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Guest

My question is: A third party who is helping us with a loan modification told my husband and I to make specific payments to our lender. The first two months she stated our lender suspended payments. Then we were told to make a partial payment on the third month and the fourth month full payment. Both payments were returned due to not being the full amount owed and put on our credit as late when she said it would not affect our credit. We contacted our lender and no documentation of arrangements was noted. We trusted this third party and are now going on 4 months behind. Our lender sent a certified letter stating that by May 2nd they will proceed with the foreclosure process. Is it in our best interest to make our payments current until the loan modification is complete.

Thank you so much! Advise appreciated!
CMD

Posted: Wed Apr 15, 2009 6:41 pm Post subject:

I would say call your lender and talk to them.

Have you talked to your lender abotu loan modification? if they are goign to foreclose, then you are in serious trouble.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

You are in serious trouble. Call your Lender.

Guest

We did contact our lender. It turned out to be the collection department of our lender wanting full amount of past due. Then we spoke on a different occasion to our lender-loss mitigation. They did not have any documentation of payment suspension or payment reduction.( No information given making payments.)There had been a"modification work package" submitted but was denied due to missing information. Currently our loan modification is not complete and we are not sure necessary documentation will be submitted by third party in timely manner...that is why I wanted to know if we should make any payments to bring our loan up to date inorder to avoid foreclosure process until modification is approved.

jameshogg · Posted: Wed Apr 15, 2009 8:09 pm Post subject:

Hi cmd,

In my opinion, the third party was a fraud. It did not contact your lender and arranged for a loan modification. I would also suggest you to speak to your lender and inform him about your situation. You should even apply for a loan modification with the lender immediately by writing a hardship letter.

Thanks

elnoralittle · Posted: Thu Apr 16, 2009 5:32 am Post subject:

It is very dangerous to hand over your financials to a third party that isn't confirmed as reputable.
The best thing to do is to get the papers for the loan modification together, call the loan mod department and get working on this yourself. It isn't that hard to do. It is time consuming, but it is in your best interest to start doing this yourself.
Then I would report that other third party that was helping with you and flag your credit.

gmakerley · Posted: Thu Apr 16, 2009 7:04 am Post subject:

though you've suffered, cmd, i'm glad you brought this topic to our discussion. i've railed and railed about these "loan modification" companies, as it is absolutely unnecessary for someone to pay such a company a ridiculous sum of money to have them (supposedly) speak to your mortgage company on your behalf. there are far too many ripoffs out there, and i pray that more and more people will see your situation and take heed.

by all means, be in contact with your lender immediately and see if you can work out a solution. also, as elnora pointed out, you should report this company to your state's attorney general's office. you have been victimized and the only way to put a stop to this nastiness is to have outfits like that brought to justice.

i wish you well in your efforts to get caught back up on the mortgage and to prosper thereafter as well.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Please check your credit to make sure the third party has nto accessed it, jus to be safe.

gmakerley · Posted: Fri Apr 17, 2009 6:16 am Post subject:

and i just got off the phone with a young lady who is seeking a modification of her mortgage. she began working with one of these chintzy, nasty, ugly, scamming "modification" outfits that took her money, promised to help with payments to her mortgage company and then did nothing - nada - zip.

i will continue to raise the flag of common sense - if you need to pay for something that you should not need to pay for, it is wise not to do it. period.

Guest

After dealing with third party who was trying to help us with loan modification the missing information was submitted and received by our lender. Unfortunately now four months later we have been notified by our lender that the modification package was denied due to being owed by a private bank in New York unwilling to work with us..So my question is: Do you think Hope Now is our only alternative? Have not heard good things on other blogs.

gmakerley · Posted: Mon Apr 20, 2009 6:29 am Post subject:

cmd, you really ought to begin working with a hud-approved counselor. check out their website, which is www.hud.gov and you'll find several in your state who will be able to help you - FREE - and will likely even sit on the phone with you to discuss your issues with the lender. you can check into the Hope Now program as well. but a counselor will help you there as much as possible, also.

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