Loan Modification Forum - LoanSafe.org - View Single Post - Is there still no one with a modification offer on the dec. 1???

serenevenice · 01-11-2009, 12:38 PM

Denised-They haven't said we have been denied yet. I think we will though. We are $1650 short a month. We haven't really tried to push them as the time can be on our side. I'm trying to find work since my Mortgage Broker closed the doors in October. I was a Loan Officer. So while, I check with CW and remain in contact, we are trying to correct our situation before we are denied. We are also working with CCCS to get our debt down.

SandyH-We are in an Option arm that is tied to the Libor. Eventhough this is part of the reason, we have only been paying the minimum payment which adds at minimum of $2000-$2500 a month. It should currently be adding to the principle. It has stayed at $713,000 since we quit paying. Actually it should go up a minimum of $2500 per month since September. It is due to recast at $749,000. I'm familar with the calculations as I was a Loan Officer from 10/2006 until 10/08. Unfortunately, I had no idea about loans when we refinanced in May of 2006. I had made it my crusade to never do an option arm even when a client wanted one. I also tried to not put people in ARMs period. My broker was honest, that's why he isn't in business anymore. The sleezy brokers are still writing mortgages.

katystired-yes, we don't have a negotiator yet either. Except for the guy in the workout dept. that cheerfully delivered our first 2 options that aren't doable. We'd have made our payments and not be late if we could fork over the missed payments plus penalties. He said most people only get one offer and here he's giving us 2!! Incidently, these two options would make our payment about $700 more a month and still leave us upside down by $180,000.

spoken4- yes, it's the same for us. Maybe there isn't a Dec 1st program. What I don't understand is several people said that their packets for dec. 1 went out. If that was true early last week, why are there posts here about what they said?

01-11-2009, 12:38 PM	#10 (permalink)
serenevenice Senior Member Join Date: Dec 2008 Posts: 78 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Is there still no one with a modification offer on the dec. 1??? Denised-They haven't said we have been denied yet. I think we will though. We are $1650 short a month. We haven't really tried to push them as the time can be on our side. I'm trying to find work since my Mortgage Broker closed the doors in October. I was a Loan Officer. So while, I check with CW and remain in contact, we are trying to correct our situation before we are denied. We are also working with CCCS to get our debt down. SandyH-We are in an Option arm that is tied to the Libor. Eventhough this is part of the reason, we have only been paying the minimum payment which adds at minimum of $2000-$2500 a month. It should currently be adding to the principle. It has stayed at $713,000 since we quit paying. Actually it should go up a minimum of $2500 per month since September. It is due to recast at $749,000. I'm familar with the calculations as I was a Loan Officer from 10/2006 until 10/08. Unfortunately, I had no idea about loans when we refinanced in May of 2006. I had made it my crusade to never do an option arm even when a client wanted one. I also tried to not put people in ARMs period. My broker was honest, that's why he isn't in business anymore. The sleezy brokers are still writing mortgages. katystired-yes, we don't have a negotiator yet either. Except for the guy in the workout dept. that cheerfully delivered our first 2 options that aren't doable. We'd have made our payments and not be late if we could fork over the missed payments plus penalties. He said most people only get one offer and here he's giving us 2!! Incidently, these two options would make our payment about $700 more a month and still leave us upside down by $180,000. spoken4- yes, it's the same for us. Maybe there isn't a Dec 1st program. What I don't understand is several people said that their packets for dec. 1 went out. If that was true early last week, why are there posts here about what they said?