Mortgage modification ends BK early!

[Punkin]

Filing Chapter 13 in April 2007 took a lot of stress off. But, I could not relax knowing that my ARM would adjust in Dec. 2008. So, I kept searching for a way out of a bad mortgage decision. When the FHA Hope and other programs were announced, I called. No help for me. So, I finally called ASC (Wells Fargo) my mortgage company and asked for a modification in April 2008. I was told an answer would be given in 6 weeks. Four months later - still not ONE answer or callback.
I then filed a complaint with the Office of the Currency, detailing my experience. I noted every fax sent, every call made with the agent's name, etc. ASC called me back within a week of my filing the complaint. But, once again they failed to keep their word in resolving my request quickly. So, I contacted the Office again with an update.
After that ASC could not wait to get my request resolved. My interest rate was knocked down 1.5%. I did not have to pay closing costs, etc like a refi. My mortgage payments are $60 less and the back payments that were the bulk of my BK have been folded into the remodification. That means once I pay my property taxes my BK is over!

[JRScott]

Sounds good Punkin congrats

[BROKENN]

Good job! Yaayyyy!

[albacore44]

7 year arm

That is interesting. I am 3 1/2 years into a 7 year ARM at 4.75 % with a 10 year int only option. i'm hoping my income increases enough before the adjustment. I have Citi mortgage. I though this was a really good loan when I took it. It allowed me to move into a very nice new neighborhood in inland so cal. What I did not count on is the plunge in equity which has occured over the last year. My house is some $200K upside down. There are other neighbores who bought in later who are upside down more than that. There are some 1300 homes in some part of forclosure in my zip code alone. i watch them daily on Realty Track

[chloe0724]

Albacore,

I did the same thing. We got and Arm so that we could get a decent house. The suburbas of DC are not as expensive as CA, but when we bout, a townhouse (what we bought) cost an agerage of 350k.

Now, we have 1 in 3 homes forcloused on in my county and my home is upside down by 150k.

The foreclousers are starting to sell. Of course they are at rock bottom prices. I am just glad they're moving. Once they are all bought up, maybe we can get back to something more normal.