Are you ready to hear some good news about a homeowner stopping foreclosure and saving the family home? The news today is full of doom & gloom, banks failing, home values dropping and foreclosures are mounting-but here is a success story about a family who got a loan modification from their lender and saved their home from foreclosure.
Here is their story, maybe it will help you and your situation. Joe Z. and his family bought their home about two years ago. Joe had a good job and his wife worked, so they were happy to be able to give their family a chance at the American dream-home ownership. They had never owned a home before and had no experience with the purchase process or with home loans. Based on recommendations from their agent and loan officer, they bought a home with 5% down using a first and a second loan. Long story short, they were stuck in a toxic, negative amortization loan with no way to refinance, they owed too much on their home.
When Joe’s wife lost her job, they got behind on the monthly payments. Within 2 months, they were facing the real possibility of losing their home to foreclosure. After reading online about loan modifications, Joe contacted their lender about the possibility of getting their current loan modified into a lower payment program. The lender explained what they would need to see, and Joe started to work. He did alot of research on line, and learned as much as he could about the whole loan modification process. He and the family sat down, went thru all of their bills, and put together a new budget that included a lower home loan payment that they all agreed was affordable.
Joe carefully completed all the required forms, composed a good letter explaining to his lender what happened to cause them to fall behind on payments. He also assured the bank that if given the new lower payment, he would not be late again and would be able to continue making the house payments. He carefully reviewed the loan modification package to make sure he was presenting his case to the bank as completely, and convincingly as possible.
Joe was on a mission to save his home. He was committed to doing everything he could to keep his family in their house, in their school and neighborhood. Well, after about 6 weeks of speaking with a representative from his bank’s loss mitigation department, and negotiating back and forth, Joe was sent his new loan documents. The new loan featured a fixed rate of 5.25%, the missed payments were added into the loan balance, and the late fees were waived. The second loan was reduced by $42,000 and he was given an extension to the term to help make the payment affordable. Success! Joe and his family were now able to stay in their home and get a fresh start. A huge burden had been lifted off his shoulders.
Make no mistake, this process was not easy for Joe and his family. But with knowlege and persistence, there was a happy ending. It was worth the hours spent and the effort made by Joe to complete the loan modification. How much time and effort would you be willing to put forth to save your home and credit? Thousands of homeowners are successfully getting their loan modification applications approved-you can too! With some preparation and knowledge, you can learn how to work with your lender to find a solution to avoid foreclosure.
A very good source of information about how a Loan Modification works and what it takes to get your loan modification application approved is The Complete Loan Modification Guide handbook. This EBook Guide will take you step by step thru the loan modification process. You will learn the 7 Steps to a Successful Loan Modification. This is a low cost, easy to read and easy to follow handbook that gives you the necessary forms, along with detailed instructions on how to complete them properly. You get help with writing a compelling Hardship Letter, and examples for your review. This is a must read before you contact your lender about a loan modification. So get informed and get going!
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5 Responses
If I would have written this letter in Nov-Dec. I too would be singing the praises of the loan modification process…..persistance is definately an important ingrediant to a successful modification…I received my paperwork in Nov…sent it back with the good faith check they asked for….they cashed my check and apparently lost my mod…that was in the same envelope…I began making calls to Chase in Dec. and continued sending in what they were advising me to send in…then in Feb my house went into foreclosure, through persistance I was able to pull it out of foreclosure…but my story is still a modification nightmare…because the mod went into affect in Dec…but was not updated until March…they were applying my payments to last year when my hardship began…they keep saying they are going to fix the mistakes they made…but they have not…so each day I wait to see if they have fixed the problem or if they have put me back into foreclosure, I am able to make my monthly payments..the only problem is…is that when I make June payment they apply it to March, I am not behind through any fault of my own…and they admit that…not on paper yet of course….but my nightmare continues…congradulations to all who have been able to successfully save their home through a mod. I hope to add my name to that list if the stress doesnt kill me first.
Posted on July 17th, 2009 at 6:03 pm
Is it normal procedure for you to receive a letter from the debt collector stating that they will sell your house on a certain date. We are working with a lawyer to get this resolved. If someone could contact me, i would very much appreciate it. beatty@entouch.net
Thanks
Marti Beatty
Posted on September 1st, 2009 at 1:44 pm
Laurie,
Are you willing to share more of your experience with Chase. We have been trying to get a mod through since March without much success and little communication from Chase.
Sonya
Posted on September 9th, 2009 at 4:28 pm
Has anyone had a success story with HSBC, just wondering
Posted on November 5th, 2009 at 6:39 pm
Sonya,
I am so sorry it took me so long to come back to this blog……I actually check this other website I found by typing in the words ” Chase Loan Mod nightmare” I am still in my house….but the battle still continues with Chase…two and a half years now since I was originally approved for my loan Mod. and I have experienced every bad thing that can happen in a loan Mod…they lost my original Mod….and if I didnt have a copy…they would never even acknowledged it existed, I am sure…they only sent me one copy…thank God I made my own copy before sending it back…I have sent in more applications then I care to count..I have sat on hold for at least an hour many times…I have been through a few months were I was talking with one person in special lending that was working on my case..he returned every phone call I made to him and I called him alot…he saw when it was me calling a literally answere the phone..”Hi Laurie”..and when I wasnt getting any resolution I called Jamie Dimons office and gave them my loan number….my name and my phone number…and when I was contacted by one of the executive team members…he called my file a disaster…worst case senario he had seen in the loan mod process…he basically told me because my case was so “special” and not in a good way..that I was only to speak with the executive team and the one guy in special lending. while they sorted out my mess…I did make some headway at times…but it has been the most time consuming, energy depleting battles of will and resolve that I have ever encountered.at present I am in another bad chapter of the loan mod saga…they finally put me in a three month trial period……that was supposed to become permanat after I complied with the terms for the three months……surprise!! still no resolution and I am in month 6 of my 3 month trial period…all the while each month I pay exactly what they are asking me to pay….I am falling further behind, not because I am not payijng…but in my veiw, because they have never fixed the mistakes they admittedly made..and I still have no idea how this will eventually play out….but I still refuse to lose my house because they broke me..or because I quit the fight…as long as there is still a fight…I am in it…and I still have hope that I could even win it….heres my home phone..if my experience so far can help anyone in anyway..I am willing to share…..760 489-9261
Posted on March 11th, 2010 at 2:46 am
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