Comments on: Should I accept my loan modification offer or counter? http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/ Loan Modification & Home Loan News Mon, 22 Mar 2010 00:08:06 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: what the !@#$ http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-19519 what the !@#$ Thu, 04 Feb 2010 22:22:19 +0000 http://loanworkout.org/?p=4548#comment-19519 Sue, how can you be insulted. You are lucky not to be out on the street. What did you do with all the money you did not spend on the mortgage? Sue, how can you be insulted. You are lucky not to be out on the street. What did you do with all the money you did not spend on the mortgage?

]]> By: Sue http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-19516 Sue Thu, 04 Feb 2010 19:47:50 +0000 http://loanworkout.org/?p=4548#comment-19516 I have not made a payment in 13 months. I paid a lawyer who had money back guarantee to get me a modification under HAMP. Bank of America gave me an offere called modification (getting the lawyer off the hook) but it only folded the unpaid 7 months of that time to my blance and my payment would have been $70 more, and was told that I don't qualify for HAMp because of income and that my loan was not a Freddie or Fannie. I fought back, calling them on regular basis, providing same financial information over and over and finally 2 weeks ago in January I got a trial modification offer. It is now $70 less than my original payment but $46 of it is because my taxes were reduced so their offer is really only $23 less than my regular payment. They do not offer any explanation on how they reached this number. I am insulted by their offer but I can manage to make this trial modification period payment but the amount is not sustainable for the remaining loan term so I need to fight back but don't know how to go about. Should I make the payment and say this is not acceptable or fight back before making any payment? Does anybody have similar experience. They issue reprots that they have offered trial modification to over 200,000 people but only 46,000 kept up with payment, I can see why. Their offers are rediculous and the whole claim of clarity statement, is non-sense, you can't get any answers from the many pages they have sent and the customer service reads the same pages back to you. Please advise. Thanks. I have not made a payment in 13 months. I paid a lawyer who had money back guarantee to get me a modification under HAMP. Bank of America gave me an offere called modification (getting the lawyer off the hook) but it only folded the unpaid 7 months of that time to my blance and my payment would have been $70 more, and was told that I don’t qualify for HAMp because of income and that my loan was not a Freddie or Fannie. I fought back, calling them on regular basis, providing same financial information over and over and finally 2 weeks ago in January I got a trial modification offer. It is now $70 less than my original payment but $46 of it is because my taxes were reduced so their offer is really only $23 less than my regular payment. They do not offer any explanation on how they reached this number. I am insulted by their offer but I can manage to make this trial modification period payment but the amount is not sustainable for the remaining loan term so I need to fight back but don’t know how to go about. Should I make the payment and say this is not acceptable or fight back before making any payment? Does anybody have similar experience. They issue reprots that they have offered trial modification to over 200,000 people but only 46,000 kept up with payment, I can see why. Their offers are rediculous and the whole claim of clarity statement, is non-sense, you can’t get any answers from the many pages they have sent and the customer service reads the same pages back to you. Please advise. Thanks.

]]> By: Tony http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-19422 Tony Thu, 28 Jan 2010 03:06:47 +0000 http://loanworkout.org/?p=4548#comment-19422 I just received loan modification docs today from Wells Fargo. Wells fargo is giving me reduced payment basedon my trial payments for 7 months, then the loan reverts back to the old terms of my original note, and my original note is set to adjust in Jan 2011. I started the process in July 09 when I was 2 months delinquent. I completed my trial modification early and paid the December 1st payment in mid November. I have been calling every week since July. Every time I get a different person and in December I was told everything was fine. I called about making a January payment because I was waiting for my final modification to be approved only to find out my home was referred to foreclosure and an notice of default was filed on my home. They told me it was because I was 4 months behind (they did not take into consideration the trial mod payments I was making). I was informed my investor does not participate in HAMP so they can referr my house to foreclosure because I am on the Wells Special Modification plan. I guess I really have no choice but to sign the new term and get another 7 months in my house before I redefault. :( I just received loan modification docs today from Wells Fargo. Wells fargo is giving me reduced payment basedon my trial payments for 7 months, then the loan reverts back to the old terms of my original note, and my original note is set to adjust in Jan 2011. I started the process in July 09 when I was 2 months delinquent. I completed my trial modification early and paid the December 1st payment in mid November. I have been calling every week since July. Every time I get a different person and in December I was told everything was fine. I called about making a January payment because I was waiting for my final modification to be approved only to find out my home was referred to foreclosure and an notice of default was filed on my home. They told me it was because I was 4 months behind (they did not take into consideration the trial mod payments I was making). I was informed my investor does not participate in HAMP so they can referr my house to foreclosure because I am on the Wells Special Modification plan. I guess I really have no choice but to sign the new term and get another 7 months in my house before I redefault. :(

]]> By: MARIO http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-18696 MARIO Fri, 18 Dec 2009 18:51:06 +0000 http://loanworkout.org/?p=4548#comment-18696 Moe, I'm trying to do a HAMP loan mod with national city mortgage and they are saying that the investor which is GMAC is not participating. How can I find out for sure or are there any other ways to qualify for the HAMP. I was on the home affordable.gov site and filled ot the qualifications and was told that based on my answers that I qualified. I need some direction on this, Please help! Thanks, Mario Moe, I’m trying to do a HAMP loan mod with national city mortgage and they are saying that the investor which is GMAC is not participating. How can I find out for sure or are there any other ways to qualify for the HAMP. I was on the home affordable.gov site and filled ot the qualifications and was told that based on my answers that I qualified.
I need some direction on this, Please help!

Thanks,
Mario

]]> By: Gail Smith http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-18212 Gail Smith Fri, 27 Nov 2009 03:52:16 +0000 http://loanworkout.org/?p=4548#comment-18212 Hello, We have been working with Wells Fargo since October 5, 2009, on a Loan Modification. We have been trying to speak with someone directly, but keep getting a different person every time we call. If is becoming frustrating. We finally received an offer which was crazy, it was called a Moremdum? where they give you Three months of NOT making your house payment, and then pay it all in the last month (IE.=Oct., Nov., Dec., No house payments due come January You have to pay them XXX amount of dollars in one lump sum, if you do this on time you can REAPPLY for the loan Modification Program, with no guarantee that you will qualify. The catch is if you cannot come up with the 3 months payment in one lump sum they can start forclosure on your property) Thats how I understand it. We did not accept this agreement. Do you think we should get more help and can you suggest anyone Hello,

We have been working with Wells Fargo since October 5, 2009, on a Loan Modification. We have been trying to speak with someone directly, but keep getting a different person every time we call. If is becoming frustrating. We finally received an offer which was crazy, it was called a Moremdum? where they give you Three months of NOT making your house payment, and then pay it all in the last month (IE.=Oct., Nov., Dec., No house payments due come January You have to pay them XXX amount of dollars in one lump sum, if you do this on time you can REAPPLY for the loan Modification Program, with no guarantee that you will qualify. The catch is if you cannot come up with the 3 months payment in one lump sum they can start forclosure on your property) Thats how I understand it. We did not accept this agreement. Do you think we should get more help and can you suggest anyone

]]> By: Mark Vee http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-17085 Mark Vee Wed, 30 Sep 2009 05:00:20 +0000 http://loanworkout.org/?p=4548#comment-17085 I started a daily blog with what I am experiencing as I go through a modification with a third party. I hope this helps anyone that might have to go through this. I started a daily blog with what I am experiencing as I go through a modification with a third party. I hope this helps anyone that might have to go through this.

]]> By: JASON http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-17083 JASON Wed, 30 Sep 2009 04:22:01 +0000 http://loanworkout.org/?p=4548#comment-17083 Hi, I just received a loan modification offer that I don't think is fair. I'm going from a fixed interest rate of 6.8% to an adjustable 3.5% for 5 years, then 6th year (unknown), 7th year (unknown) and ...on until th 40th year where the amortization shows a single (last) payment of $50,0000. In addition, my current loan has not penalty for prepay and under this modication there will be a penalty. My current loan (40yr) principal is 270k. What will be my best counter offer? Thanks in advance for your help! JP Hi,
I just received a loan modification offer that I don’t think is fair. I’m going from a fixed interest rate of 6.8% to an adjustable 3.5% for 5 years, then 6th year (unknown), 7th year (unknown) and …on until th 40th year where the amortization shows a single (last) payment of $50,0000. In addition, my current loan has not penalty for prepay and under this modication there will be a penalty. My current loan (40yr) principal is 270k. What will be my best counter offer?
Thanks in advance for your help!
JP

]]> By: Victor http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16831 Victor Sat, 19 Sep 2009 13:40:07 +0000 http://loanworkout.org/?p=4548#comment-16831 I appreciate very much your dedication in helping us by explaining this complex matter. I have a question... Is it possible to get Bank's approval for a Short Sale, when the property has already a Notice of Trustee Sale date? Thank you I appreciate very much your dedication in helping us by explaining this complex matter.
I have a question…
Is it possible to get Bank’s approval for a Short Sale, when the property has already a Notice of Trustee Sale date?
Thank you

]]> By: Danielle Norris http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16522 Danielle Norris Tue, 01 Sep 2009 22:46:19 +0000 http://loanworkout.org/?p=4548#comment-16522 I have been attempting to get loan mod with Litton Loan Servicing since November, 2008. As of today, September 1, 2009, i was advised over the phone that they are placing us in a trial modification plan wherein they took the amount we were behind, placed it at the end of our loan and recalculated our payment at the same interest rate of 8.4%. So basically, our house payment will go up almost $400.00 per month, when we couldn't afford the payment where it was. They have advised me that they do not have to participate in the Obama plan, but they took some of the bailout money. I have requested my entire mortgage file as well as the name of who owns my loan and I have not received that yet either. I don't have thousands to give someone to try to work this out. I need advise. I have been attempting to get loan mod with Litton Loan Servicing since November, 2008. As of today, September 1, 2009, i was advised over the phone that they are placing us in a trial modification plan wherein they took the amount we were behind, placed it at the end of our loan and recalculated our payment at the same interest rate of 8.4%. So basically, our house payment will go up almost $400.00 per month, when we couldn’t afford the payment where it was. They have advised me that they do not have to participate in the Obama plan, but they took some of the bailout money. I have requested my entire mortgage file as well as the name of who owns my loan and I have not received that yet either. I don’t have thousands to give someone to try to work this out. I need advise.

]]> By: kate http://loanworkout.org/2009/06/should-i-accept-my-loan-modification-offer-or-counter/#comment-16251 kate Thu, 20 Aug 2009 17:40:56 +0000 http://loanworkout.org/?p=4548#comment-16251 Hi! Help! I don't know where to turn for help or who to trust. I am behind on mortgage payments by about 6 months. I have been working with the local CDC authority (who is 'working' with the lender)(lender referred me to CDC). I received a loan mod offer with 6 days to answer the lender. It was decent. I responded by signing and the lender (Indy Mac bank for Deutsch Bank)declined to accept me. They said I could not prove my income (a rental unit in my home earns monthly income, but is currently empty pending this house resolution). Now, the lender has started the foreclosure procedure. I was served with summons (so was my 'unnamed spouse' who I didn't even know at the time I purchased the house 5 years ago). I need to respond to this summons within the next 10 days. What do I need to include in my response letter in order to preserve any rights under the law that I may have? I paid $218K in 2004. My first mortgage (the MOST TOXIC in the industry according to Indy Mac representative) WAS $174,400, adjustable up to 9.25% (balance now $186+ due negative amortization) and the piggy-back second (Indy Mac for JP Morgan-Chase) is $21K, at 11.25%. My new husband and I both want to relocate within the year. We are willing to keep the house and rent it if it is sensible. How do we know whether we should try to keep it or just let go and take the loss? By the way, the second loan mod offer (stamped 'Final Offer') just came in the mail. Again they want a response within 6 days. The payment has now been reduced further to only $375/mo. P&I for first 5 years (at 3%). The 6th year at 4 % and the 7th year at %%, and finally the 8th and all remaining years (up to year 2034) at 5.25%. This part is great. It actually pays off about $51K, according to the lender's package. And we can afford this, which is awesome. But the problem I have is understanding the two balloon payments, one for $96K (remaining principal) and one for $46K(misc.?). Balloon comes due at time of sale, or refinance, or final (30th) year 2034. Oh, yes, the county just listed new property appraisals for our area this week. The 'comparable sales value' is $142,700. The 'just/market value' is $127,633. Is there any reason to believe that the house will be worth keeping? (p.s. We have been told that the 2nd mortgage of $21K will not be addressed until the first mortgage is settled. What is going on here?) Many thanks for any help you can offer!!! MANY MANY THANKS!!! Kate Hi!
Help!
I don’t know where to turn for help or who to trust. I am behind on mortgage payments by about 6 months. I have been working with the local CDC authority (who is ‘working’ with the lender)(lender referred me to CDC). I received a loan mod offer with 6 days to answer the lender. It was decent. I responded by signing and the lender (Indy Mac bank for Deutsch Bank)declined to accept me. They said I could not prove my income (a rental unit in my home earns monthly income, but is currently empty pending this house resolution). Now, the lender has started the foreclosure procedure. I was served with summons (so was my ‘unnamed spouse’ who I didn’t even know at the time I purchased the house 5 years ago). I need to respond to this summons within the next 10 days. What do I need to include in my response letter in order to preserve any rights under the law that I may have? I paid $218K in 2004. My first mortgage (the MOST TOXIC in the industry according to Indy Mac representative) WAS $174,400, adjustable up to 9.25% (balance now $186+ due negative amortization) and the piggy-back second (Indy Mac for JP Morgan-Chase) is $21K, at 11.25%. My new husband and I both want to relocate within the year. We are willing to keep the house and rent it if it is sensible. How do we know whether we should try to keep it or just let go and take the loss?
By the way, the second loan mod offer (stamped ‘Final Offer’) just came in the mail. Again they want a response within 6 days. The payment has now been reduced further to only $375/mo. P&I for first 5 years (at 3%). The 6th year at 4 % and the 7th year at %%, and finally the 8th and all remaining years (up to year 2034) at 5.25%. This part is great. It actually pays off about $51K, according to the lender’s package. And we can afford this, which is awesome. But the problem I have is understanding the two balloon payments, one for $96K (remaining principal) and one for $46K(misc.?). Balloon comes due at time of sale, or refinance, or final (30th) year 2034. Oh, yes, the county just listed new property appraisals for our area this week. The ‘comparable sales value’ is $142,700. The ‘just/market value’ is $127,633. Is there any reason to believe that the house will be worth keeping? (p.s. We have been told that the 2nd mortgage of $21K will not be addressed until the first mortgage is settled.
What is going on here?) Many thanks for any help you can offer!!!
MANY MANY THANKS!!!

Kate

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