Loan Modification Forum - LoanSafe.org - View Single Post - Has a Single Person Been Helped by SunTrust

juskilentime · 07-23-2009, 02:59 PM

My last payment to SunTrust was January 2009. I did an 80/15 purchase in Oct. 2006. I currently owe ~ $295k on both mortgages.

I went to SunTrust's online loss mitigation questionnaire and completed it on January 30, 2009. I have faxed, refaxed and re-refaxed hardship letters, paystubs, W2s, bank statements, etc. Their collectors call me 6 days a week, every week, every month and I get a door hanger about once every 4 weeks (my guess is SunTrust has hired someone to make sure I haven't bailed). I call once a week and have since March 26. My last update was the appraisal came back at $164k and now it's back to the assigned loss mitigation person.

Just amazing that it has taken so long and still no resolution. If and when a modification is offered, it may be in my best interest just to short sale or go to foreclosure/bankrupcy since the value is $131k less than I what I owe. I can't see the value ever going back to that level and may be best to take the pain now and recover than to go through all this 5 years from now.

I'm tired of worrying all the time.

07-23-2009, 02:59 PM	#13 (permalink)
juskilentime Member Join Date: Aug 2008 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has a Single Person Been Helped by SunTrust My last payment to SunTrust was January 2009. I did an 80/15 purchase in Oct. 2006. I currently owe ~ $295k on both mortgages. I went to SunTrust's online loss mitigation questionnaire and completed it on January 30, 2009. I have faxed, refaxed and re-refaxed hardship letters, paystubs, W2s, bank statements, etc. Their collectors call me 6 days a week, every week, every month and I get a door hanger about once every 4 weeks (my guess is SunTrust has hired someone to make sure I haven't bailed). I call once a week and have since March 26. My last update was the appraisal came back at $164k and now it's back to the assigned loss mitigation person. Just amazing that it has taken so long and still no resolution. If and when a modification is offered, it may be in my best interest just to short sale or go to foreclosure/bankrupcy since the value is $131k less than I what I owe. I can't see the value ever going back to that level and may be best to take the pain now and recover than to go through all this 5 years from now. I'm tired of worrying all the time.