Comments on: Loan Modification Questions & Answers http://myloanmodificationcenter.com/blog The Complete Loan Modification Guide Thu, 09 Feb 2012 20:06:29 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Mica http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-5234 Mica Tue, 15 Nov 2011 18:46:06 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-5234 Ben you probably got entered and approved for trial period. You need to keep calling the bank. They should have sent you something in the mail. This doesn't mean you are actually getting a loan mod, they want to see your loyalty towards the payments and test you first. Ben you probably got entered and approved for trial period. You need to keep calling the bank. They should have sent you something in the mail. This doesn’t mean you are actually getting a loan mod, they want to see your loyalty towards the payments and test you first.

]]> By: Mica http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-5233 Mica Tue, 15 Nov 2011 18:44:37 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-5233 Most banks don't plan on modifying your home. They make you go through the big game and throw hurdles in front of you and sometimes even when you over come them, they deny you. My advice to people who haven't heard a response yet? Keep calling because banks don't call you. Get annoying, get snippy and be a bother until you get answers. I work in a law office where I deal with loan mods everyday. You get played a lot by banks. It can be hurtful and discouraging. I have gotten used to certain bank systems already..so I know their game and what to expect. Wells fargo is the worrrssttt bank in my experience of wok to do Loan Mods. They are terrible. They denied one of my files a day after I called to check status. ASfter the point of contact told me it was fine and pending review, the closed out the file. be aware, the service reps at the bank will lie to you to "shoe you away". It's worse if your a minority or of a different race, it makes it more difficult, studies have shown this. I have so many loan mod horror stories I could write a book, and to be honest I am really contemplating that. I hope my advice gives some cold hard truth of light to some people. Don't get me wrong I have gotten many files approved as well, it's just a pain in the @$$. Most banks don’t plan on modifying your home. They make you go through the big game and throw hurdles in front of you and sometimes even when you over come them, they deny you. My advice to people who haven’t heard a response yet? Keep calling because banks don’t call you. Get annoying, get snippy and be a bother until you get answers. I work in a law office where I deal with loan mods everyday. You get played a lot by banks. It can be hurtful and discouraging. I have gotten used to certain bank systems already..so I know their game and what to expect. Wells fargo is the worrrssttt bank in my experience of wok to do Loan Mods. They are terrible. They denied one of my files a day after I called to check status. ASfter the point of contact told me it was fine and pending review, the closed out the file. be aware, the service reps at the bank will lie to you to “shoe you away”. It’s worse if your a minority or of a different race, it makes it more difficult, studies have shown this. I have so many loan mod horror stories I could write a book, and to be honest I am really contemplating that. I hope my advice gives some cold hard truth of light to some people. Don’t get me wrong I have gotten many files approved as well, it’s just a pain in the @$$.

]]> By: F. Agostino http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3962 F. Agostino Wed, 13 Jul 2011 02:44:07 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3962 Washington Mutual went to Chase in the middle of the 1st Home loan modification, never rec'd any infromation on what was going on with WaMu, had to re-do everything with Chase. Got to the trial payments for 3 consecutive months, do not miss a payment, this was done and then never rec'd anything after that stating it was approved or not, rec'd registered letter in the mail stating the loan was behind.... please call.... and so on. In the meantime Chase was called several times and was asked why we have never rec'd anything and they said you should have, well, we never did get anything also Chase was asked why in the meantime have we not rec'd a monthly statement, their comment was, well, you wouldn't rec'v a monthly statement because WaMu never sent you one, ughhh, yes, every month a monthly statement was rec'd. So, we tried for a second Home loan mod and got the paper work in with the application, nver heard anything and after 2 months I called Chase and asked what was going on and they said it was denied due to the original loan holders, i asked who and thet gave me the name of the loan officer from the company that sold us the house, I was like what, that makes no sense at all. The reason we were trying for a Home loan mod was because a lil over 10 years ago, interest rates were really high and they were expecting them not to come down any time soon so we were locked in at 9% and we desperately needed the monthly payment to go down, do to the economy and the death of a spouse so that income was gone and the modification would have helped had it kept on going after the 1st one with the trial payments made but no someone in Chase has screwed a lot of peoples' home mods up big time and it hurts them something terrible. We are trying this 1 more time to see where we get because we do not want to lose our home none what so ever. if I had $40,000.00 it would be paid off... So, we pray for everyone that has put thier application in for a Home loan modification, that they get it and not get the run around continuously. Those of you that these banks, companies ect.have worked with and gave you a generous break, good for you! Washington Mutual went to Chase in the middle of the 1st Home loan modification, never rec’d any infromation on what was going on with WaMu, had to re-do everything with Chase. Got to the trial payments for 3 consecutive months, do not miss a payment, this was done and then never rec’d anything after that stating it was approved or not, rec’d registered letter in the mail stating the loan was behind…. please call…. and so on. In the meantime Chase was called several times and was asked why we have never rec’d anything and they said you should have, well, we never did get anything also Chase was asked why in the meantime have we not rec’d a monthly statement, their comment was, well, you wouldn’t rec’v a monthly statement because WaMu never sent you one, ughhh, yes, every month a monthly statement was rec’d. So, we tried for a second Home loan mod and got the paper work in with the application, nver heard anything and after 2 months I called Chase and asked what was going on and they said it was denied due to the original loan holders, i asked who and thet gave me the name of the loan officer from the company that sold us the house, I was like what, that makes no sense at all. The reason we were trying for a Home loan mod was because a lil over 10 years ago, interest rates were really high and they were expecting them not to come down any time soon so we were locked in at 9% and we desperately needed the monthly payment to go down, do to the economy and the death of a spouse so that income was gone and the modification would have helped had it kept on going after the 1st one with the trial payments made but no someone in Chase has screwed a lot of peoples’ home mods up big time and it hurts them something terrible. We are trying this 1 more time to see where we get because we do not want to lose our home none what so ever. if I had $40,000.00 it would be paid off… So, we pray for everyone that has put thier application in for a Home loan modification, that they get it and not get the run around continuously. Those of you that these banks, companies ect.have worked with and gave you a generous break, good for you!

]]> By: marie http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3888 marie Wed, 29 Jun 2011 01:43:43 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3888 trying to get a loan mod with BOA. i was told to list monthly expenses and one of our biggest expences is tuition for our daughter's education which is $2,100.00 a month. does anyone know if this will affect their decision to modify our loan trying to get a loan mod with BOA. i was told to list monthly expenses and one of our biggest expences is tuition for our daughter’s education which is $2,100.00 a month. does anyone know if this will affect their decision to modify our loan

]]> By: Ben http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3802 Ben Tue, 17 May 2011 19:27:34 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3802 B of A accepted our financial info in March. They said we qualify. But it has been over 60 days and still no loan modification in place. What is a reasonable time to expect a loan mod to get processed? B of A accepted our financial info in March. They said we qualify.
But it has been over 60 days and still no loan modification in place.

What is a reasonable time to expect a loan mod to get processed?

]]> By: Faith http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3457 Faith Fri, 18 Feb 2011 14:23:52 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3457 I am in a home modification with BOA - trial period for 4 months which my payment went down 400. (my husband had a stroke is now in a nursing home, thus where his income is) I rely on my income alone. My question, will the perm modification be the same? I have heard horror stories that the rate is only reduced sometimes by 100. I cannot afford to stay in my home if it isn't 400. Thank you, Faith I am in a home modification with BOA – trial period for 4 months which my payment went down 400. (my husband had a stroke is now in a nursing home, thus where his income is) I rely on my income alone. My question, will the perm modification be the same? I have heard horror stories that the rate is only reduced sometimes by 100. I cannot afford to stay in my home if it isn’t 400.

Thank you,
Faith

]]> By: Jean http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3130 Jean Mon, 03 Jan 2011 22:56:14 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3130 Well, after 15 long months I finally received my loan modification in the mail today. My trial payments - 8 of them - were less than $48 less than my original mortgage payments. My new modification amount? The same as the trail payments. I went through so much aggravation for $48 a month. How will this help me? I made all my trial payments on time and let everything else go. My husband passed away at age 51 and I lost his $53,000 salary. Unfortunately he had no life insurance. Was this all worth it? No. I thought the average savings was somewhere around $500 a month. The person who told me about this program is paying over $800 less per month. Needless to say, I am shocked and not a happy camper. Happy New Year - not starting out too good for me. Well, after 15 long months I finally received my loan modification in the mail today. My trial payments – 8 of them – were less than $48 less than my original mortgage payments. My new modification amount? The same as the trail payments. I went through so much aggravation for $48 a month. How will this help me? I made all my trial payments on time and let everything else go. My husband passed away at age 51 and I lost his $53,000 salary. Unfortunately he had no life insurance. Was this all worth it? No. I thought the average savings was somewhere around $500 a month. The person who told me about this program is paying over $800 less per month. Needless to say, I am shocked and not a happy camper. Happy New Year – not starting out too good for me.

]]> By: Mark http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-3089 Mark Mon, 27 Dec 2010 07:53:20 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-3089 TERRI: Just from personal experience, chase gave you a blessing. YOUR Credit WILL bounce back. In SOME cases, modification will not adversely impact your credit depending on how the lender report it to the credit bureau. I HOPE you did RUN with this offer. I Am trying, for over 4 months, to get GMAC to refinance my adjustable rate mortgage into a fixed rate before disaster strikes. IT has been a total HELL on earth experience. I NEVER pay one late payment, I am always on time. I can't even emagine how they treat someone who is behind on their payments. GMAC Mortgage kept requesting the SAME information up to 3 times in one MONTH. I keep sending updated documentation everytime they request it, but they keep gining me the run-around with one lie after another. GMAC give me the run-around to the point where my home is now worth less-than what i owe. 5 months ago when I ask GMAC for help I had equity in the property. I am still making my payments on time working and praying for a miracle. I just put NEW 30K roof on the house, after 11 years I am NOT going to let the scumbags at GMAC ruin me an put me and my two kids on the street!!! TERRI:

Just from personal experience, chase gave you a blessing. YOUR Credit WILL bounce back. In SOME cases, modification will not adversely impact your credit depending on how the lender report it to the credit bureau. I HOPE you did RUN with this offer.

I Am trying, for over 4 months, to get GMAC to refinance my adjustable rate mortgage into a fixed rate before disaster strikes. IT has been a total HELL on earth experience. I NEVER pay one late payment, I am always on time. I can’t even emagine how they treat someone who is behind on their payments.

GMAC Mortgage kept requesting the SAME information up to 3 times in one MONTH. I keep sending updated documentation everytime they request it, but they keep gining me the run-around with one lie after another.

GMAC give me the run-around to the point where my home is now worth less-than what i owe. 5 months ago when I ask GMAC for help I had equity in the property.

I am still making my payments on time working and praying for a miracle. I just put NEW 30K roof on the house, after 11 years I am NOT going to let the scumbags at GMAC ruin me an put me and my two kids on the street!!!

]]> By: admin http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-2964 admin Thu, 18 Nov 2010 01:43:02 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-2964 Hello Marvin, It really depends on the lender and the program they offer. I have seen as low as 1% on a Jumbo loan, but generally speaking the federal plan mandates a new rate of as low as 2%. This means that under HAMP your new loan payment could be lowered so that it equals 31% of your gross monthly income, and in order to reach that target payment your interest rate can be reduced down to 2%. Keep in mind that the new payment under HAMP will be principal and interest included. I have seen 1% interest only payments offered on in-house plans too, but usually this is not common. Hello Marvin,
It really depends on the lender and the program they offer. I have seen as low as 1% on a Jumbo loan, but generally speaking the federal plan mandates a new rate of as low as 2%. This means that under HAMP your new loan payment could be lowered so that it equals 31% of your gross monthly income, and in order to reach that target payment your interest rate can be reduced down to 2%. Keep in mind that the new payment under HAMP will be principal and interest included. I have seen 1% interest only payments offered on in-house plans too, but usually this is not common.

]]> By: marvin http://myloanmodificationcenter.com/blog/loan-modification-questions-answers/#comment-2956 marvin Tue, 16 Nov 2010 00:59:49 +0000 http://myloanmodificationcenter.com/blog/?page_id=121#comment-2956 what is the lowest rate in a modification. what is the lowest rate in a modification.

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