Loan Modifications

[FLBK7]

Spoke with a loan counselor on Friday at IndyMac. She claimed that our paperwork was not in their system. I told her I faxed it on April 23. She said it was taking about 3 weeks to get it into their system. I said it's now been 4 weeks. She told me to re-fax it. Great. Now I'm back to square one, I suppose. So I did re-fax it - right to the Senior VP of the Loss Mitigation Dept. So there! Maybe we'll get somewhere now!

Follow up with a CMRRR. I'm not doing a mod, but I've heard from more than one source that the banks claim not to have received your fax (even if you have the fax confirmation) and then make you resend everything with "updated" data, meaning new pay stubs, etc. They claim that after 30 days all documents must be "the latest available" so you have to go get more recent pay stubs and resend.

Chase is particularly guilty of this.

[montana59451]

We completed an in house mod with B of A ourselves using the information and support found on loansafe.org.

[Torra]

I am so glad to hear that someone has been successful. I did go to Loansafe and did get one phone number to an office at B of A. I am hoping they will be helpful. I am wondering what information you found helpful. What I am finding is more about how to navigate a foreclosure and not ways to get B of A to move forward with a modification. I am concerned that their intent is to foreclose on homes and not modify loans, but control how many foreclosed homes are going on the market at a given time so that the value of real estate doesn't go down even more. I have reached the point that I am filing Chapter 13 - and hope that they will finalise a modification while I am in BK - because I don't think their intention is to help. I am hoping that the BK judge may bring them into court and ask them about this modification and where it is at. I do not want to be surprised by a foreclosure process starting while I am waiting for the modification to be completed. I am very frightened every day waiting for them to kick me out of this process. I have been trying to fix a problem with my modification for eight months, have made the three trial payments I agreed to even though they were very high. I have given up hope that the bank wants to help. I have spent hours and days faxing, leaving messages, calling, telling my story to countless people. I have never been helped.

[montana59451]

OK first of all they CANNOT forclose on you while in active review for MHA. Make sure that you comply with everything they ask for. Email the OOP (address can be found on loansafe under the Sticky RE: Escalating to OOP.

Filing Ch 13 will stop the foreclosure and allow you to put the arrears in the payment plan for up to 5 years. This DOES NOT stop you from continuing to try and get a mod from them.

HAMP rules are specific and there is NO penalty for filing BK. Spend time reading through all of the posts on loansafe and you will find the info you are looking for. Good Luck

[momofthree]

We have a HAMP mod that was made permanent back in November '09. It's thru GMAC.

[smithjake03]

I would like to ask Can a mortgagee include late charges in the Loan Modification?

[justdeb]

I would like to ask Can a mortgagee include late charges in the Loan Modification?

yes,....but if its HAMP, there should be no fees at all and all late charges should be waived. If you're behind in payments, they tack those onto the back end - if you're referring to late charges after being approved for a HAMP mod (i.e., making your perm payment late) yes...there is a late fee charge for that. Ours is currently something like $35.00 if we are late. In-house mods work a bit differently, many times they will not waive late fees and do charge exorbitant amounts for legal fees, etc.

we got a perm HAMP mod in February; wasnt easy by any means, and had to fight every step of the way, but we succeeded in getting it.

[spidge]

Does anyone know if the HAMP website for sharing imformation is up and running? My in house mod seems to be based on these guidelines yet the mortgage company will not confirm that HAMP was used. The reason i ask is my 2nd is with BofA who has signed on for the 2MP where they can recieve money from the feds for settling or modifying.

[PoorNow]

We were able to have our loan modified through GMAC. It took over 6 months. We had missed 4 months of payments and submitted the hardship letter over a year ago. They told us they would move the due date from the 1st to the 15th and we HAD to pay on time for 6 months before they would consider it. So we paid on time, and it was tough! I kept feelin like we would still lose the home at the end. After the 6 months was up, they sent us a proposal and the payment was going to go up $16 a month and they wanted us to pay $2500 at closing. Why would we do that? So we ignored, thinking we would just foreclose on the house. A month later, we got a new proposal, they lowered our payment by $800 a month. They took $70K off of our principal balance and moved the missed payments to the back end. We didnt have to pay anything at closing and they let us wait 2 months to start paying again. So yes, some people get successful loan mods. My parents also had one and got their house payment cut almost in half.

[spidge]

Follow up with a CMRRR. I'm not doing a mod, but I've heard from more than one source that the banks claim not to have received your fax (even if you have the fax confirmation) and then make you resend everything with "updated" data, meaning new pay stubs, etc. They claim that after 30 days all documents must be "the latest available" so you have to go get more recent pay stubs and resend.

Chase is particularly guilty of this.

I know this is an old thread but I thought it worth adding that if you fax new updated info to them every month it can build thier case that you can afford the mortgage if needed and that a modification may not have been needed.

[helpme2010]

Has anyone successfully complete and loan mod on there home? I'm hearing all this ads on paper etc.. however I know there's a lot of fraud too..

I have done 2 loan mods (6 month forbearance plans for reduced monthly payments). I was unemployed during both loan mods, so I can say I was successful. The first loan mod cut my payment in half for 6 months, then on the second one, they raised my rate by $500 a month. They sent me a 3rd loan mod 6 month forbearance that was going to charge me a little more than my original amount and I declared bk at this time.

I am attempting another loan mod post-bk, but it probably won't go through, but I am trying anyways.

You can deal directly with the lender and do the HAMP modification program. Just fill out all the docs and make sure you cross your t's and dot your i's and all that. Keep in touch, do everything possible to play by their rules and do all the paperwork. Give them a couple months to review your docs and come back to you (maybe with a lot more paperwork and promptly turn in all that new paperwork).

[helpme2010]

I am so glad to hear that someone has been successful. I did go to Loansafe and did get one phone number to an office at B of A. I am hoping they will be helpful. I am wondering what information you found helpful. What I am finding is more about how to navigate a foreclosure and not ways to get B of A to move forward with a modification. I am concerned that their intent is to foreclose on homes and not modify loans, but control how many foreclosed homes are going on the market at a given time so that the value of real estate doesn't go down even more. I have reached the point that I am filing Chapter 13 - and hope that they will finalise a modification while I am in BK - because I don't think their intention is to help. I am hoping that the BK judge may bring them into court and ask them about this modification and where it is at. I do not want to be surprised by a foreclosure process starting while I am waiting for the modification to be completed. I am very frightened every day waiting for them to kick me out of this process. I have been trying to fix a problem with my modification for eight months, have made the three trial payments I agreed to even though they were very high. I have given up hope that the bank wants to help. I have spent hours and days faxing, leaving messages, calling, telling my story to countless people. I have never been helped.

AFter my chapter 7 discharged, the mortgage company gave me 2 weeks notice before selling my house. I asked for a loan mod and they said not enough time. But they sent the loan mod paperwork anyways (but the paperwork did not arrive until after the trustee sale date). Once I saw the trustee sale date, I filed a chapter 13, which gave me more time to try for the loan mod. The paperwork arrived after that original trustee sale date and they then called me asking if i was interested in doing the loan mod (it was an indian call center, so I didn't put too much into my hopes). I filled out the paperwork and am awaiting their response.

But it can take a couple months for this to go through and they may still say no. So I have nothing to lose by trying to stay in my home with a loan mod and making reduced payments.

I just don't want to try to rent a house when I am unemployed (it will be a nightmare). So if I can stay in my house and make payments on a forbearance plan, that is much better to me.