Loan Mod is a HOAX!! what do I do now????

[calico8280]

Hey all, been a while but here I am AGAIN. I'll keep this short. My "loan modification" finally went throu back in april. They sent us the papers and after we read them we realized that all they had done was give us a forebearance on our loan NOT a modification (or re-structure as they implied)
AND our payment actually went UP 200 dollars!!

Nevertheless, we signed and sent them back since it was two days before ANOTHER sale date. We were like "better sign today or lose the house tomorrow" but that was probably stupid of us. Anyway, we sent them the $1600 up front on the 26th of April and then had to pay our regular (new) monthly payment on May 1st which is now a WHOPPING $1700. Needless to say that totally wiped us out and we have been struggling ever since.

I know now that we CAN NOT make that kind of a payment but what do I do? Ask for another loan mod? Try to refi w/another company?(BIG LAUGH) Let them foreclose? Hire an atty? Is it even possible to refi at this point? Espescially since we now have a chapter 13 bankruptcy on our credit thanks to Countrywide!!

Any thoughts would be appriciated.

[Cat Damiano]

Hi calico8280,

You can try for a modification again, but do keep in mind that what is offered is done so by the investor on your loan and what they are willing to do for a modification or forbearance..............and also if escrows are required it will in most cases raise the payment......

What is the interest rate at right now?
How many more payments do you have on the forbearance?

In order to be considered for a modification when you put together the household income versus the household expenses you would need to show a surplus of $100-$250 left at the end of the month.............

If you can do that then put a new hardship letter into the body of an email along with you loan number and best contact number and send it to each of the email addresses below.............you should receive a response within 48-72 hours to get your information to the right dept. for a modification........

Hope this helps you............
Good Luck.........

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