Comments on: Loan Modification Myths and Facts

By: L.T.

L.T. — Wed, 17 Mar 2010 15:01:36 +0000

gabe, stay away from B of A.

so i’ve been trading on the market for about 3 years as a stockbroker, and i’ve been selling life insurance. and now i will be refinancing homes for a firm in addition to those things. i think that i can really help people with this company’s backing. i’m simply online doing some research and getting some feedback regarding people’s needs in order to see how i can maximize my knowledge and services to assist them. wow, i’ve learned so much here and will NOT be recommending 955-HOPE!! good luck to all of you!

By: gabe martinez

gabe martinez — Sat, 06 Mar 2010 16:24:12 +0000

one question and one comment.

1. Do you have to use your current mortgage company for a loan modification?

2. Bank of America is also not being upfront with about loan mods, they want to steer you to a refinance of mortgage

gabe

By: GINA

GINA — Wed, 27 Jan 2010 16:39:11 +0000

We have been in mod since 12-08 with WaMu/Chase. Have recieved many answers to questions. Nothing seems to be working with our mod either. They wanted us to sign a second note for 8850. and give us 2 months off, however we are only 5106. behind. Heres the kicker we were told this second loan is with 5% interest and all the money they have collected in 2009 they put in a suspense account and did not put towards payments. We now have no inerest to claim on out income taxes. They also gave us a temp forebarence and the 200. differance each month has added to the amount we were behind. Now what seems odd is this we were told after hurricane ike to take 2 months off and put them on the back end to help us. They did not do that and were anr now 3 1/2 months behind. We have also been hit with inspection fees of 10.85( drive by to make sure we are still here, where else would we be) and they have paid our Mort Ins payment every month without fail. For 12 months we have been requesting a full payment history, but it never comes. They have over the last 13 months told us we were in the completion phase and can not take a payment, it would through off the numbers for the modification. I am so ticked off, I am giving a number out that might help others with calling, it is a direct line to the
VP of cutomer care Larry Thode 1-800-848-9136. They have been the only Dept to contact us since May of 2009. I mean we have not had any paperwork sent to us ecept the special 2 month temp. workout paper work. I also have a number of a very rude person who said ” I am here to personally answer your questions and will help you, but you need to understand it is your fault that you did this not mine”
Her name is Heather 904-281-3900. She has told us to bad this is what they have to offer a second loan for 15years at 5% and bumping the total up by 3200, and we can either sign or lose our home. So anyone who needs to vent call them and piss them off as much as they have us. Sorry for venting but we did not ask for ike to hit us, and we never wanted to be in this situation and have jumped through all the hoops and for what? Anyone know of an attorney in Texas we can call?
Thanks, Gina

By: Nancy Workman

Nancy Workman — Wed, 27 Jan 2010 13:59:20 +0000

I am so frustrated with this modification program, I have been dealing with Chase for 7 months. Was told the modification would be finalized first week of January. Sent in my payment, and on December 31st, the modification was denied, saying I made too much money. How can that be?????
Put me on another plan, sent me papers to sign, and the payment doubled, how do they expect me to pay double, when I was having a hard time paying the first modification deal.
I have called several times, to get 4 different people, with 4 different answers.
I have finally given up, I will not pay February’s payment and they can take my house and stick it where the sun don’t shine. I really wanted to save my house, but it is not worth all of the stress that I have been under for a year.
Obama and the banks are not trying to help us.
So, bottom line, Chase has another home that will be foreclosed on, and what are they going to do with it, good luck trying to sell it for what I owe on it.
Circumstances arise beyond our control, but I am so done with all of this crap, I am finally feeling better.
Just waiting for the sheriff signs to go up and I will go and they can have this house

By: Albit Caban VP- Pinnacle Morgage Solutions

Albit Caban VP- Pinnacle Morgage Solutions — Fri, 15 Jan 2010 18:22:37 +0000

4. Erroneous reports that rates are going to drop lower and therefore causing consumers to delay taking advantage of this opportunity.
5. Since this program began in June 2009, rates have risen approximately .500%.

By: jennifer brackin

jennifer brackin — Fri, 08 Jan 2010 07:37:34 +0000

now i’m really confused. we have a home loan with bank of america and wilshire. in the beginning we were on a fixed rate, which was high, but it was our stupidity that signed those papers. we wanted this house and didn’t understand anything about interest rates, fixed, or arm. to trustworthy in believing those lenders, during our closing, we realize we would only be on a fixed rate for 2 YRS. again, stupid, we in our minds said, it’s ok within two yrs we can get refinanced. but then this yr, basically all hell broke loose with the economy. so now we are screwed. we went to a home modification so called specialist, and at the time we were not behind, but after months and months of waiting we did fall behind, we paid them their $1500 in may and today we get a call, the woman on the line said, we have great news, they have come up with a resolution, your payments will now be $1475.00 a month, we were paying $1400 a month at an interest rate of 11.% percent on one mortgage and somewhere like 10% on the other. these people promised us a reduced mortgage payment of $856.00 for both, with an interest rate of 5% fixed. we have complied with all requests from them and the lenders, we have sent in bank statements, check stubs, tax info, and basically our blood. i really feel screwed again, very confused, and hurt because we trusted someone else with our lives , and to know, not only did they, the lenders took advantage of us, but also a so called company that is GONNA HELP US. WHAT DO WE DO NOW

By: Frank

Frank — Wed, 16 Dec 2009 16:54:18 +0000

I’m trying to get a Loan Mod with BOA under the HAMP. I’m married, but my wife is not on the loan. According to the HAMP Supplemental Directive 09-01 dtd 4/6/09…disclosing her income is volutary. If I do disclose her income the best BOA can do is put me into a Forbearance agreement.
The directive reads as follows, “Servicers should include non-borrower household income in monthly gross income if it is volutarily provided by the borrower and if there is documentary evidence that the income has been, and reasonably can continue to be, relied upon to support the mortgage payment. All non-borrower household income included in monthly gross income must be documented and verified by the servicer using the same standares for verifying a borrower’s income.

Please advise,
Thank you

By: Mr. Sharaf

Mr. Sharaf — Mon, 19 Oct 2009 06:27:33 +0000

Exceptional feedback CJL and this is largely what we have determined to be accurate when dealing with the lenders or servicers. Thank you for the verification and we’ll remain open to additional nuggets of wisdom that you may share.

Best regards,

Mr. Sharaf

By: cjl

cjl — Sat, 17 Oct 2009 20:50:12 +0000

I do loss mitigation case processing/underwriting for a living. Most lenders have forms on their websites along with lists of the documents they require to assess the situation.
It is extremely important to get everything they request into them in one financial package. Until the lender has all the information it requests the case will not be assigned to an analyst to assess. So if you get a letter requesting missing documents get them in ASAP because your file is not moving until you do. This is often why it takes so long to see results.
Gather everything the lender asks for and get it to them as quickly as possible. Your home depends on it!
Send all documents by a trackable delivery method such as FedEx UPS, or Certified mail. You want a signature from someone at the lenders when they recieve the package. Likewise if you send any money send it in a verifiable form such as Western Union Quick Collect. It’s a $12.99 flat fee and you can track it. I’ve had lenders deny receiving agreements or funds by the due dates and all I had to do was go online and verify that the agreement was recieved, what day, what time, and who accepted it. You call the lender with that information to see if maybe they cooperate a little better then. They are waiting for you to make a mistake so they have a reason to deny you so you have to stay on top of what is going on.
In most states 4 months is the point where the lender considers the loan far enough in default to file for a foreclsure hearing. At this point they will no longer accept any payments from you. This when you start saving as much as you can because a down payment is going to be required to stop a sale date if it comes to that.
Sale dates can be put on the house anytime after if goes into foreclosure. Each state has their own time frame. In Texas, homes in foreclosure are auctioned off the first Tuesday of each month. In California and New York I’ve seen people live in homes for as many as 30 months before a Trustee Sale Date is set.
Depending on how much you are in default, the down payment or “contribution” amount could be from 1 full mortgage payment to 30-50% of what is owed. Once you reach the one year mark the lenders generally want 50%.
The lender will not stop with the collections efforts until they have some money from you, so don’t answer the phone, but do read your mail. That way you won’t have to deal with the collections Rep’s. You have enough stress in your life and these people can be brutal as they get a commission for each person that they harass into making a payment. It’s much easier to read what they have to say and then add it to the pile of paperwork that you are saving during this whole ordeal, than it is to take the kind of obuse collections is going to dish out.
As a third party I make sure that the documents get faxed into the lender. Then 3-5 business days later I call to verify that the fax was recieved and that they got all the pages. Then I call weekly to biweekly to get updates and see if there is anything else that they need to keep the process moving. I keep all faxed documents, fax cover sheets and fax confirmation sheets clipped together. I keep written notes along with all corespondence from the lender.
Your third party should be taking care of all this for you and keeping you up to date with what is going on but sometimes third parties don’t want you to know some things because if you could do it yourself you wouldn’t be paying them to do it for you. But they should be earning whatever you are paying them.
I do this work because I need to make a living somehow but I really do enjoy helping people. So hope this helped you.

By: Lis

Lis — Sat, 17 Oct 2009 01:00:51 +0000

Hello, we are in the process of applying for a home load modification. Its been 4 mths since we have defaulted on our load and this week we received a letter from WAMU/CHASE stating if the payments are not received by 11/4, our house can be foreclosed. We have submitted requested documents repeatedly to WAMU/CHASE via a 3rd party, but to very little avail. Ive been told its is normal to receive foreclosed letters during this process. Is this true? We are very scared of losing our home, can someone suggest what we should do next? Thanks