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Reply with quote | #71 |
Maybe?
Chris Jennings is one of the statistics. The resident of Shasta Lake, Calif., faced a rate reset in February 2008 but learned Thursday from his loan servicer, Litton Loan Servicing, that he qualified for a modification. His monthly payment was about to jump by $588.
"I would never have been able to make that for more than a year. I would have been in foreclosure," he said, thrilled to learn that he now appears safe. "With this program, I will be able to make my own way."
For details on how the loan modifications would work, go to:
http://www.americansecuritization.com/uploadedFiles/FinalASFStatementonStreamlinedServicingProcedures.pdf
If you face possible foreclosure, you can call 1-888-995-HOPE for mortgage counseling.
© 2007, McClatchy-Tribune Information Services.
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| Steve M |
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Reply with quote | #72 |
Hello -
Today I received an unsolicited Loan Modification Offer from my lender (Ocwen). We have been in a forebearance plan on our loan (which includes late charges, negative reporting to credit agencies, etc...) and have asked in the past if they could help us out and were told no. Then, today, we received the Modification Offer - which they say was extended because we have been keeping up to date with our forebearance plan.
Some specifics:
1) Rate is lowered (by about 0.5%) and is now locked in
2) Mortgage will now be considered up-to-date (interest, escrow advances, late fees, etc...) are added to the loan principal
3) Monthly payments remain unchanged and maturity date of loan remains the same (we've been able to keep up-to-date with the forebearance, but haven't been able to 'catch up')
The only thing we need to check on with the lender is whether they can do this with our second mortgage as well (also in a forebearance plan with Ocwen).
All in all, we are very pleased (and surprised) with the offer and are planning on accepting it.
Best of luck to everyone else out there hoping for a modification offer. If you have any questions, please don't hesitate to get in touch.
Steve
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| Dee |
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Reply with quote | #73 |
Congrats
If it is in fact a good offer in your opinion, what else is to be said about it.
But for others that are not sure, I would look at a couple of things before
I signed on.
Hopefully, the terms are not worse than the original.
Hopefully, the interest rate is more in line with today's rate.
Of course, the non adjustable rate is better than an ARM.
If you don't disagree with the all the fees and stuff that many borrowers
have complained about. If you tack the fees onto the tail end of your
loan, you'll be paying on the added fees, plus the interest on them for
a long time.
1/2 percent lower sounds like a better deal if you say that you have an
ARM about to be reset to a much higher rate.
Please do one thing. Sit down and read every single line on the modification
to be sure nothing has changed in the interim and that you still feel it is a good deal for you. Don't sign it until you read it.
If you find things contrary to your understanding this is the only time you will be able to correct it.
Just be careful.
Dee
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| ~beenawhile |
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Reply with quote | #74 |
Great Advice Dee. Steve, I'd like to give you a list of questions to ask OCWEN. Sometimes when we become so excited about something it is hard for us to see how things can wrong for us. So here's a list of other questions I think you should ASK of OCWEN before you sign this document. 1. You say you will add the (interest penalties, escrow advances, late fees, etc...) to the Principal Balance; WHAT IS THE AMOUNT OF THE BALANCE GOING TO BE when you do that. Steve if they will not tell you, this is a RED FLAG! If they say "Oh it will be somewhere around" this is a RED FLAG! If they say "Oh well we have calculated all of those figures yet" or they say "Oh well we really don't know yet" THOSE ARE RED FLAGS ALSO! If you ask them this question, and you get any of the answers above, you should then: A.) Request that they provide to you in writing what all of their fees are for. B.) How much have they assessed to your account for BPO fees, C.) How much have they assessed to your account for Escrow fees. and so forth. D.) Ask them to include EACH & EVERY FEE, in writing & how much they have charged to your account for these fees. *****If they refuse to do this for you. I think that the loan modification is a BAD, BAD, BAD....... IDEA! 2. Will they include this with your second mortgage as well? A.) If they will not put your second mortgage into the loan modification. THEN THERE REALLY IS NO POINT IN DOING THE LOAN MODIFICATION! My, thinking on this is........ B.) They could be trying to "look" like one of the "good guys" by offering & approving a loan mod, on one of your loans. (Since there are now Governmental “monetary” incentives for them to offer loan mods. to borrowers.) C.) They very well could have intentions of operating behind the scenes; attacking your second loan. Which if they did, YOU'D LOSE YOUR HOME ANYWAY, so a loan mod wouldn‘t really help you in the 1st place. 3. If they will put your second mortgage into the loan mod; you need to ask them for details in writing of the 2nd modification. Don’t automatically assume that this loan mod will include/ or be the same type of loan modification, with the same terms!!!! That could be a HUGE MISTAKE! You absolutely don't want one loan modification, to be a "GOOD THING FOR YOU" when the other one is "A BAD ONE!" It would defeat the entire purpose of the loan mod on the 1st loan. AND AGAIN, YOU COULD "STILL" LOSE YOUR HOME. You, are in a very tricky, tricky situation........Since you have two loans with OCWEN. I wish you the best of luck, & hope some of this helps you in making the right decisions for yourself, family & home. ~been awhile. |
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Reply with quote | #75 |
Here are some other things I hope will be helpful. Steve, I personally know from first hand experience, that when a Servicer says they will do something to help you out. What they say verbally over the phone, usually WILL NOT BE DONE! DO NOT “TRUST” that they will hold to their words! If I ever come across the need to sign documents for any reason, that pertain to a loan, or a loan instrument of any sort I will not sign them without following these measures. Now here are some other ideas; (that is if all goes well, with your questions): 1. Let's say you have asked all of these questions, and they have provided all of this info for you in writing. You think it is a good thing and you are ready to sign the papers. A.) MAKE A COPY OF THE DOCUMENT BEFORE YOU SIGN THE PAPERS! B.) MAKE A COPY OF THE ENVELOPE THE DOCUMENTS CAME IN! BE SURE TO GET THE POST MARK IN THE COPY. C.) MAKE A COPY OF THE DOCUMENT AFTER YOU HAVE SIGNED THE PAPERS. You want to be able to "PROVE" that "THIS" is the document you had in your hands BEFORE you signed it. & You want to be able to "PROVE" that "THIS" is the document you signed. If you don't do this step STEVE, there are other pages that could find their way into your Modification Documents, that you didn't not know existed. AND YOU CANNOT PROVE, THAT YOU NEVER SAW THEM! Okay, so now......... HOW DO YOU MAKE A COPY OF THESE DOCUMENTS? 2. GO TO YOUR LOCAL COURT HOUSE, FIND THE PERSON WHO IS A NOTARARY PUBLIC. 3. Tell them you would like for them to witness your signing of this document. BUT FIRST YOU WOULD LIKE THEM TO WRITE THE WORDS ON THE TOP OF THE DOCUMENT (just under the header or title of the document): 4. “LOAN MODIFICATION FOR 1ST MORTGAGE” they may write this in small print. 5. You want this done on the top of every page. NOW: 6. You will sign the document, & after you will want; 7. The document IMMEDIATELY NOTARIZED & the Notarary Public Person will put their seal on the document & their commission expiration date. Now have them do the following: 8. HAVE THEM NUMBER THE PAGES AT THE BOTTOM. (cause chances are these pages are not numbered; there is a reason for that; & that reason is usually so they "can add" other docs later, that could hurt the loan, & make things worse for you!) EVEN IF OCWEN HAS THE PAGES NUMBERED FOR YOU, YOU NEED TO HAVE THE NUMBERING DONE ANYWAY! THIS IS A MUST DO! You want the page numbering hand written in small numbers. 9. You will ask them to write at the bottom on page one (in small letters the words): "Start-pg.1" 10. The next page you will ask them to write. "cont'd.-pg.2" YOU will have them REPEAT this step on all pages until the LAST PAGE. 11. The last page you will ask them to write "pg.4-STOP" THIS STEP IS IMPERATIVE!: 12. Now you want them to put their SEAL/STAMP on EVERY SINGLE PAGE! This helps to make this document "OFFICIAL" for YOU! Not the SERVICER! COVER YOUR BUTT! 13. Now kindly ask this person if they can make a copy of this document for you. They will. Though there may be like a .25 charge per sheet. 14. . Now ask the Notarty if they have a stamp, of some sort that can now "OFFICIALIZE/CERTIFY" THE COPY YOU KEEP FOR YOUR RECORDS. They may have a stamp that says "OFFICIAL COPY" Again, COVER YOUR BUTT! 15. Now You want to ask the Notary Public, how you can have this document filed at the COURT HOUSE, or in PUBLIC RECORD. Then do so! Super you've just covered your rear. You've got proof that this was the document sent to you, on such & such date, before you signed it; now you've got the proof that only 4 (or how ever many) pages are in the document. No pages can be removed or added from this document. It's available on public record, that further asserts, your signing of "this" document was done so in believing that it was in "Good Faith" on OCWENS part, & you have your very own certified "OFFICIAL COPY"! YOU HAVE COVERED YOUR HINEY REALLY, REALLY WELL! Last step: 16. Now you've sent the Servicer their copy. If they don't approve it, because of all these extras....... I'm so very sorry...... But NOW YOU KNOW, their intentions were never to "PROTECT YOUR INTERESTS" with their loan Modification. If they contact you, & say "Well we still want a loan mod, done on your account cause you've been such a good boy, BUT we CAN'T do it will all this stuff on here....... please sign another one for us".......... That IS your CLUE, that this Loan Mod. WILL NOT HELP YOU!
All of this sounds like alot of steps, & as if it would take a long time to accomplish.... In all it should only take you about about 30 minutes MAX. to get this done.
The steps are easy, & it is an easy way to protect you from their future frauds.
Again, I wish you the best of luck with this. ~beenawhile |
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| Joe B |
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Reply with quote | #76 |
Steve-
You have been offered some really good advice here, and I think with the overwhelming majority, you should follow to the letter. I have a couple additional things to add for you to consider. I hate to overwhelm you, but I think some good advice now, could easily save you from being in our position later!
The first thing is the issue of adding fees and other monies to the principal balance, but not changing the payment, or duration of the loan. I think you said that they payment will go down, you will pay the final payment on the same day, etc. I am hugely skeptical. I recommend you get some more detail on this here. I would print out a amortization schedule for the current note (I know it's adjustable), and then one with their "good deal" numbers. You can't add principal to the loan, end it on the same date, and have your payment go down. I doubt the small decrease in interest could overcome this fact, but it may. Do the numbers, and it will tell you the truth! It is a worthwhile exercise to make sure they are telling you the truth! A good tool on amortization, etc. can be found here:
http://www.mtgprofessor.com/mpcalculators/ARMBasicAmortizationProgram/arm.asp
The second thing to consider. For the foreseeable future, interest rates are highly likely to continue to come down. Do you think you might be in a better position to simply refinance, and get a more competitive rate? I don't know your current financial condition, but you do. If you can hold on with your current payments, and take a keen look at interest rates, you can get an even better rate than Ocwen is offering...
The other thing I would offer is this: It is entirely possible that Ocwen found something wrong in your loan documents. For example, perhaps there are clearly fraudulent documents, inappropriate fees, or countless other things that could be inappropriate, etc. This "good deal" will require you to release them from anything that may exist prior to you signing this document. Therefore, if six months from now, you or someone else finds a deficiency in your loan documents, you will not be able to pursue any action to recover damages, or probably even the right to correct any of the pre-existing deficiencies.
So, what I recommend is to review all of your loan documents. Take a good hard look for things that you feel are improper, or different than anything you remember, or have in your possession. There's plenty of advice in the board on things to look for, so I will not recapitulate them here. However, I would hate to see you think you are getting a good deal, but really just helping them to cover-up fraud, and then deny you recourse! If you do choose to refinance, you would retain your rights to pursue action for anything you find later. You may not have any (or significant) damages for which to pursue relief, but it at least preserves your rights, which a release will not do!
No matter what course you take, I offer you good luck. I hope it really is a good deal, and it provides you some relief. If we can help some more, please post again, and we will do what we can! Good luck!
JB
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Reply with quote | #77 |
Yep, Yep... another great idea Joe!
I sure hope this guy comes back to the board to read these posts before he signs & sends it in.
Does anyone here have an email account they dont mind using to email this guy?
I'm finicky.... but want him to know these posts are here before he gets himself into trouble.
If anyone is willing would ya please send him email, telling him to come see the posts ASAP?
Thanks,
~beenawhile
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| Concerned |
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Reply with quote | #78 |
<<Chase Home Finance, a unit of JPMorgan Chase & Co. and the third-largest servicer with contracts for $722.8 billion worth of loans, said it has bolstered its staff that deals directly with customers in recent months. It is also warning home owners a few months ahead of when rates are scheduled to change.>>
My mortgage co is Chase. They called me about three months ago out of the blue and offered to help me get a better rate (I have an ARM about to mature). She got some details from me and said she would call back. She never called back. I called her about four times and left messages after that and I received no return call whatsoever.
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| HideThePaymentGame |
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Reply with quote | #80 |
Report: #298212 View Similar Reports Report: Ameriquest, CITICategory: Bait-and-Switch Ameriquest, CITI Problems with pre-pay! Any suggestions? Orange CaliforniaAmeriquest, CITITowne & Country RD
Orange, California, 92868
U.S.A.
Submitted: 1/8/2008 5:27:38 PMModified: 1/8/2008 5:28:00 PM  JpvLong Beach, California  I need help.
I have a loan with Ameriquest. I took it out 2 years ago. my rate went up last month from a 8.85 to a 10.85. I have been trying to refi, however with the prepay my loan to value goes above 90%, and I can not obtain financing.
when I took the loan out my credit was that great. I can get a good loan now with my fico, but values have gone down. So now I am stuck in a loan that has switched to a rate so high, it is not afordable anymore, and I have called them about the prepay but i keep getting the run around, about how the loan has been sold to investors...etc. I have my RE lic. so i know a bit about the financing side. I am wondering if anyone has any suggestions as to how I can negotiate with these guys so I can get into a better loan, because with their $17K prepay I can not, and I can not afford the new payment at 10.85% I am not behind on my mtg payment yet, but i can not afford to keep it up much longer. please any info or pointers you all have would be greatly appreciated. thanks.
Jpv
Long Beach, California
U.S.A. |
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| Mike Dillon | |
| Rick |
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Reply with quote | #83 |
CASH FOR YOUR KEYS??????!!!!???!!!!!
Does WAMU think they have a great deal? foreclosing on my home of 22 years?????, HELL, they can't even prove who own's it......
I received a folded letter in my mailbox, (no stamp) telling me to leave the house immediately!,
They also said we would like to offer you cash to relocate???
What next?
Thanks for your thoughts,
Rick
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| Rick |
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Reply with quote | #84 |
COUNTRYWIDE took $30,800 dollars from a good family that was having money problems,
I'd entertain any offers if you know how to....GET IT BACK!!
Thanks,
Rick
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| Mike Dillon |
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Reply with quote | #85 |
Hmmm...Would that not be a (federal) violation of the United States Postal Code? I believe that the USPC also applies to mail slots in doors as well.... |
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Reply with quote | #86 |
Quote: Originally Posted by Rick
CASH FOR YOUR KEYS??????!!!!???!!!!!
Does WAMU think they have a great deal? foreclosing on my home of 22 years?????, HELL, they can't even prove who own's it......
I received a folded letter in my mailbox, (no stamp) telling me to leave the house immediately!,
They also said we would like to offer you cash to relocate???
What next?
Thanks for your thoughts,
Rick
I would carefully make a copy of that letter, and put it in a safe place with all of your "other" copies of paper work.
Then I would put the original letter in an envelope, and seal it up. Write on the Envelope. "DO NOT OPEN...THIS IS THE LETTER RECEIVED IN MAIL BOX ON 01/17/08"
protect those fingerprints on that letter.
Get the U. S. Postal Service involved as well.
Don't go down without a fight.
and get that letter with all of your original documents. (Well Protected)
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| LongIsland Homerowner |
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Reply with quote | #87 |
I wanted to say thank you very much for this website and the information that is being provided thru here. I had no idea so many people were experiencing the same issues that my family is going thru.
My husband and I are in the same situation many of you are finding yourselves in, life in NY is hard as it is and these mortgage companies are not helping the situation. They are a bunch of rip-offs!
We bought our house almost 2 years ago, today our home is worth 70k less than what we owe on our mortgage. I have contacted ASC and they sugested I apply for a loan modification. I have been told that the process can take up to 90 days. It has been about 30 days so I hope to hear some type of good news soon.
After reading all these letters I feel like there is no hope for us. Our credit scores are above 700 and it is a shame that we cannot get better loans. What is the purpose of keeping such credit scores if it doesn't seem to help anyway?
We are trying really hard to keep our home but if they do not lower our payments we may not be able to keep it for much longer.
I will let you know how the loan modification process goes and if they really want to help homeowners stay in their homes.
Any advice on what we can do would be greatly appreciated.
Good Luck to all of you that are in the same situation as we.
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Reply with quote | #88 |
Feed Article | Business |
Fearing her home was next, she approached her lender, Homecomings Financial, a unit of GMAC Financial Services. To her surprise, it cut the interest rate on her $80,000 mortgage, reducing her monthly payment to $713 from nearly $1,000. With two part-time jobs -- as a book keeper and as an "Avon Lady" selling cosmetics door-to-door -- Jackson says she can now afford her payments.
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| rudy g. |
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Reply with quote | #89 |
No, just a call to redo my documents.
I just received a call today. I redid the financial worksheet because they told me otherwise my loan modification would be denied, I did not have enough income coming in to meet monthly expenses. I started this process in early November and attempted to follow-up to see what else was needed and to try to expedite the process. I was unsuccessful and today, I get the call.
I updated the financial worksheet and sent out copies of pay stubs for last 30 days. They gave me a fax number, and when I called to confirm receipt they told me I had to fax to a different fax number. They told me to make sure to add "ARM Reset Initiative" in the header of each document.
Does anyone know if this is just an internal process or is there a an Initiative that has been passed?
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| YUP! |
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Reply with quote | #90 |
YUP, They are getting paid...
I just posted a story about servicers getting paid to modify loans the other day.
Good Luck READ EVERYTHING! 8 times Lol then have an attorney look at it.
Don't they get paid for this already? 
CHICKENS!
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| Martin |
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Reply with quote | #92 |
Hello- I did get a loan mod. from Litton of all people this month. I applied for it in November and it took time to get an offer but they extended the intro rate for 2 years. From what I understand this is about all they offer, no 5 or 6 year mods. I do want to tell you all that it is not easy to do and they take forever to finish "processing" the new terms but it is worh it I guess. My home has lost so much equity at this point I feel I am just delaying the invitable unfortunatley. I am in San Diego and the housing market here is horrible. I just wanted to let you people know you can get a loan mod but it takes time, alot of effort, is frustrating, and is simply a short term solution. It will not solve this housing problem like the politicians say it will. It will help me sleep a little better for now but that is about it.
P.S. If I got one from Litton other lenders should be offering them because Litton in my opinon has the worst customer service on earth. You just have to be persistant and talk to the right departments and do not give up! If you have negative equity you are much more likely to get one by the way. Hope this helps!
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| Joe B |
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Reply with quote | #93 |
Martin-
A couple of questions:
1. Are you upside down in your house? i.e. do you owe more than it would sell for right now in this market?
2. Did you have to sign a release in order to get this deal? If so, what kind of terms?
3. Did you have any servicing problems with them before the offer?
4. Did you have anyone review your loan documents to ensure there were no problems?
5. What is your current interest rate? Is it the same as your initial rate?
6. Did you try to refinance now that rates are heading south?
Thanks, and congratulations on your modification.
JB
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| Martin |
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Reply with quote | #94 |
Yes I am udside down by a pretty large amount. This I feel was my biggest reason for the approval. My area was greatly overpriced when I bought tjis place. I am maube 50-70K in the hole right now.
I dont have my paperwork with me at work but they sent me a very basic modification approval letter only like 3 pages long. It simply gave me back my intro rate for 2 more years (mine already adjusted in Nov.) and the only fee stated was the $490 attorney fee they tacked on. Again the terms on the paperwork were very simple and not hard to understand. Once the two years are up my loan goes back to the adjustable rate so like I said I am not overjoyed with this but it buys me a little time.
Before this offer I really had no problems with Litton and was not late.
My initial rate is about 3 points lower than what it adjusted too and it was adjusted back to the exact rate it was origionally.
Finally... I definately tried to refi before I ever attempted the loan mod but was not able too at this time. What it boils down to these days is if you have negative equity or no large sum of money to bring to the table to make up for it, you will not be refinanced no matter how great your credit is or how good your income is. My income and credit are both good. If I had equity I would have been able to refi no problem.
Oh...I found the template for the letter on line that I origionally sent to Litton to ask for this mod., they did not approach me 1st so people should not "wait" for their lender to simply offer them something. They will end up falling behind before that happens. Sorry I cant remember what website it was that had the template but they are out there.
Hope this helps.
Thanks!
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| Martin |
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Reply with quote | #95 |
I was thinking and I guess technically what I recieved is considered simply a "rate" freeze since my origional loan has not really been altered.
Just wanted to add that I have been reading so much about this on the net my brain is fried!
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| Bill & Ted | |
| Jennie |
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Reply with quote | #97 |
My loan is with Ocwen and they just offered us a loan mod after overpaying on our forbearance agreement, hiring an attorney to answer their foreclosure complaint, and asking the court to enter a judgment against them because they were in violation of their own forbearance agreement.
After three failed foreclosure attempts (we never missed a payment) and having an attorney versed in consumer advocacy, they offered us a 6% 30 yr fixed (currently paying 10.5% w/2yr arm to adjust this June) all legal fees/court costs/late fees to be abolished (roughly 9k), credit to be reported accurately as current, and principle balance accurately reflect the current balance with our payments to be half of what they are now for the remainder of the loan.
Now this seems way too good to be true and for the life of me, I can't figure out what their motive is. I've got till Monday to figure out what they're up to. My attorney has read over the loan mod and with a few wording adjustments on our behalf, we're still skeptical of signing but our only other choice is bankruptcy. I've read the other posts but if anyone has any insight as to what I'm missing, I'd really like to hear it.
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| Dee |
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Reply with quote | #98 |
Hmm.
A couple of things.
Have you or your attorney run a mortgage calculator on your account?
It would give you amount paid to date and amount left to pay for every single month of your loan.
If they are removing the fees they've charged, that is good, going to
notify the credit bureau to disregard past late notices, and you are now
going to pay only what you actually owe.
Don't trust their accounting for a single heart beat. Do it yourself.
Did you pay any fees in the past that you did not owe? Get them
to apply it to principal amount paid.
Have your attorney to draft a letter to the credit bureaus. We've seen
these agreements not kept by the servicer. Tell them exactly what you want said.
Clearing up your credit is as important as everything else.
Careful about the disputed amount. They could do it as a write off and
then you'd be looking at paying taxes. It is not debt forgiveness it is a dispute over fees that were charged to you that were at the very least
errors.
Before you think it is too good to be true? If you are just getting back
what they owe you, they are getting a break for not having to pay your
legal expenses and should it be a verdict against them in court, the
real amount is paid to you plus an amount over and above actual damages,
called punitive damages that could be a whole lot more than actual damages.
Are they sneaking a speak no evil, hear no evil. see no evil clause to keep you from discussing your experience with them.
If that were me, they'd have to pay me more money for that present.
They should have to pay you for that. It keeps other borrowers from
finding out what happened in your case that might contain valuable
information they could use against the servicers.
That's all I can think of right now. Maybe someone else will have something
for you to consider.
Dee
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| Jennie |
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Reply with quote | #99 |
Thank you so much for the advice Dee, I printed this out and will bring these points up with my attorney. Bottom line is they've got the financial means to drag this out and I don't so we'll see where this goes today. They gave us forty eight hours to decide so time is of the essence.
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| barbara ,tx | |
| WayToGo |
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Reply with quote | #101 |
According to the Associsted Press, Michale Jackson's loan modification was approved today for his beloved (sans the petting zoo) Neverland Ranch. How about that! |
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| Ann Holden |
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Reply with quote | #102 |
Awwww, L@@K at who came to Mikey's rescue...
FORTRESS
 Oregon rail line pledges $24M to help Michael Jackson
04:33 PM MDT on Friday, March 14, 2008Associated Press ROSEBURG, Ore. -- The parent company of an Oregon railroad operation that shut down a line through the Coast Range has put up $24 million to help pop singer Michael Jackson keep his Neverland Ranch. The amount is just a little more than the estimated cost of repairs to the Central Oregon & Pacific Railroad's line between Coquille and Eugene. The line is owned by RailAmerica, whose parent company, Fortress Investment Group, signed a "confidential" agreement that allows Jackson to retain ownership of his property. RailAmerica has asked for state help with the Oregon line, but Gov. Ted Kulongoski has said that any public-private repair effort can come only after the route is reopened.
source
http://www.ktvb.com/news/regional/stories/ktvbn-mar1408-jackson_neverland_railroad.54b4bd3f.html
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| losthope |
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Reply with quote | #103 |
Hello Joe B and everyone,
This is my first post. I came across the MSFwebsite yesterday. I have been frequenting another site, Loansafe.org. in hopes of saving my home from foreclosure. On that website their forum is set up to work you through a step by step process of acquiring a successful loan modification/workout.
I have not been successful in getting anyone at Countrywide to give me a loan modification yet, but have read of others, not all with CW, but nevertheless who have been granted loan mod's.
My situation is a bit tricky. I was placed in two loans about 1 1/2 years ago by a mortgage broker who was business associate of my brothers. I found out about two months ago that the loans where written up as a second home for my brother even though all funds toward purchase and repayment of loans have come from me. Now, the problem is that because on paper the home is my brothers second home Countrywide doesn't really want to deal with me even though I purchased the home as my primary residence. Is anyone lost yet, because truthfully this whole situation is a big fat joke! Unfortunately the joke has been played on me...
The interest rates are higher than they would have been if the home wasn't written up as a second home. My brother was suppose to be put on the loans to help me qualify, which obviously is not the case.
I have been searching for an aggressive, affordable and ethical attorney but have been unsuccessful and fear the worst... That I am going to lose the home and over twenty-five thousand dollars I've put into it thus far.
The first loan is one of those disgusting, complicated PAY OPTION ARM'S. A loan which a high risk factor that was not explained properly enough for me to understand what I was getting into when I signed on the dotted line. A loan which has left me with a home that I now owe more on than what the current market will allow me to sell it for, because of the negative amortization. Least not forget the prepayment penalty attached to it for a total of three years.
I'm not sure what I should do next. I am exhausted with trying to get assistance from Countrywide who doesn't believe any fraud exists regarding the loans. But then, why would they right?
Anyway, thanks for letting me share. Knowing that I'm not alone with this experience helps me feel a little less foolish. Just a little...
LH
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Reply with quote | #104 |
Losthope:
Is the loan in your brothers name?
Does the $25K represent your entire "investment" including house payments, down payment, taxes....everything?
You have lived there roughly 36 months?
If the answer to all of the above is "yes" then I'd get out from under it and call it a day.
Your situation has so many twists and turns that would cost you more money in the end to hire an attorney to weed through. If the deal is between Countrywide and your brother there are not many if any rights or causes of action you can bring against Countrywide.
You may have a cause of action against your brother but that is a whole different matter.
If you have lived there for 1 1/2 years and spent $25K this is eqal to about $700.00 in monthly rent.....which in my neck of the woods is pretty fair.
I would think seriously before putting another red cent into a property that is not yours and does not look as if it will ever be yours.
Sometimes it's better to cut ones losses and move on and leave the property in the hands of the one whose name it's in to deal with.
Best of luck to you!
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Reply with quote | #105 |
Quote: Originally Posted by Jennie
My loan is with Ocwen and they just offered us a loan mod after overpaying on our forbearance agreement, hiring an attorney to answer their foreclosure complaint, and asking the court to enter a judgment against them because they were in violation of their own forbearance agreement.
After three failed foreclosure attempts (we never missed a payment) and having an attorney versed in consumer advocacy, they offered us a 6% 30 yr fixed (currently paying 10.5% w/2yr arm to adjust this June) all legal fees/court costs/late fees to be abolished (roughly 9k), credit to be reported accurately as current, and principle balance accurately reflect the current balance with our payments to be half of what they are now for the remainder of the loan.
Now this seems way too good to be true and for the life of me, I can't figure out what their motive is. I've got till Monday to figure out what they're up to. My attorney has read over the loan mod and with a few wording adjustments on our behalf, we're still skeptical of signing but our only other choice is bankruptcy. I've read the other posts but if anyone has any insight as to what I'm missing, I'd really like to hear it.
Keep in mind this is what THEY are offering you to end your legal claims against them.
You have every right to add your own terms and counter offer. Be specific about the credit repairs...do not allow them to delete the entire record as this will hurt your credit more. Make sure you state this clearly...also, give them a deadline to have the changes made.
Make them pay your attorney fees. Do NOT let them add one red cent to your principal balance and give a big HELL NO to any interest they want to capitalize, tell them to eat it.
If they paid any taxes/insurance out of their own pockets don't allow them to recoup from you. Tell them to eat that too.
Charge them extra if they require you sign a confidentiality agreement.
Make sure ANY money you have paid is not sitting somewhere in a suspense account.
Going the distance in a court room is the preferred way but let's face it...it's expensive, it is life consuming and by the time you get through all of the appeals and red tape your children will be grown and gone. My decision to settle rather than continue to trial was based on the very fact my kids grew up without my being a real part of it...I was so busy fighting these bastards that one day I realized my daughter was 17 and talking about the colleges she wanted to look in to...my son was in 5th grade when this started and now he is in his last year of middle school...when did his voice change for christ's sake. Sometimes enough is enough. I thought taking my home was bad...they took something even more valuable from me than that..time with my kids.
Make it WORTH your while to settle...ask for the moon and the stars but know exactly the LEAST you will settle for.
Make sure everything is spelled out explicitly...mind all the "wills" and "Shalls" and "mays". Do NOT give them the upper hand on ANYTHING!
Another thing. Make them provide a name and direct phone number of someone that will be designated as your contact person to avoid being caught up in the fly paper that IS their customer service department.
Don't be afraid to assert yourself!
Dee said a few things I did not repeat here that are important.
Just be careful...be SMART...and show a fang when the situation warrants it.
I think you will be okay...GOOD LUCK!
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