Lender are not helping families keep their homes

[Shaoline]

Don't believe the media hype, lenders are not trying to help us keep our homes. I would like to hear from some of you about your experiences with lenders.

They completely shut me down when I tried to work with them.

I like what this person so eloquently wrote > http://www.tothecenter.com/news.php?readmore=4728

[Heartburn]

Hi Shaoline...
You are right. This happened to us last year.
We could no longer continue paying our house that was up for sale. We got an offer, after many months on the market, and the amount was for less than the payoff amount. We attempted a short sale. Sent the hardship letter and so on to the loss mitigation dept. They wanted me to sign a promisory note. I questioned it and asked what the potential of getting a 1099 next year and suddenly....they decided they didn't want to work it out with a short sale and started foreclosure proceedings at the end of last year. The loss mitigator we were working with was mean and rude and refused to give us any answers as to why.

Let me back up a little bit...when we first started trying to work out this short sale, we were told that we didn't need to make our house payment. That the account would be put on hold. And that the file would take 48-72hrs to review. Sure enough, this turned out to NOT be the case. We started getting collection letters from the mortgage co and when I called the person told me that freezing the account is not their policy and that it never takes that short of a time to review a file. It would take at least 75 days to review and make a decision. That's when I told her that they need to do a better job at training their employees because this is what we had been told...it was not something that we had taken upon our selves to assume.

[hrh25]

I have two mortgages, first with WaMu and second with GMAC, i tried a few times and finely was able to get them to lower my mortgage payment. I filed twice with WaMu and was given the run around the first two times and this this person that i worked with in loss mitigation was able to get my payments down. The same thing happened with GMAC, you have to keep trying and its sad to say but it depends on who is reviewing your file also and how helpful the want to be.

I know when i first starting to get in trouble i had called and asked them for help but no one would listen. I was always we can't do anything because you are not late you have to be late etc etc. It just depends on who you get to work on the modifcation, but it can be done if they want to help.

Regards

HRH

[Heartburn]

Good ol Washington Mutual. That's the one.
And we were late. We made our last payment in August. The moment November came around, they preferred foreclosure than working with the short sale, at that time. I had moved 3000 miles away from the home and was in no position to fight for it. I just let them do what they had to do at that point. It would have been to everyones benefit to take that offer because there were 4 other homes on my street alone that were in foreclosure and here we had an offer that they didn't want to work with.

I just happen to agree with the original poster that I don't believe what I hear about them not wanting the house back. Not from some of the stories I have heard recently.

[breezyday]

[PoorGrammyinBK7]

Makes you wonder why they would rather take the larger loss as a write off than lower your rate and work with you on a payment plan.

[dragonnfly]

Hello, Before we filed we were behind 2 payments and a 3rd was due in about a week. Our payment is 1262. I sent them what I could at the time which was $600. I always thought something was better then nothing. Even if they put it in the unapplied catagory at least it showed I was trying. Not good enough for them, they sent my check back to me!! They said because it was late it had to be at a full months payment. I called them and worked out a payback plan with higher payments for 3 months. Couldn't make the last one, after 2 months of giving them more then 1/2 our income couldn't do it a third month. When I called and cancelled the payment and told them I would mail them a payment every two weeks 3 times and she told me that there was no guarantee they would accept the payments if it was not in full. I called each time before I sent the checks out and made sure of what was due for the month I was paying and sent that amount they did accept it and we got caught up. I just couldn't believe they wouldn't take a partial payment. Even if we had walked away they would of had the $600. New gonna be late again.

[breezyday]

[breezyday]

I tried to change our 20 year arm into a 30 year fixed, so we could afford the payments but nope they wouldn't do it, because our home is not worth what we owe.
But it will be again in the future!
What would they be loosing?

[needingsomehelp]

Hi there. Just wanted to chime in that we also fought for our house for 7 months, before finally giving up, and including it our BK7. We were told a number of times that our modification had been approved, only to speak with someone days later and told that they had no clue what we were talking about. We got all the way up to the pres. office, only to be roped around by them as well.
All we wanted was to our adj rate mortgage (first and second) to a fixed rate, our mtg. company wouldn't do it. It was so sad to walk away from our home.
I get so upset when people say that the mortgage crisis is caused by people who got into homes they could not afford, because in many of the cases, it was not that people can't afford the home, they can't afford the rising payments.
We were also lied to by our broker, and by our appraiser.

[r.m]

Don't have to surrender home in Ch 7

[QUOTE=needingsomehelp;176890]Hi there. Just wanted to chime in that we also fought for our house for 7 months, before finally giving up, and including it our BK7. QUOTE]

Just because you did not re-affirm the house note in your filing does NOT mean that you have to surrender the home.

It appears that many attorneys are telling people that they have to forfeit the home in a Ch. 7 and it's... JUST NOT TRUE.

If you would still like to keep your home, you may still have options, although you're probably going to have to take a different approach.