Comments on: Show Us the Mortgage Relief http://loanworkout.org/2007/12/show-us-the-mortgage-relief/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Wed, 28 Mar 2012 18:33:33 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: 995 Hope - Call them if you want to get screwed by your lender again! | Loan Modification & Home Loan News http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2587 995 Hope - Call them if you want to get screwed by your lender again! | Loan Modification & Home Loan News Mon, 31 Mar 2008 18:26:42 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2587 [...] is another 995 Hope Unsatisfied client: I called this number prior to contacting countrywides loss mitigation department [...] [...] is another 995 Hope Unsatisfied client: I called this number prior to contacting countrywides loss mitigation department [...]

]]> By: svanca http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2585 svanca Wed, 30 Jan 2008 21:34:15 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2585 The politicians don't know anything about the real estate markets, real estate economics, tax ramifications and the mortgage ordeal that we are in. The lenders are the ones who are faring better than all of us, homeowners who are working to make sure we don't miss a payment. Lenders hire incompetent assholes who know nothing about customer serivce or helping people with homes because they don't own homes. They follow a script and then transfer us if our questions become too complicated. I was told in October 2007 by my lender that I had to be late on my payments to even call them to talk about modifying my loan. I couldn't believe it! Who makes up these rules? Some dumbass? The politicians don’t know anything about the real estate markets, real estate economics, tax ramifications and the mortgage ordeal that we are in.

The lenders are the ones who are faring better than all of us, homeowners who are working to make sure we don’t miss a payment. Lenders hire incompetent assholes who know nothing about customer serivce or helping people with homes because they don’t own homes. They follow a script and then transfer us if our questions become too complicated.

I was told in October 2007 by my lender that I had to be late on my payments to even call them to talk about modifying my loan. I couldn’t believe it! Who makes up these rules? Some dumbass?

]]> By: svanca http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2586 svanca Wed, 30 Jan 2008 21:30:55 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2586 Anything from Bush is Bullshit!!! Anything from Bush is Bullshit!!!

]]> By: Tom http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2584 Tom Thu, 17 Jan 2008 02:48:15 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2584 Calling HOPE Now is a waste of time for most folks, or at least folks in my shoes. I'm not late, I'm upside down and neg-aming. They told me to refinance and referred my to a local non-profit who can't help me because my income is too great. Who's going to refinance an upside down loan? Colossal waste of time that experience was. Calling HOPE Now is a waste of time for most folks, or at least folks in my shoes. I’m not late, I’m upside down and neg-aming. They told me to refinance and referred my to a local non-profit who can’t help me because my income is too great. Who’s going to refinance an upside down loan? Colossal waste of time that experience was.

]]> By: David http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2583 David Thu, 17 Jan 2008 02:35:56 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2583 I like your stuff, even though i came here by accident! I like your stuff, even though i came here by accident!

]]> By: linh http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2582 linh Sun, 06 Jan 2008 21:04:18 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2582 I can relate to all of you. I have my home loan with Chase. They called me in September notifying me that my loan was goingto become an adjstable rate loan, will I have a problem making the new payments. I told them, well my husband is an undewriter and he just got laid off and i have new baby on the way, of course we will have difficulties. The ysaid they will modify my loan. They asked for our financials in October, than asked for the same information in December, but yet have not made any decisions. I have been paying my monthly payments at the adjustable rate since Ocotber while awaiting their decison. I too called HOPe, they suck, becuase I am not late, they can not help me. My lender had the nerve to say that becuase i am current on my loan, they are trying to bring the loans that are in default current first? WTF huh? I thought paying on time would payoff and they would modify my loan beofre I go into default, what ever hsappen to the idea of prevention? I have called at least 25 times to see if they have made a decision, but I get the same response, " We are still working on it" Supposely it is with teh underwriter. shit, I am an underwriter and it foes not take no 120 days to underwriter a single family, especislly a mod? I plan on not making January's payment to see what they will do? Does anyone have any suggestions? I can relate to all of you. I have my home loan with Chase. They called me in September notifying me that my loan was goingto become an adjstable rate loan, will I have a problem making the new payments. I told them, well my husband is an undewriter and he just got laid off and i have new baby on the way, of course we will have difficulties. The ysaid they will modify my loan. They asked for our financials in October, than asked for the same information in December, but yet have not made any decisions. I have been paying my monthly payments at the adjustable rate since Ocotber while awaiting their decison. I too called HOPe, they suck, becuase I am not late, they can not help me. My lender had the nerve to say that becuase i am current on my loan, they are trying to bring the loans that are in default current first? WTF huh? I thought paying on time would payoff and they would modify my loan beofre I go into default, what ever hsappen to the idea of prevention? I have called at least 25 times to see if they have made a decision, but I get the same response, ” We are still working on it” Supposely it is with teh underwriter. shit, I am an underwriter and it foes not take no 120 days to underwriter a single family, especislly a mod? I plan on not making January’s payment to see what they will do? Does anyone have any suggestions?

]]> By: Dizzle http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2581 Dizzle Sat, 22 Dec 2007 02:46:40 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2581 Certain lenders do have hotlines for adjusting ARMs, ASC calls it their ART team. Chase has one too. With Option ARMs, I don't see any other way to go but to sell if you've been making "Neg-Am" minimum payments. There's no way logically that you can modify a loan where the only affordable payment is the only that adds $1000 to your loan value every month. Everyone says that lenders/investors want to avoid foreclosure etc etc etc. Why stay in a loan where your loan value goes up and stretching your finances at the same time? Just get out of it through selling/shortsale/deed-in-lieu, get housing for less and save towards retirement/newhouse/etc. Pay off your old debts with some assistance from a nonprofit credit counseling agency and get advice on staying debt free the rest of your life at the same time. You can't keep a house in the long term without paying "Principle + Interest", otherwise you're just adding to your debt or just Renting the place. A minimum payment is sometimes 2-4% on the interest and with the rate of the mortgage at 7-8% to start. To make it affordable for you on a fixed rate, the lender would basically have to wipe out the interest they earn on it and only have you pay off the principle. If you count inflation and the money they could have made in the years of the loan by making it available to invest, they're basically losing money just keeping the loan on the books, it would make sense for them to do the foreclosure now than losing the same or more in the long term. -Someone that spends half his time with people with Option ARMs and actually takes the time to look at their long term situation rather than just the immediate mortgage Certain lenders do have hotlines for adjusting ARMs, ASC calls it their ART team. Chase has one too.

With Option ARMs, I don’t see any other way to go but to sell if you’ve been making “Neg-Am” minimum payments. There’s no way logically that you can modify a loan where the only affordable payment is the only that adds $1000 to your loan value every month. Everyone says that lenders/investors want to avoid foreclosure etc etc etc.

Why stay in a loan where your loan value goes up and stretching your finances at the same time? Just get out of it through selling/shortsale/deed-in-lieu, get housing for less and save towards retirement/newhouse/etc. Pay off your old debts with some assistance from a nonprofit credit counseling agency and get advice on staying debt free the rest of your life at the same time. You can’t keep a house in the long term without paying “Principle + Interest”, otherwise you’re just adding to your debt or just Renting the place.

A minimum payment is sometimes 2-4% on the interest and with the rate of the mortgage at 7-8% to start. To make it affordable for you on a fixed rate, the lender would basically have to wipe out the interest they earn on it and only have you pay off the principle. If you count inflation and the money they could have made in the years of the loan by making it available to invest, they’re basically losing money just keeping the loan on the books, it would make sense for them to do the foreclosure now than losing the same or more in the long term.

-Someone that spends half his time with people with Option ARMs and actually takes the time to look at their long term situation rather than just the immediate mortgage

]]> By: Lisa Stewart http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2580 Lisa Stewart Wed, 12 Dec 2007 19:25:29 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2580 I have posted on other topics about my families situation. My husband and I re-financed our home 3 yrs ago to pay off some debt that was becoming difficult to keep up with because of a decrease in my husbands income. We refinanced with Wells Fargo. At the time it seemed like a blessing because it took a lot of credit card payments off of us and we were able to afford the house payment. When we re-financed with the ARM option we felt very optimistic we could re-finance the loan before 3 years were up. We started trying 1 1/2 years ago to re-fi and found that our home would not appraise for what we owed. I believe Wells got an inflated appraisal. It should not have dropped that much in such a short time especially since our area has not yet been hit hard with alot of foreclosures. I fell ill about a year after we re-financed, so things got harder , including our mortgage note. We called Wells to see what we could do to get a fixed rate and get our payments down, to no avail. Mind you we had not missed a payment or had been late up to that point. That was in February 2007. We told them then we were struggling with payment could they help us. All we could get out of them was if we were late or missed payment we could be directed to Loss Mitigation and they could maybe modify loan. Well needless to say we missed 2 payments, one reason we had a son who started college and needless to say that is very important. So we get in Loss Mit, in July 2007, we are still there and our Loan reset in November 2007. We can not afford new payment and we are going to let our house go. We have lived there for 10 years and raised our children there. Wells dont care. They could have lowered our rate and made it a fixed one so we could stay but they would'nt. They knew we were struggling with our prevoius payment and they surely knew we could not afford the new one. Not to mention the rate re-sets every 6 months! I called 1-800-HOPE 2 months ago they are advising a short sell. Some help! We had excellent credit 3 yrs ago now our FICO scores are so low it will take years to get them back up. Oh well sorry so long, but that's my story. I have posted on other topics about my families situation. My husband and I re-financed our home 3 yrs ago to pay off some debt that was becoming difficult to keep up with because of a decrease in my husbands income. We refinanced with Wells Fargo. At the time it seemed like a blessing because it took a lot of credit card payments off of us and we were able to afford the house payment. When we re-financed with the ARM option we felt very optimistic we could re-finance the loan before 3 years were up. We started trying 1 1/2 years ago to re-fi and found that our home would not appraise for what we owed. I believe Wells got an inflated appraisal. It should not have dropped that much in such a short time especially since our area has not yet been hit hard with alot of foreclosures. I fell ill about a year after we re-financed, so things got harder , including our mortgage note. We called Wells to see what we could do to get a fixed rate and get our payments down, to no avail. Mind you we had not missed a payment or had been late up to that point. That was in February 2007. We told them then we were struggling with payment could they help us. All we could get out of them was if we were late or missed payment we could be directed to Loss Mitigation and they could maybe modify loan. Well needless to say we missed 2 payments, one reason we had a son who started college and needless to say that is very important. So we get in Loss Mit, in July 2007, we are still there and our Loan reset in November 2007. We can not afford new payment and we are going to let our house go. We have lived there for 10 years and raised our children there. Wells dont care. They could have lowered our rate and made it a fixed one so we could stay but they would’nt. They knew we were struggling with our prevoius payment and they surely knew we could not afford the new one. Not to mention the rate re-sets every 6 months! I called 1-800-HOPE 2 months ago they are advising a short sell. Some help! We had excellent credit 3 yrs ago now our FICO scores are so low it will take years to get them back up. Oh well sorry so long, but that’s my story.

]]> By: JacMac http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-8419 JacMac Wed, 12 Dec 2007 03:34:13 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-8419 I got this beauty from ELOANS. Seems like the Sharks are sniffing blood. "Fed Cuts Interest Rates Again Take advantage of the most recent Fed interest rate cut You may have heard that the Fed recently cut interest rates by .25%, but do you know why this is such good news for you? As interest rates drop with the Fed cut, E-LOAN® can immediately pass the savings along to you since we’re a direct lender. This can result in lower monthly payments and a lower interest rate for you. Act now and see how much you can save. Apply Now Sincerely, Pete Bonnikson Senior Vice-President, First Mortgage " I got this beauty from ELOANS.

Seems like the Sharks are sniffing blood.

“Fed Cuts Interest Rates Again
Take advantage of the most recent Fed interest rate cut
You may have heard that the Fed recently cut interest rates by .25%, but do you know why this is such good news for you?

As interest rates drop with the Fed cut, E-LOAN® can immediately pass the savings along to you since we’re a direct lender. This can result in lower monthly payments and a lower interest rate for you.

Act now and see how much you can save.

Apply Now

Sincerely,

Pete Bonnikson
Senior Vice-President, First Mortgage “

]]> By: Moe http://loanworkout.org/2007/12/show-us-the-mortgage-relief/#comment-2579 Moe Wed, 12 Dec 2007 01:52:36 +0000 http://loanworkout.org/2007/12/10/show-us-the-mortgage-relief/#comment-2579 Yes, sswiz, talk about WTF? Andy, duh? It's like why would you go to them for help? I know several mortgage and real estate professionals that are losing thier homes because business is so lean. I wish you the best. You tell em Jackie! Thanks Carlos. I would definitley like to hear from you on this. Yes, sswiz, talk about WTF?

Andy, duh? It’s like why would you go to them for help? I know several mortgage and real estate professionals that are losing thier homes because business is so lean. I wish you the best.

You tell em Jackie!

Thanks Carlos. I would definitley like to hear from you on this.

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