I have some questions about loan mods, and reading through the other post, I just become more confused! Truthfully, this forum is a wonderful resource, but so many things I don't understand.
I do understand that during the loan mod process, a foreclosure can still progress. At the same time HAMP guidelines state that foreclosure must be suspended during trial payments, correct? I assume that is only for HAMP mods, not in-house mods, correct?
Its so confusing how some people are in the review process for months, and on trial payments for a lengthy amount of time, yet I've been informed that if we get a sale date before the loan mod request goes to underwriting there's nothing Chase can do about it. If the loan mod request is in underwriting before a sale happens, then they will ask the investor to postpone the sale.
Its all so confusing. Applying for Hamp does not halt the foreclosure process, correct? Only once it is approved does it halt it if a borrower makes the payments? Yet I know it always doesn't, because I have been reminded several times by Chase that foreclosure can still happen at any time. Why would a repayment plan not have been offered to us when it is so obvious that a loan mod isn't really in our best interest? Not that I really expect an answer-when I asked Chase this they said we couldn't do a repayment because our loan is already in active foreclosure and there's now an attorney (and fees) involved.
The lady from Chase today told me flat out that as of right now, our home isn't really our home anymore-not until a permanent loan mod takes place. I've been so upset, because if we get denied for a mod (which I'm sure we will) I feel like we will lose our home. Even needing additional documents could cause this-they told me that their "hands are tied" as far as the foreclosure process until the loan is in underwriting. Needing more documents would hold up the loan getting to the underwriter-and you can see where I am going with this. Chase said if we don't get a mod our only other choice is short sale/deed in lieu. I told her I wanted to keep the home-she rudely remarked "you people always do, but its not a perfect world and chances are you will lose your home".
My other post is here: Loan modification not submitted until it goes to underrwriter?
This whole process, and reading about everyone's struggles makes me so angry. Its like you read one thing, get told another thing, read something that contradicts all that, then hear some other representative tell you something different altogether. One says don't worry, one says worry, another says worry but not too much. I know many of you are experiencing the same things. I feel for you, honestly.