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lkell
Joined: 28 Jul 2009
Posts: 2
2.37 Dollars($)
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DO I HAVE A CASE HERE?
Approximately April of 2007 I was granted a loan modification by my mortgage Option One Mortgage/AHMSI. This modification lowered my payment by reducing the interest rate to 2% for one year with a scheduled increase to 4% the second year then on the third year increase to 5.87%. Since this modification was granted I was able to afford my mortgage payments and made the payments on time each month. However towards the end of the year I became worried that when the interest rate adjusted up to 4% it may cause a financial hardship.
For that reason in December of 2008 I contacted MR. Alonzo Davis at Trinity Capital inquiring if he could contact my mortgage company and negotiate an amendment to the my loan modification keeping my interest rate at the 2% fixed rate for the life of the loan thereby keeping my payment lower. Alonzo said he was pretty confident he could and asked me if it would create a financial hardship for me if my mortgage payment increased? I explained yes! That is why I am requesting this amendment to the modification. So Alonzo asked me for the necessary information and said he would let me know. Within a day or so Alonzo called me back to tell me yes the mortgage company has agreed to negotiate the amendment to the loan modification. Alonzo explained that because he would have to go through the required process it would cost me $1500.00 to get this done. I was also told that I would be entitled to $1000.00 refund in the event the request was turned down but Alonzo said that they (Mortgage Company) already said they would do it.
I was requested to provide a list of all my expenses, two recent pay stubs, two recent bank statements and a hardship letter. Next I stopped by Trinity Capital to hand them a check in the amount of $1500.00 to cover the fees for this process. After several days I was informed by Alonzo at Trinity capital that the mortgage company has agreed to keep my interest rate at a 2% fixed rate for the life of the loan. After several days I called Alonzo at Trinity Capital because I haven’t received any paperwork confirming this agreement. Alonzo said that there may not be anything since the loan was not modified rather an amendment was made to the current modification. My statements continued to reflect a 2% but I was still concerned that I haven’t received anything confirming my interest rate would remain at 2%. I sent a letter to my mortgage company (AHMSI) requesting confirmation of the amendment that my loan is at a 2% interest rate for the life of the loan. After awhile I received a letter from AHMSI dated March 2, 2009 confirming that my mortgage is at a 2% fixed interest rate for the life of the loan.
Then the April statement came, it reflected an interest rate increase to 4% consequently, increasing my payment. I called AHMSI several times and was told that yes they see the letter dated March 2, 2009 which states interest is at a 2% fixed rate for the life of the loan. I was told by AHMSI that there records haven’t been updated yet. So I made the payment for the same amount I have making based on 2% interest. I received a couple more statements reflecting the increase to 4%. Trinity Capital advised me to continue making the same payments I have been. I wrote several letters and made several phone calls and nothing got resolved. Finally AHMSI stopped sending me statements all together. I continued to pay as normal. Soon I began to receive harassing phone calls and letters from AHMSI demanding payment and threatening foreclosure.
I contacted Trinity Capital to inform them of the situation. This went on for weeks. Late June early July 2009 I received a set of new loan modification documents in the mail. These new documents were for a new loan modification. Not the amendment which I was asking for in the first place. This new modification was 2% the first year, 3.4% the second year and continued to increase each year to a cap of ??... I was advised by Trinity Capital not to sign those documents because they were not what AHMSI agreed to and they would turn this over to their attorney.. I continued to receive harassing calls and letters. In fact the letters became more demanding. I gave Trinity Capital a copy of everything I received. More days past and I made several calls to Trinity Capital Trinity Capital trying to find out if they were able to resolve this. No news. Trinity Capital said they had their attorney Nova Dean Pack send AHMSI a letter. Still I heard nothing. Then I received a letter from AHMSI on Saturday 7/18/09 stating that if they do not receive the signed loan modification documents by 7/24/09 the modification offer will be denied etc etc.
I gave Trinity Capital a copy of that letter on Monday 7/20/09. I was told that they would contact the negotiator at AHMSI. I heard nothing back that day. On Tuesday I called Trinity Capital trying to find out what’s going on. I asked to speak to the attorney because I needed to know where I stand. I was told it would be easier to email him so I got Nova Dean Packs email address and sent him an email. No response. On Thursday 7/23/09 I called Nova Dean Packs office and left message with his assistant that I needed to
Speak to him. Later that day attorney Nova Dean Pack called me back. He told me that the letter from AHMSI which states my interest rate is at a 2% fixed rate for the life of the loan would be considered a typo. Nova Dean Pack told me that a 2% fixed interest rate was unreasonable and if it went to litigation I most likely would lose. He said that the new loan modification offer was a very good deal and that he would advise that I sign the new loan modification documents right away and get them returned via overnight mail and call the AHMSI negotiator to tell him I will accept their offer that I signed the documents and they are on the way. Because Time was running out for me I did what he suggested and immediately drove to the UPS store.
Although this loan modification is good, it is not what I was asking for from the beginning. I feel I was forced to accept this at the last minute because the advice I received from attorney Nova Dean Pack on Thursday afternoon 7/23/09 was totally contrary to prior advice. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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debbie66
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Post subject: getting no where |
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| my husband and i have been i thought working with our mortgage company since feburary to modify our loan my huband was laid off from his job in march but before that he had to take a cut in pay by $4.00 an hour. and before this my husband was not getting 40 hours at his job so we fall behind with our payments. as soon as all this happened i contacted the mortgage company to explain what was going on. i thought we were getting somewhere but now i don't feel this way. we did a payment plan of 3 months thought we would hear so good news but we have only been told the we are to do another payment plan only this one is $903.00 a month for 3 months. our current mortgage payment in $809.00 if we could not make this how can we pay the 903.00. we plan on losing our home now. so much for obamas help for us |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi debbie!
Welcome to forums!
I can understand that you are facing a tough situation. As you've successfully paid off the payment plan given to you on a trial basis, you should ask your lender as to why they are asking for another payments plan. You may even confirm it with them as to whether you would get the loan modification once you pay off according to the new payment plan. If the lender cannot assure you about it, you should better try for a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane |
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loriekelly
Joined: 22 Jun 2009
Posts: 6
3.79 Dollars($)
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Post subject: getting no where |
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| Hello Debbie. Who is your loan through? Find out how the top level executives are and start calling. I am in a similar situation but have not yet started my "trial period". I contacted Barbara Desoer, the executive of the home loan division for bank of america. I called her three times a day, morning, noon and night and have now received confirmation from a "senior negotiator" that my modification has been approved and documents will be sent to me. I also filed a complaint with the Better Business Bureau and contacted my STATE senators. Both of my State senators have contacted B of A and appear to be making inquiries on my behalf. You should not have to start another trial period. In addition, the trial payments should be lower than your current mortgage payment. Who owns your loan? Have you signed modification paperwork? Fannie Mae guidelines are online and banks are required to abide by the the guidelines. I wouldn't give up by allowing a foreclosure to happen or signing over your home by way of a deed in lieu of foreclosure without a fight. If you have to contact a CEO or other top level executive 10 times a day, do it. They get tired of taking your call. Please let me know if I can help you. Good luck |
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debraj66
Joined: 15 Aug 2009
Posts: 1
1.56 Dollars($)
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Post subject: getting no where |
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my husband and i have been i thought working with our mortgage company since feburary to modify our loan my huband was laid off from his job in march but before that he had to take a cut in pay by $4.00 an hour. and before this my husband was not getting 40 hours at his job so we fall behind with our payments. as soon as all this happened i contacted the mortgage company to explain what was going on. i thought we were getting somewhere but now i don't feel this way. we did a payment plan of 3 months thought we would hear so good news but we have only been told the we are to do another payment plan only this one is $903.00 a month for 3 months. our current mortgage payment in $809.00 if we could not make this how can we pay the 903.00. we plan on losing our home now. so much for obamas help for us |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi debraj!
Welcome to forums!
Your question is same as Debbie's. I would suggest you to check out the above two posts which may help you in deciding what steps you need to take.
Feel free to ask if you've further queries.
Sussane |
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scrabo
Joined: 28 Aug 2009
Posts: 3
3.46 Dollars($)
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Post subject: HELFUL INFORMATION. ADVICE WELCOMED |
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HOW IT BEGAN
Due to job loss, we haven't paid our mortgage since Jan. 08 (past 19 mos.). Well Fargo started the foreclosure process in April of 08. We stayed in constant communication with them and also put our house on the market at that time. I'm not sure if this bought us any time or not but when we finally went to court in Oct. 08, we told the judge it was listed and he gave us until Jan. 5, 09. We ended up with an offer on the house but it took the bank too long to respond and by the time they did respond agreeing to the offer, the buyer pulled out. This was in December 08. At that point, with the option of a short sale out of the question, we asked for a loan modification. It took them several months to finally get back to us but in April of 09, after submitting our debt to income information, they asked us to submit three consecutive payments of $1,165. We did that. Upon completion, Wells Fargo then sent the loan modification with the new terms, they are as follows: 5% APR fixed for 30 years, $1,165 monthly. That part was completely acceptable. What was not acceptable is that: (1.) They want to tack on $22K of capitalization for the past 19 months (16 really if you subtract the 3 from earlier) of non payments. The actual amount owed on our home is $155K. The current market value is $70K. (2.) They also want us to pay $3,600 by Sept. 6, 09 for attorneys fees and administrative cost. (LOL) In the end, the grand total amount for our home will be $177K. Our home is a 1944 frame house of 1000 sq. ft. We could live here a lifetime and never recoup the the value. In fact our kids (7 & 4) might not see the day this house reaches $177K.
THE CURRENT STATE
So the latest is, I sent them a letter stating that I would like them to consider my terms: 5% fixed for 30 years, the total value of the home not to exceed $155K and no up front money. These terms would sill put the lender in a position of positive expectancy while allowing us to keep our home. If they do not agree to our terms then they can have the house back which will guarantee them only one possible outcome...a loss.
MY OPINION
This was a difficult decision but look at the big picture. Is the bank really working with us/others? Ok, so they've agreed to lower our interest rate, great. But they're still making up all their losses by adding it to the back of the loan. Basically they've told us that not only is your home upside down now, but it will likely remain upside down the entire length of the loan. Come on! Are you kidding me? Do they really expect people accept that? At some point we are going to have to take the loss. That being the case, I will chose to take the loss now and get it over with and move on. Wake up investors! There's nothing like cutting your nose off despite your face.
I will keep you posted as to the final outcome. I'm not expecting much. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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JN
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Post subject: loan modification, quit claim deed |
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| I agreed to co sign a mortgage loan with my uncle out of gratitude for allowing us to stay at their home for a month when we moved to Jersey. He bought a condo in Vegas and used my name as the principal buyer since he has an outstanding loan with another mortgage company. He promised he will pay off the loan in 6 months so my name will be out/erased in that agreement. Now, the big problem is this: yesterday he called to say he was filing for a loan modification or worse bankruptcy. How can I get off this mess? Can I file for a quit claim deed before he files for loan modification? What are my options to get off this deal? I only agreed to do this out of gratitude, now I'm on the losing end. Can you please help me? My future and my family's future is at hand. Thank you so much for your attention. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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If you do quit claim deed, you are still liable for the loan
He can not get the loan modficiation on this loan with out your signature unless he is goign to refinance the loan inhis name |
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blhiggins_2000
Joined: 07 May 2007
Posts: 5
2.66 Dollars($)
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Post subject: Bank of America loan modification |
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Hi Loriekelly,I'm trying to get a loan modification with Bank of America (BoA) too and would like to know how long it took BoA to respond to you? The process is more than frustrating since my loan is owned by Fannie Mae, but it was originally with Countrywide and now BoA. I tried to modify with Countrywide (over 6 months ago), then my paperwork fell through the cracks when BoA took over. BoA just gives me the runaround and gave me bs that I was not qualified to refinance since my mortgage is upside-down, although the new government programs raised the LTV to 125%! BoA basically ignores struggling homeowners who are not behind or not on the verge of foreclosure.I finally contacted a housing counseling agency (HOPE hotline), who gathered my paperwork that I submitted during their required workshop, but that was back in August and I have yet to meet a real counselor to submit to BoA!I also contacted CCCS (over a month ago) who submitted my paperwork online and the only progress I see is that BoA has posted (online statement) that my workout letter was received. So it looks like I'm back in limbo with pending status. Almost at the end of my rope with this frustrating ordeal.
If anyone else has been successful in trying to modify their loans with Bank of America, please advise.
Thanks. |
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rayst
Joined: 29 Sep 2009
Posts: 2
1.64 Dollars($)
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Post subject: Trial period payments ahead of scheduled |
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| My mortgage is with Wells Fargo. I recieved my trial period paperwork and payment info in Aug. 1st payment was not due until Oct and last in Dec. they lowered my payments by about $500. I have made 2 one in aug and one in sept. and will make one in Oct. . since original paperwork said 3 rd and final payment was due in Dec. will they look at this to finalize and hope make perm. early or stick to original dates? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Mark Vee
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Post subject: Trying to modify |
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I've started a blog with my day to day experience trying to get a loan modification. I hope this helps!
californialoanmodification.blogspot.com |
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