Loan mod that will guarantee foreclosure

[lha3140189]

In March of this year we completed our loan mod. After being told we did'nt qualify for the A/G program in California unless we were two months late we did what was required. We had been raiding my pension fund to keep up with the payments. After being told we were qualified and after receiving three prior loan mod offers from the Pittsberg Home Retention Unit we were assigned to the Lancaster Ca. 'Office of the President." After over 50 call that were only returned three times the loan negotiator offered us what he said was all C/W would offer. A step program that caps out at 6%. It starts at 3.5 for 2 years. 4.5% for another two and then hits the cap. Payment was based on 35% of our income for the first 2 years. Now here's the hard part. The negotiator did not consider our taxes or insurance which adds about $950 per month. We are not on an impound account. The Stipulated Judgment calls for a 25% amount if not impounded. The negotiator said they were not following that rule. And the final complication is that both my wife and I are totally disabled on S/S disability. Our income cannot absorb the taxes, it can't absorb the increase in payments in two years and were on a track to a guaranteed foreclosure. I've read about many people getting 2% rates for years or forever. If anyone has any thoughts or advice I'm listening. My heart condition is quite possibly terminal and I sure don't want my wife and daughter to be left with this legacy. What kind of peolpe are these? How can they offer modifications to disabled people whose income is fixed that increases in the first two years to an unaffordable level? And why?

[ama125]

I am so sorry to hear of your situation. The truth is the banks, lenders and investors are only looking out for their money and have little concern for the homeowner. Perhaps someone else can ring in here with some other information. I have just been encouraging people to contact the office of the president. I have a post at the top of the main CW page. I do wish you the best of luck!

[Cassietw]

Have you thought about going through NACA?

www.naca.com

A lot of people have been helped. Some faster than others and some still waiting. I have been going through NACA since March 2009. I ended up taking an offer from the bank that was close to what NACA was going for. It is worth a shot. It is free and they are good at postponing sale dates and delaying forclosures.

Good Luck and keep us poted!

Cassie

[rkel11]

I would also call HOPE and see how they can help. I think they would be faster than NACA. Just please don't give up.......keep trying to get what will help you now and in the future.

Good luck....