Loan modification stories wanted!

[tkharvey]

Waiting on word of my loan modification. I"d love to hear stories of those of you who have tried (both successfully and unsuccessfully) to get their lender to modify their mortgage. Please share your experience!

[HHM]

Well, based on memory, I think 2 or 3 members actually got a loan mod, the (rest, a dozen plus) didn't

[vicmost]

I'm waiting for one right now..But I'm not holding my breath! You have to meet their criteria and I believe most people filing bk are to far underwater so we are disqualified. It's a catch 22 situation for me. I could meet there criteria after I file because I would have eliminated most of the debt but at that point I don't qualify because I filed bk....

[2Bshinyandnew]

I'm still waiting to hear the details of my sisters approved mortgage mod which she applied for at the same time I applied for mine. Her mortgage was with Wells Fargo, it is not a Fannie/Freddie, and she has little/no equity. She applied directly with Wells Fargo right around March 4, 2009.

OTOH, my mortgage is owned by Fannie Mae, I am not upside down, I have income to support a mod, my front end DTI is 66% and my back end DTI would be the targeted 38% (31% after the feds chipped in their share). I am an absolutely perfect candidate for a Making Home Affordable modification and yet I wait, and wait and wait... I have been calling my servicer weekly for an update since my original pre-Making Home Affordable mod request I made in late January 2008. I contacted Acorn Housing and have submitted a second mod request to my servicer through Acorn. We'll see what happens.

In early May 2009 I sent my servicer a Qualified Written Request under Section 6 of the Real Estate Settlement Procedures Act (RESPA) asking for every possible piece of information I am entitled to have about my mortgage, I particularly interested in finding out if the lender has purchased Default, Credit Loss, Single Interest Insurance, or any type of lender-purchased Mortgage Insurance for my loan, and the details of this, if any. I haven't heard anything back yet, though the 20 day mark they have to acknowledge my request is approaching.

I am very happy for my sister though!

[eddiep]

I got a mod on my first and two second mortgages through Bank of America. They stretched by term back out to 30 years and reduced my interest rate by 3% for the life of the loan. This was supposed to be for 5 years only by the official docs said for 30 years. I am saving a total of $1030 per month.

[Flowers]

I have 2 stories on the same loan.

First, last September Chase Home Mortgage offered a loan modification on the 10.25% that was 9 mo. late on payments. They offered to reduce me to 5.25% with a $5000 deposit and much lower monthly payment. Needless to say I did not have the deposit as I was trying to get $3000 together for the BK attorney.

I filed in November and went into BK protection.

History was made when Obama was elected and he organized the HASP which I was able to get into in April. Now I am on a 3 month payplan where I make much lower payments on the mortgage and I will await hearing from Chase what the new loan modification will be.

I know these banks are overloaded with work and can hardly keep up, but I sure am glad Obama is in there and there is a plan to help homeowners. Even though I was not an ARM I needed this help badly.

OK that is my story.

[ItsJustMe]

I'm trying to mod my mortgages right now. There's a loan forum that has a lot of people trying to modify their mortgage. Most are working with a non-profit called NACA and many have gotten their loans down to 2% for the life of the existing loan! I'm seriously crossing my fingers that they are able to negotiate a similar mod for us!

NACA only works w/1st mortgages (2nds only if it's the same lender) so I'm trying to mod my 2nd on my own. I've sent all of my financial paperwork in and haven't heard anything yet. I've googled around, though, and have hopes (from online experiences I've read) that I'll be able to mod at least a few points off the interest rate.

[Toby629]

We got loan modifications on our first and second last November. The first interest went from 5.75% to 3% and payment dropped $300 per month. The second dropped 5 points in interest and payment dropped $100. My first sent us a packet to fill out to modifiy again under the new federal modification plan, I called them as I had not requested another modification, did not think we could get another one, and they told me we qualified for it and to fill out the packet and send it back to them.

[yeahknow]

I am waiting to file my Bk, but I just got the approval for a loan modification from Chase. They are sending me a contract and after making the next 3 payments via cashier check, my interest rate will drop a point. 5.5 to 4.5 I think Im going to wait the three months before I file BK. The entire process was fairly easy, my FHA loan is backed by Ginnie Mac, so I as not able to get any principle reduction.

[relief13035]

I received a great loan modification on my first with CitiMortgage.

My HELOC is also with Citi and we are in the process of settling on it. I've been dealing with the Executive Response Team at Citi - went straight to the top dogs. I'm hoping to get my settlement offer within the next week or two.

[spidge]

I was able to get my 1st with Downey Savings modified at the end of '08 from a pic a pay loan to a interest only at 5.75% for 5 years. Saved me something like $40,700 over that period.

Countrywide who owns my 2nd told me no as I had an extra $10 per month. So I have yet to make a payment to Countrywide(now BofA) this year as I am very upside down in the house. I was in active processing but now it is inactive as I am supposed to give more of the same docs again. I hope to get a call from them this week so I can tell them I do not intend to pay or send any more documents and here is my lawyers phone #. I will attempt to strip in a ch 13, unless of coarse they decide to settle reasonably.