Comments on: Loan Modification Service or Disservice from The Government? http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government Christine Tran, CA Licensed Broker #01376121 Thu, 18 Mar 2010 19:39:41 +0000 hourly 1 http://wordpress.org/?v=9354 By: Christine http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-35 Christine Fri, 16 Oct 2009 03:58:50 +0000 http://ourinvestmentgroup.com/?p=222#comment-35 In a way you are stuck between a rock and hard place. If you miss your payments during the trial period, the bank has the option to immediately put you into default In that case, you lose no matter what. On the other hand, if you can't keep it up after the trial period, you are stuck with a high payment. But, it is best to try to maintain as long as possible until they fix the payment. At that point, you not only have a "reset" on the default period but a better chance to go back and negotiate again. This advice should be reviewed with your financial adviser as well as not all banks operate in the same way. In a way you are stuck between a rock and hard place. If you miss your payments during the trial period, the bank has the option to immediately put you into default In that case, you lose no matter what. On the other hand, if you can’t keep it up after the trial period, you are stuck with a high payment. But, it is best to try to maintain as long as possible until they fix the payment. At that point, you not only have a “reset” on the default period but a better chance to go back and negotiate again. This advice should be reviewed with your financial adviser as well as not all banks operate in the same way.

]]> By: Michelle http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-34 Michelle Fri, 16 Oct 2009 03:06:40 +0000 http://ourinvestmentgroup.com/?p=222#comment-34 I have a question about the trial period what if the trial periord payment is still a stuggle do you make the payments and after the trial you tell them it still hard to maintain that payment? Or once you have made those payments for that time you are then stuck with the high payment I have a question about the trial period what if the trial periord payment is still a stuggle do you make the payments and after the trial you tell them it still hard to maintain that payment? Or once you have made those payments for that time you are then stuck with the high payment

]]> By: Dave Hutchison http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-22 Dave Hutchison Mon, 14 Sep 2009 06:04:17 +0000 http://ourinvestmentgroup.com/?p=222#comment-22 I am at my wits end just getting CitiMortgage to stop my for foreclosure sale after being approved for the HMP program. After a long history of losing my paperwork twice, saying I was approved as of May 1st but than they lost the approval and I received foreclosure notice, it seems CitiMortage is either totally incompetent or is doing all they can to go thru with Trustees sale in direct violation of the terms of HMP and Fannie Mae Servicing Directives who owns my mortgage. I note that the South Carolina Supreme Court at the request of Fannie Mae, issue a Restraining order in May 2009 and than an administrative order to stop all pending foreclosures while HMP modifications are in progress (the trial period). Unfortunately I am not in SC but it shows the seriousness of the issue when Fannie Mae had to get a Court order to force compliance with its own rules to servicers. My trial period was again approved on 7/24/09 but for awhile they refused to take my first trial payment. They say that they first have to stop the pending foreclosure and than send me the Fannie Mae Form 3156. But with weekly or more frequent calls since July and many levels of supervisors, e-mails being sent assuring me the foreclosure action would be stopped in a few days, it never happens. Last week I was told they contacted someone within the Trustee office that does the sales and it would be taken care of the next day. Guess what it wasn't and still isn't. They can't officially send me the Form to formally start the modification period (although I finally did get them to accept my first trail payment before its due date) until they say they stop the foreclosure action which they seem too incompetent to know how to do. They admit the paperwork problem is on their end. On other forums there are reports of folks losing their homes based on promises broken by CitiMortgage and all their "lost" paperwork within Citi. It has been widely reported servicers get more money from doing a foreclosure sale than they do for modifications. I am at my wits end just getting CitiMortgage to stop my for foreclosure sale after being approved for the HMP program.

After a long history of losing my paperwork twice, saying I was approved as of May 1st but than they lost the approval and I received foreclosure notice, it seems CitiMortage is either totally incompetent or is doing all they can to go thru with Trustees sale in direct violation of the terms of HMP and Fannie Mae Servicing Directives who owns my mortgage.

I note that the South Carolina Supreme Court at the request of Fannie Mae, issue a Restraining order in May 2009 and than an administrative order to stop all pending foreclosures while HMP modifications are in progress (the trial period). Unfortunately I am not in SC but it shows the seriousness of the issue when Fannie Mae had to get a Court order to force compliance with its own rules to servicers.

My trial period was again approved on 7/24/09 but for awhile they refused to take my first trial payment. They say that they first have to stop the pending foreclosure and than send me the Fannie Mae Form 3156. But with weekly or more frequent calls since July and many levels of supervisors, e-mails being sent assuring me the foreclosure action would be stopped in a few days, it never happens. Last week I was told they contacted someone within the Trustee office that does the sales and it would be taken care of the next day. Guess what it wasn’t and still isn’t.

They can’t officially send me the Form to formally start the modification period (although I finally did get them to accept my first trail payment before its due date) until they say they stop the foreclosure action which they seem too incompetent to know how to do. They admit the paperwork problem is on their end.

On other forums there are reports of folks losing their homes based on promises broken by CitiMortgage and all their “lost” paperwork within Citi. It has been widely reported servicers get more money from doing a foreclosure sale than they do for modifications.

]]> By: Christine http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-21 Christine Mon, 14 Sep 2009 02:04:25 +0000 http://ourinvestmentgroup.com/?p=222#comment-21 You have the right to contact your bank or mortgage service agency directly to ask that question. And, they are required by law to answer you. In addition, if they have put your home into any type of foreclosure proceeding, it MUST be filed at the county records. You can also check that route, as well. You have the right to contact your bank or mortgage service agency directly to ask that question. And, they are required by law to answer you. In addition, if they have put your home into any type of foreclosure proceeding, it MUST be filed at the county records. You can also check that route, as well.

]]> By: guy stewart http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-20 guy stewart Sun, 13 Sep 2009 19:52:52 +0000 http://ourinvestmentgroup.com/?p=222#comment-20 i am three in half month in on a three month trail and have not heard anything. how di=o i know if my paymwnt has been modified or not i am three in half month in on a three month trail and have not heard anything. how di=o i know if my paymwnt has been modified or not

]]> By: nedzad http://ourinvestmentgroup.com/loan-modification-service-or-disservice-from-the-government/comment-page-1#comment-13 nedzad Mon, 29 Jun 2009 02:34:06 +0000 http://ourinvestmentgroup.com/?p=222#comment-13 I have been awaiting a yes or no answer on a mod request through WAMU/now CHASE for over 4 months. I have now received a trial period of threemonths at my old mortgage amount. I am 7 months behind, at around 8% on 470,000 k approxamately including teh past overdue months. It would make more sense for chase to modify rate and possibly term, and re-cap the overdue, fees and atty fees, Especially in the market I am in Bellevue WA 98007. I agreed via fax to pay the trial period of $3520 mo .....BUT this is no reduced or modified amount! My original mortgage P&I was 3300???? What does this mean HELP in WA !!!! I have been awaiting a yes or no answer on a mod request through WAMU/now CHASE for over 4 months. I have now received a trial period of threemonths at my old mortgage amount. I am 7 months behind, at around 8% on 470,000 k approxamately including teh past overdue months. It would make more sense for chase to modify rate and possibly term, and re-cap the overdue, fees and atty fees, Especially in the market I am in Bellevue WA 98007.
I agreed via fax to pay the trial period of $3520 mo …..BUT this is no reduced or modified amount! My original mortgage P&I was 3300???? What does this mean
HELP in WA !!!!

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