Comments on: Editorial: Loan modifications in action

By: Amy O

Amy O — Sat, 06 Jun 2009 03:42:03 +0000

We are at a loss as to how to deal with our mortgage company AmTrust. We are a military family living on one income. We have my two teenagers, (one with mild autism and cannot be left unsupervised)and have not been able to locate the father for support. We also have a toddler and a baby under a year old. When we bought our current home we put 20% down, but still got stuck with a horrible rate 8.375, due to some errors on our credit with documents proving that they had been taken care of and should not have ever been reported, and a couple due to relocation that once discovered were taken care of. Between the money down and appreciation we have over $100K equity in our home and we were getting ready to try and refinance when we ran into difficulties that caused us to be about 45 days late on a payment. When we realized it we sent the payment plus. We still got a letter warning us of the intent to foreclose. We also got a letter from the state telling us who to contact. We did so and at that advice since the mortgage company had stopped applying payments since it was about to foreclose. We were told just a few days ago on a conference call that they had received our documents and they would be reviewed which could take up to six weeks. The very next day they overnighted us a “modification”. They knocked a whopping 1% point off of our rate which saves us only $108/mo. We received this document today, in it was stated that if we did not get them signed, notarized and returned to them by next Friday - 5 business days that they would assume we were not interested in bringing our loan current and keeping our home. When I checked the mailbox, there were summons for me and my husband to appear in court in one month for foreclosure and a notice that our house would be auctioned about 3 weeks after that. We had been told that although foreclosure was not cancelled until negotiations were over, that it was in a holding pattern until then. I do not believe that these documents arrived on the same day by accident. I think that they are using scare tactics to force us to sign an agreement that is in the banks best interest and does nothing for us. I have begun searching to find out what guidelines there are in place for these mortgage companies/banks before they can get incentives from the government for “helping” homeowners. Now it looks like there are NONE! They can get them for simply offering any changes, no matter how insignificant, to a homeowner.

Now we are in danger of losing our home, our credit is trashed - making another home next to impossible - and there seems to be no course of action.

Does anyone out there have any suggestions…I am scared!

By: JOHNNIE J

JOHNNIE J — Fri, 08 May 2009 05:43:53 +0000

I WOULD LIKE TO KNOW IF ANYONE HAS HAD ANY HELP FROM CHASE HOME FINANCE. LIKE EVRYONE ELSE THEY HAVE BEEN VERY HARD TO WORK WITH, FORGET A MODIFICATION, THEY TRICK YOU BY TELLING YOU THEY WILL DO A FOREBEARANCE ON YOUR LOAN, EVEN THOUGH YOU DO NOT ASK FOR THAT, AND THEN NO MORE CONTACT, TIL 3 MONTHS, AND YOU GET A LETTER THAT YOU ARE BEING FORECLOSED UPON, THIS IS OUR CASE,NOTHING BUT LIES, AND DISCRIMINATED AGAINST, AND FRAUDULENT ACTS. I WORK HARD EVEN BEING CUT BACK ON MY HOURS TO PAY MY BILLS, AND WHEN A HARDSHIP FALLS ON YOU LIKE IT HAS MOST EVERYONE, THERE IS NO REAL HONEST HELP OUT THERE, AND MY HUSBAND IS DISABLED, SO I WOULD LIKE TO KNOW WHAT HAPPENED TO THESE BANKS AND COMPANIES THAT ARE BEING BAILED OUT..THEY SHOULD HAVE JUST GAVE THE PEOPLE ALL THAT BAIL OUT MONEY AND LET THEM PAY THE BANKS AND COMPANIES WHAT THEY OWE, AND EVERYONE WOULD BE OKAY.

By: Judy H

Judy H — Mon, 20 Apr 2009 02:20:46 +0000

Well, I have GMAC 3 year ARM on a upside down loan to home value, and they won’t return my calls. I’ve checked with Wells Fargo, but all depends on the current market value of my home, which is in the worst area in the country for unemployment and forcloseures. How did I get sooo lucky? I put $200,000 down on my home, 40% of its value in the day–so I don’t feel I was irreponsible as the news and banks try to make out. THE Banks were irresponsible letting people have mortgages with little or nothing done, and letting them walk away. No help in sight, just alot of BS from Obama and the banks, so people think they are helping. No one is helping

By: SW

SW — Sun, 05 Apr 2009 22:02:22 +0000

We are more than 100,000.00 upside down never been late on payment have 30 yr fixed rate at 6.37500%. Has anyone had success getting help from anybody or are you always forced to walk away?

By: KT

KT — Thu, 12 Mar 2009 22:18:33 +0000

My mortgage was through CitiResidential Lending and YES, they did get part of the bailout, but were not willing to do anything for anyone who is current on their mortgage payment….even though I have lost $100k on the value of my house. Now they have sold my mortage to American Home Mortgage Services. I have to start the process all over again. If anyone has had any positive experiences….I’m all ears.

By: Shannon S

Shannon S — Mon, 09 Mar 2009 18:06:49 +0000

I have been trying to work with Countrywide, but as mentioned in the post above, they are not willing. I am current as of today, but I have lost 20% of my pay (not complaining, thankful to have a job), but I am trying to be proactive instead of reactive. Countrywide has been most unhelpful.

By: Michael Kalbfleisch

Michael Kalbfleisch — Tue, 06 Jan 2009 19:27:19 +0000

Has anyone had any success working with GMAC and/or GreenTree (Bank of America). I am hitting alot of walls and heading in the opposite direction. I am upside down but very willing to get caught up, I just need some leeway for a few years. Any ideas?

Thx