Loan Modification Success Story-Persistence Pays Off!

Posted by admin On September - 27 - 2008

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!

If you would like more information about loan modifications, please visit us at:

34 Responses

  1. Laurie Said,

    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

  2. MARTI Said,

    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.

    Marti Beatty

    Posted on September 1st, 2009 at 1:44 pm

  3. Sonya H. Said,

    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.


    Posted on September 9th, 2009 at 4:28 pm

  4. Linda Said,

    Has anyone had a success story with HSBC, just wondering

    Posted on November 5th, 2009 at 6:39 pm

  5. Laurie Said,

    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 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

  6. julie Said,

    Has anyone had a success with Chase where they lowered payments to a 2% 5year period then slowly raised it 1% per year topping around 5% or maybe they forgave the deliquent amount? We read all the option suppose to be being offered in modification do any really happen? Julie

    Posted on May 1st, 2010 at 10:14 am

  7. Jamie Said,

    I have been doing a loan modification for a year and one month now and I still have not heard anything about when this is going to be finished. I am so sick of these people until it is not funny. Can anyone give me some advice?

    Posted on May 5th, 2010 at 11:00 am

  8. admin Said,

    The 2010 HAMP guidelines are now much more streamlined and the application process has been reduced to just 30 days from the date our bank receives your complete application package. The secret to loan modification approval is to prepare and submit a complete, accurate and acceptable package. You will be asked to provide a financial statement that details your monthly household income and expenses. Based on the information you provide on this form, your bank will do the standard HAMP calculations and determine if you qualify or not.
    It is critical that you understand how to fine tune your budget – if you are not certain how to do these calculations then you may want to use a software program that is designed specifically for homeowners. The Loan Mod Quick APP quickly and accurately computes your debt ratio, target payment, new loan terms and all the other figures you need. You will see immediately if you need to make any adjustments to your figures in order to meet the HAMP guidelines.
    You now get just one chance to get it right-prepare your application correctly and you could be back on the road to financial security within 30 days! Visit and read the BLOGS for lots of free information.

    Posted on May 5th, 2010 at 5:29 pm

  9. Eileen Said,

    Your story sounds exactly like mine! I asked Chase to refinance my loan 2 yrs ago to lower my rate so that my payments would be lower.. My husband had been in and out of the hospital and on disability so our finances as you can imagine changed a great deal!… instead I was put on several mods where they lowered my payments, the “after 3 months they would review and give me the permanant mod amount.”… well here we are 2 years later and about 6 different mod progs..6 different amounts .. 300 operators…. I kept my end of the agreement each time .. submitted several applications and “financial statements” … SATURDAY I am going to see a lawyer …March I ran my credit and they are stating im behind several payments since 2008.. they haven’t been reporting my acct as paid as agree or paying at all … it says that the last time I paid anything was last July! so I called the making homes affordable prog and they said we qualify for the obama prog so they called Chase on 3 way with me .. after several phone calls and transfers iam “under review for the hamp prog” we are now in May ..i’ve called chase once a week since March 2 and asked if there were any updates on my application especially a payment amount because i don’t want to fall behind each time they advise to call back in 2 weeks (I called every week) guess what.. I was told today to resubmit another application(#5 since March 2) and update my financials..I nearly had a heartattack.. hung up the phone and called a lawyer done!!! an hour later someone else calls me with another mod prog. they said it was phone call i’ve been waiting for and that its the permanant mod .. with the reduced fixed rate for the next 30 years.. I don’t believe it… I am still going to see the lawyer .. I have nothing to loose except my mind with these ppl !
    anyway sorry for the long rant .. but i feel better knowing im not the only one in this horrible nightmare..

    Posted on May 11th, 2010 at 11:42 pm

  10. Marta Said,

    Sonya, Ellen and Laurie,
    We too have been dealing with Chase and so far no loan mod yet. It is nice to know that there are actually others out there going through the same thing! Good luck!!!

    Posted on June 6th, 2010 at 2:01 am

  11. Laurie Said,

    Success at last! I do not want to give anyone false hope, because I honestly believe that anything and everything that could go wrong during the loan mod. process, has gone wrong in my case. Lost paperwork, hundreds of phone calls, my house going into forclosure, sending paperwork over and over again, threats from collections, misleading correspondance from Chase, contradicting statements in reference to my account details. I can’t tell you how many nights or how many hours I spent researching, preparing my self to get back in the ring with Chase the next day. There is much more to my story, but I am just to exhausted, to go over it. I finally have my new loan mod. Signed sealed,delivered, and in effect as of June 1st, 2010. A 2.75% interest for the first five years, then the interest rate goes up 1% each year until it hits 5.75% for the duration of the loan. I am still having to remind myself every morning when I get up, that the roller coaster ride is over, I got everything I was fighting for and I can finally start focusing on other things, besides saving my house. I feel terrible for those of you still going through this nightmare, it seriously had me questioning my ability to hold onto my insanity. All I can say is do your best to not give up just because you can not do it anymore. Oh I forgot to mention, one day I recieved a certified letter from Chase stating that I did not qualify for any loan mod. whatsoever, the next day I recieved my final loan mod. by Fed. Ex. So don’t believe everything you hear or read from Chase. They would tell me three different things in one day…..even the excecutives at the top kept telling me…Laurie just disregard what you are getting in the mail. I even demanded a letter from the top telling me to disregard the letters from customer care and collections. After they sent me that letter I didstart disregarding the mail correspondance from Chase, and even though I had my doubts, it finally happened and I have the exact loan mod. I wanted.

    Posted on June 13th, 2010 at 1:05 am

  12. Veronica Said,

    Laurie – Congratulations! I am going through hell myself. Today 6/29/10 is the day Chase collections says that I have to pay 11K otherwise my house goes into foreclosure despite the fact that I am in the final month of the trial modification. I sent in my final check for July last week but I am unable to speak to anyone at Chase in the Loss Mitigation Department. It seems as if all my calls are routed through Chase Customer Service from HELL. I would call them and they ask me a million questions, is the house in good condition, verify your phone numbers, so I said what numbers do you have they say “you have to tell me” and I’ll say but you have everything on file, if you tell me what you have then I verify yes or no. I have to hung up because I know it’s the collections department not the Loss Mitigation. This is absolutely the worst experience in my life.

    Posted on June 29th, 2010 at 4:11 pm

  13. Laurie Said,

    I felt the same exact way…..I went through the mod. nightmare since Dec. 08 I refused to even talk to collections….ever….even before I had the e.r.g. group working on my case…thats the excecutive resolution group…or maybe its team I cant remember…then someone in collections called me and when I told him I was working with someone on the executive team…and I told him who I was working with…he told me that that gentleman wasnt an executive..he worked in customer care…….so when I told …lets just call him Jim….that PJ in collections said you are not on the excutive team…you work in customer care….Pj…got an e-mail telling him to never call me again…and to take all my contact numbers out of the system…because the only people that were to handle my account…were the executive team…guess PJ was wrong. On one rare occasion when did get transfered to collections…they told me I had to pay 10k…..or short sale my house…. or go into foreclosure…they had already put me in foreclosure once, I had to call them to tell them…they didnt even know…I was able to pull iit out of foreclosure, …..collections was wrong again….so my advice is call the J.P. Morgan switch board 212-270-6000 and try to get an executive team member to work on your case…All I did was leave my name and my account number on a voicemail of one of the executives…..and waited for the call…because I knew they had screwed up…dropped the ball half a dozen times….and not only did I document..every call..every conversation, word for word, time day, ext# and name of who I spoke with…but their correspondance to me backed up my story…they screwed up not me…. so hang in their…even if it is by your last thread, if you feel you are right and they are wrong….I am always willing to share what I learned through the process…I am not a college grad…or some financial wiz…I didnt have a credit card for the first 23 years of my marriage….but I won… can be done by somewho believes they are right…and believes in themselves. I wasnt going to lose this house because they knocked me down…and I couldnt get up…I always got up and back in the fight…..and I am sitting in my backyard watching my horse graze on the grass…..and pinching myself…just to make sure its not a dream. I hope it works out for you…and everyone who deserves it to work out for.

    Posted on June 29th, 2010 at 7:49 pm

  14. admin Said,

    Congratulations Laurie for being persistent and not giving up on your loan modification. Unfortunately, many homeowners become so frustrated and discouraged that they give up before reaching their goal-a loan workout with a payment they can afford.
    The banks are still making it pretty hard for the average homeowner to successfully obtain a good loan modification- is this intentional? I really don’t think so-I think that the banks do not have the trained personnel in place to handle the hundreds of thousands of loan modification requests that keep pouring in daily.
    In addition, the federal programs are always being updated and revised. The loan modification requirements are being changed and it is difficult for the employees at the bank to stay up to date with the current guidelines.
    One more huge issue is that 90% of all mortgages in the U S are owned by investors. Each investor has it’s own guidelines for loan modification which over-ride the federal HAMP guidelines. The servicers must answer to the investors, so when you are speaking with your bank remember that they are not loyal to you the customer-but are loyal to the owner of your loan-the investor.
    A loan modification has been the answer for over a million homeowners, but you need to be very informed, persistent and dedicated to get the result you want.
    It is critical to know and understand the basic guidelines for approval and know how to prepare your application correctly so that you have the best chance of meeting those guidelines. Your debt ratio, asset ratio, target payment and other factors will determine if you get approved or not. You can learn more about how to prepare your paperwork for free by reading the blogs at: and also get information about a software program that will help you complete your application accurately and correctly.

    Posted on June 30th, 2010 at 11:13 am

  15. Brenda Said,

    I have been working with Citimortage since March 16th and my paperwork was reviewed and finalized May 21 and “sent to underwriting”. Because of financial hardships which all of us are going through, I had to file chapter 7 in May and it was finalized in June and I believe, because of this, my modification may be declined. The guy that was working on my modiciation called me on a Saturday morning and said since I had filed bankruptcy, my info had been sent to another dept to be reviewed. I have called every 5-7 days and still the same answer, it’s in underwriting. Do any of you know if this would be a reason I could not get a modification? When I asked Citimortage they all say they aren’t involved in that decision and you can’t talk to underwriting. I am 3 months behind in my mortage, even with the bankruptcy as I have a second mortage and with other bills I am still pushing the enveope to stay afloat. I’m thinking about going through a loan modification company and see how that works out. Is there a fee for this? God bless you all!

    Posted on July 9th, 2010 at 9:22 am

  16. admin Said,

    Sounds like you have been very diligent so far in applying for your Citimortgage loan modification. If your file is in underwriting then it is being reviewed for eligibility. I would not recommend paying a loan modification company as this will not accomplish anything other than to empty your pocketbook.
    The fact is that homeowners who prepare their own loan modification application and follow up with regularity have a much higher success rate than those borrowers who hire a third party to represent them
    Citimortgage offers the HAMP federal loan modification plan to their qualified borrowers. How do you know if you qualify? Well there are standard approval guidelines that must be met, and your financial statement will be reviewed to determine if you meet those guidelines. It obviously is important to know and understand the basic approval guidelines so that you will be able to prepare your application correctly.
    Citimortgage will use the 4 step formula mandated by HAMP-you can also use this same formula. There is a software program designed just for homeowners that will help you figure out if you meet the guidelines, and also explain where you may need to make some changes to your budget in order to fit in.
    You can learn more at
    Good luck on your Citimortgage loan modification!

    Posted on July 9th, 2010 at 2:25 pm

  17. Meg Said,

    I am looking to see if anyone has had success with a BOA IN HOUSE loan modification?

    Posted on July 15th, 2010 at 2:46 pm

  18. Ron Said,

    I have been working with Chase/Wamu for two years. I have been through 4 three month trial plans successfully and they have yet to modify my mortgage. I have faxed the same information to them 24 times. I have a file 4 inches thick of every fax, documented phone call and yet no modification. I do not know what to do!

    Posted on July 23rd, 2010 at 4:15 pm

  19. Laurie Said,

    I am sorry to hear there are still so many of these cases unresolved. I now know from my personal experience, it can be done. I have not only been able to resolve my modification nightmare, but I have been able to work as a third party on a friends loan mod. nightmare with Chase. One of the things I have learned is, if you can convince them that is not only in your best interest for them to work to keep you in your house…it is in their best interest as well, than you have a good chance of getting this resolved. Knowledge is power. Learn as much as you can about how to win this fight through outside sources, I didnt pay anyone one dime to help me with this fight, I learned everything I brought to the tablew through tireless hours of research. Dont expect Chase to offer you the info you need. Everything I learned kept telling me I could win, if I could just stay in the fight. Thank you Admin. for the congrats. I know many of you will understand this and many wont….but if it were not for my animals that I have rescued, I may have given up….but I had to give it everything I had, because pets are suffering as well as people through this.

    Posted on July 27th, 2010 at 4:54 pm

  20. steve w Said,

    I am looking for someone with a BOA home loan, that got a Mod or is going through it now

    Posted on August 8th, 2010 at 5:45 pm

  21. Jim Said,

    I have been dealing with BOA for 5 months. We have now made 4 trail payments. They have asked for additional information 3 times and we have complied. I have called in several times and have been told that all the necessary paperwork has been received. Now 40 more days has pasted and still no word. When I call they say it’s “Still under Review”. They won’t let me speak to anyone else and tell me I will just have to wait. Does anyone know any further actions we can take?
    My worry is that they will string us out even longer and then deny us. Right now we owe $5000 in back payments, because of the reduced trail payments. If it goes any longer and they deny we will have no way to pay the back money.
    I have read that BOA is doing this on purpose. Any feedback on this?

    Posted on August 22nd, 2010 at 1:18 am

  22. sharon Said,

    With Countrywide/BOA. Made 7th trial payment, then received declination for Hamp.
    Started this process in March 2009 and received trial offer december 2009, trial started March 2010. This has been a very long process. Spoke to Boa 3 days before receiving the hamp declination and they said they had all the documents and needed nothing further from us. 3 days later recd declination that stated they were missing documents. Contacting CEO and representatives.

    Any class action suits in California????

    Posted on September 16th, 2010 at 2:18 am

  23. Happy Said,

    I worked mine out with LBPS and with time and effort it worked! If you are having problems with your lender don’t sit back go on YOUTUBE. Post videos ect, about your story!

    Posted on April 1st, 2011 at 10:35 am

  24. terrie Said,

    My husband lost his job and we were just barely 30 days past due on our mortgage when I inquired about a loan modification. The people at Bank of America Home loans were very nice and helped me work through the process. This really saved us, because it lowered our payments and allowed us to recover from the loss of income. We still had a lot of equity in the house even with a drop in value. My only regret is that during the time that I paid the reduced mortgage (as they told me to do), the bank was reporting to credit reporting agencies that we had made NO payment at all. So now on my credit report it says we were 120 days late, which even after a year of making on time payments.. has hurt us pretty bad. I did not understand this at the time and I don’t think they made it clear this would happen… they just told us to pay the reduced amount every month. My advice is to go ahead and do it, it’s worth the trouble but ask how this will effect your credit before you start..

    Posted on June 1st, 2011 at 8:11 pm

  25. jonas Said,

    My BofA story started similar to Sharon and Jim above. We have been paying the “trial mod” for 16 months. They approved the HAMP and then three days later denied it, because of missing documents. I asked what they are missing, but nobody can ever tell me whats missing. I then get a 3rd party lawyer and non profit, they get approvals for new documents that were sent, then we get declines. I have spoke to about 15 reps. including 6 in the Office of the President&CEO. I would suggest everyone email Barbara DeSoer at least you will get a response, then start the process over again. To sum it up: 2 approvals, 3 denys and 9 new requests for documents. THis process started in 10/2009. Email me, I’ll share the email at Barbara DeSoers office.

    Posted on June 4th, 2011 at 7:07 am

  26. Alan Said,

    Wow. All of your stories are so familiar. I started my process in June of last year. In July of last year, I called every two weeks to seek the progress of my modification. Every time I called, I wrote the date, time and person I spoke to. Each time, there was nothing new and for me to call back in two weeks. Well, in November I just quit calling. I started back calling in January of this year. Still nothing, but oh, we need a this or that like two days ago. I had no problems in sending the information requested, but it is funny that after you call them, three or four days later you get a letter in the mail of what they need from you. I also learned that the application is only good for 90 days and they don’t tell you that neither. Now that it is a year later, they closed the modification process and stated that there was really nothing else to do but a short sell or deed-in-lieu of forclosure. Since then, I have resubmitted the modification again. I want to give up, but can’t.

    Posted on July 19th, 2011 at 4:53 am

  27. Alan Said,

    Since my last post, my loan mod with Chase was closed. No one can really tell you why. I have since resubmitted my loan mod packet. I have spoken to several law firms about forclosure defense. It seems that the working people and those who have all their ducks in line cannot get a break. Why have the process when no one wants to help you out. It is as if, you go through the process only for someone to just put a denied stamp on your application. Yesterday, I received a motion from the law frim representing Chase. This seems like I’m on my last leg. I cannot and will not give up. These people should be held accountable.

    Posted on August 2nd, 2011 at 3:44 am

  28. Alan Said,

    I have sinced hired a defense attorney for my loan modification. The information I sent to them is the same I sent to JP Morgan. Now you are talking about no jobs, these banks with a high volume of loan modifications should do some hiring. I honetly feel that all of the modifications sent in are not being looked at. It’s also funny that JP Morgan told the defense attorneys the same thing they told me…”We did not receive any information from you”. Now, that tells me that they are not working diligently to help those whom are seeking answers. Not just JP Morgan, but many other institutions as well. Will there be any answers to these problems? If so, how soon will many americans get a valid “True” response?

    Posted on September 5th, 2011 at 4:06 am

  29. Louisa Said,

    I was told by an attorney that the banks receivd $25,000 per loan to be modified, from the government. I wonder who got those bonuses. Certainly not the people who are in need of a mod. Only those who have connections with the banks are getting the mods, that’s a fact.

    Posted on October 19th, 2011 at 12:52 pm

  30. admin Said,

    That is a bit of an exaggeration-the federal loan modification plan does NOT pay the banks any where near that amount of money-they are paid to successfully modify loans, but they will ONLY approve homeowners who fit into the strict program guidelines. Loan Modification approval is only going to happen to those borrowers who can prove in black and white that they pass the underwriting guidelines for monthly income, monthly expenses and assets. This is not about how deserving you are or how hard you are struggling-this is all about a standard mathematical formula that you must fit into. Unfortunately, the majority of homeowners do not understand this part of the process and so they submit their application showing all the wrong information! Once you understand how the math works, how much income you need to show, how much expenses you should list, etc, then you will have a good chance at loan modification approval. One helpful tool was designed specifically to provide this information for homeowners-the loan mod calculator is a powerful system that will automatically compute and display the exact requirements for monthly income, expenses, assets and other important figures. If you just guess at the information to provide your lender, you are taking a big chance-it makes more sense to really know the requirements so that you can increase your chances of success.

    Posted on October 23rd, 2011 at 12:17 pm

  31. Debbie Said,

    I started this process in July 09 when chase put us on a trial mod. It is now 2 1/2 yrs later and still Im left sitting here sick to my stomach. My husband was in a bad car accident several yrs ago that put him out of work or 6 months and then a yr later for another 4 months for surgery due to his cr acident.With no income coming in and plenty of bills to pay. we lived off of credit cards including paying our mortgage with them as well. It put us in such financial turmoil and we were told that we were perfect candidates for a modification. Well in July of 2009 we were put on a mod trial and made every payment on time while providing every piece of documents they asked us for, but the lawer we had hired had way to many files on his desk to keep up with all his obligations. In March of 2010 while visiting family in another state I went to call in the monthly payment and the man on the other line said he couldnt take a payment from me, it had to be from my husband. ( I had been calling it in for the past 8 months, but ok) I had my husband call back and the man told him our payment was $500 more then what we have been paying…It was actually our old payment before we started this process. So we didnt know what to do other than call our lawyer…which of course wouldnt return our call for several days. Being in a whole different state there wasnt much we could do but as soon as we got home we went to our lawyers office and he gave us an adress to mail the payments to, I sent every payment from April till Nov 2010. I mailed Dec payment and right after was told by our lawer we were kicked off the mod and my Dec payment was sent back to me. For what? We made every payment and this was suppose to be a 3 month trial that went on for 17 months??? So we hired a new lawyer ans started all over again. So since Feb 2011 they have submitted everything that chase has asked for but now were told we dont qualify and if we want to stay in our home we need to pay $56,000 by Dec 12. When I recieved the foreclosure papers it says that March 2010 was the last payment they recieved and we were delinquent on our payments as of April 2010…But thats not true because we paid up until Nov2010…So I gave my lawyer copies of all those checks that were cashed and they were sent to Chase. The lawyer said they are being reviewed and in the meantime we were told to protect ourselves and go see a bankcrupcy attorney, Chase said if we get rid of some of our debt they will give us a mod…but there is no guarantee so I dont know what to do…My marriage is being severly compromised as well as I had to put my 11 r old in therapy…Im going to my attorney gemeral..the news..anyone that will listen..These banks dont care about us..we are just a number in a computer to them…Help!

    Posted on December 6th, 2011 at 8:59 am

  32. admin Said,

    Chase was handing out trial loan modifications before really analyzing the homeowners qualifications-they were so inundated with applications that they did it all backwards. Finally the fed stepped in and put a stop to trial mods before determining if a homeowner qualifies. Currently the only way to get approved for a Chase loan modification is to provide an acceptable RMA application-meaning your financial worksheet must show the right amount of monthly income, monthly expenses and assets. Most homeowners do not know just how to complete this important part of the application correctly.
    If you want the best shot at approval, make sure your verify your own budget information before you submit it for review-use the Loan Modification Calculator to see if you are passing or failing.

    Posted on December 15th, 2011 at 5:41 pm

  33. adrian herzfeld Said,

    has anyone had a success with hsbc on loan modification. we tried many times letting them know what was going to happen but they did not listen. hired a firm to represent they were not able to do it. now i am in foreclosure and my first meeting with “referre” and the banks lawyer and waiting for their papers to arrive to start the process again. so please who is dealing with hsbc to give me some insight to this process, and can i keep my house . the stress and toll is taking on is trmendous.

    Posted on February 13th, 2012 at 6:25 am

  34. june hergert Said,

    loan modification , iam sorry that is the worst thing that intered my husband i, of 34 years of marriage lived in are home for 17 years refinanced 2 times never having any problem with that until the loan modification scamed us ,sold are not 6 times 5 of them before they told us . shame on you , taking advantage of us and who ever you can scam. they new my husband was having finance problems they said dont send money 6 months 12 months they new he would get deeper and farther behind with no way to catch up . my husband is 52 no retirement because we own the buessness he pour concrete all of years25 years.the last 2 years was the worst for everyone well probley not you cause your goal is to rip people when he started sending money they sent it back several times how do you people sleep at night knowing you rip people off. now we are losing are home. spanaway wa.

    Posted on March 27th, 2012 at 2:05 am

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