Comments on: Loan Modification Success Story-Persistence Pays Off!

By: admin

admin — Fri, 16 Dec 2011 00:41:32 +0000

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.

By: Debbie

Debbie — Tue, 06 Dec 2011 15:59:44 +0000

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!

By: admin

admin — Sun, 23 Oct 2011 19:17:21 +0000

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.

By: Louisa

Louisa — Wed, 19 Oct 2011 19:52:35 +0000

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.

By: Alan

Alan — Mon, 05 Sep 2011 11:06:58 +0000

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?

By: Alan

Alan — Tue, 02 Aug 2011 10:44:51 +0000

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.

By: Alan

Alan — Tue, 19 Jul 2011 11:53:26 +0000

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.

By: jonas

jonas — Sat, 04 Jun 2011 14:07:48 +0000

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.

By: terrie

terrie — Thu, 02 Jun 2011 03:11:35 +0000

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..

By: Happy

Happy — Fri, 01 Apr 2011 17:35:29 +0000

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!