Comments on: No Hope for These Homeowners Part 1 http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/ Loan Modification & Home Loan News Sat, 20 Mar 2010 15:31:56 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: George http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-19707 George Wed, 17 Feb 2010 10:05:24 +0000 http://loanworkout.org/?p=893#comment-19707 Does anyone know how FDIC & lenders treat self employment income vs W-2 income? Also, I found an loan mod Excel spreadsheet on the FDIC's website, played with it, & found out unless the property value has dropped way below the current mortgage amount, I always failed the loan modification test, & the analysis always result in a short sale. I want to keep my home, if there any way to force into a loan modification? Does anyone know how FDIC & lenders treat self employment income vs W-2 income?

Also, I found an loan mod Excel spreadsheet on the FDIC’s website, played with it, & found out unless the property value has dropped way below the current mortgage amount, I always failed the loan modification test, & the analysis always result in a short sale. I want to keep my home, if there any way to force into a loan modification?

]]> By: George http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-19706 George Wed, 17 Feb 2010 10:00:24 +0000 http://loanworkout.org/?p=893#comment-19706 I had been working on my loan mod with AmTrust Bank since mid 2009, went thru a 4-month forbearance period, & I was told by the bank rep in Dec 2009, that a settlement was near.........then FDIC took over the bank & I recently received a letter from FDIC asking me to submit-a loan mod application if I need to want to do loan mod. What a joke, FDIC did not even just take over the loan mod case they wants to start all over again..... what a waste of time. I had a loan mod attorney helping me, but the attorney just told me I need to deal with FDIC by myself because FDIC only deals with homeowners directly. It that true? All the money I have paid to the attorney were wasted too. Please kindly advise. Thanks I had been working on my loan mod with AmTrust Bank since mid 2009, went thru a 4-month forbearance period, & I was told by the bank rep in Dec 2009, that a settlement was near………then FDIC took over the bank & I recently received a letter from FDIC asking me to submit-a loan mod application if I need to want to do loan mod. What a joke, FDIC did not even just take over the loan mod case they wants to start all over again….. what a waste of time. I had a loan mod attorney helping me, but the attorney just told me I need to deal with FDIC by myself because FDIC only deals with homeowners directly. It that true? All the money I have paid to the attorney were wasted too. Please kindly advise. Thanks

]]> By: julie http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-18679 julie Thu, 17 Dec 2009 20:10:57 +0000 http://loanworkout.org/?p=893#comment-18679 I just went through bk7 and discharged all the mortgages and was never told i could leave out ANY creditor, 1st, 2nd, whatever. Just because the 1st is still showing up on your credit report only means they didnt report to the credit bureau yet. The other mortgages are still liens on the property which is separate from your not being personally resposible for them. They cant get a default judgement against you if a foreclosure or sale doesnt get enough money to pay them... that's the good news about bk7 and this market. I just went through bk7 and discharged all the mortgages and was never told i could leave out ANY creditor, 1st, 2nd, whatever. Just because the 1st is still showing up on your credit report only means they didnt report to the credit bureau yet. The other mortgages are still liens on the property which is separate from your not being personally resposible for them. They cant get a default judgement against you if a foreclosure or sale doesnt get enough money to pay them… that’s the good news about bk7 and this market.

]]> By: jackson,L http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-18671 jackson,L Thu, 17 Dec 2009 06:23:06 +0000 http://loanworkout.org/?p=893#comment-18671 I just went thru a chapter 7 bankruptcy, I have 1st, 2nd and 3rd on home, the loans where liquidated and on credit report shows I only owe on my 1st loan. I have heard so many remedies and have heard as long as I pay on the 1st which is the only one showing I owe on my credit report for the other 2 are dissolved in bankruptcy and can I do this and not pay 2nd and 3rd, if so, will I ever be able to have liens taken off? Please advise everyone tells me something different. Linda I just went thru a chapter 7 bankruptcy, I have 1st, 2nd and 3rd on home, the loans where liquidated and on credit report shows I only owe on my 1st loan. I have heard so many remedies and have heard as long as I pay on the 1st which is the only one showing I owe on my credit report for the other 2 are dissolved in bankruptcy and can I do this and not pay 2nd and 3rd, if so, will I ever be able to have liens taken off? Please advise everyone tells me something different. Linda

]]> By: Christina Owens http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-13587 Christina Owens Thu, 02 Apr 2009 19:46:59 +0000 http://loanworkout.org/?p=893#comment-13587 http://www.whitehouse.gov/ make your complaints to this website much more help i find. http://www.whitehouse.gov/ make your complaints to this website much more help i find.

]]> By: Moe Bedard http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-13009 Moe Bedard Mon, 16 Mar 2009 13:37:52 +0000 http://loanworkout.org/?p=893#comment-13009 Great advcie Jeana! Leave no stone unturned and keep up the good fight! Great advcie Jeana! Leave no stone unturned and keep up the good fight!

]]> By: jeana reed http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-13000 jeana reed Mon, 16 Mar 2009 04:33:22 +0000 http://loanworkout.org/?p=893#comment-13000 I am waiting on a loan mod with Chase. What a joke, So is HOPE. They are just getting paid and doing nothing. Don't waste your time with them. Write Obamaweb site. I do everyday. Call your Attorney General office or call the comptroller of currency or the banking commission. Don't give up. Also, the mortgage company has to produce note on your house. You do not have to accept whatever they offer you. Talk to your mort lender or talk to a loan mod attorney. It is a long process but the govt is bailing out the banks and they need to bail out the homeowners. + I am waiting on a loan mod with Chase. What a joke, So is HOPE. They are just getting paid and doing nothing. Don’t waste your time with them. Write Obamaweb site. I do everyday. Call your Attorney General office or call the comptroller of currency or the banking commission. Don’t give up. Also, the mortgage company has to produce note on your house. You do not have to accept whatever they offer you. Talk to your mort lender or talk to a loan mod attorney. It is a long process but the govt is bailing out the banks and they need to bail out the homeowners.
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]]> By: vazkez1975 http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-12893 vazkez1975 Fri, 13 Mar 2009 04:53:07 +0000 http://loanworkout.org/?p=893#comment-12893 the same problem here too with CW, I'm 4 months late on my payment,and still no help what can we do? my current payment takes 50% of my take home money and they still don't want to help. any suggestions. the same problem here too with CW, I’m 4 months late on my payment,and still no help what can we do? my current payment takes 50% of my take home money and they still don’t want to help. any suggestions.

]]> By: traci http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-12577 traci Wed, 04 Mar 2009 15:15:09 +0000 http://loanworkout.org/?p=893#comment-12577 Im having the same problem with cw ive been calling for six months my payments are not late but i can barely afford my other bills i just keep getting the run around my house is worth less the i owe any suggestions? Im having the same problem with cw ive been calling for six months my payments are not late but i can barely afford my other bills i just keep getting the run around my house is worth less the i owe any suggestions?

]]> By: edlaws http://loanworkout.org/2008/10/no-hope-for-these-homeowners-part-1/#comment-12015 edlaws Sat, 07 Feb 2009 04:45:04 +0000 http://loanworkout.org/?p=893#comment-12015 I am also having the same issue with CW. I have decided to fight back. I have canceled my escrow payments and will make insurance and tax payments myself. No sense in allowing CW to use the interest off my money. I'm writing my congresswomen and HUD, and anyone who is listening. I'm terrified to miss a payment hoping to qualify for assistance, there has got to be a better way. I am also having the same issue with CW. I have decided to fight back. I have canceled my escrow payments and will make insurance and tax payments myself. No sense in allowing CW to use the interest off my money. I’m writing my congresswomen and HUD, and anyone who is listening. I’m terrified to miss a payment hoping to qualify for assistance, there has got to be a better way.

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