Comments on: Lenders Say They Plan to Streamline Loan Modification Process

By: Joelle

Joelle — Wed, 15 Jul 2009 00:11:41 +0000

Litton Loan denied a loan mod request ,but the agreed to raise my monthly payment from 1750 to 2500 for 2 years and still at 8%. They have posted a sale date of 07/29/09 and my family is losing our home. Litton is no way “working with anyone”

They are predatory, despicable people.

By: loan mdification

loan mdification — Tue, 12 May 2009 03:23:47 +0000

It’s not that easy to figure out what to do with this whole loan modification issue.
The new Federal Loan Modification program has been created to helping people navigate the complicated system and offer guidelines.

However, this plan will only help approximately 15%-20% of customers. It addresses the needs of owner occupied, conforming borrowers with loans under $417,700 and with a current ability to pay a portion of their mortgage with loan owned by lenders participating in the program.

By: Tony

Tony — Sat, 04 Apr 2009 02:32:36 +0000

Finally my loan modification was approved and I recieved my paperwork today! Heres how countrywide plans to help me! They are going to raise my morgage payments around $40 a month and charge me an additional $4000 in interest! It seems that lenders see the new home modifacation laws as an opportunity to make even more money! I dont understand how our goverment will allow this but then thinking back about the misuse of billions of dollars in bailout money that was given to these big companys with little or no consequinces and suddenly it makes perfect since… prepare for the end of life as we once lived, prepare for the end! The answer to our recession isnt raising prices! The end is near!

By: Sue

Sue — Mon, 26 May 2008 20:32:35 +0000

I have a mortgage with HomeEq that is set to adjust in October. I called to find out about the loan modification program they describe on their website, but they told me to call back in August. Great…so I wait until two months before it adjusts, and if I’m not qualified…..then what??? The problem with these mortgages is that when we took them, we were told we could refinance to a better rate after the initial term was up. Now the mortgage industry is down the tubes and there is nowhere to refinance to! There are no loans to be had! I have tried refi’ing three times now, only to find out that because more than 1/2 of the units in my building are not owner occupied, I cannot qualify for any FHA loans, and my score is only 605, so with the market like it is, I can’t get a regular loan.

By: Federal Loan Modification » Blog Archive » Lender & Servicer Loss Mitigation 2.0 - The Homeowner is Now in Control

Wed, 14 May 2008 22:08:13 +0000

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By: Federal Loan Modification » Blog Archive » Senator Schumer Has Some Serious Questions for Mr. Mozillo

Wed, 14 May 2008 21:57:35 +0000

[...] Senator Schumer Has Some Serious Questions for Mr. Mozillo [...]

By: Fred Zerkle

Fred Zerkle — Sun, 11 May 2008 23:48:42 +0000

I have another problem that I would like to call to everyone’s attention…I recently applied to CW for consolidation of a first and second. Being retired and with cost of living expenses increasing, I needed to lower my monthly payments by combining them into one loan at a lower overall interest rate. My FICO was in the high 700’s, an excellent credit history, and with an income high enough to qualify…BUT, CW decided I would have to have the property reappraised if I wanted the loan. So, I paid for it in advance, and they contacted a local appraiser. The appraiser performed his duties on the appointed date, and left.
Several weeks later, I was turned down by CW because the appraised value was not high enough to meet their “Loan to Value” requirements.
I was shocked! I requested they provide me with a copy of the appraisal and sure enough, my suspicions were confirmed! The appraiser made several glaring mistakes; he had left out of the value equation, such things as a car port, a 3 year old re-model that added an additional 25% more space to my home. I informed CW about this, and their reply was “they could not talk with the appraiser, but would send an email to him that he had omitted the car-port. Although he made a $10,000 adjustment, without explanation, he did not address the other issues I had raised, i.e., wood floors in the kitchen, covered decks, extensive landscaping, parking for 7 cars and a boat, or 4 cars and an RV (he only stated 2 cars), and various other smaller items..
The issue is; do I sue the appraiser for devaluing my property? Or do I sue CW for not going to bat for me when they had been offered with valid proof of the items he, the appraiser, had ignored. Certainly, I don’t want the same appraiser…anyone who can walk through a carport, and then claim there isn’t one, isn’t much of an appraiser, and…any lender who accepts a bogus report, isn’t much of a lender!

By: Don

Don — Thu, 08 May 2008 18:37:11 +0000

I have a sub-prime mortgage from Americas Servicing Company, owned by Wells Fargo. I requested a modification over 2 months ago. I have never missed or been late on a payment and I have lived in my home for 24 years. I was denied the modification because they said I could not offord a lower interest rate!! I turly believe they do not desire any modifications. They are quite happy collecting my higher payments. I’m not sure what the hidden agenda is, but I’m pretty sure someone is planning something.

By: Carrie

Carrie — Wed, 07 May 2008 19:08:50 +0000

Steve, i hope you are getting help with your loan modification.

I originally purchased my home pre-construction in 2005.
purchase price $430,000. The home was not completed until beginning of 2007. Appraisal came in, in May 2007 for $500k I was told. I was thinking this is great, I will be moving into a home with Equity. But as rules apply when you do a loan itis based on the lower of the sales price or appraisal.
ok, we did an 80% first mortgage ((344,000) and a 15% 2nd mortgage (64,500.00) . my husband middle credit score was a 728 and mine was a 732. we had about 8 to 9 months of reserves in the bank. Countrywide Loan Officer said they would try to get me the best deal for me and my family.
Guess what I find out today that I was f***ked by Countrywide.
my first loan they gave me a 7.25% and on the sencond a 15 year Heloc (baloon) Interest Only payment at 10.5%. I did not know anybetter and at the time was happy to buy my new home.

I was let go in the middle of last year and was unemployed for over 8 months, i had to use all of my reserves. I tried contacting CountryWide several times throughout those months and they were not able or not willing to help. I recently got a job and am working full time, making a decent salary, but unable to meet the month to month expenses. I have never paid my mortage late, I contacted CW on 5/1 and on 5/5 to ask for help on a permanent loan modification where they could combine both my loans into a low fixed rate and drop my PITI payment so that I can continue to live in my home, continue to pay my debt to them and ultimately not have a foreclosure (which I think would be good for both CW and myself).

But as it has been stated on your website time and time again CW does not give a shit about its borrowers. I was very bluntly told that unless i did not pay the mortgage they could not do a loan modification. WHAT ? i explained my credit that i had worked to achieve and take care of for many years would be damaged. The CW rep stated too bad – that is the only way the CW will even help you. WHAT WHAT WHAT !!!!!

can’t CW and other lenders realize that we are in a ‘recession’ that everyone is feeling the pinch?

Why can’t they help those of us who have been good customers paying on time and are calling them before they go under in good faith to make a new payment arrangement?

so CW would rather see people f**k up their credit and then possibly help them or possibly take away their home and put them on the street.

Can you or anyone help our family?
thank you and hope for a positive response (but i won’t holdmy breath)

By: chaseme

chaseme — Tue, 06 May 2008 21:01:57 +0000

people wake up and stop being pussies!!! we need to rally together and burn these f@@king companies down one by one!!!-over throw the govnmt, american people we need our country back!!!