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Originally Posted by RSMMOM  Wait a minute ! What is the "permitted expenses" and the $1500 Standard Living Expenses in our region???? |
The "permitted expenses and the $1500 Standard Living Expenses" are one in the same. The LossMit guy ("Mr Malone" in TX) asked how many people live in the home. I stated 4, he came up with $1,500 per month. He mentioned something about "your region" which I presume meant living expenses relative to the zip code.
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Originally Posted by RSMMOM I have been trying since Nov. 08' and just received a 3 month trial payment that is still too high! |
It appears we are all just a series of numbers to them: Income & Expenses.
The three month trial program seems like a joke/ploy to me. They are either interested in a resolution OR... They might just be trying to extract as much revenue from homeowners they intend to foreclose upon, three months down the road.
Think of it this way: If everyone stopped making payments, the company would go belly up in a matter of months. The government has issued (now expired) directives about moratoriums. FDIC is on their back and their "system" is not designed or capable of handling MASS loan renegotiations. They must report to their shareholders AND to the government (TARP & TALP funds).
Fear is driving much of this current impasse, laced with inaction and forestalling the inevitable (defaults on poorly designed loans).
How do you "tease" mortgagees into continuing to make their payments? Offer a "trial" period.
How do you reduce the flood of Loan Mod applications? Require them to continue making making payments.
In my situation, I have no other choice: $7,000 mortgage and $2,500 available funds each month. The number they shot back at me was what their "system" calculated and like your case, still way too high and at the same time, disregarded the second mortgage THEY service and likely own. This is exactly why I gave up trying to "negotiate" with phone agents plugged into a "system" that's beyond their control. I find it sad that they would force foreclosure when the comps in my area support the premise/claim that they will lose at LEAST $300k upon foreclosure while at the same time, they can't get Frick to summon Frack into the conversation for an expedited solution.
Stay tuned to find out how much more flexible their foreclosure atty's are, compared to their phone boiler-room "LossMit"/Collection agent counterparts. Quote:
Originally Posted by RSMMOM ...Chase just modified Jeanna's (OC Housewife) pretty fast and stopped any foreclosure action! |
Do you mean the TV show is STILL being filmed here? I watched a couple episodes years ago to see how they portrayed my area. I wasn't impressed with Hollywood's take.