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Your Banktrupcy & The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

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  • tobee43
    replied
    Originally posted by BKAttyMI View Post
    They can't take your bankruptcy into account when doing modifications. You're not looking to refinance (maybe that's what they thought you meant when you said "change the mortgage"?), you want to do a modification. You can do this through the Making Home Affordable program.
    i hope that program is working better than HAMP. thanks for the information here's some further info about that program if anyone would like to explore the possibility of using it:

    http://www.makinghomeaffordable.gov/pages/default.aspx

    Leave a comment:


  • BKAttyMI
    replied
    They can't take your bankruptcy into account when doing modifications. You're not looking to refinance (maybe that's what they thought you meant when you said "change the mortgage"?), you want to do a modification. You can do this through the Making Home Affordable program.

    Leave a comment:


  • buzzstpoint
    replied
    I called my bank to see if we could change our mortgage.
    All I got from them, "Sorry but if you are filing for BK then your credit score wont be good. So there is really nothing we can do to change your loan. Even if you plan on re affirm the loan.

    Leave a comment:


  • tobee43
    replied
    well, it appears the board stats speak for themselves???

    Leave a comment:


  • LostItAll2
    replied
    Originally posted by BKAttyMI View Post
    I have seen 2, yes 2 successful loan modifications, out of hundreds of people trying. One of them came AFTER we'd filed a Chapter 13 case to stop the scheduled foreclosure sale! The other one is not verified, so I don't know the details.

    Look up the proposed "principal paydown plan", now THAT would help a lot of homeowners, should it ever see the light of day.
    We are in the process of attempting a loan modification now. We are NOT hopeful at all. The bank changes the rules of the game daily. First they want this, you give it to them, then they want THAT and it has been going on for over 4 months now. We have no hope at this point. We think really the banks are just out to hurt us more. That is just the way we feel about it.

    Leave a comment:


  • BKAttyMI
    replied
    I have seen 2, yes 2 successful loan modifications, out of hundreds of people trying. One of them came AFTER we'd filed a Chapter 13 case to stop the scheduled foreclosure sale! The other one is not verified, so I don't know the details.

    Look up the proposed "principal paydown plan", now THAT would help a lot of homeowners, should it ever see the light of day.

    Leave a comment:


  • Nufsayd
    replied
    I got my 1st loan permanently modified w/BOA back in 2010...it's the 2nd that has given me hell...I sent nine packages from July 2010 - Feb 2011...all were denied for very stupid reasons IMO (never received paperwork, investor not part of the program, etc)....after the last denial in Feb 2011....I gave up and told them I would not be paying them any longer....I have now filed my BK7 last friday (10/28)...so they can go kick rocks....that is...unless they want to settle with me....we shall see.

    Leave a comment:


  • tobee43
    replied
    Originally posted by angles View Post
    The programs don’t seem to work as intended. A few got lucky, but not many. I knew of a couple of people who received the mods early on. One is still able to pay his and it worked out fine for him. The other is about to file for BK due mainly from his business losses, but also because of his home. That guy had the step up interest rate but with a 400K balloon payment due at the end of the 30 year mod loan. His original loan was like 600K.
    how unfortunate for this poor guy...socking him at the end of his loan. he'll pass in debt, and his poor family. it's such a shame.

    Leave a comment:


  • angles
    replied
    The programs don’t seem to work as intended. A few got lucky, but not many. I knew of a couple of people who received the mods early on. One is still able to pay his and it worked out fine for him. The other is about to file for BK due mainly from his business losses, but also because of his home. That guy had the step up interest rate but with a 400K balloon payment due at the end of the 30 year mod loan. His original loan was like 600K.

    Leave a comment:


  • tobee43
    replied
    Originally posted by msm859 View Post
    In a way it worked for me. Went through the process -- yes it is a nightmare -- did not get a "HAMP" modification because my "investor" BofA was not participating. However, I did get an in house mod - fixed 3.5% on a jumbo loan, previously had a 6.125% I/O ARM. To get the mod I had to stop paying my mortgage, which led to my credit being trashed which ultimately led to the business decision to file BK.
    when we were going through the HAMP process we too, were told we had to stop paying the mortgage to quaify. we did as told and 90 days later we got a NOD from Chase...were told to keep patient, 7 months later nothing another 2 months still nothing.....then we got served. HAMP didn't work for us.

    i'm glad you got your interest lowered for a minute, but it seems to me, i hear more stories like yours and mine then any other.

    Leave a comment:


  • msm859
    replied
    Originally posted by tobee43 View Post
    by the way, just curious has HAMP really worked for anyone???? i mean that on a long term basis. i have only heard nightmare stories i.e. HAMP lowered my payment for six months, but then tripled it. or, added so much to the back of the loan it was unreal. i hope someone got something good out of that program. i hope.
    In a way it worked for me. Went through the process -- yes it is a nightmare -- did not get a "HAMP" modification because my "investor" BofA was not participating. However, I did get an in house mod - fixed 3.5% on a jumbo loan, previously had a 6.125% I/O ARM. To get the mod I had to stop paying my mortgage, which led to my credit being trashed which ultimately led to the business decision to file BK.

    Leave a comment:


  • tobee43
    replied
    Originally posted by HHM View Post
    The Jury is still out I am afraid. The people that got the interest rate reduction with the step up, 2% for 1st year, 3% second, 4% third, and 5% fixed for remainder (30 years) (or some variation on that) should be okay unless they were seriously underwater on their house. Reason I say that, it will take them a decade or more to get back to even, so they are trapped in the house and if they have any future income issues, will end up BK'ing and walking anyway. If they weren't too terribly upside down, they should be okay so long as income recovers. However, I think history will tell use that HAMP was pretty much a failure and probably a bad idea from the beginning as it only delayed the inevitable for most homeowners.
    the most frightening point of that, is one does not know what the future will bring. today one may have a job, and tomorrow it's gone in a blink of an eye. committing to making payments for any period of time today, is indeed, risky at best.

    i for one, believe that we most likely will never see again the cost of real estate values that they once were. it's a lose lose.

    Leave a comment:


  • HHM
    replied
    Originally posted by tobee43 View Post
    exactly! i know many people are or have been "waiting" it out, or holding off, but if they want to take advantage of these time sensitive programs, they must get a move on and take come action for themselves.

    by the way, just curious has HAMP really worked for anyone???? i mean that on a long term basis. i have only heard nightmare stories i.e. HAMP lowered by payment for six months, but then tripled it. or, added so much to the back of the loan it was unreal. i hope someone got something good out of that program. i hope.
    The Jury is still out I am afraid. The people that got the interest rate reduction with the step up, 2% for 1st year, 3% second, 4% third, and 5% fixed for remainder (30 years) (or some variation on that) should be okay unless they were seriously underwater on their house. Reason I say that, it will take them a decade or more to get back to even, so they are trapped in the house and if they have any future income issues, will end up BK'ing and walking anyway. If they weren't too terribly upside down, they should be okay so long as income recovers. However, I think history will tell use that HAMP was pretty much a failure and probably a bad idea from the beginning as it only delayed the inevitable for most homeowners.

    Leave a comment:


  • tobee43
    replied
    Originally posted by HHM View Post
    Also keep in mind, presently, both this act, the Mortgage Debt Forgiveness Act and HAMP/HARP are set to expire next year. So, if you are going to short sale or foreclose on your primary residence better get that ball rolling and if you are trying for a modification, better double your efforts.
    exactly! i know many people are or have been "waiting" it out, or holding off, but if they want to take advantage of these time sensitive programs, they must get a move on and take come action for themselves.

    by the way, just curious has HAMP really worked for anyone???? i mean that on a long term basis. i have only heard nightmare stories i.e. HAMP lowered my payment for six months, but then tripled it. or, added so much to the back of the loan it was unreal. i hope someone got something good out of that program. i hope.
    Last edited by tobee43; 10-21-2011, 07:16 AM.

    Leave a comment:


  • HHM
    replied
    Also keep in mind, presently, both this act, the Mortgage Debt Forgiveness Act and HAMP/HARP are set to expire next year. So, if you are going to short sale or foreclose on your primary residence better get that ball rolling and if you are trying for a modification, better double your efforts.

    Leave a comment:

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