Mortgage modification

[tobee43]

Tobee.... I'm a little slow today (majorly sick ) Pain meds are giving me brain fog apparently - so... do me the honor and tell me what you're talking about

My hybrid? Its not for sale silly...

ETA: hey..how come I dont have a "friends" icon? *looks at Tobee's icon* awe mannnn..... *sighs*

girlfriend....you need a BREAK backly...

i was talking about YOUR car....the hybred...that's what we will be buying next....but NOT YOUR car...OMG!! i'm worried about you...but it was also me jumping from thread to thought....i just liked how you loved your car and it made us think that's the direction we will be going when and if we need a car...

please get some rest....want to come over for dinner...i'll cook and promise it's won't be chicken...

[Pandora]

girlfriend....you need a BREAK backly...

i was talking about YOUR car....the hybred...that's what we will be buying next....but NOT YOUR car...OMG!! i'm worried about you...but it was also me jumping from thread to thought....i just liked how you loved your car and it made us think that's the direction we will be going when and if we need a car...

please get some rest....want to come over for dinner...i'll cook and promise it's won't be chicken...

It's all good m'dear - no worries. If you do get a hybrid, you'll love it.

[helpme2010]

I received a mortgage modification for a 6 month payment plan, and then was able to negotiate another 6 month extension (in which they bumped the price up $500 a month higher - still lower than the original payment amount). The next loan mod would have increased a couple hundred more than the original and this came right around the time I decided to go BK.

You can get this but you have to go through a ton and I mean a ton of back and forth with the mortgage company, loan documentation (e.g. 30 page loan package, then another round of loan docs, personal letters to the people, and more). It was an endless amount of work, but it did go through.

Has anyone REALLY got a mortgage modification. I tried and got rejected. Not 4 days after receiving that letter and talking with the bank, I get another packet telling me to apply for a modification. WTH??? The last time the reduction was a joke just a $100 decrease) and I cashed outsome of my 401k to pay off all my bills so I was able to make my original note. Of course I fell behind and asked the bank to tack it on the end and I was able to make my original payment. No go. So it looks like the bank is just trying to stall the foreclosure process. Well I'll live rent free as long as they let me!!

I know I got myself into this mess, but I told the bank I can now pay te original payment. Just need some forgiveness. What is this BS modifaction garbage about if the bank keeps finding was ti deny or prolong it?

[tobee43]

Well I see some of you have delt with Chase.

That must REALLY Suck walking away from your house of 33 years.

I talked to a guy at Chase at the time made alot of sense about reapplying againg and he took some info. At first I thought he was helping me, but in hindsite he was just collecting info about my ability to pay the loan. hopefully it wont turn into anything harassing. The only realistic option I could hope for is for Chase to attach my arrears to the end of my loan. Its only upsidedown $8000. but like it was said ealier, it's now a "ball and chain."

what are opinions about letting it go into forclosur(which I am) but not filling bankruptcy?

providing you are a judicial state without a deficiency for foreclosure...i don't see why not???

it did suck is some ways....of course after 33 you are familiar...but with what??? THE BLACK MOLD....the CRACKED FOUNDATION...the FAILING SEPTIC...nope...chase you called my bluff! take the house.

[kriptik]

providing you are a judicial state without a deficiency for foreclosure...i don't see why not???

it did suck is some ways....of course after 33 you are familiar...but with what??? THE BLACK MOLD....the CRACKED FOUNDATION...the FAILING SEPTIC...nope...chase you called my bluff! take the house.

Well, I live in a non deficiency state or non recourse stae (Washington state), but I've been reading up on things. It seems that if I have refinanced my original loan at anytime, they can still come after me for the difference and tack on a busload of "fees." Of course I don't want to be stuck paying for the next 15 years on something I don't own. Who would? gonna talk with a attorney before I make another move. On another not...


I got a letter from CHASE today saying they need more info on my MHA Loan Modifaction paperwork??? Two weeks ago I didn't qualify. now they need more info? I reapplied over a week ago but i don't think it could have gone through this quickly. they're asking for the same info I sent! Don't want to play this game. I don't trust these rat bastards and don't want to give any more info (bank, job# etc). Opinions?

[Pandora]

Well, I live in a non deficiency state or non recourse stae (Washington state), but I've been reading up on things. It seems that if I have refinanced my original loan at anytime, they can still come after me for the difference and tack on a busload of "fees." Of course I don't want to be stuck paying for the next 15 years on something I don't own. Who would? gonna talk with a attorney before I make another move. On another not...


I got a letter from CHASE today saying they need more info on my MHA Loan Modifaction paperwork??? Two weeks ago I didn't qualify. now they need more info? I reapplied over a week ago but i don't think it could have gone through this quickly. they're asking for the same info I sent! Don't want to play this game. I don't trust these rat bastards and don't want to give any more info (bank, job# etc). Opinions?

Is there some sort of clause in your org. loan docs that state you cannot refinance? I know many 1st time homebuyer programs have a clause similar to that, however its usually only for a specified timeframe, like during the first 5 years of ownership; our first house was that way (couldnt refi, sell or rent during first 5 years). However I've never heard of a mod being denied or overlooked due to refinancing - we did an 80/20 on our home, interest rate on the 2nd was higher than the 1st, so 3 months after closing we refied with another lender. Did HAMP starting last August (it was a nightmare to say the least) and after around 7-8 months were finally approved for a perm. mod.

Just know that if you're going this route (HAMP) to be prepared to submit the exact same things over and over again; I believe we submitted the same paperwork packets at least 5-6 times but did it all Cert. Ret. Rcpt and Sig. Confirmation. I also sent everything three-fold, meaning if the Loan Perfection Dept wanted it, I had a contact to send to but also sent to their supervisor as well as the Exec Office. It cost us quite a bit to send overnight/sig con/certified however in the long run it paid off because the rep couldnt tell me "didnt receive it" when I could provide their exact signature.

Also be certain that you aren't put in a forbearance agreement vs. an actual loan mod. Many times they'll tell you its a "mod" because they're altering the terms for X amount of time, allowing you a short lived break, but it absolutely is not. Danger in this is that once that timeframe is up, you will owe the difference from forbearance plus your regular payment. From the sound of what helpme2010 wrote above, I believe thats what was done - not an actual mod - but a forbearance, as their payment was upped by $500. Very hard to catch up once you do it that way.

Whatever you do - do not sign anything that you dont understand. You do not have to be behind in payments to get a mortgage modification if going for HAMP, you just have to show imminent default and if its temporary or permanent in nature. I will tell you that even though it states "3 months of trial payments", that will never happen, you will end up paying your trial payments for longer than 3 months. We paid up until the perm mod was approved, so 7-8 months of payments.

[tobee43]

Well, I live in a non deficiency state or non recourse stae (Washington state), but I've been reading up on things. It seems that if I have refinanced my original loan at anytime, they can still come after me for the difference and tack on a busload of "fees." Of course I don't want to be stuck paying for the next 15 years on something I don't own. Who would? gonna talk with a attorney before I make another move. On another not...


I got a letter from CHASE today saying they need more info on my MHA Loan Modifaction paperwork??? Two weeks ago I didn't qualify. now they need more info? I reapplied over a week ago but i don't think it could have gone through this quickly. they're asking for the same info I sent! Don't want to play this game. I don't trust these rat bastards and don't want to give any more info (bank, job# etc). Opinions?

chase may be finally starting to do the REAL loan mods so you may have a shot in the dark on this one....but it's the old bate and switch when you mention they are asking you for the same info over and over. they did NOT do that to me...i supplied them with tons of things and they asked for nothing more.

yes...i agree speak with your atty, because the fees and interest that they tack on can be over the top and you will be stuck!!

[tobee43]

Is there some sort of clause in your org. loan docs that state you cannot refinance? I know many 1st time homebuyer programs have a clause similar to that, however its usually only for a specified timeframe, like during the first 5 years of ownership; our first house was that way (couldnt refi, sell or rent during first 5 years). However I've never heard of a mod being denied or overlooked due to refinancing - we did an 80/20 on our home, interest rate on the 2nd was higher than the 1st, so 3 months after closing we refied with another lender. Did HAMP starting last August (it was a nightmare to say the least) and after around 7-8 months were finally approved for a perm. mod.

Just know that if you're going this route (HAMP) to be prepared to submit the exact same things over and over again; I believe we submitted the same paperwork packets at least 5-6 times but did it all Cert. Ret. Rcpt and Sig. Confirmation. I also sent everything three-fold, meaning if the Loan Perfection Dept wanted it, I had a contact to send to but also sent to their supervisor as well as the Exec Office. It cost us quite a bit to send overnight/sig con/certified however in the long run it paid off because the rep couldnt tell me "didnt receive it" when I could provide their exact signature.

Also be certain that you aren't put in a forbearance agreement vs. an actual loan mod. Many times they'll tell you its a "mod" because they're altering the terms for X amount of time, allowing you a short lived break, but it absolutely is not. Danger in this is that once that timeframe is up, you will owe the difference from forbearance plus your regular payment. From the sound of what helpme2010 wrote above, I believe thats what was done - not an actual mod - but a forbearance, as their payment was upped by $500. Very hard to catch up once you do it that way.

Whatever you do - do not sign anything that you dont understand. You do not have to be behind in payments to get a mortgage modification if going for HAMP, you just have to show imminent default and if its temporary or permanent in nature. I will tell you that even though it states "3 months of trial payments", that will never happen, you will end up paying your trial payments for longer than 3 months. We paid up until the perm mod was approved, so 7-8 months of payments.

great perspective and advise.....i so agree with pandora...DO NOT sign a thing you do not understand completed....you could be signing your life away! these darn banks...you can't trust them anymore, is the bottom line.

[Pandora]

Oh..wanted to add:

on any docs we submitted, I put white sticky labels (you know like address type) on EVERY SINGLE PAGE of everything I had to submit or resubmit, typed my account number, page number, and name of each one. Why? Because that way when I got copies back (like the loan mod trial paperwork and perm mod package) to sign from the bank/lender - I knew nothing was changed and it was my original submission. I decided to do that once I received my bank signed trial packet and some of the terms had changed from the copy I had. Refused to sign it, told them it was different than what I had submitted, and provided them a copy of each page to back up my claim. They claimed they "didnt know" terms were changed on their end *uh huh* but after seeing my copy with labels, their story changed significantly. Funny how the following day via courier I received the exact same copy I had had - complete with labels.

[kriptik]

[QUOTE=Pandora;466999]Is there some sort of clause in your org. loan docs that state you cannot refinance? I know many 1st time homebuyer programs have a clause similar to that, however its usually only for a specified timeframe, like during the first 5 years of ownership; our first house was that way (couldnt refi, sell or rent during first 5 years). However I've never heard of a mod being denied or overlooked due to refinancing - we did an 80/20 on our home, interest rate on the 2nd was higher than the 1st, so 3 months after closing we refied with another lender. Did HAMP starting last August (it was a nightmare to say the least) and after around 7-8 months were finally approved for a perm. mod.

QUOTE]

I was referring to after a forclosure. In a nonrecourse state the banks can't come after you for the difference for the amount at wich it sells for and the amount owed. But if you have refinanced at any time they can come after you for the difference and some trumped up fees. Am I understanding that right?

Another concern is if the bank says I qualify for a mod and I pay it on time with no trouble, how do I know they won't deny it again for something? I been reading alot where that happens. I'm leaning to the debt free lifestyle and have kissed my FICO goodbye. If the bank wants this house back they can have it! I just don't want to be caught up in bs payments fot the next 2 decades!!

[Pandora]

But if you have refinanced at any time they can come after you for the difference and some trumped up fees. Am I understanding that right?

Another concern is if the bank says I qualify for a mod and I pay it on time with no trouble, how do I know they won't deny it again for something? !

I'm not sure but I'd be inclined to say no - unless there is some sort of clause in your docs when you refied that stipulates it. Non-recourse is just that - non-recourse, whether you refi or not - how could they come after you if your states laws state otherwise?

As to how do you know they wont deny you again - .... you don't, unfortunately. Because HAMP wasnt mandatory from the beginning except for Fannie and Freddie - everything is a guideline and as you've seen, banks keep changing the rules as they go.

[kriptik]

I'm not sure but I'd be inclined to say no - unless there is some sort of clause in your docs when you refied that stipulates it. Non-recourse is just that - non-recourse, whether you refi or not - how could they come after you if your states laws state otherwise?

As to how do you know they wont deny you again - .... you don't, unfortunately. Because HAMP wasnt mandatory from the beginning except for Fannie and Freddie - everything is a guideline and as you've seen, banks keep changing the rules as they go.

As usual you have great points! Gonna talk with an lawyer.

[kriptik]

I just found another note taped to my door from an independent property inspector telling me they visited my home and to contact Chase.no one knocked or anything. If they want this stinking house forclose.going on 11 months without a payment outside of the "mod" bs. Should I file Ch7 before forclosure or after?