Jennifur Newell

Wonderful!  And I agree.  The banks are starting to loosen up and let mods go through.  I was able to do mine with the help of a web site that only charges $199 to walk you through the whole process.  I was with U.S. Bank on a first and second mortgage on a home that I just got 2 years ago.  My rate went from 11.75 to 6.0% and 12.00% down to 6.5% AND I dont have a payment until January.  It's almost as if it was BETTER than a refinance.  

Oh yeah, the web site that I used was http://www.loanmodassistant.com/

Glad to hear of your success.  I wasn't so fortunate.  I also bought in Sept of 2006 for $317K, bank repo's of my floor plan have sold for $157K and $163K.  I'm underwater by $157K.

I qualified with a stated income loan and put 20% down.  I've never been late on a payment.  When I contacted Countrywide, is was told that I had to be three months behind before they would even talk to me.  No thanks, I not interested in ruining my credit on top of every thing else.

So I took another run at them and got a verbal approval on a loan mod that would freeze my rate for 5 years, lower rate to 6.00%.  No principle reduction.

What I got back in the loan modification papers was the same rate at the same term and they added two months of interest to the balance.  Not at all what was offered.

When I called they said that upon review they determined that I could make the payment and no modification was required.  When I asked about the addition of the two months interest to the balance, I was told that that was the interest due since the date of the discussion of the modification.  When I told them that those two payments had been made and I didn't owe them any back interest or payments.  I was told "Well this is the offer, take it or leave it".  Needless to say I tore up the papers.

I'm hopefull that with BofA taking over the account I can get some relief.

It's a shame that we all have been victimized by the policies and practices of the lenders who accepted unqualified borrowers into the market, who now are in foreclosure and home prices are dropping faster than the Titanic sunk.

We need a fix for the American people, to expect the lenders, government and wall street to give a damn about the homeowner is insanity, after all they got us in this mess in the first place.

I am going to attempt to accomplish the same thing.  We are in the same situation with dollar amounts.  I am curious who your lender was??

barbarazito@hotmail.com

I am with GMAC, Fannie Mae is the investor, and Fannie Mae guarantees the loan.  Therefore, GMAC has absolutely no incentive to work with us and all I requested was extending our 15 yr. loan to 30 yrs.  It is impossible if your loan is guaranteed to get help.  The only way this is going to change is if the President / Congress demand principle reduction across the board, especially in FL, AZ, CA and NV.  We are dying here.

We are in a very tough situation.  We had a first mortgage of 474k and an another loan for 125k that we took to get us through some rough times.  We have now had one of us lose a job and are unable to keep up with the combined payments.  What can we do to avoid losing our home?

Thanks

Loan modification can be a easy process as long as you prepare yourself with the needed information to go head-to-head with your broker.  Knowing all the details about your loan package will not only save you some heartache but get you the best deal when saving your home.  Google is a great source of information to learn about loan modification and helping you learn as much as you can.

Great im getting help from a company called Universal Capital Solutions they have great customer service and helped me all the way, also their rate are so low, im recommending all my friend sto this company

I have seen a lot of warnings on the news about trust in your lender, sometimes it's more wise to have legal representation to fight for the right to save your house with a loan modification.  The site I went with was http://www.mortgagestrusted.com

Just been offered a modification seems a little high. but the real problem is we bought at $240,000 have a $215,000 bal the house accross the stret sold for $126,000 and one up the street at $89,000. unless the bank  reduces principle I can not afford to stay. any ideas of how to motivate the bank.

Thanks for sharing this informative post.

That does sound like great news, getting a principal reduction.  However I see this post was written in Nov. 2008 when the current value of that home was $300K, now the current value is probably $250k, if that.  At the time of getting your principal reduction, it was still $80K more than current value.  

So as of today, how negative are you & how can it still make sense?

I don't mean to be Johnny Raincloud here, but you're probably at least $100-130k negative.

No lenders are doing principal reductions, which would solve the problem.  I think the poster of that comment is not telling the truth.  The problem is that each loan has an investor, and they won't agree to a reduction.  Fannie Mae has never approved one loan with a principal reduction, and they never will.  The only thing to do to get out is a short sale.  When the home is headed to foreclosure, the lender will get the inivestor to agree to a short sale, because it costs less than foreclosing.  The lender is faced with A.) foreclose and incur $50k in fees or B.) approve a short sale, and lose less money than on foreclosure.  Short Sales are the true long term fix..and only 24 months until you can buy a new home after.  Go to: www.SellWithoutEquity.net to learn more.  

do you have a copy of the letter or something similar i could use. Please help

Last year I was looking for a fixed rate loan to replace my new existing 5 year interst rate loan so my city building department can give us a $20,000 no interest loan/grant forever/ until we sell our house one day.  A broker, Mr. Shobert Vartan came to our house at 10:00 PM and left at 4:35 the following morning.  He unloaded on us this ARM loan. On the third day of cancellation I called his employer, Metrocity Mortgage and told them that it is not a fixed rate loan.  He assured me that it was an oversite by the bank and as we speak the correction will be made.  Within days my mortgage was sold to Citimortgage, and they sold it to Freddie Mac.  After a year negotiations with Citimortgage, finally they mitigated my loan.  Since Metrocity sold my loan to them for 150,000 and my house is worth today only 80,000, they did the mitigation to 4.25%.  Take it, or they will throw us out. I told them again, and again that in the past 3 years I had 3 malignant brain tumor surgeries, kidney failure, hip necrosis.  My wife had 2 hip reconstructions and got a grade-3 bedsore on her buttocks in the hospital.  Can they make any principle reduction. They were laughed, and told me that there is no such a thing!  No bank ever will reduce the principle!  They put me through the OBAMA plan.  They told me that the OBAMA plan does not care about our incredibly high monthly medical bills, the only care about the Social Security we get from the Government, period.  They purchased the loan from an other real estate owner, and I SIGNED AT THE DOTTED LINE!!!  I am 71 years old.  My wife and I are totally disabled, and in the near future I will follow where Ted Kennedy is now. If you very carefully study the Obama plan, you are a divorced mother of 5, the Obama plan is great for you, especially if your race is similar to his. I voted for him, not because my 3 brain tumors surgeries, but I trusted in him. So, Mr. President, how long will it take to have America follow the teachings of Vladimir Lenin, Josef Stalin, Marx, Engels, and other idiots who were swept away in a landslide?

Last year I was looking for a fixed rate loan to replace my new existing 5 year interst rate loan so my city building department can give us a $20,000 no interest loan/grant forever/ until we sell our house one day.  A broker, Mr. Shobert Vartan came to our house at 10:00 PM and left at 4:35 the following morning.  He unloaded on us this ARM loan. On the third day of cancellation I called his employer, Metrocity Mortgage and told them that it is not a fixed rate loan.  He assured me that it was an oversite by the bank and as we speak the correction will be made.  Within days my mortgage was sold to Citimortgage, and they sold it to Freddie Mac.  After a year negotiations with Citimortgage, finally they mitigated my loan.  Since Metrocity sold my loan to them for 150,000 and my house is worth today only 80,000, they did the mitigation to 4.25%.  Take it, or they will throw us out. I told them again, and again that in the past 3 years I had 3 malignant brain tumor surgeries, kidney failure, hip necrosis.  My wife had 2 hip reconstructions and got a grade-3 bedsore on her buttocks in the hospital.  Can they make any principle reduction. They were laughed, and told me that there is no such a thing!  No bank ever will reduce the principle!  They put me through the OBAMA plan.  They told me that the OBAMA plan does not care about our incredibly high monthly medical bills, the only care about the Social Security we get from the Government, period.  They purchased the loan from an other real estate owner, and I SIGNED AT THE DOTTED LINE!!!  I am 71 years old.  My wife and I are totally disabled, and in the near future I will follow where Ted Kennedy is now. If you very carefully study the Obama plan, you are a divorced mother of 5, the Obama plan is great for you, especially if your race is similar to his. I voted for him, not because my 3 brain tumors surgeries, but I trusted in him. So, Mr. President, how long will it take to have America follow the teachings of Vladimir Lenin, Josef Stalin, Marx, Engels, and other idiots who were swept away in a landslide?

Last year I was looking for a fixed rate loan to replace my new existing 5 year interst rate loan so my city building department can give us a $20,000 no interest loan/grant forever/ until we sell our house one day.  A broker, Mr. Shobert Vartan came to our house at 10:00 PM and left at 4:35 the following morning.  He unloaded on us this ARM loan. On the third day of cancellation I called his employer, Metrocity Mortgage and told them that it is not a fixed rate loan.  He assured me that it was an oversite by the bank and as we speak the correction will be made.  Within days my mortgage was sold to Citimortgage, and they sold it to Freddie Mac.  After a year negotiations with Citimortgage, finally they mitigated my loan.  Since Metrocity sold my loan to them for 150,000 and my house is worth today only 80,000, they did the mitigation to 4.25%.  Take it, or they will throw us out. I told them again, and again that in the past 3 years I had 3 malignant brain tumor surgeries, kidney failure, hip necrosis.  My wife had 2 hip reconstructions and got a grade-3 bedsore on her buttocks in the hospital.  Can they make any principle reduction. They were laughed, and told me that there is no such a thing!  No bank ever will reduce the principle!  They put me through the OBAMA plan.  They told me that the OBAMA plan does not care about our incredibly high monthly medical bills, the only care about the Social Security we get from the Government, period.  They purchased the loan from an other real estate owner, and I SIGNED AT THE DOTTED LINE!!!  I am 71 years old.  My wife and I are totally disabled, and in the near future I will follow where Ted Kennedy is now. If you very carefully study the Obama plan, you are a divorced mother of 5, the Obama plan is great for you, especially if your race is similar to his. I voted for him, not because my 3 brain tumors surgeries, but I trusted in him. So, Mr. President, how long will it take to have America follow the teachings of Vladimir Lenin, Josef Stalin, Marx, Engels, and other idiots who were swept away in a landslide?

I am waiting to see what will happen to me with my home.  My husband died in Aug. and since he was only 54 he never filled out a will as he thought he was too young.  I am disabled with osteoporosis and on limited income.  I cannot afford this house without his salary, I just can't.  I don't know what I will do since this is tearing my credit up and I am going to have to borrow money to buy a house that is literally 75 percent cheaper.  This is discouraging how the loan companies lined up for the stimulus money with both hands out and congress giving them no restrictions.  They haven't freed up money for the public at all.  congress is either stupid (possibly) or crooked and helping their rich friends (also possible).  I am watching this board to see how these modifications are REALLY going.