Hi! Just a little note regarding a big blessing in the form of a temporary mod. I have a mortgage with HFC for 11.15% interest with a payment of $2967 a month including taxes and insurance. Two months after signing the papers, my husband passed away. Three months later, I lost my job and was unemployed until April 2009. I survived by utilizing all my savings, my husband's insurance and credit cards.
I kept current the entire time with my mortgage and figured I could make one more payment and then it would be downhill.
Then out of the blue I got a wonderful job offer that started the middle of this April.
I called HFC and explained my situation. The had me go ahead and submit all the info by fax that I had to start my file. I did not yet have pay stubs, but sent copies of my offer letter and employment verification.
They held my file for me until I could get my check stubs from my new job.
Today (yes today, Sunday), 10 days after I faxed the check stubs, I got a phone call from HFC stating that I had been approved for a modification and that they had accepted my just recently made May payment as my qualifying payment. They cut my interest payment in half which reduced my toal payment by $1000.00 a month.
The young lady on the phone gave me the mod authorization numbers and additional information that I would need in case of any phone calls from customer service. Due to the immense volume of customers they are trying to assist, it is taking a longer time for the paper documents to get to the homeowners.
She also encouraged me to reapply in 5 months as she realizes that my husband still won't have an income in 6 months unless the Good Lord sends him back.
My main tactic in this was to call once a week so something was documented in my file. I also kept records of my calls and what I was told by their agents.
Another thing I found was that when they ask for my loan number, I give it and then immediately tell them that I was checking on my hardship application. In most cases (not all) it got me through the "can we schedule a payment for you" questions script that the reps are required to ask. Since I have always been current, It is easier to tell them no and move on to what you really want to accomplish.
So far it has been painless, but this process is not really for the faint of heart. You must be assertive, prepared and able to convey what you have to say concisely to the reps. I found it helpful to write down my taking points before hitting speed dial.
amyjeannine
