American General Financial (AIG) : No Loan Modification Possible - Loan Modification Forum

JeannieLynn · 03-13-2009, 04:39 PM

I called my mortgage provider, American General Financial (which is owned by AIG), and inquired about getting an temporary interest rate reduction for our mortgage. We are two payments past due (just missed the second payment yesterday) and are struggling with the 8.5% interest rate. We weren't asking for any principle reduction; just a lower interest rate until we can find a job with higher wages.

The branch manager told me that loan modification will not be possible; in fact they are raising interest rates right now. He said that the only way we could get our payments down would be to refinance with another lender. This is not an option right now as we are underemployed and our credit has taken a ding from late payments. He told me that AGF will not be participating in the government mortgage assistance program at all.

I find this disappointing as this was pretty much our last hope. I guess our only option at this point is bankruptcy and hope that the senate allows bankruptcy judges to change the mortgage terms.

Also, they will not work with any 3rd party places who help facilitate modifications.

We are not underwater on our mortgage; we owe about what the house is worth. We did not buy a huge house; our house is under 1000 square feet and under $100,000. My husband and I are both working, but cannot get full-time hours right now. I have been sending out dozens of resumes a week. I have a college degree, but the job market is horrible in our area right now. I'm so desperate now that I'm thinking about taking a job as a collection agent; they are the only places that seem to be hiring. I beg my boss each week for extra hours. We are only short about $350 dollars a month so an interest rate reduction would have really saved us and kept us in our home. We've lived in our house for nearly 10 years, but made the stupid move to refinance 4 years ago when they offered us the new loan.

I know that I saw some people on the boards asking about American General Financial and wondering if they were doing loan modifications. The funny thing is that they state on their website that they will do loan modifications, but when you call them, its a totally different story. The link below makes it sound like they'll do everything it takes to help out a borrower. When I pointed this out to the branch manager, he said that they used to do that, but it was ineffective as 75% of the people who modified defaulted anyway.

Debt Consolidation | American General Financial Services

Does anyone know if there are any other options besides bankruptcy? Any suggestions would definitely be appreciated.

Moe Bedard · 03-13-2009, 06:59 PM

Hi JeannieLynn,

Welcome to the forum and thank you for joining........

Is this a first mortgage?
Is this the only property that you own?

JeannieLynn · 03-14-2009, 03:12 AM

Hi, ***! I meant to post this in the Stop Foreclosure forum.

Its the only mortgage, there is no second mortgage. This is the only property that we own.

Thanks so much for the reply!

Dan Bailey · 03-14-2009, 05:47 AM

JeannieLynn,
Although they -said- they will not work with third party orginizations....I would still contact NACA:https://www.naca.com/refinance/refinanceSubmission.jsp

NACA is a non-profit, and will help facilitate and deal with the lender on your behalf at no cost. They are HUD approaved and recognized . What they (the lender) says to you and what happens when they get pushed are two different things

dalton07 · 07-17-2009, 08:15 AM

Wondering if there are any updates on the American General finance modifications.......I am also financed thru them at a whopping 11.75% interest rate, trying HARD to get it lowered to afford the payment as my husband has left me and I have no where else to go. I am to speak with NACA today, so I'll leave updates as I know something!

123456 · 09-11-2009, 08:39 AM

American General will not work with you on any Modifications. I tried working with them and was told that they were participating any modifications, Home Save program, etc. I was also told that they weren't participating in any home save programs or anything that the government is doing. I find that really insane because they are a public held company, not private. I contacted NACA last month and they are listed as a predatory lender. I am working with NACA to get my modification, I am tired of trying to work with these crooks!ffice

ffice" />>>
>>
If enough of us band together, they can be stopped!
https://www.naca.com/index_main

03-13-2009, 04:39 PM	#1 (permalink)
JeannieLynn Junior Member Join Date: Mar 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	American General Financial (AIG) : No Loan Modification Possible I called my mortgage provider, American General Financial (which is owned by AIG), and inquired about getting an temporary interest rate reduction for our mortgage. We are two payments past due (just missed the second payment yesterday) and are struggling with the 8.5% interest rate. We weren't asking for any principle reduction; just a lower interest rate until we can find a job with higher wages. The branch manager told me that loan modification will not be possible; in fact they are raising interest rates right now. He said that the only way we could get our payments down would be to refinance with another lender. This is not an option right now as we are underemployed and our credit has taken a ding from late payments. He told me that AGF will not be participating in the government mortgage assistance program at all. I find this disappointing as this was pretty much our last hope. I guess our only option at this point is bankruptcy and hope that the senate allows bankruptcy judges to change the mortgage terms. Also, they will not work with any 3rd party places who help facilitate modifications. We are not underwater on our mortgage; we owe about what the house is worth. We did not buy a huge house; our house is under 1000 square feet and under $100,000. My husband and I are both working, but cannot get full-time hours right now. I have been sending out dozens of resumes a week. I have a college degree, but the job market is horrible in our area right now. I'm so desperate now that I'm thinking about taking a job as a collection agent; they are the only places that seem to be hiring. I beg my boss each week for extra hours. We are only short about $350 dollars a month so an interest rate reduction would have really saved us and kept us in our home. We've lived in our house for nearly 10 years, but made the stupid move to refinance 4 years ago when they offered us the new loan. I know that I saw some people on the boards asking about American General Financial and wondering if they were doing loan modifications. The funny thing is that they state on their website that they will do loan modifications, but when you call them, its a totally different story. The link below makes it sound like they'll do everything it takes to help out a borrower. When I pointed this out to the branch manager, he said that they used to do that, but it was ineffective as 75% of the people who modified defaulted anyway. Debt Consolidation \| American General Financial Services Does anyone know if there are any other options besides bankruptcy? Any suggestions would definitely be appreciated.

03-13-2009, 06:59 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: American General Financial (AIG) : No Loan Modification Possible Hi JeannieLynn, Welcome to the forum and thank you for joining........ Is this a first mortgage? Is this the only property that you own? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-14-2009, 03:12 AM	#3 (permalink)
JeannieLynn Junior Member Join Date: Mar 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: American General Financial (AIG) : No Loan Modification Possible Hi, ***! I meant to post this in the Stop Foreclosure forum. Its the only mortgage, there is no second mortgage. This is the only property that we own. Thanks so much for the reply!

03-14-2009, 05:47 AM	#4 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: American General Financial (AIG) : No Loan Modification Possible JeannieLynn, Although they -said- they will not work with third party orginizations....I would still contact NACA:https://www.naca.com/refinance/refinanceSubmission.jsp NACA is a non-profit, and will help facilitate and deal with the lender on your behalf at no cost. They are HUD approaved and recognized . What they (the lender) says to you and what happens when they get pushed are two different things __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

07-17-2009, 08:15 AM	#5 (permalink)
dalton07 Junior Member Join Date: May 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: American General Financial (AIG) : No Loan Modification Possible Wondering if there are any updates on the American General finance modifications.......I am also financed thru them at a whopping 11.75% interest rate, trying HARD to get it lowered to afford the payment as my husband has left me and I have no where else to go. I am to speak with NACA today, so I'll leave updates as I know something!

09-11-2009, 08:39 AM	#6 (permalink)
123456 Junior Member Join Date: Sep 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: American General Financial (AIG) : No Loan Modification Possible American General will not work with you on any Modifications. I tried working with them and was told that they were participating any modifications, Home Save program, etc. I was also told that they weren't participating in any home save programs or anything that the government is doing. I find that really insane because they are a public held company, not private. I contacted NACA last month and they are listed as a predatory lender. I am working with NACA to get my modification, I am tired of trying to work with these crooks!fficeffice" />>> >> If enough of us band together, they can be stopped! https://www.naca.com/index_main

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