Who has had a successful modification while in foreclosure?

[Jf24]

Just wondering of any modifications while being in FC and how long it took after being served to get the mod.

We are discharged ch 7 in Oct but want to stay in house. Mortgage has not been paid due to previous problems now solved. We will probably be served in the next few weeks.

[ace300s]

We did not do a loan modification. However we did do a Adjustment to Terms Agreement.

Our BK7 was discharged in 06/12. Our house was included in the Discharge. We stopped making payments for 15 months and were prepared to walk away.

My lender Citi was willing to work with us. We signed the Adjustment to Terms Agreement a few months ago. The ATA is not a loan modification, or reaffirming a new note. The house is still discharged in my BK7.

The new terms are a 3% interest rate reduction for the remaining years on the existing note. All late payments were added to the end of the loan. This worked out great for us, as we really didn't want to move. Plus our new payment is now lower than rent for a house like ours in our area.

Also, when we get a mortgage statement it says voluntary payment. The statement says the following on it.

THIS MORTGAGE ACCOUNT STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY. AS THIS DEBT MAY HAVE BEEN INCLUDED IN A BANKRUPTCY ACTION, OR MAY HAVE BEEN DISCHARGED. THIS IS NOT AN ATTEMPT TO COLLECT, RECOVER OR OFFSET THE MORTGAGE INDEBTEDNESS AGAINST YOU PERSONALLY.

Hope this helps...good luck....

[LadyInTheRed]

We did not do a loan modification. However we did do a Adjustment to Terms Agreement.

My lender Citi was willing to work with us. We signed the Adjustment to Terms Agreement a few months ago. The ATA is not a loan modification, or reaffirming a new note. The house is still discharged in my BK7.

Regardless of the title of the document, what you describe is a loan modification.

[ace300s]

Regardless of the title of the document, what you describe is a loan modification.

That may be? Working with Citi for months, I did not qualify for a loan modification, which would have been a new note. The ATA they offered is not a new note.

So you may say they are the same? But my Attorney and Citi say they are different....

[Jf24]

This is great info. Thanks, and glad things worked out for you.

[LadyInTheRed]

That may be? Working with Citi for months, I did not qualify for a loan modification, which would have been a new note. The ATA they offered is not a new note.

So you may say they are the same? But my Attorney and Citi say they are different....

A loan modification is not a new note or a reaffirmation. It is a modification of the terms of the existing note. If there is a new note, it is a refinance. You may not have qualified for a HAMP or HARP modification, but got an in-house modification? It's possible Citibank makes some distinction between a modificaiotn and an ATA. But for all practical purposes, it's the same thing.

[azdebtor]

I had a mod approved with Greentree while in foreclosure. I have a Fannie Mae note and it was very easy to get the mod as they basically gave it to me with minimal paperwork to avoid the foreclosure sale.

[JimKutkowski]

When I was still doing them, I had a success rate of 80%. Problem is that the guys and gals who followed the rules got punished by the FTC and quit, leaving just the scam artists.

Send the documents they ask for, do the form, send the 4506T and pray.