Loan Modification Forum - LoanSafe.org - View Single Post - Anyone had any luck with getting a better modification?

SueVee · 01-12-2009, 02:32 PM

Hi there! I have a I/O loan that was set to adjust Nov 1st, and we applied for a loan modification. Both my husband and I lost our jobs in Sept (auto business) and hadn't been able to make the $3600 payment starting with Oct's payment. We submitted a hardship letter and proof of our income, by fax, and were told that someone would get back with us (we called mid Nov once we received the accleration letter). The customer service rep (I used that term loosely) asked us what payment we could afford ( I said $2200), and told us to ear-mark that amount for Dec, and to wait until we received our modification paperwork to pay that amount. Mid December we received a Fed-ex with a loan modification to lock in at 8.15% rate (we had on a 2 yr ARM) for 30 yrs, and our payments only decreased $100!!

My question is should we call back and ask for a better modification? Do we need to reapply with the new guidelines that started Dec 1st? Just looking for someone who may had had experience with this situation. Thanks!

01-12-2009, 02:32 PM	#3 (permalink)
SueVee Junior Member Join Date: Aug 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Anyone had any luck with getting a better modification? Hi there! I have a I/O loan that was set to adjust Nov 1st, and we applied for a loan modification. Both my husband and I lost our jobs in Sept (auto business) and hadn't been able to make the $3600 payment starting with Oct's payment. We submitted a hardship letter and proof of our income, by fax, and were told that someone would get back with us (we called mid Nov once we received the accleration letter). The customer service rep (I used that term loosely) asked us what payment we could afford ( I said $2200), and told us to ear-mark that amount for Dec, and to wait until we received our modification paperwork to pay that amount. Mid December we received a Fed-ex with a loan modification to lock in at 8.15% rate (we had on a 2 yr ARM) for 30 yrs, and our payments only decreased $100!! My question is should we call back and ask for a better modification? Do we need to reapply with the new guidelines that started Dec 1st? Just looking for someone who may had had experience with this situation. Thanks!