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Anyone else know of this program and the time frame? researched some info online and it seems the bank takes a year to modify loan....what experiences has everyone had...good bad or otherwise?....
I wouldn't do it without getting something in writing from Chase. We applied last Dec.(09) and they put us on a trial loan mod. We were denied twice, had to send in paper work several times and they sent us two foreclosure notices during this. Now they are denying we were ever approved for the the trial mod in the first place. We have an appt. with an attorney tomorrow to see what our options are now. The reason they gave us for the last denial was that it sat in their offices for too long? Each time we called concerning the status of our loan mod we were told a different story each time. Do not trust Chase.
I wouldn't do it without getting something in writing from Chase. We applied last Dec.(09) and they put us on a trial loan mod. We were denied twice, had to send in paper work several times and they sent us two foreclosure notices during this. Now they are denying we were ever approved for the the trial mod in the first place. We have an appt. with an attorney tomorrow to see what our options are now. The reason they gave us for the last denial was that it sat in their offices for too long? Each time we called concerning the status of our loan mod we were told a different story each time. Do not trust Chase.
They have done same here since a year ago-lol...underwriters are "looking at it.....i will not call another 8.00 an hr csr re: this....gtng atty. Unreal how bad they treat long term customers just proves that banks get away with murder everyday.
They have done same here since a year ago-lol...underwriters are "looking at it.....i will not call another 8.00 an hr csr re: this....gtng atty. Unreal how bad they treat long term customers just proves that banks get away with murder everyday.
They didn't just let you pay your lower trial payment? I didn't care how long it took for mine as the trial period payment was just fine.
Anyone else know of this program and the time frame? researched some info online and it seems the bank takes a year to modify loan....what experiences has everyone had...good bad or otherwise?....
You cannot ask how long a loan modification takes, because every situation is different. In a whole what I am seeing - on average it takes four months to complete a modification. However there are many that I submitted months ago that still haven't been resolve. It is not us, the lender is playing hardball!!!!
BoA, Wells Fargo, Chase, Citi, American Homes, One West Bank (Inmc), basically larger banks are easier to deal with. HSBC, HFC, Sun Trust, are not as forgiving.
Walter Mortgage in my opinion is the worst bank in the country - since they are private, they outright refuse to do loan modifications. I have spoken to many people in Texas, that really have a hardship, they have no other option except to pack up their belongings are move. It is very disheartening listen to grown adults crying on the telephone that they are losing their homes....
For a person that is applying for a loan modification for the first time, chances are they will be denied. Because the lender is attempting to qualify them for one of the Making Home Afford programs through the government. Out the all the millions of people applied, a few months ago I read only 31,000 had been approved. That is a very small percentage.
The catch is - if the lender can qualify a home owner for one of the MHA programs. The lender can get a TARP rebate for up to five years, that they give the discount. Again if a home owner doesn't qualify, they receive a denial letter from their lender.
What might take a year in New York do do a loan modification, might take a few months in Tennessee. Through recently with a client in Amityville, NY that was behind 18 months on his mortgage. It only took six weeks with Chase bank to complete his mod. He received 2.89% for the life of the loan. Again you cannot try to compared time time it takes, because every situation is different.
The difference between states, some states are Judicial and some are not. In a Judicial states the lender has to go through the court system in order to foreclose on a property. This can take up to a year.
In Non Judicial states - for example Georgia, the sheriff can be knocking at the door ready to evict after only four months (2 the day) not paying your mortgage. This is because the lender does not have to go though the court system.
Today I was speaking to a home owner in Tennessee (a non judicial state), that used to live in New York. I explained how soon a people can lose their home in a short period. She said her home taxes in NY were over $6000, in TN they were only $600. That is one of the reasons we pay high taxes we have court protection.....lol..
One thing I am seeing that has an major impact to how long it takes to complete a loan modification is the value. If some one has a lot of equity, and defaults on a loan. It is advantageous to take back the home, because it can be sold at a profit. On the other hand if the house is upside down on the value to what is owed, combining legals fees, it would not be profitable to take the home back.
This coming October, the government is announcing a new program to help home owners that are severely upside-down so they can have an affordable payment. The home owner refinances into a new loan at the current value. This new program it is going to be huge!!!!!!
I just finally got mine back from US Bank it took almost a yr I worked solely with them I was required to keep making my monthly payments but I just finally got my papers in the mail already signed and sent back got my interest & payment dropped
They didn't just let you pay your lower trial payment? I didn't care how long it took for mine as the trial period payment was just fine.
no they just kept mailing boiler-plate letter...we will send you trial payment under separate cover. blah blah...another way for them to drag it out. this has been going on almost a year.
You cannot ask how long a loan modification takes, because every situation is different. In a whole what I am seeing - on average it takes four months to complete a modification. However there are many that I submitted months ago that still haven't been resolve. It is not us, the lender is playing hardball!!!!
BoA, Wells Fargo, Chase, Citi, American Homes, One West Bank (Inmc), basically larger banks are easier to deal with. HSBC, HFC, Sun Trust, are not as forgiving.
Walter Mortgage in my opinion is the worst bank in the country - since they are private, they outright refuse to do loan modifications. I have spoken to many people in Texas, that really have a hardship, they have no other option except to pack up their belongings are move. It is very disheartening listen to grown adults crying on the telephone that they are losing their homes....
For a person that is applying for a loan modification for the first time, chances are they will be denied. Because the lender is attempting to qualify them for one of the Making Home Afford programs through the government. Out the all the millions of people applied, a few months ago I read only 31,000 had been approved. That is a very small percentage.
The catch is - if the lender can qualify a home owner for one of the MHA programs. The lender can get a TARP rebate for up to five years, that they give the discount. Again if a home owner doesn't qualify, they receive a denial letter from their lender.
What might take a year in New York do do a loan modification, might take a few months in Tennessee. Through recently with a client in Amityville, NY that was behind 18 months on his mortgage. It only took six weeks with Chase bank to complete his mod. He received 2.89% for the life of the loan. Again you cannot try to compared time time it takes, because every situation is different.
The difference between states, some states are Judicial and some are not. In a Judicial states the lender has to go through the court system in order to foreclose on a property. This can take up to a year.
In Non Judicial states - for example Georgia, the sheriff can be knocking at the door ready to evict after only four months (2 the day) not paying your mortgage. This is because the lender does not have to go though the court system.
Today I was speaking to a home owner in Tennessee (a non judicial state), that used to live in New York. I explained how soon a people can lose their home in a short period. She said her home taxes in NY were over $6000, in TN they were only $600. That is one of the reasons we pay high taxes we have court protection.....lol..
One thing I am seeing that has an major impact to how long it takes to complete a loan modification is the value. If some one has a lot of equity, and defaults on a loan. It is advantageous to take back the home, because it can be sold at a profit. On the other hand if the house is upside down on the value to what is owed, combining legals fees, it would not be profitable to take the home back.
This coming October, the government is announcing a new program to help home owners that are severely upside-down so they can have an affordable payment. The home owner refinances into a new loan at the current value. This new program it is going to be huge!!!!!!
..
I am not understanding the TARP rebate...can you explain? The red-tape with Chase keeps going. I am trying to work with them via Fedex I will not call them since you do not get anyone in underwriting.
I just finally got mine back from US Bank it took almost a yr I worked solely with them I was required to keep making my monthly payments but I just finally got my papers in the mail already signed and sent back got my interest & payment dropped
Can you please tell me what the process was like. I just got approved for mine today. I need to sign and mail the documentation back. The loan was extended to 40 years, but a lower montly rate. Just wanted to see what it was like after everything was said and done..
..... not understanding the TARP rebate...can you explain?.....
Maire
I read a CNN report today - across America more than 20% of home owners are upside down. Los Vegas is the hardest hit, with 79% of property's under water. In your state, Tennessee is 16th hardest hit with home owners being upside down. As I mentioned to you before - Lenders do not want to take peoples houses, but they want to make as much money as possible over a life of a loan.
The TARP funds from the government, lenders are trying to qualify people for one of the MHA programs so they (not you) can get a rebate . Understand the modifications are costly to Lenders, because they need to tailor the plan to the individual borrower. The work is time-consuming and requires staff, which cannot be billed back to the investors. Direct out-of-pocket expenditures are reimbursable, yet the operating costs, such as labor is not. This is the main reason why people do not get as good of a modification than if they went through an attorney representing them.
On the other side, foreclosures are deemed less expensive because they do not require working with the borrower and many of the expenses are billable to investors. This is the reason why we are seeing Foreclosures rise across America.
I have been going through training for a program, that I think is one of the best ideas concerning mortgages that as every come out. Everybody walks away from the table a winner.
Similar to refinancing a Mortgage Principle Reduction - with a new Lender home owners can refi into a new 30 year fixed rate laon (similar to rates on FHA loans), at 90% of the current value. This lowers the monthly payment because of the smaller loan size. Including not paying the dreaded PMI (principle mortgage insurance).
The way this process works, you are first being qualified for a new loan. Once qualified, a formal offer is presented to your existing bank, the payoff of the existing loan at 90% of the current value. The current lender can be reimbursed for 80% to 85% of their loss from TARP funds. They can write off the rest and take what would have likely become a problem loan off the books. There are two appraisals ordered, one for you and one by the bank. The process can take between 45 to 60 days.
As in loan modifications, principle reductions is a case by case determination. Every case is different as to the resolution and time it takes to complete the file.
Must have steady verifiable income. Your credit score is not looked at. You have to be 2 months behind on your mortgage. Property must be your primary home. With the new loan, need to have an LTV of 25%. No open Bankruptcies.
The home owner should not have to come up with a large sum of money to do this. Our firm went on line with a new bank this week doing principle reductions, we get paid directly by the new Lender after closing.
The problem I am finding -companies are charging the home owner excessive fees to start working on their file. I almost fell out of my chair when I spoke to a company charging $4800 for a principle reduction. It is against banking law to collect an upfront fees on a refinance.
People need to be aware, they can take advantage of this program for less....
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....what experiences has everyone had...good bad or otherwise?....
We have an appt. with an attorney tomorrow to see what our options are now. The reason they gave us for the last denial was that it sat in their offices for too long?
Each time we called concerning the status of our loan mod we were told a different story each time. Do not trust Chase.
i agree
just proves that banks get away with murder everyday.
question
