Can a person who owes 5 houses get a mod

[cbriones]

Ok I received a letter from my mtg company ASC . they are adding my taxes to my mtg payment i can barely afford the mtg payment with 7 kids right well now the mtg will be 500.00 more I called and told them that i cant do it its way to much to please give me some time so i can look for a job since I dont work with 7 kids my husband does. They informed me that they could spread the tax moneythat they paid out for me in 36 months which means that my mtg will still be high I told them i just cant do it so they said they couldnt help me that they need to recoupe the 6500.00 they paid for me .. I guess i will loose my home because i will not be able to afford it.

[Mary Salzer]

Thank you for joining and welcome to the forum.

How many years taxes were these? That is rather steep for one year, what state are you in?

Did you ask if they could add the tax deficiency to the principal of the loan and modify the loan for you that way? Please let us know this and any other information that might be useful to help.

[Andrew]

Are you in NJ. My parents live in NY and pay 16k a year in taxes (about 12k is school tax).

[Mary Salzer]

Andrew....PA is not all that wonderful and Texas really is bad. We are spoiled here, low taxes, 1/3rd of what PA pays or less......

[Andrew]

My taxes are 2k. I built my house in 2004. Its 2000sqft colonial. It's much cheaper in PA then NY where im orginally from.

[Mary Salzer]

You have lower than I thought, my mother's are horrible and she is still in PA, so many of the elderly around her are selling since they can not afford the taxes in her area. You are a little higher than we are here, but not much. Good deal, and yes NY is really stiff, they get you coming and going.

[cbriones]

Hello Well My Taxes Were 3 Behind And 1 That Is Due In April I Know That I Have To Pay Them But Dont Go And Add Them To My Mtg. I Can Pay Payments To The 6200.00 But Not If Its Added To My Mtg. I Havent Tried To Ask For A Modification. Should I ..

[Mary Salzer]

Yep, I would at this point start the process and request either modification or forbearance. What kind of mortgage do you have fixed rate or adjustable before you take the plunge.

[Cat Damiano]

But also keep in mind that if you do try to get a modification on your loan the lender is going to modify it with the Principle, interest, taxes and insurance all included in the new payment..........
Make sure before you accept a modification if one is offered that you will be able to afford that new payment.........sometimes because they will not modify into an interest only payment again the payment amount goes up instead of down.........
so just double check what a modification will do for you.............

[cbriones]

My rate will adjust in August its going up 800.00 and im subprime so i cant refi . I dont even know if there going to help me then, anyways when i called ASC they said that they were doing the analyst and they would be sending me the new mtg payment amount from there then i could call a counselor to see what and how they can help me so hopefully they can spread the 6200.00 enough so that i can afford the payment..

[Mary Salzer]

Truth with the modification the new payment will be higher than the present payment, however, not as high as it could be if it went to full adjustment when that comes due. The thing that you should ask for is Capitalization of the Taxes or the 6200.00 to the loan to make it easier to do. This will raise the loan balance, however, with a reasonable rate, nothing like the cost of the 6500.00 over 3 years or 1 year. Probably about 60 to 75 dollars a month, just for the taxes, and I do not know what rate they will set it at, but only if they capitalize that lump sum to the payment, which is add it to the principal of the loan and recompute the monthly payments that way. If they set it to higher rate over all the payment will go higher than the 75.00/mo to accommodate the new rate. Ask for the capitalization, that is important.

[cbriones]

what is a QWR that you said i can request

[Mary Salzer]

The QWR is a Qualified Written Request and under RESPA Section 6 the lender must comply and during the period of time alloted by the time to comply can not report you late on your mortgage. That is for starters. The QWR allows you access to every document in your file and to the Life of Loan payment history so that you can review it for accuracy. There may at the time of closing been irregularities in your loan that were in violation of Federal Regulations, as such you can have those documents reviewed by a qualified party of your choice and if there are irregularities (which often there are, like a lot) you then have some leverage with the lender for modification and other remedy. Additionally we have found that by requesting this, the lender/servicer becomes more responsive to the borrower/home owner and easier for the home owner to work with. Apparently they are afraid too that there might be irregularities....

So --- QWR -there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

There are blank copies in the tool box, there are other peoples examples throughout the forum, you need to make it your own with your own problems, course of actions and lack of response from the lender.

This thread has a really good example:

My Countrywide escapade and Hi!

[cbriones]

After i rq. the QWR and do all that you say what happens then also the Broker went Bankrupt...

[cbriones]

Also Do I Wait Until I Actually Receive The Analysis I Havent Reived It To Say What The New Mtg Will Be I Called And They Gave Me A Estimate So Do I Ask For The Qwr Now Or Wait...

[Mary Salzer]

You need to send the QWR and at the same time start contacting the Lender/Servicer to modify and mitigate the arrearage in the taxes so that you can get a manageable payment.

The QWR will give you the data that you need to give you some possible control over the lender/servicer, but you should not stop the process of modification and work out while waiting for the documents.

If the Broker is out of Business, so many are, you can send the letter and it should be forwarded to the appropriate party to obtain the documents they have to keep them for a period of years after the loan closes.

Meanwhile do not stop trying to modify and work out the loan with the Lender/Servicer......you can not stop those efforts.

[cbriones]

I have faxed to letters already stateing that i cant afford the extra 400-500.00 more a month .

[Mary Salzer]

I understand that, but faxing once and then waiting for them to do something is not going to work, you have to be proactive and stay on top of them. You have to provide a hardship letter as to why you can not afford this extra payment. How were you paying the taxes before? If you can not afford the house with the taxes this may be a problem, can you afford the house with the taxes? If you own a house the taxes have to be paid, there is no way around that fact.

Meanwhile please do not wait on them, you have to be very pushy and keep calling them.

[cbriones]

I Just Wrote Up A Qwr And Faxed It . You Know Regarding The Taxes I Can Afford It However I Did Fall Behind I Was Layed Off From Cw Then Freemont So Its Been Tough But Once I Catch Up On Taxes I Will Not Fall Behind..

[cbriones]

Sorry I Mean I Can Afford My House Payment But Not The Extra 500.00 A Month For The Taxes...

[Mary Salzer]

Is the extra 500.00 per month for the taxes that were not paid or for both the current tax bill and the back taxes.... in other words can you afford the payment with just the current taxes added to the payment.

[cbriones]

ASC paid 6200.00 in back and current taxes for me ...

[Mary Salzer]

Ouch...that is painful. You are going to have to find a way to get them to run that out over a longer period of time than a year. But, ASC is not a kind servicer and you are going to have to work real hard to get them to do that.

[cbriones]

Even If They Spread It Over 36 Months My Mtg Payment Will Be 480.00 More A Month Thats To Much I Have FaXed Them 3 Letters And Am Just Waiting To See If They Do Add It I Cant Pay It At All.

[Mary Salzer]

This is a lot of taxes, and since you did not pay them the lender did, if you can not make the payment even now, it may be time to consider other solutions. The taxes are required to be paid, whether they are in your payment each month or you pay them yourself.

If the addition of the taxes to your payment even over 3 years makes this something that you can not afford, you do need to look at other alternatives.