After many hours on the telephone with both my first and my second lien holders I've gotten offers from both servicers although I had to argue my point throughout the process. I actually had to read the guidelines for first lien modification to the guy so I could get him to enter the correct figures into his computer. I think the servicers hold out on making a deal that follows the govt guidelines until you refuse all their other offers. They will not present the option unless you fight for it. I've received multiple offers that would have reset to original terms after five years that would have landed me right back where I am. I even received a zero dollar a month for five years from my second lien holder.
You must hold out for the best deal and be armed with all the correct information so the person on the other end of the phone knows that you know what you're talking about.
When I was dealing with my second lien servicer I actually promised to name my next child after him "a great honor in his country of origin" to soften his tone.
After all was said and done I actually got a principle reduction to go along with a rate reduction....We'll see what the paperwork actually says when it gets here....
My only problem is they both want payment before the actual modification takes place. I'm very nervous about throwing any resources at something that is not yet a contract. After the "trial period" they could choose not to modify and I'll be out several thousand dollars that I needed to move out and rent.
Both govt sponsered plans are voluntary on the lenders part and they can offer whatever they want and are not bound by anything to stick to the respective plan guidelines released by the government.
The only thing that has transpired that brings me any comfort is that in order for them to get paid the performance payments by the treasury they will have to follow said guidelines so if the paperwork comes through with any mention of Hope Now etc. etc. I'll know what to expect and will have more ammo to throw at them if they try to do something other than what is in said guidelines. I think I'll try to get something in writing before I fork over any dollars just to see what they say.
I really want to keep my house as long as it remains around 40% of my net income. The thought of renting again makes me nervous and I'd rather live in a shelter than have to live with my family of origin.
You must hold out for the best deal and be armed with all the correct information so the person on the other end of the phone knows that you know what you're talking about.
When I was dealing with my second lien servicer I actually promised to name my next child after him "a great honor in his country of origin" to soften his tone.
After all was said and done I actually got a principle reduction to go along with a rate reduction....We'll see what the paperwork actually says when it gets here....
My only problem is they both want payment before the actual modification takes place. I'm very nervous about throwing any resources at something that is not yet a contract. After the "trial period" they could choose not to modify and I'll be out several thousand dollars that I needed to move out and rent.
Both govt sponsered plans are voluntary on the lenders part and they can offer whatever they want and are not bound by anything to stick to the respective plan guidelines released by the government.
The only thing that has transpired that brings me any comfort is that in order for them to get paid the performance payments by the treasury they will have to follow said guidelines so if the paperwork comes through with any mention of Hope Now etc. etc. I'll know what to expect and will have more ammo to throw at them if they try to do something other than what is in said guidelines. I think I'll try to get something in writing before I fork over any dollars just to see what they say.
I really want to keep my house as long as it remains around 40% of my net income. The thought of renting again makes me nervous and I'd rather live in a shelter than have to live with my family of origin.