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spm2004 · 11-19-2008, 02:58 PM

Ok, I just did a load mod (package received today) on my Fannie Loan. My rate was 7.875%, mod is 5.875% year 1, 6.875% year 2, back to 7.875% year 3, 5 years I/O. Not a huge mod, but my home is also not my primary residence (my mom lives there and is not on the loan).

I was denied the first time for not being 120 days late. SO, I stopped paying, shot off a QWR to protect my credit rating while I was not paying and in the meantime, pressed them about some surface concerns on my original loan origination, some misrepresentations I thought we made and suggested fraud... The very nice lady who was handling my QWR agreed to re-submit my hardship letter herself. She did, and I got a letter from her introducing my negotiator.

In the meantime, I got a letter from Genworth Financial offering to help as well. They insure my loan for Freddie/Fannie, and were requesting additional information to review the request for the investor. Luckily, I didn't need to do all of that, as my mod was approved.

Moral of the story, be persistent in your letter writing campaign, and like everyone else on the forum has said, FAX, email everybody!! If you send me a msg I will give my negotiator's name, and maybe you can start with a person. He was very nice, and super "cool". Young guy, sounded like, not a super stuffy "debt collector" type.

11-19-2008, 02:58 PM	#14 (permalink)
spm2004 Junior Member Join Date: Sep 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Denial #1 for Loan Mod with CW Ok, I just did a load mod (package received today) on my Fannie Loan. My rate was 7.875%, mod is 5.875% year 1, 6.875% year 2, back to 7.875% year 3, 5 years I/O. Not a huge mod, but my home is also not my primary residence (my mom lives there and is not on the loan). I was denied the first time for not being 120 days late. SO, I stopped paying, shot off a QWR to protect my credit rating while I was not paying and in the meantime, pressed them about some surface concerns on my original loan origination, some misrepresentations I thought we made and suggested fraud... The very nice lady who was handling my QWR agreed to re-submit my hardship letter herself. She did, and I got a letter from her introducing my negotiator. In the meantime, I got a letter from Genworth Financial offering to help as well. They insure my loan for Freddie/Fannie, and were requesting additional information to review the request for the investor. Luckily, I didn't need to do all of that, as my mod was approved. Moral of the story, be persistent in your letter writing campaign, and like everyone else on the forum has said, FAX, email everybody!! If you send me a msg I will give my negotiator's name, and maybe you can start with a person. He was very nice, and super "cool". Young guy, sounded like, not a super stuffy "debt collector" type.