Loan modification CO: Used You walk away website now working with Home First

[stressedcalihmeownr]

My story starts over a year ago..Ill make this short. My loan was with Chase Bank and is now with LBPS-was transferred to them 09/01/2010. I tried to obtain a loan mod thru Chase three times due to the loss of income and was denied everytime! The experience trying to work with Chase was terrible! My spouse and I have taken a loss of incomes, loss of value on the home-we are currenly underwater over $100k and used all of our resources to keep making our mortgage payments...as of 10/1/2010 we couldnt pay any more.

So we are trying to get a mod with the new bank LBPS and also reached out to the website 'you walk away.com' and requested assistance for a loan modification. Through that site we were connected to 'Home First' (home-1st.com) and have been given some positive news. Theyve told me we do not have to pay until they get a verified loan modification and have provided us with a forecasted payment.

Does anyone out there have any experience with this company? Ive checked them out and they appear to be a legit company and have a A- rating with the BBB.
Im reluctant to try to go through a loan mod again with the bank that currently hold our loan because of our bad experience with Chase...so Im confused on what route to take. We want help, and want to save our home.
Any input would be appreciated!

[DBarr13447]

If you truly want to stay, I think you need to try one more time on your own to push this through with Chase. If you look around this site, you'll see some homeowners are finally getting attention (due to US ALL MAKING SOME NOISE!!)

Be aware there are FREE resources to help such as NACA/HELP hotlines. If you haven't tried them, do that before you hire anyone.

Hiring someone to help you with a loan mod will not get you through the process faster, we all have to jump through the same hoops!.

If you need someone to ask questions and learn about the process just stay in touch with the good folks here (who have way more knowledge than I) who are dealing with Chase right now just like you!

Good Luck - You can do this!!!

[stressedcalihmeownr]

Thank you...Im extremely exhausted and confused about the entire process and after a few failed attempts Im worried. Dont know which way to turn and just want to remain in my home. Hopefully I can get through to the bank myself. Thanks!

[Mathew]

I agree with Dbarr. Don't give up on your loan mod with Chase. It's never over until its over. If they turn you down just think of it as them turning down your offer and then make them another offer. Send them a QWR letter and ask them questions. Keep records of everything. Do a google on QWR letter. I don't know about Home First so I can't really say but its good they are not charging you up front. A good loan mod company will ask for your financials and build a financial profile, they will help you with a hardship letter, and they will talk to you lender directly or do a conference call with you on the line. Any kind of third party assistance is helpful, but do not stop communication with the bank. The best way to communicate is in writing.

[stressedcalihmeownr]

Thank you everyone. Ive decided to give it one last try on my own and see what happens. My loan has been transferred from Chase to LBPS recently and they so far are more responsive and appear willing to help. So Ive sent them everything and some final docs they requested and I was told as soon as they get these last items it will be reviewed.

So Im going to try again on my own, and use Homefirst as a last option for help. I have to say...the company seems very good and they are not asking for any money upfront. Theyve told me they will not need payment until they get a confirmed yes from the bank and all docs are in order for signing.

Thank you everyone for your input!

[imlars]

Thank you everyone. Ive decided to give it one last try on my own and see what happens. My loan has been transferred from Chase to LBPS recently and they so far are more responsive and appear willing to help. So Ive sent them everything and some final docs they requested and I was told as soon as they get these last items it will be reviewed.

So Im going to try again on my own, and use Homefirst as a last option for help. I have to say...the company seems very good and they are not asking for any money upfront. Theyve told me they will not need payment until they get a confirmed yes from the bank and all docs are in order for signing.

Thank you everyone for your input!

You should never have to pay for help with your mortgage. Please do not waste your money on a mod company, they are not going to do anything for you that you can't do for yourself.
The most important thing is to make sure that the initial financial package you send to the servicer is complete and up to date. Make sure all of the forms are complete and signed, make sure that all of the required documents are present and up to date. Follow their instructions to the letter, but...don't just fax in the package...send it FedEx with a signature required also. This way you can go online and get a delivery confirmation, and if they deny receiving it, you can prove otherwise.
Wait about a week and call the servicer to verify receipt of the package, and ask if there is anything else needed to get the case to a negotiator. Call on a weekly basis, keeping in mind that you will probably be speaking to customer service and they can only tell you whatever the negotiator has put into the computer system as notes.
When your review request reaches the servicers mail room it will generally be there 3-5 days before it gets to an analyst. The analyst has 14-30 days to go through the file and verify that all of the necessary information is present. Once the package is deemed complete it will go into a queue, where the next available negotiator will be assigned to it. Only complete packages go to the negotiators, they are the ones who are going to decide if you qualify for mod, so you want your package to be assigned ASAP. The negotiator generally has the file for 30-60 days before it goes to the underwriter, who can have it for another 30 days before it is even ready to be presented to the investor, who could take another 30-60 days to make their decision. This is a lengthy process.
Considering that it is a such a lengthy process, and the fact that there is never a guarantee that a loan will be modified, I find it hard to believe that there is a company out there that only gets paid if they get a mod. The company I worked for charged a flat fee to file the request, and then added misc fees later on in the game. Once the borrower recieved any type of agreement, signed and returned it to the servicer, and we verified receipt by the servicer, that case was closed. That way, if the borrower only got a forbearance, they would have to pay the fee again to make sure that they would be considered for a modification once the forbearance was completed. It was quite a racket.
If you do have to get help, contact a HUD certified counselor, and don't fall for the HUD approved line the mod co may give you. HUD approved means nothing, a company or counselor is either on the list as being HUD certified or they are not. HUD certified counselors have definite guidelines they follow, the HUD approved guys make them up as they go along.
The high mortgage default rates have created a new industry for the very people that helped get us into this mess to start with. Did you know that most loss mitigation co are owned by real estate agents, or mortgage bankers? This industry is highly unregulated. The co I worked for was not licensed to work in the state we were in, so we couldn't take in state cases. However cases came from many other states, all the mod co needed was a licensed real estate agent in that state to bring in the cases. The real estate agent could charge the borrower whatever they wanted to, and the mod co got a flat fee on some cases, and a percentage on others, from that real estate agent so that they could say that they didn't take any funds directly from the borrower.
I post here because want to help people who are already in enough financial trouble and don't need vultures like these mod co picking their bones clean too.

[stressedcalihmeownr]

Imlars..thank you.

Im very on the fence on which route to take because of my previous three denials from Chase. My new bank LBPS seems to be nicer and they seem to be trying to help. Theyve also recommended not to use a co that you have to pay because they say I can do it all myself. I am simply desperate to keep my home so Im reaching out wherever I can.

I have also sent a request to LBPS for loan modification so I have the ball rolling with them too...I may just keep it there and try to do this all over again myself...


Thank you very much for this information your input and experience help people like me in this mess!

[Mathew]

Let me be perfectly clear about this: "I DO NOT DO LOAN MODS, AND I AM NOT PROMOTING ANYONE OR ANYTHING". The only reason I am posting on this forum is to share my personal experiences and to learn about what others are going through. That being said, I agree whole heartedly with imlars that people should not be throwing away their money on third party predators after wasting their hard earned money on the banks. My personal story: I tried twice doing a loan mod with my bank by myself with no help and I was turned down twice. I was fortunate to find help from a third party and with their help on the third try my loan mod was approved. It was well worth it for me. I think that loan mod specialists are just like auto mechanics. Six out of ten might take your money and not get your car fixed. (Sorry, I do not mean to offend if you are an auto mechanic). But every once in a while you find a real good one that fixes your car for a fair price and they become your friend, and you keep bringing your car back to them. That's called trust.

Wishing All The Best of Luck