Loan Modifications

From Loansafe.org:
I re-read my forbearance; I want to request a short sale
“…one lady was actually given the imfamous “trial payments” and still resided in her home while the other, a 64 year old lady, had a knock at her door on Oct 1st saying her house was foreclosed on and she had to leave. To her understanding she was in a forbearance till Dec….so she had to leave her property. Currently she is fighting to try to get WHATS LEFT of her stuff out of the foreclosed house. When the news crew panned over the looks of the said house the windows had been broken out, clearly vandalized and she had said friends of hers had said they saw stuff that belonged to her for sale on the street!…

…First and foremost I should have trusted my instinct that the young sounding kid on the other end of the line had no idea what he was talking about when I asked him if the dam MHA was even a real program. His response, yes it is we have done thousands….My response well I sent my paperwork 2 times and no one seems to have it! he tells me to resend it again…
…She says get all your docs together fax them to me and i will call you personally to let you know i recieved them…i told her this was my last shot. I faxed them and didnt get a call. No surprise…but she did call on Monday to let me know she got them and would be working the mod. Long story shot it ended up ina forbearance…
…So after last nights news i decided i needed to totally review my papers and saw that it says “Chase home finance LLC is writing in response to your request for a forbearance plan on the above referenced account.” ok number 1!!!! i didnt request a dam forbearance! does that mean that thats what Amaya had been working on for the past 60 days? not the MHA? So i tried to call chase this morning and guess what….as per my account, SSN, and zip code, there is no property that matches that info!. WTF is really goin on?… I wanted to request short sale papers.

With the other property we have, that we havent paid for since OCT 08. Its with countrywide/BofA….we requested short-sale papers at that time and recieved trial payments for 500.00 less then our normal payment….and A lady at my church requested short sale papers and was also offered trial payments instead of short sale papers for 600 less then her normal monthly payment. Again not chase but it seems to be the way to go??? ” (emphasis mine)

Sadly, this is not an uncommon story. If you are going to pursue a loan modification on your own, be prepared to lose all faith in humanity work for it. There was one instance where we had to send a full package in 18 times! We would call to confirm receipt and they would say they are missing a page that is right out of the middle. I can understand if they are missing the first or the last page, but right out of the middle? And if we are missing one page, why do we need to send in the whole package? Easy, if the package is not complete, they have no problem throwing your package in the trash round file cabinet.

Remember, before you sign the paperwork the bank has sent you, read it carefully. If you requested a loan modification, you need to get a loan modification. And it has to be something affordable, not a couple hundred dollars off for the next 6 months. If your payment doesn’t drop 40% it’s not a good loan modification.

If you are working on a loan modification or have received a forbearance instead of a modification, give us a call. We literally do a hundred (or more) of these a month. We can tell you what your chances are of getting a loan modification through. We can also help you plan if a loan modification does not work out. (480) 389-5199

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