Comments on: Lenders Say, “Reach out and call us if you’re in trouble”. Let’s see what homeowners get, when they reach for help. http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: sally http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-13598 sally Fri, 03 Apr 2009 00:51:31 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-13598 Help, mtg with Wells Fargo, they sold to Citi Group. Have lender provided PMI. Appraised in 06 at 405,000 borrowed 382,000. BPO is 185,000. 6 months behind. Tried to work with WF, got nowhere until the PMI co contacted me. It was undisclosed to me that there was PMi, no wonder they wouldn't call me back...What are my options? Will the lender and PMi co sue me for a default? Don't know what to do distresed/scared. Help, mtg with Wells Fargo, they sold to Citi Group. Have lender provided PMI. Appraised in 06 at 405,000 borrowed 382,000. BPO is 185,000. 6 months behind. Tried to work with WF, got nowhere until the PMI co contacted me. It was undisclosed to me that there was PMi, no wonder they wouldn’t call me back…What are my options? Will the lender and PMi co sue me for a default? Don’t know what to do distresed/scared.

]]> By: I feel for you, and I know how difficult dealing with COUTNRYWIDE can be | Loan Modification & Home Loan News http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8494 I feel for you, and I know how difficult dealing with COUTNRYWIDE can be | Loan Modification & Home Loan News Sat, 17 May 2008 03:27:27 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8494 [...] Submitted by a homeowner, Carrie from Florida:  [...] [...] Submitted by a homeowner, Carrie from Florida:  [...]

]]> By: Carrie http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8497 Carrie Fri, 16 May 2008 20:51:27 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8497 Hi R. Whelan, I feel for you, and I know how difficult dealing with COUTNRYWIDE can be. I found this awesome forum: www.loansafe.org more specifically: www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/ this forum is dedicated to help homeowners and the specific part of the site only to CountryWide homeowners. This site has been a blessing for me and my family and you will see that you are not alone !!!! People on this site will help you and guide you through the right departments etc to get you the help you need to modify your loan since you are not able to refi as I was. GOOD LUCK on your CW journey and wish you success. Carrie Miami, FL Hi R. Whelan,

I feel for you, and I know how difficult dealing with COUTNRYWIDE can be. I found this awesome forum:
http://www.loansafe.org more specifically:
http://www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/
this forum is dedicated to help homeowners and the specific part of the site only to CountryWide homeowners. This site has been a blessing for me and my family and you will see that you are not alone !!!!
People on this site will help you and guide you through the right departments etc to get you the help you need to modify your loan since you are not able to refi as I was.
GOOD LUCK on your CW journey and wish you success.
Carrie
Miami, FL

]]> By: R. Whelan http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8496 R. Whelan Fri, 16 May 2008 18:22:29 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8496 Hi, I'm also looking for some advice & guidance. My situation is the following: We missed last month's mortgage payment of $2500.00 (almost $300 of this payment is PMI) We called Countrywide and they told us we could do a repayment plan , they also referred us to some other dept. and told us they would be in contact in a few week. We are making last month's payment (April) this month. And will attempt to pays this month's payment by the end of the month which will be extremely difficult, nothing like 2 30 day late payments in a row on your credit report.... We also have an equity loan payment of 600.00 a moth which we always make on time. The bigger problem here is that the total amount owed on both the 1st and Second Mortgage is approx $300,000. My home at this point is probably been devalued to about 260,000 if I am lucky even though we've made numerous improvements... What can I do???? We don't want to foreclose, we don't want to sell, we don't want to claim bankruptcy. I just want to get my payment lower if possible.... Please help! Hi,

I’m also looking for some advice & guidance. My situation is the following:
We missed last month’s mortgage payment of $2500.00 (almost $300 of this payment is PMI)
We called Countrywide and they told us we could do a repayment plan , they also referred us to some other dept. and told us they would be in contact in a few week.
We are making last month’s payment (April) this month. And will attempt to pays this month’s payment by the end of the month which will be extremely difficult, nothing like 2 30 day late payments in a row on your credit report….
We also have an equity loan payment of 600.00 a moth which we always make on time.
The bigger problem here is that the total amount owed on both the 1st and Second Mortgage is approx $300,000. My home at this point is probably been devalued to about 260,000 if I am lucky even though we’ve made numerous improvements… What can I do???? We don’t want to foreclose, we don’t want to sell, we don’t want to claim bankruptcy. I just want to get my payment lower if possible…. Please help!

]]> By: Susan http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8495 Susan Fri, 16 May 2008 05:10:09 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8495 Any information for HOMEQ SERVICING on LOAN MODIFICATIONS. We had issues with taxes being paid and now a 300.00 increase in payment and a reset in June coming, will make payment 800.00 more. WE NEED A LOAN MODIFICATION...any help? Please email us for those who are going thru this with HOMEQ dcgames4sale@hotmail.com Thanks Susan Any information for HOMEQ SERVICING on LOAN MODIFICATIONS. We had issues with taxes being paid and now a 300.00 increase in payment and a reset in June coming, will make payment 800.00 more. WE NEED A LOAN MODIFICATION…any help? Please email us for those who are going thru this with HOMEQ

dcgames4sale@hotmail.com

Thanks
Susan

]]> By: Lindy http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-2714 Lindy Tue, 01 Apr 2008 04:57:26 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-2714 I bought a house in a not so good neighborhood with my nest egg. I thought I'd move back home in 2 years. Now my home dropped in value and I can't sell it. I pay $4,000/month and can't pay many other bills. I was told that the "short sale" route is an uncertain nightmare. I want to get out of here so bad. I even had a bad guy on my roof! I bought the home for 625K and now it's worth about $500K. I'm throwing $4K in the trash each month as they tell me I won't even break even here for 8 years. There are houses available to rent where I used to live...but what do I do with this place? help. I bought a house in a not so good neighborhood with my nest egg. I thought I’d move back home in 2 years. Now my home dropped in value and I can’t sell it. I pay $4,000/month and can’t pay many other bills. I was told that the “short sale” route is an uncertain nightmare. I want to get out of here so bad. I even had a bad guy on my roof! I bought the home for 625K and now it’s worth about $500K. I’m throwing $4K in the trash each month as they tell me I won’t even break even here for 8 years. There are houses available to rent where I used to live…but what do I do with this place?

help.

]]> By: Lori http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-2713 Lori Sun, 10 Feb 2008 09:26:03 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-2713 Thanks for the advice! Sounds reassuring. My husband and I have been trying to hold onto our house. He had a cleaning business that didn't work out, a friend said he had business for us and would give us referrals, but he lied. So then my husband tried to get back into driving (he has a Class B license with endorsements) but has been experiencing much age discrimination. So he has been selling his record collection on Ebay. I, luckily, have had a steady job for the last 11 years with a decent salary, but when you live in CA, everything is expensive! In the meantime, we have an upside down loan and bills. So we are contemplating, do we pay the mortage, or pay the bills? We are now about a month behind on our mortage and getting foreclosure letters. So we are worried if our lender doesn't work with us, we will be homeless. And my mother-in-law lives with us, and we have a precious little dog that if we had to give him up, we would be devastated. So I am hoping and praying for the best, preparing for the worst. I stopped taking my Lexapro but it's time to start it up again. Thanks for the advice! Sounds reassuring. My husband and I have been trying to hold onto our house. He had a cleaning business that didn’t work out, a friend said he had business for us and would give us referrals, but he lied. So then my husband tried to get back into driving (he has a Class B license with endorsements) but has been experiencing much age discrimination. So he has been selling his record collection on Ebay. I, luckily, have had a steady job for the last 11 years with a decent salary, but when you live in CA, everything is expensive! In the meantime, we have an upside down loan and bills. So we are contemplating, do we pay the mortage, or pay the bills? We are now about a month behind on our mortage and getting foreclosure letters. So we are worried if our lender doesn’t work with us, we will be homeless. And my mother-in-law lives with us, and we have a precious little dog that if we had to give him up, we would be devastated. So I am hoping and praying for the best, preparing for the worst. I stopped taking my Lexapro but it’s time to start it up again.

]]> By: Tom http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8493 Tom Mon, 14 Jan 2008 00:01:45 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8493 For a modification to occur, the investors and the PMI Co have to agree to any modification, short sale, short refi, deed in lieu, etc. proposed by the loan servicer for these events to occur. That is my understanding, but it is solely what I have read on sites such as these. Would be interested in finding more about how this works myself and have done searches on the internet but have found very little on the subject. I'm sure each set of investors, servicer, and insurance company has different requirements though. For example, if the PMI will only pay in the case of a default, the lender/investor won't work with the borrower because then they wouldn't be able to make a claim against the PMI company. Some have said this is why some lenders and servicers prefer to go to foreclosure rather than cooperate with buyers for modifications. Although, I'm not real sure one way or another. Perhaps someone else in the business or Moe can interject more. Tom For a modification to occur, the investors and the PMI Co have to agree to any modification, short sale, short refi, deed in lieu, etc. proposed by the loan servicer for these events to occur. That is my understanding, but it is solely what I have read on sites such as these. Would be interested in finding more about how this works myself and have done searches on the internet but have found very little on the subject. I’m sure each set of investors, servicer, and insurance company has different requirements though. For example, if the PMI will only pay in the case of a default, the lender/investor won’t work with the borrower because then they wouldn’t be able to make a claim against the PMI company. Some have said this is why some lenders and servicers prefer to go to foreclosure rather than cooperate with buyers for modifications. Although, I’m not real sure one way or another. Perhaps someone else in the business or Moe can interject more.

Tom

]]> By: Virginia http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8492 Virginia Sun, 13 Jan 2008 23:31:52 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8492 Marcy~ I have no knowledge of loss mitigation and that end of the mortgage industry, so please bare with me......what benefit does contacting the PMI company have for you? Will it help with the negotiation because they are picking up a percentage of the loss? I am truly interested on how that works. Marcy~

I have no knowledge of loss mitigation and that end of the mortgage industry, so please bare with me……what benefit does contacting the PMI company have for you? Will it help with the negotiation because they are picking up a percentage of the loss? I am truly interested on how that works.

]]> By: Tom http://loanworkout.org/2007/12/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8491 Tom Sun, 13 Jan 2008 23:17:56 +0000 http://loanworkout.org/2007/12/15/lenders-say-reach-out-and-call-us-if-youre-in-trouble-lets-see-what-homeowners-get-when-they-reach-for-help/#comment-8491 Thanks, that works for me - I'll try the same route. Appreciate the assist. Tom Thanks, that works for me – I’ll try the same route.

Appreciate the assist.

Tom

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