Mortgage modification

[kriptik]

You know what really gets me about the way banks/lenders are running loan mod programs? They all tell you they won't even look at doing a loan mod unless you're delinquent. Here's a wake up call----there's no legal requirement that you be delinquent in order to trigger the loan mod option! That right there does it for me.

You know that is one of the best points around. what the hell??????? The whole program is a joke. Well they can have these four walls. I'm not worried about my FICO score and I'm done with credit cards. Just got to deal with what happens after a forclosure. Reading about what happened to people in this country in all these forums gives me a whole new perspective.

[Pandora]

just a personal comment here...sorry...you have been PRIME lately....LOL!!!!!!! (we are going to buy your car after ur post...guess i trust u!)

calling the banks buff was the BEST thing we ever did.

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*

[tobee43]

Bingo! We were not late on our mortgage but given hubby lost his job - it was imminent default ahead. Now the 2nd is another story.... never did pay that because they refused to work with us on anything at all. We tried to neg. a lower interest rate, just bringing it to Prime - CU said no. We asked about extending the loan to 20 years ... CU said no. Told them if they wanted to play that way and not work with us...fine - we'll strip it and let the court decide how much they get.

CU called our bluff...... except we won. What dumbasses

just a personal comment here...sorry...you have been PRIME lately....LOL!!!!!!! (we are going to buy your car after ur post...guess i trust u!)

calling the banks buff was the BEST thing we ever did.

[Pandora]

You know what really gets me about the way banks/lenders are running loan mod programs? They all tell you they won't even look at doing a loan mod unless you're delinquent. Here's a wake up call----there's no legal requirement that you be delinquent in order to trigger the loan mod option! That right there does it for me.

Bingo! We were not late on our mortgage but given hubby lost his job - it was imminent default ahead. Now the 2nd is another story.... never did pay that because they refused to work with us on anything at all. We tried to neg. a lower interest rate, just bringing it to Prime - CU said no. We asked about extending the loan to 20 years ... CU said no. Told them if they wanted to play that way and not work with us...fine - we'll strip it and let the court decide how much they get.

CU called our bluff...... except we won. What dumbasses - they couldve had 100% payment and we wouldnt of had to file BK had they been willing to work with us, but nope. So be it.

[ccsjoe]

You know what really gets me about the way banks/lenders are running loan mod programs? They all tell you they won't even look at doing a loan mod unless you're delinquent. Here's a wake up call----there's no legal requirement that you be delinquent in order to trigger the loan mod option! That right there does it for me.

[Pandora]

Yes - loan mods do happen. Very hard to get and extremely tedious, but yes - they do happen. HAMP approved Feb-Mar this year, took nearly 8 months and cost us about $200 in mailing fees. :/ Seems any more however they're just not approving.

[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?

i do know people that did the foreclosure and never went bankrupt...however, it depends on where you live. for an example the state i left the house is one of the only states that has NO CAP on foreclosure fees....and are and have been known to be as high as 50k-100k in FEES alone...thereby forcing them into a bk because the fees were so terrible and so high.

but that's not in every state. you need to see how it works where your property is located.

i have absolutely no faith in chase...i have filed FTC complaints and dept of commerce in washington dc for fraud as well as turned them into a government task force because of their practices.

to have had to sit down and finally come to the realization that we had to leave the home our children were born and raised in...that we knew with our eyes closes and felt so much happiness and sadness it was hard...but in retrospect the BEST thing we ever did....

did i forget to mention chase called us AFTER our bk was discharged and told us a new loan mod was started and did we want to reaffirm...i'm like are you crazy or WHAT?? we have been out of the house for two years...you have not foreclosed what is it about "surrendered" on the bankruptcy petition you didn't understand AND how dare you contact us after all this time...the house is vacate...oh chase said., we know that we just were wondering what you want to do???

OMG!!

[kriptik]

well i hear you loud and clear......how's this we were NEVER EVER late in 33 years.....EVER! and we had ALL our paperwork in...because i went in personally even though it was 2 hours away...i brought them everything including the kitchen sink for 10 years...there was not a thing they could or ever did ask for again with our paperwork.

we were told by them..home is where the heart is because even tho we aren't saying no ...we aren't saying yes either so we are still reviewing your application you'll hear back soon.......when two days later after over a year we got served a summons for foreclosure...we finally had to make a sound business decision...

let's leave chase with the black mold, the cracked foundation...house needs a new roof, plumbing, electric....and let's not forget since the town changed the road the water table changed and now is diverted directly into our house.....flooding it and ruining the entire first floor....keep it...OH...and don't forget it now needs a new septic and leech fields...have fun reselling the place...called our bluff...NOW it's YOURS

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?

[tobee43]

I am sure there are a "few" who do get them, but IMO most do not. Check out loansafe.org and see the stories. I was on that board for a while, before I knew I was doing BK and was trying to figure out what to do about my house. I personally have two friends that have been trying over a year to get mods, and it is always the same old story. You have to send more papers that you sent 5 times already, they switch you around to all different departments, you make too much, or too little. One just stoped making the payments just to see if they would look at her case now. That was 2 months ago, and it is now another list of docs, people to talk with etc.....Geez, if they would just lower interest rates for the loans for everyone it would be great. But no, they dont, and for people who paid, like me, for 8 years with no problems making the payments you get screwed. The new buyers are getting all the benefit of the super low rates, and since I had a blip in my financial life, I get no relief. Could not sell my house, Could never qualify for a loan now, I had 36k of our money in a downpayment on this house, and it is all lost. That all made my choice a lot easier to make, BK the whole thing and start over. To me it was the lesser of evils, and will patienly wait to build my credit again. They were not so slow giving/approving the to begin with that is for sure.

well i hear you loud and clear......how's this we were NEVER EVER late in 33 years.....EVER! and we had ALL our paperwork in...because i went in personally even though it was 2 hours away...i brought them everything including the kitchen sink for 10 years...there was not a thing they could or ever did ask for again with our paperwork.

we were told by them..home is where the heart is because even tho we aren't saying no ...we aren't saying yes either so we are still reviewing your application you'll hear back soon.......when two days later after over a year we got served a summons for foreclosure...we finally had to make a sound business decision...

let's leave chase with the black mold, the cracked foundation...house needs a new roof, plumbing, electric....and let's not forget since the town changed the road the water table changed and now is diverted directly into our house.....flooding it and ruining the entire first floor....keep it...OH...and don't forget it now needs a new septic and leech fields...have fun reselling the place...called our bluff...NOW it's YOURS

[mrskal]

I am sure there are a "few" who do get them, but IMO most do not. Check out loansafe.org and see the stories. I was on that board for a while, before I knew I was doing BK and was trying to figure out what to do about my house. I personally have two friends that have been trying over a year to get mods, and it is always the same old story. You have to send more papers that you sent 5 times already, they switch you around to all different departments, you make too much, or too little. One just stoped making the payments just to see if they would look at her case now. That was 2 months ago, and it is now another list of docs, people to talk with etc.....Geez, if they would just lower interest rates for the loans for everyone it would be great. But no, they dont, and for people who paid, like me, for 8 years with no problems making the payments you get screwed. The new buyers are getting all the benefit of the super low rates, and since I had a blip in my financial life, I get no relief. Could not sell my house, Could never qualify for a loan now, I had 36k of our money in a downpayment on this house, and it is all lost. That all made my choice a lot easier to make, BK the whole thing and start over. To me it was the lesser of evils, and will patienly wait to build my credit again. They were not so slow giving/approving the to begin with that is for sure.

[tobee43]

we tried also...for almost a year with chase!!!

then can you believe this...after we surrendered the house....now almost over 2 years ago...and it's be vacate...they called a few weeks ago after our discharged and asked us if we would be interested in reaffirming and reapply for a loan modification.

chase actually stated that 2 days after rec'ing our discharge they said WE reopened the loan modification process.....RIGHT?? nope..i don't know anyone that really got one. i know people that they tacked there arrears on the end of their loans...but really nothing as far as what i would consider a REAL modification.

[bladerunner]

we tried the loan modification process...rejected because we are over 150% underwater in our home of 15 years.(live in Vegas) We also applied for every Obama save your home program, loan mediation, called Harry Reid's office, anything we could...nothing, nada, rejected, disconnected. So, we are now losing our cumbersome ball and chain and honestly I'm relieved.( quick rundown...I lost my job as a museum supervisor over two years, husband business down over 70%) last payment made on the house Feb 2010....

[kriptik]

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?