The so called mortgage loan "Modification"

[samson420]

I have spent @ least 10 hours total on the phone with Citi about lowering my monthly mortgage payment.

I am currently 5 months passed due on my mortgage and I have started to get my loan "modified" over 2 months ago. . . . So far I got nowhere.

First: I called them up and they said I have to fill out monthly expense sheet type of thing, I did.

A month passed - Nothing

I called them up.

2nd: They said that I am not making enough money to qualify. I make 500 Dollars a month less than all of my expenses(credit cards and open lines of credit). I told them that I am no longer paying my expenses and I will be filling for a Chapter 13 Bancrupcy, they said I make too much money to qualify.

3rdnow) They have a new department(OutReach). So I called them up, they said they can put me a "ForeBarance" plan(WTF is that?) which would bring my mortgage from 1800 Dollars a month to 1400 Dollars a month. I say, hey that sounds pretty darn good. - Then it comes - They said this is for 3 months and after the 3 months I should qualify for a permanent loan "modification". Yet, if I don't I am back @ square one, owing the 5 months that are currently passed due plus the difference between 1400 and 1800 Dollars a month.




Please someone give me some input.



My house is currently worth 72k(that's right with a 1800 a month mortgage). I just got it appraised for the chapter 13 we are planning to file for all of our unsecured debt which I can no longer afford.

[JRScott]

I wish I knew what to tell you.

If that bill passed allowing judges to modify mortgages in a chapter 13 then there is still hope for you .

[dingdong]

Maybe we need to all get on a bus and go to DC and show the mofos what the frig it is really like out here in the real world.


I don't own a home, and never have, but I will get on the bus with you all and lobby for some changes.

Can't they set up an omsbudsmen program for these stupid loan modification programs that don't go anywhere.


It shouldn't take 5 months to work out a loan mod.

They can pre-approve you over the internet for a 300,00.00 loan in minutes, but they can't modify a loan in a month?

Spend some stimulus money on hiring people qualified to look at someone's expenses and mortgage and see that they can't afford it with an upside down mortgage and keep the bleepin homeowner in their home!!!

They are just going to sell it for market price to someone else, which will probably be what they could modify it for OR LESS, why not just let the people who are in it keep it for the same amount instead of going through all the crap of the FC and sell it to someone else or an investor who is just going to make money on it.

I don't get why these people don't see that?

Foreclose on a home worth 150,000 with a 300,000 mortgage, spend thousands to foreclose and let it sit empty for a year or just modify and let the homeowner stay for the same damn amount a homeowner in trouble could afford if they would only process the mod.

What is it pride, ego ,that these lenders feel. Can't let the homeowner get away with it?

At some point these stupid lenders just have to start caring about people, show a little compassion and let the people keep their homes.

It seems pretty dang simple to me. But what do I know.

Sorry for the rant, it just pisses me off when I hear about this ca ca.

Maybe we need to start gathering some statistical data regarding homeowners that ask for a mod, using the amount the home sells or is listed for after foreclosure, and the cost to the bank for foreclosing.

Maybe if they actually saw a cost benefit analysis of allowing a mod, they might start seeing the dollar signs again that they used to see when they were approving every Tom Dick and Harry for a loan.


Maybe I'll start a spreadsheet and we can get debtors in foreclosure to post what their loan balance was pre-foreclosure, the amount they hoped to modify to, and what the house actually sold for after foreclosure, add in the attorneys cost and present that data to all the CEOs CFOs of the lending institutions/investors. Maybe that would get them moving on their mods!

Boy I am a b*i*t*c*h*y forum member tonight, aren't I.

I better go eat some ice cream and chilllllllll

[samson420]

Here is the great "bailout" - Your home goes into foreclosure, the bank eats lets say 75% of what you owed . . . The bail out picks up that 75%. . . . The bank is paid, you got squat and no house.

I just want H.R. 1106 to pass, if it does. . . . . I get to keep my house, if not I will most likely leave. I just can no longer pay almost 2k a months for a home that is worth 72k. I am paying of my house every 5 years. . . .



PASS H.R. 1106 ! ! !


Any other suggestions?

[dingdong]

You might try looking on www.loansafe.org.

They have quite a bit of info on loan modification, plus they post the phone numbers of the correct people in the loss mit departments at lenders that actually get you somewhere.

They also have info on how best to submit your info, etc.

Good source of info for someone going through the mod issue.

[ontheedge]

I have also been on forbearance 2x. Neither one worked out for me because of lack of income to keep up with the forbearance. Just when I thought it was over I received a letter from my lender stating the modification went through, even though I didn't complete the forbearance. I guess they were in a good mood that day. They also told me the same thing as you. "Do this forbearance for 3 months and then we'll see about the modification". Meanwhile, your payments still show as late. I found success by working with one person only, if you can do that. It takes a lot of persistence and sometimes luck. Hang in there and stay on top of them daily.

[samson420]

I am trying my best, but I am getting to the point to where I believe that it is impossible to get done through the financial institution.

If the court can not touch my mortgage, I might have to walk.

How much was your monthly payment reduced after their "midification" was completed?

[samson420]

Well, this is what I got.

I had another appointment with our BK lawyer today.

If we walk away from the house, our settlement will be a joke. So, the house is kind of an important thing to keep to get a decent settlement ammount.

No, we really had no real financial "hardship". We, just over spent our credit at the wrong time and the wrong place.


So, we are in a place we most likely will need to keep the house for this reason.


I just wish I could get a real permanent loan "modification".

[spearmint]

mymom- trouble is, by the time you decide to walk away because of all the cr** going on with the mortgages and the banks, the banks have already ruined your credit so you CAN'T buy another house!

[spearmint]

Here is the great "bailout" - Your home goes into foreclosure, the bank eats lets say 75% of what you owed . . . The bail out picks up that 75%. . . . The bank is paid, you got squat and no house.

I just want H.R. 1106 to pass, if it does. . . . . I get to keep my house, if not I will most likely leave. I just can no longer pay almost 2k a months for a home that is worth 72k. I am paying of my house every 5 years. . . .



PASS H.R. 1106 ! ! !


Any other suggestions?

And this is exactly why the banks are RUSHING homes to foreclosure/auction - they get more money from the bailout that way! I can't believe the government lets them get away with it. The banks are so big the country would collapse if things changed.

The government badly needs to clamp down on the power and scope of monopolies in this country.

[spearmint]

I have spent @ least 10 hours total on the phone with Citi about lowering my monthly mortgage payment.

I am currently 5 months passed due on my mortgage and I have started to get my loan "modified" over 2 months ago. . . . So far I got nowhere.

First: I called them up and they said I have to fill out monthly expense sheet type of thing, I did.

A month passed - Nothing

I called them up.

2nd: They said that I am not making enough money to qualify. I make 500 Dollars a month less than all of my expenses(credit cards and open lines of credit). I told them that I am no longer paying my expenses and I will be filling for a Chapter 13 Bancrupcy, they said I make too much money to qualify.

3rdnow) They have a new department(OutReach). So I called them up, they said they can put me a "ForeBarance" plan(WTF is that?) which would bring my mortgage from 1800 Dollars a month to 1400 Dollars a month. I say, hey that sounds pretty darn good. - Then it comes - They said this is for 3 months and after the 3 months I should qualify for a permanent loan "modification". Yet, if I don't I am back @ square one, owing the 5 months that are currently passed due plus the difference between 1400 and 1800 Dollars a month.




Please someone give me some input.



My house is currently worth 72k(that's right with a 1800 a month mortgage). I just got it appraised for the chapter 13 we are planning to file for all of our unsecured debt which I can no longer afford.

Go to loansafe.org and read about all the poor people going through what you are going through but for 2.5 YEARS! It's an eye opener.

[samson420]

This countrie's economy has gone to the lowest lows that I never thought I would see.

I am looking for any loop hole to stay ahead.

I just found this little detail which was not available untill 2 days ago.

I already contacated my financial institution on this, they have no idea what to do since it was released 2 days ago.

I also contacted FannieMae dirrectly, where a rep. told me about this. He said, they need to receive the request for this program from the financial institution which in my case is the ever falling to pieces CitiGroup, who just does not know what to do yet.



I will post all the information that is helping me through out this, since I am fairly certain that I am not the only one in the same situation.


It is just so hard to keep my head somewhat straight when everything is falling appart. More than half of my neighbors left their homes and many others are strongly considering this as a option.

And I am just seeing my money just float away every month. While a "bum" could come in and buy a home next to mine for a 3rd of what I am paying.