We don’t always hear about successful stories where someone fought back against their lenders and was lucky enough to avoid foreclosure with a loan modification.
Our forum at LoanSafe.org has had some recent homeowner success stories and I wanted to share one with you all here on my blog. I hope to report on more stories like this in the near future and I encourage anyone that needs help to please join our forum and we will help you in any way we can.
Homeowner story submitted by TxAngel;
Thanks Moe for this forum..I had no idea about anything and this place taught me so much!
Hello all!
Well it’s finally over! We got our loan modified and fixed for the next 7 years.
We can afford the payments and taxes are included. We sent in our good faith money, saved our house money each month so we’d have it, and signed the contract and fed-exed everything and we got our confirmation letter.
We can now move on and get on with life, and move when we want to in a few years now..wow..I finally feel human and have my goals back!
This gives us time now to do what we need to and I couldn’t have gotten a better Christmas present!
And we still have equity in our home..we are one of the lucky ones.
I never got shifted around, and always got to speak with the same person handling our loan. She was the nicest person and I could not have gotten better!
We have dealt with this all year..trying to refinance, and watching our payments go up. We took care of it in plenty of time.
All I can say is it takes TONS of patience, and staying on top of it..this lady heard from me 3-4 times a week(and I called until she answered to, never gave up) since Sept. 13..it took 3 long months.
I did everything right when they asked me, and it all worked out well!
It can be done..we did it. In fact, she told me they enjoyed working with ppl who helped them and were nice back..so be nice to! I remember one week she was as frustrated as I was about getting the title in..so they get frustrated like we do and ya gotta remember that as well and be nice back.
I won’t tell ya the days/nights I’ve cried and wanted to throw in the towel..calling hubby at work telling him to come home and do it cuz I couldn’t do it anymore..it’s the waiting…and now I am so tired and sleepy and I know it’s the relief I feel..I don’t think I slept all year more than a few hours a night.
Don’t give up!!!!! The gov’t is trying to help..but it does concern me about them only freezing the rate you have for just a few years..I mean..then it starts all over again?
But I now have enough years to get it right and equity and KNOW what to do..this also taught me a lot.
Thanks Moe for this forum..I had no idea about anything and this place taught me so much!
This has been long enough but had to share..didn’t want to say anything to soon until it was final!
I wish you all the best of luck and know that good things will come..just gotta have faith and hope and plenty of patience
Something I never thought I had much of!!
You all have a Merry Christmas and a Happy New Year!
You can read the whole story here and many others.
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Being new to this process, what then happens after the 7 year fixed?
Al, excellent question. I hope TxAngel can fill us in. Wiil this go back to an ARM in 7? Will you be amortizing your principal over 23 years, instead of 30? Did the mortgage company analyze that you can afford this bump in payments? Do you know what your new payment can be, worst case? Or, is it the same story, different day?
Tx, can you give the lender that is working out the Mod, a mention ?
You can find TxAngel in our forum where you can ask her questions.
http://www.loansafe.org/forum/showthread.php?t=327
That’s great. But be on alert! The 7-year mark is the point at which they fabricate a foreclosure so they can turn over the property for a profit. They refinanced you because they can’t sell the property for a profit at this time. Some income is better than none, so for the time being you’re alright, but refi. away from them to a small local bank as soon as possible. See MSFraud.org for more information.
Our mortgage company will not work with us. They said that our mortgage is too new. 9% interest is far too high for us and the writers’ strike has affected Sergio’s work as a stage tech. He hasn’t had much work since the onset of that strike. It’s impossible to make our mortgage payment of over $4,000. per month. In order to keep this house, we would need a 40 year mortgage and lower interest. Virginia is a senior citizen but Sergio is not. We are not looking forward to moving. We came back in 2006 to CA from living in NJ for seven years. Life has been tough for us so far and we can’t seem to get any help.