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Anyone know how long loan modifications take to process. We started the process late in March and other than been asked for more of the same paperwork, we have heard nothing. I have continued to pay it even though things are tough.
I started a home modification and faxed all the paperwork to my lender on July 2nd. I called them on July 12th and they said I was approved, just waiting to hear what my new payment will be. If I don't hear anything today or tomorrow I'll be calling again on Monday.
It's a good idea to keep calling them and reminding them you are waiting.
If you are current on your payments, the timeline
is something in between never and infinity.
It doesn't make sense, but that's what's going on.
The powers that be are taking the worst risks and modifying them and
afterword, acting surprised when so many of them go back into default.
They wait for the ones with savings and resources or who are just making
an effort to fall into the hole to where there is no chance they will recover.
Probably 4-6 months from my experience. If you're on Making Home Affordable they should have set you up on a trial payment plan equal to 31% of your gross monthly income and then would continue that after approval with a slight escalation every few years. I did one and it went just fine. I didn't really care when the process completed since the trial payment was considerably below my previous one and was close to what I ended up with after it was finalized.
Called the lender yesterday and they said to call back in about another week. There was an issue with unemployment and a lot of people got stuck in the crossfire.
Its frustrating because in the beginning they say 30 days, then 60 days and then you are in limbo. After the first 30 days, they said to resubmit some paperwork which we did and then they said it would be 60 days.
You keep posting that it's not so bad and that it was
easy for you and it should be easy for anyone as long
as they 'do it right' or 'correctly' or something.
If you read the news or other forums like loansafe, you
will find that the usual experience is lost documents,
delays and denials.
I'm really really happy that it worked out for you, but
your experience is not proof.
You keep posting that it's not so bad and that it was
easy for you and it should be easy for anyone as long
as they 'do it right' or 'correctly' or something.
If you read the news or other forums like loansafe, you
will find that the usual experience is lost documents,
delays and denials.
I'm really really happy that it worked out for you, but
your experience is not proof.
From what I've been reading, the ones having difficulty are folks who don't follow through on the requirements such as completing paperwork or documenting income, or who have some iffy situation that causes the bank and/or the investor pause such as having lost a job and now living on unemployment. If you have a more straightforward situation where you clearly meet all,and I mean all, or the stipulations of the program and follow through with what's required of you timely, it should work. Seems the ones who have difficulty are the ones who are in a gray area or are trying to bend the rules, even slightly.
I think the problem is the program was drawn up very narrowly so as not to bury the banks or taxpayers but raised unrealistic expectations amongst the larger population of square pegs trying to fit into a round hole.
Rather than just relying on anecdotal information, read this report on how many homeowners are actually getting help:
... where you clearly meet all,and I mean all, or the stipulations
of the program and follow through with what's required ...
Right.
If you are denied, but are close, they won't tell you what was wrong,
only that you weren't qualified. They won't tell you what you need to
do to qualify. This is what is happening. This is what is being reported.
Quote:
Originally Posted by CAVA1990
Your source states that over 2 million modifications have taken place.
The numbers I have read about have been much lower.
Here is a random quote:
... of the nearly 121,000 troubled loans that have been
modified by large banks and thrifts under the administration's
Home Affordable Modification Program through March ...
Other numbers stated in the report do not agree with what I have
read elsewhere. It's sort of like the government patting itself on
the back when they reported the number of stimulus jobs created
in lots of of zip codes that didn't actually exist.
Your experience is like someone diagnosed with a deadly form of
cancer where you are expected to live only four months. A year
out and you are still doing fine and the cancer is getting less
severe and you go around saying that anyone can beat this ...
You and your experience is just an anomoly and not typical of
people applying for this. I can't believe that you never see such
things in the news. Government propoganda is not the news.
You and your experience is just an anomoly and not typical of
people applying for this. I can't believe that you never see such
things in the news. Government propoganda is not the news.
I don't personally know anyone who was denied so can only go on what I experienced which is that it worked out very well. I don't see why it wouldn't for anyone else who meets the requirements and follows through on the process. Perhaps there are political reasons why you want to make my situation sound like an anomaly? Perhaps someone else will post here who believes they met all the qualifications, followed through with all the steps and was still denied. I've not read a post like that yet.
You might want to go to the Making Home Affordable website as they've clarified some isssues involving unemployment and are working on something to address the more severe issues in CA, AZ, and a couple of other states.
Perhaps there are political reasons why you want to
make my situation sound like an anomaly? ... .
That's a ridiculous accusation.
I have helped a number of people fill out the extremely simple
paperwork and have come up with nothing but a big goose egg.
Anyone who can fill out a 1040EZ could fill out a HAMP application.
The people on the phone have been nice and helpful and useless.
Quote:
Originally Posted by CAVA1990
You might want to go to the Making Home Affordable website ... .
I've been all over that site.
I've also perused many message boards including ones here on city-data
and found almost nothing but rejection stories that don't make sense.
Since your experience was so smooth, you didn't bother to do any investigating and
why would you? You're done. My friends are also done, but for another reason.
The difference between us is that I read the news about this and
you don't. There is no one outside of the government who thinks
that HAMP is working. It's rather similar to stimulus spending.
Somone who has a job because of stimulus spending would be
inclined to just go back to watching Dancing With the Stars and
think that everything's fine. Just like you. I'm happy for you.
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