My story is similar to most of you. I am now 9 months behind with a sale date of November 30th. I have a FHA loan that originated with Bank123 was sold to
CW(that's when the problems started) and then became BofA (more problems). I have tried to modify on my own several times, starting last December and have submitted the papework several times, all while being told that they were sure that I'd qualify since I was more than 4 months behind by then. The last time I submitted the paperwork, I was told that I would get the infamous Fed Ex envelope in about 45 days. 60 days come and go and nothing. I called again and was told this time that I don't pre-qualify for their programs because my mortgage was less than 31% of my gross. (by $68!) If they went by my net, they'd have to lower my payment almost $400.
I tried again in July. The very rude "home retention team member" had several ideas as to how I might make a payment. In addition to getting a roommate, a second job and a new job, he suggested that I give my car back to the bank. I wouldn't mind doing this but I need transporation to get to work and I'd still be responsible for the balance of the loan, so that wouldn't help my situation. He then had the audacity to suggest that I just quit my job so I can access my 401k to pay back what's due and maybe then I'd be able to qualify because unemployment wouldn't pay me as much. Never mind the fact that I am living in an area with a 12.8% unemployment rate, have good and FREE health insurance that I need and have what is considered to be a good job in a company that is very hard to get hired on with. He then informed me that the investors don't qualify me for a mod but would let me have a repayment plan. This plan would require my monthly payment to increase $138 a month with around an additional $600 a month for the next 6 months to repay my back balance. This guy was such a jerk! 3.5 months later and I can still hear him smirking as he's giving his "helpful" suggestions.
In desperate need of help, a friend of mine, who was referred by a friend to loanrefine.com, got me in touch with a rep. I felt so good after meeting with the rep that I shelled out a non-refundable $795 (another $1695 due if they get the mod done) for them to start negotiating. So fast forward 2 months and the only phone calls I've gotten from them are after I've left messages. They didn't even know that my loan mod had been denied again in Sept. 2 weeks ago my contact said that my financials needed to be updatedm so he did that with BofA but I also had to re-send my information to them again. It's been a week and a half and still no call back.
I found this forum last night and have been pouring over everything I can. I have absolutely no confidence in this company I've contracted with. I'd like to do it on my own but am not sure where to start. I realize now that all my previous dealings have been with collections and not with a negotiator. The last update I had from loanrefine was that they were working with someone named Virginia and that the file was being re-opened for review. Does this mean that I have a negotiator assigned already? Or is this just someone who can pre-qualify me? I looked on the contact list and I didn't see her name anywhere. Is there a general number I can call that doesn't take me to the home retention team?
Sorry for the saga. I'm just so worried, I can't seem to form a concise thought. I would appreciate any advice that you guys can give me.
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