Back to my obsessive preparatory ways/Question.

[Lajazz947]

I am sure that I got through my BK issues due to being obssesively prepared.

Now on to my modification:

As you may know I have both banks disagreeing on thier lein positions and I call them weekly. I am now about 4 weeks away from being out of the BK department.

I spoke to WACH today and I got a very friendly person on the phone. She told me that the loan modification dept might hold it against me that I had not made any payments lately. ( 6 months )

Should I make payments while in a holding pattern with them? It worries me to be so far behind.

I explained that I was using this money to pay off my attorneys and back taxes.

She said they had an interest in keeping me in my home so they would work with me but might require proof of my ability to make payments before approving me.

Was she referring to payments made in a trial modification period? or normal payments while waiting?


She did say that 31% of income was thier guideline for fully amortized payments.



By the way, she told me that they tried to lift the stay in July but apparently the judge did not allow it.

WHAT????????????? Should I not have gotten noticed on this or at least seen it on PACER?

This is the first I have heard of it.

[last2cents]

Lajazz - you should have DEFINITELY seen the motion for relief from stay on pacer. She's probably blowing smoke.

My experience with Wach was that my mod never was in a trial period. It was cast in stone from the start.

(i just went and looked at the papers again - and no - no trial period at all).

[Lajazz947]

Lajazz - you should have DEFINITELY seen the motion for relief from stay on pacer. She's probably blowing smoke.

My experience with Wach was that my mod never was in a trial period. It was cast in stone from the start.

(i just went and looked at the papers again - and no - no trial period at all).

Thanks,

Can you give me some particulars on your modification?

Loan amount, payments, modified payments, interest rate, etc?

How far behind were you on payments?

I just want to get a feel for how WACH works.

It would ease my mind tremendously.

Thanks.

[AngelinaCatHub]

Hey "Jazz" how you been? As long as you been here I figured you would have them doing it "your way".

I agree with 2cents, and I think they are getting some pressure somewhere to start actually helping out those who need a house. I am in FL as you know. I see empty houses, (newly empty) everywhere now. It is becoming a hazard. It is really sad.

I can't tell you anything about the mortgage thing, but just wanted to touch bases with you again. 'Hub

[Lajazz947]

Hey "Jazz" how you been? As long as you been here I figured you would have them doing it "your way".

I agree with 2cents, and I think they are getting some pressure somewhere to start actually helping out those who need a house. I am in FL as you know. I see empty houses, (newly empty) everywhere now. It is becoming a hazard. It is really sad.

I can't tell you anything about the mortgage thing, but just wanted to touch bases with you again. 'Hub

Hi Hub, thanks for touching base. My attorney told me a long time ago that it is " all a chess game " and he is turning out to be quite right about that.

I figure that as long as I calculate every move and stay on top of things I have an upper hand.

In December I go to war with the guy that took my money. As Mr. T said ' I pity the fool ". He has no idea how much dirt I have on him and how I got it.

My brother is a PI, that should give you a clue.

I'll keep ya all posted on my continuing saga.

[AngelinaCatHub]

I wish I could do my enemy in that way. He cost us eight years of hell and tens of thousands of dollars.

He had a massive heart attack on April fools day (significant) with 10 hour surgery and loss of both kidney function. Other than he is alive, he has not been around too much and I don't expect a problem from him. However he is mean enough to pop up on the 364th day waiting to crap up a suit for non prosecution.

I guess you could call it Karma. I call it "God punishes here, there, or both". 'Hub

[last2cents]

Thanks,

Can you give me some particulars on your modification?

Loan amount, payments, modified payments, interest rate, etc?

How far behind were you on payments?

I just want to get a feel for how WACH works.

It would ease my mind tremendously.

Thanks.

Lajazz - I was three months behind when I applied for the mod.

My balance was about $330K (house is worth about $190K).

I also had a fixed rate "pick a pay" at 7.65%.

They reduced my balance to $267K, reamortized it on a 40 year payout, and started me out at 5.75% until 2012. Beginning in 2012, the rate goes up .125% per year until 2017, when it stops at 6.50% - where it will stay for the remaining life of the loan.

My sister also recently went thru the mod process - and got a similar deal although I don't know the specifics.

[Lajazz947]

Lajazz - I was three months behind when I applied for the mod.

My balance was about $330K (house is worth about $190K).

I also had a fixed rate "pick a pay" at 7.65%.

They reduced my balance to $267K, reamortized it on a 40 year payout, and started me out at 5.75% until 2012. Beginning in 2012, the rate goes up .125% per year until 2017, when it stops at 6.50% - where it will stay for the remaining life of the loan.

My sister also recently went thru the mod process - and got a similar deal although I don't know the specifics.

Thanks. I have a pick a pay at 6.95% a few more questions if you don't mind:

What did they do with your past due payments?

Did you ask for the 40 year term or was it offered?

Did your payment go to 31% of gross income? I assume it is gross and not net income that they go by.

Thanks.

[DeadManCrawling]

Hey Jazz,

Couple thoughts on this:

We were approved for a mod before filing, which happened Friday.

The details were quite good. NO interest for six months, following that, a five year rate of 2%/ For the rest of the term, the rate would be capped at 4.5%. This was through Boa.

In addition, they were knocking about 65k off the principal. The end result was a 40 year mortgage that was capped at about $1200 per month. Our original was about 4k per month. Was very attractive, and we may yet entertain the idea, but cannot during bk. We stated our intention to surrender, since we have other options and the utility and HOA and maintenance fees are monstrous. Big house, big costs.

Anyway, just wanted to give an idea of what other lenders are offering in some cases.

In no way would I be concerned about being behind. If they want the deal done, they will find a way. Otherwise, you are just burning money you could be saving.

Good luck, as always. Cannot wait to see how the lien-position battle resolves.

-dmc

[Lajazz947]

Hey Jazz,

Couple thoughts on this:

We were approved for a mod before filing, which happened Friday.

The details were quite good. NO interest for six months, following that, a five year rate of 2%/ For the rest of the term, the rate would be capped at 4.5%. This was through Boa.

In addition, they were knocking about 65k off the principal. The end result was a 40 year mortgage that was capped at about $1200 per month. Our original was about 4k per month. Was very attractive, and we may yet entertain the idea, but cannot during bk. We stated our intention to surrender, since we have other options and the utility and HOA and maintenance fees are monstrous. Big house, big costs.

Anyway, just wanted to give an idea of what other lenders are offering in some cases.

In no way would I be concerned about being behind. If they want the deal done, they will find a way. Otherwise, you are just burning money you could be saving.

Good luck, as always. Cannot wait to see how the lien-position battle resolves.

-dmc

Thank you so much. As usual, great advice from the forum.

I am a worrier at heart so I overplan and overanalyze to death but that's what keeps me sane.

You got a great deal from BofA, I would LOVE that deal.

Good luck on your situation as well.

I think that one of the banks will have to sue the title company even they are one and the same now.