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It's humors me to see people asking about what people got for a modification. You need to understand every peoples situation is different.
towncentralgirl and Leavethtable - welcome to the world of loan mitigation, what your are describing is normal. Our girls our sometimes on the phone 8hrs a day, 5 days a week. As for the Obama/Hamp program - 1 person in 851 do qualify. If you fall under that plan, that is the best way you should go. If you don't, your'e just spinnning your wheels.
SouthernKFT - your are an example of the way it is suppost to work. You are being responsible, I bet your credit score had gone up> Good Job.
Another way to approach this - find out if your loan is held by Freddy or Fanny, looking at your payment divided your income, your interest rate could be lowered to as low as 2% to meet the 31% DTI Qualification.....
Kfox - should of requested both loans be consolidated in one loan, saving you additional money since both are held through same lender....
I did request that they consolidate them in to one loan! They told me they could not do that! I have asked them to consolidate everytime I've talked to them, same answer everytime "sorry we can't do that you don't qualify"!
I have been going thru the process of a modification with my mortgage since December of last year, and was told all throughout most of this year that I couldn't get prequalified for a modification, and then low and behold, I received a letter that approved me for the trial period for the Making Home Affordable Modification. They cut my payment to half of what it was before, so I am very happy about it. However, I am worried that it is too good to be true and have heard that after the trial period payments are made, it isn't a guarantee that it will be finalized as such. We'll see! It is promising thought that I have finally seen some movement.
We have already gone through the trial period payment, but have yet to be approved. We are still paying our monthly payments and we are still going through the modification.
We faxed out our "missing paperwork" and confirmed that they recieved all of the information needed two weeks ago. We asked, they confirmed they had all the paper work required by us. TODAY, fed ex brings me a letter from Chase that we have not turned in the proper paper work. The same paper work they we turned in two weeks ago!
I did request that they consolidate them in to one loan! They told me they could not do that! I have asked them to consolidate everytime I've talked to them, same answer everytime "sorry we can't do that you don't qualify"!
Then you need ask them - what are the qualifications?
Your lender is playing hard ball, and if you easily except that, you are going to let your lender know they can walk all over you....
It's like a kid holding a $1.00 bill, trying to talk with attorneys responsible for $1,000,000's of dollars. Your bank knows you don't know how to negotiate.
You are a perfect example of getting turned down for a modification. If I could frame you, I would put you up on my wall....
Realize your bank is in business to make money off of you. Now you asking them to lower their profit after the deal was signed and agreed too by you.
There are two people in a contract - you and the bank. You became late on your mortgage, now your going to them for a break. Your lender is not looking to do you any favors.
A few weeks ago one of our paralegals had a yelling match with one lender that refused to work on a consolidation of the first and second. She wasn't getting anywhere with the negotiator assigned to us. So she went over their head, to a manager. They tried to put us off, said it couldn't be done. (We had other modifications done consolidating a 1st and 2nd). We had our entire mitigation department tieing up their phone lines for a week (team work), they finally gave in.
We just had a case settled with Saxon Mortgage - a Florida homeowner getting a 3.25% fixed rate (previously had 7/5% 2/28 arm). A modification took six months, a forensic audit proved the loan had many loan violations. Rather than going forward with a law suit, Saxon basically gave her a free loan for the rest of the loan's lifetime.
Again every modification is different, what one person gets, another person is going to get something totally different.
Although there is one common goal - a lower payment....
Sorry if I vented, been a tough day.....
............. " Over? Did you say "over"? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? Hell no!" - JB"
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Last edited by Modification Specialist; 10-08-2009 at 05:16 PM..
"You became late on your mortgage, now your going to them for a break. Your lender is not looking to do you any favors."
I am NOT late as of yet. Because this month had no payment due per the mod docs I received, and the fact that the payment on the 2nd is not due yet and according to there own records I am NOT LATE! In the 10 years I have been in this house we were never late!
One good note in all this is I received an offer on my house today! The first person to look at it has made an offer! Hurray! Now all of you I need you to cross your fingers for me, please. Think good thoughts that this will go though.
As I have mentioned before - every modification is different, as your situation is unique.
As to going late on your mortgage - your original loan note has the dates of your installment payments. Any deviation contrary to these dates, can and most likely will be reported as late payments. If a person is not late on their mortgage payments, and has a low interest rate to begin with. Chances are they will be rejected on a loan modification. There is no reason for the lender to modify the loan. But once you go late, this is grounds to start a loan modification application. Other factors are looked out, to determine if the applicant qualify's for a reduction of payment.
You saying that you received mod docs, stating your payment date has changed.
No person (or document) telling you to go late on your payments, has the best intentions for you. Any late payments can be reported as lates showing on your credit report. I don't know your entire situation, my advice to you is be careful.
I have been made aware of a trick a lot of lenders are doing, they talk you into doing a modification, to enroll you into a program like the O'Bama plan. This is where your interest rate can go as low as 2%. What the lender is not telling you, is that they are getting reimbursed by the government as mush as $3500 per year. The issue is you either fit the qualifications or not.
I calculated the numbers a few months ago - only 1 person out of 851 qualify for the O'Bama plan. Currently there are reports of foreclosures going up in the country, this was due to people trying for a mod, they skipped a few payments, and were denied a modification. Now they are in a pickle jar trying to get help.
You just threw me a curve ball. You said you just had an offer? Are you trying to get a modification, or are you trying to sell you home? What are you trying to accomplish?
As I was driving home from the office last night after 9:00pm, had call from a couple in Las Vegas, Nevada. I pulled off to the side and was talking to them for about an hour. (A cop pulled up and asked if everything was OK, I turned on my interior lights and said I was helping a client). I modified their loan last year. Now the husband has just lost his job, after also 12 payments. Now looking to do a 2nd modification. Got home about 10:30pm had another call from Orlando, Florida. On the phone till after 12:00am. The guy has an Option Arm and is bank will not lower his payment... Woke up this morning, 8:00am got a call from a lady in Brooklyn, NY faxing me her docs - her case the lender will not talk to her. It is a crazy business out there, helping people out loans they cannot afford......
It's humors me to see people asking about what people got for a modification.
It's good to know that other peoples suffering gives you humor.
Quote:
As I was driving home from the office last night after 9:00pm, had call from a couple in Las Vegas, Nevada. I pulled off to the side and was talking to them for about an hour. (A cop pulled up and asked if everything was OK, I turned on my interior lights and said I was helping a client). I modified their loan last year. Now the husband has just lost his job, after also 12 payments. Now looking to do a 2nd modification. Got home about 10:30pm had another call from Orlando, Florida. On the phone till after 12:00am. The guy has an Option Arm and is bank will not lower his payment... Woke up this morning, 8:00am got a call from a lady in Brooklyn, NY faxing me her docs - her case the lender will not talk to her. It is a crazy business out there, helping people out loans they cannot afford......
You make it sound like you're a saint and helping people out of the goodness of your heart, and not getting paid for your services.
My loan was with CitiMortgage and was transferred to Bayview Loan servicing. After months trying to work with CitiMortgage this was a blessing. From my initial consultation with the Bayview workout specialist, he had a loan modification under the HAMP program to me within a week and a half. This reduced our payment a total of $1,000.00 a month on the first. Unfortuntely most lenders these days aren't so cooperative and expedious. I need to find out if Flagstar participates in the HAMP program too for my sister in law....Anyone know??
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