Comments on: Loan Modification Myths and Facts

By: MARGARET COLLINS

MARGARET COLLINS — Wed, 23 Mar 2011 03:06:11 +0000

this whole thing is a scam paid an an attorney from a company The Aide Group they were to handle this they had me write a check to a lawyer and told me to stopmaking payments atorney never new i was alive but from the aide group they said stop making payments to indymac aka one west bank did itand thank god to my deceased brothers who helped me died within 3 months told me pay up i now owe 19k got no where and i am taking this futherit turns out indy mac investors deusch bank never offered hamp thank god i have documents that were signed by me yes i was deneied from day one but lost 3k i hope all you people out there goand fight thru the real leagal system wish all well and a happy story but it seems like its all banks. i dedicate my strength to my dad 2009 my brother tom 2009 and my brother jim 2010 to give me the strengh to keep going and my deceased brother tom to get me back on track. my story will go on to help all of us who believe in our system. thank god i am back on time and will remain to fight for all that will be homeless hang in there.. maggie

By: Joe

Joe — Wed, 16 Mar 2011 01:21:08 +0000

I realize I DO qualify for a modification with my mortgage banker but I do have a CD worth 20,000. If I cash that in and get a Cashiers Check and hold onto it so I can qualify, can my mortgage banker find out that I have this 20, 000 cashier’s (uncashed) check?

By: alicia whitehurst

alicia whitehurst — Mon, 21 Feb 2011 17:04:39 +0000

Is there not some type of Class Action Suit against these mortgage companies? I see deliberate negligence on the part of so many mortgage companies. Are there lawyers handling any cases of gross misrepresentation? I have experienced no offer of help through HopeNow because of the Fannie Mae loan origination that we have. The HAMP was denied and the mortgage company that the original loan was sold to claims to want to help in their letters, however say there are no programs to meet our situation. With this many situations nationwide there must be something going on to stop the almost forced foreclosures that seem to be happening. I do appreciate all of the info on this blog. Thanks for sharing.

By: m72

m72 — Thu, 06 Jan 2011 03:14:10 +0000

I have been working on a home modification for over a year now!
I hope to be modified soon from Chase,keep talking to people until you find the person that cares!

By: RPP

RPP — Tue, 14 Dec 2010 08:20:01 +0000

Dear Jim. Sounds like California.

By: Moe Bedard

Moe Bedard — Mon, 13 Dec 2010 14:47:45 +0000

I have not heard that one, but I have heard that most of these loans were 100% insured to the point where it is best for them and the investors if they foreclose because they will get all the money as opposed to just some if they perform a loan mod or short sale.

By: Harold Cook

Harold Cook — Sat, 11 Dec 2010 00:54:48 +0000

I have heard that when a bank forecloses on a home that they are receiving 70% of the original homes value under Obama’s Loan Modification program. Please tell me this is not true.

By: Jim Margolis

Jim Margolis — Fri, 10 Dec 2010 05:09:59 +0000

Prior to signing forbearance agreement and providing your inc. and exp, bank says you don’t need to make the last payment of 26k, which if you qualify for the mtg, will be capitalized over the remaining 25 years of the modified loan, just the first four payments totaling 27k. You pay the 27k on time, and recieve thereafter a letter from the bank congratulating you that you qualify for the mtg which requires you to pay 6k per month rather than 5.3k you had been paying and requiring you pay 15k within five days for what they don’t say but they say you agreed to pay it, but don’t say where or what it consists of. You call them saying it must be a mistake, your purpose was to REDUCE your monthly payment, not increase it. They say they will look at it again, ask for updated monthly inc and exp. which you prepare and send. More than two months later you receive a letter from them denying any modification because they say your inc. is 500 less than your income. Your call them and say they made a mistake in their calculation, but anyway, in the two months since sending in the last inc. and exp. you got a new job which pays you $1700 per month more and your employer will overnight certification of this fact. Forget it they say. But they direct you to HAMP which you pursue the next week. Two weeks after they turned down your request for a mod., they sell your house. You sue the bank for breach of contract, fraud, fraud in the inducement. Your asking us to recheck our figures, constituted a either a rejection of our modification offer or a counteroffer. We had no contract to breach, we were just negotiating at that point and could walk away which we did. I say the agreement was for a modification that reduced the monthly payment. That was the context. No they say, you bargained for us to see if you qualified for a modification, and you originally did, but one that modified your loan providing for higher monthly payments. Any of you guys run into this kind of situation.

By: henderson braxton

henderson braxton — Thu, 11 Nov 2010 04:01:57 +0000

i have tried for 8mnths for home loan modification,and finally iwas denied. i am facing foreclosure,could u tell me if i have any other options left i am willing to work with bank of america ,if the would only give measecond chance too keep my home can some one please help me.

By: Rick Carr

Rick Carr — Tue, 09 Nov 2010 05:30:16 +0000

Please help me. Just got a default letter , i need advise.
Rick