monthly due to a salary loss. I need to call EMC. I would like to request a modification to temporarily make smaller payments, hold the unpaid monthly balance to be held as a 0% lien(?), to be paid at time of sale. I want to avoid forclosure, all together. I have never missed a payment in my 15 year history. Please advise.
   Peace!
6. GATORBAIT says:

   June 13, 2008 at 1:11 pm

   Su Vuong- who do you work for and what states?

   what are your contract terms?

   It is amazing that most mitigation companies advertise 100% success and when you read the posts here it seems that most people are getting only 20% success at best.
7. GATORBAIT says:

   June 13, 2008 at 1:16 pm

   Paul,

   What is the website for the company you work for and what states?

   What are your contract terms?

   thanks,
8. Arthur says:

   June 17, 2008 at 5:11 pm

   Here is my SUCCESS story with Chase. I applied for a mod in December ‘07 and they lost my file. I had to do it again in January. Then, after two months and calling weekly it was “at the underwriters.” After two more months and weekly calling I was being put on a priority list because so much time went by. Finally, a week ago I was successful. I heard I had been approved and the people on the phone really couldn’t tell me what the terms were. Today I got a simple letter:

   Your old rate of 8.69% (this was the arm it really started at 6.7% for 2 years) has been modified at the fixed rate of 5.375% for the balance of the loan.

   HOLY CRAP!!! I can keep my house and actually got a GREAT rate to boot!

   I hope everyone stays with it and can keep their homes.

   FYI I was falling behind in my payments more and more over the course of this process. I never got 30 days behind, but I was close.

   Thank you CHASE!!
9. GATORBAIT says:

   June 17, 2008 at 5:21 pm

   Great news alan-

   Please pass along the contact name and phone numbers of whom you delt with for others on the forum. Also pass along any contacts on the letter you received.

   It will be a great help for those on this forum.

   Good for you…
10. anthony says:

    July 9, 2008 at 9:39 pm

    I would be glad to assist anyone with questions in regards to loan modifications.
11. Andreamichelli says:

    September 9, 2008 at 12:26 pm

    Does anyone know if they do Loan Mods after asking you to pay 3 months of repayment?? thanks
12. brianh777 says:

    September 26, 2008 at 1:54 pm

    I just got off the phone with EMC – I actually had 5 months of repayments and they said it was due for a modification. Talked to a really helpful rep (Steve) and went over everything. They ended up changing my repayment (was 12 months @ $3025.00) to a basically new loan with the first 10 Years fixed interest and monthly payment going down to $2100 a month. Really saved me – the nice thing is that they go back and change your loan status to ‘current’ – instead of a year or two of 120+ past due or worse. Good luck!
13. Responsible says:

    October 1, 2008 at 7:14 am

    Why do people like you get rewarded with a below market rate for not making your payments?

    All of you are the cause of our current financial crisis. Do any of you understand that?
14. brianh777 says:

    October 2, 2008 at 8:32 pm

    Hey “responsible” – hope you never find yourself in a situation beyond your control that changes your life.

    If you are this bitter when everything is going well, you’re done for.

    Good Luck.
15. Don Jones says:

    March 10, 2009 at 5:21 pm

    The success ratios for loan modifications can be in the high 90%’s if the company/attouney’s knows how to structure the deal. We have a detailed pre-approval process and offer 100% money back if we can’t modify someone’s loan (in writing). With the government getting more involved in the process it has become tricky but still having great success.
16. John says:

    March 23, 2009 at 4:20 pm

    Does anybody have success on load mod case recently? I am on the edge to stay current with my loan due to salary cut. Can I start load mod process before I fall behind the monthly payment?
17. Small Business Owner says:

    April 7, 2009 at 7:31 am

    Dear Arthur,
    I logged onto this site specifically to see if there were any news about “Chase” and their process. Thanks for posting a great story. I can have some hope now that our situation will work out.
18. Jason LA says:

    April 26, 2009 at 10:49 pm

    John. Yes you can begin the Loan Mod Process before you fall behind. However, I (nor should anyone) legally advise you to fall behind in your Mortgage payments but the sad truth is that it may actually help you in the negotiation process with your lender. The negative side of falling behind is of course the negative ding on your Credit. My company is doing AMAZING things for borrowers, in addition…we are only taking on borrowers whom we can help. I do charge a fee but nothing is up-front and as i said, we will not work with you unless we can help. Let me know if you have any questions.
19. JB says:

    May 15, 2009 at 2:47 pm

    Hello,

    Does anyone have any results on their Obama Plan Loan Modification? I have had my credentials in with my lender for over 2 months with little movement. I keep getting that same jargon, “Our policies and procedures have not been finalized, but you are first on our list once they are”. I have not heard of ANY successful, finalized loan mods through the Obama plan. I hope someone out there can prove me wrong.

    I look forward to your responses.

    JB
20. Yvonne Edwards says:

    May 17, 2009 at 11:37 pm

    I believe there is a lack of accountability on the part of the lenders when it comes to assiting homeowners with loan mods. The Obama plan rewards lenders with $800 to $1000 for each loan mod they do. However, I find that lenders use tactics such as 1) losing the documents submitted and ask for them repeatedly 2)some are unreachanle and have the client on hold for more than an hour and 3) others make quick preQ of clients and throw them to the wolves.
    In my work with loan mods, I find that some lenders actually encourage short sales rather than work with the home owner. The present housing crisis is not brought on by homeowners alone, the lenders who lend, the appraisers, mortgage brokers and real estate agents are all involved. Now there is a crisis, we need to find effective strategies that will benefit each participant in the scenario.
    I also find that when loan work-out fails, foreclosure becomes prevalent. The house is marketed for pennies on the dollar. This is the part that baffles me. Why not work with the homeowner by modifying their loans?
    This crisis can be stopped when the debtor and the lender are at one in nation building. Many of the clients I know lost their jobs, have a death in their family, lose a spouse or become ill through no fault of their own. We are all in this together and most of us are clueless about which direction to take.
    Obama’s package makes sense but the problem that I find with it is that there is no provisions for assessing lender’s response to the desperate owners. Who doe the homeowner report to when they fail to get help? What are the provisions for homelessness?
    Some lenders are in my good book. Lenders such as Litton, AMHS, Bank of America, Wells Fargo/Wachovia. The best advice I can give to homeowners facing hardship is – Do not falsify your financials to get help. If you are found out, you will get no help. If you are not working, you may rent the place out, do a short sale or ride it out until you are notified of eviction. Do not listen to people who say, stop paying to get help. After Obamas’ incentive, this stop paying thing is becoming a joke.
21. Happy says:

    May 21, 2009 at 4:11 pm

    My lender Chase is great. There is a form on the website (Loan Modification) that needs to be filled out and faxed. After faxing the application I called Chase. They first try to find a plan for you. I was 2 payments behind. After not finding a plan for me I was told that the Loan Modification dept was weeks behing and that I would received a call in about a month. I ask to be tranfered anyways. About 3 minutes later my loan was drop from 1325 to 1000. For the life of the loan (20 plus years for me). Plus my 2 past dues where added the the back of the loan. I got a fresh new start. They said it was the Obama plan. Im sure glad I voted for Obama. All I have to do is sign the docs they will mail to me and send them back.
    P.S. You will have to show them that your pay was drop as was mine.
22. Brenda says:

    July 23, 2009 at 4:29 pm

    Has any body used Lincoln National Group loan modification in New Jersey?
23. jayval says:

    July 26, 2009 at 8:13 pm

    I have been trying to get a loan mod. since Dec 2008 with Chase; i have sent the documents twice in the 6 1/2months; they lost the first set and I had to send another along with a form and hardship letter. I did all of this twice and I am still waiting to hear. Meantime, I am behind on the mortgage by 4 months; I have sent the occassional payment but I truly can’t afford it and need a modification badly; they are taking a long time even after they talk to me via phone and say that I am still under consideration. I hope I am wrong but I do feel that Chase is playing loose and fancy with the Obama plans–they don’t seem to be very accountable to the govt and it feels like we have no choice but to be held hostage or just give up and move. The other thing that has happened is that I recently received a tax bill from my county govt. My mortgage payment included almost $350 monthly in taxes-so be mindful that your taxes aren’t being paid either if you are in a similar situation. I hope of course that this all works out since I am able to pay something monthly but just can no longer afford the high mortgage I have, which is going to go up next year as the loan is a subprime loan with a fluctuating interest rate.
24. Moe Bedard says:

    July 27, 2009 at 11:08 am

    This seems to be a reoccurring theme.
25. Charlie says:

    August 27, 2009 at 12:56 pm

    Is hiring a lawyer and paying $3500 worth it? I am just entering
    the Mod World and I work alot. Frankly don’t want the
    headache of all the back and forth. If I can get a mod close to what
    I have been hearing about from Chase, it would save my house for sure and be worth the money if it happens much more effeciently. I have a sub prime 1st and a 2nd.
26. Felecia G. says:

    September 12, 2009 at 6:46 am

    Please help me with the Wells Fargo mess, they have dragged my modification out ever since Jan 2009. Nothing has been done yet and the packages they send are not modified. The payment were only $90 or a $100 the most different from the original amount. I need an honest person and good rating company to help me out immediately. Wells Fargo lost the paperwork over four times, I mailed and faxed labeling everything and they continue to lie on a daily basis, I am so sick of them to I do not know what to do. The company is fradulent in its practices and ethics. They do not help their customers at all as well as having a lack of professionalism. Please someone email me at cuddles6409@msn.com
27. Xavier Zendejas says:

    October 13, 2009 at 7:53 pm

    I have been working with WAMU/Chase Since early this year on loan Mod, recently I received a letter stating: “You have been approved for a Special forbearance Agreement”. It goes on with “If you make the next 3 monthly payments of $500, at the end of this period we re-evaluate and may offer a permanent workout solution to bring your loan current”.Notes:
28. Xavier Zendejas says:

    October 13, 2009 at 8:00 pm

    I have been working with WAMU/Chase Since early this year on loan Mod, recently I received a letter stating: “You have been approved for a Special forbearance Agreement”. It goes on with “If you make the next 3 monthly payments of $500, at the end of this period we re-evaluate and may offer a permanent workout solution to bring your loan current”. Notes:
    1) $500 is about half current pmt
    2) Don’t have to bring loan current (I’m behind 6 pmts
    3) My loan is a std 30yr @ 5.875% with 20% dwn issued jan 2006
    What will you do? it is not my primary home, I got stuck with it!
29. Xavier Zendejas says:

    October 13, 2009 at 8:03 pm

    I have been working with WAMU/Chase Since early this year on loan Mod, recently I received a letter stating: “You have been approved for a Special forbearance Agreement”. and it goes on with “If you make the next 3 monthly payments of $500, at the end of this period we re-evaluate and may offer a permanent workout solution to bring your loan current”. What will you do?
30. William says:

    February 14, 2010 at 4:56 pm

    This is my story. Unfortuanatley I filed chapter 7 Bankrupcy and I included everything including my primary home . I had a 7 % inter rate fixed. After I was discharge chase send me a letter offering help I file the paper for modification and they put me in a 3 moths trial payment. I was paying originaly $ 1623 and the trial was $ 900.

    Ater I made 6 payment they finally modified my loan $ 300 less.

    Thanks
31. Annette Scarpiello says:

    September 1, 2010 at 11:36 am

    I have been trying for a mod for almost a year now- forward information they request, always call to confirm they received the information – most of the time i have to re-fax everything 4 or 5 times. Gave me a payment plan for 4 months – said after that would find the most suitable plan form me. Instead they put my home up for Sheriff Sale for Oct 8th because they said i did not forward my information which was not true. Get a different response everytime i call Wells Fargo. Hopefully when i call again tomorrow they will have the information AGAIN and postpone the sale. I have tried everything i know to send and do everything they have asked for and still am not sure what is going on