Mortgage companies and H4H success!

[snapple candy]

Newman, I thought no doc and stated were one in the same. Mine was..... stated income but no documentation required. I agree this is most frustrating process ever dealt with and only the most tenacious achieve results...after 1 year, and lots of demands I am finally starting trial mod.....I still might walk away in the end.

[franklinco]

It would be great if these programs would work instead of add more obstacles, expenses and ultimately no acceptance plans. Thanks Newman for the update.
Congress is so messed up they don't even take the care to at least clean up these laws once butchered into ineffectiveness.
Its funny to get letters from the first lady for fathers day and a letter from the president about voluntarism.
We see how lacking the mortgage industry is with voluntary help. Maybe Obama will see that it is not going to work to mobilize our country into recovery.
If they want true and positive help, they should mandate those that made predatory loans to surrender the properties to the victims of predatory lending to build America.
A mess of politicians pre 111th and continuing still.

[Newman]

Well, it's over. And we did not get it in the end. Even though we were approved on the loan itself, some dumbazz in DC decided that stated income loans were not eligable for the refi. Reason being that the feds consider stated income loans to be fraudulant loans. And since our loan officer beefed up our income without our knowing it, we could not prove the income. So even though we make 6 figures now, that does not matter to them. Sheesh, loan offier says they are trying to repeal this, but I won't hold my breath.

But, when one door closes, another opens. Since October of last year, when we started working on this project, SPS kind of put us in limbo as far as foreclosure. After talking with a few people about the modification aspect of this house, the things they are seeing lenders do now were unheard of back then. Principle reductions, rates below 5%, 40 year loans...a lot of stuff. Tell you the truth, if I can modify this loan, get it to the same numbers I was going to refi at, I would be in a much better position going forward. So off to the modification office we go. from what I understand, SPS is falling over themselves to mod these loans....so I called my good friend here at the lawfirm for Loansafe and am using this lawfirm to go forward on this push. ONly thing left is a federal lawsuit claiming mortgage fraud by the lender....talk to you all soon...

[garyys]

Sorry to hear that Newman,

Glad I have kinda moved beyond the H4H program, as my loan was a stated, but I never knew that until I started looking at H4H. I had to bring all kinds of income documents, but in the end the broker got it as a stated income.

Good news, I finally stopped paying on this house (was late on the 16 of June). Before I did, I went a bought a new truck, credit was 799!

Good luck with your mod.

Gary

[franklinco]

Good move Gary on getting the truck at 799 credit rating. Thanks for the update Newman regarding the state of H4H and the moves lenders are going to regarding to mods at below principal, 40 year terms and realistic interest rates.
You both are the only human face that I have seen on this program H4H and both of you have went to extremes trying to get this program to work.
Good luck to both of your futures wherever they may lead.

[Newman]

Thanks guys...I have never in my life done so much to get so little from so many....honestly...I am glad to be done with the whole mess....but it was not all for vain...it provided us with a "safe harbor" so to speak from foreclosure while we worked on it, and it allowed the lender (in my case, SPS) to go to even further extremes to modify these loans. Stuff that they do now was impossible back in Oct. /Nov. last year. So, now that it is over, I can tell you that the loan we were after was a short refi. We were able to get SPS to agree to a principle reduction from 459,900 down to 175,000 and some change and fix it at 5% for 30 years. I have that on paper. Now that the loan is not going to go through, I am going to revisit the mod process with that letter in hand, and get them to accept the principle reduction, fix it at 5% or less for 30 or 40 years, the more the better. But the best part is that they are doing this. So now, I don't have to get a new loan, I can just redo the existing one, and save on all those lousy insurance fees I would have had to pay with H4H. I don't have to pay them now. I can't help but wonder what my loan payment will be if I can pull this off..but I am hopeful. Keep us in your prayers and know that God never gives you more than you can handle, and that ultimately, I place our lives in his control...blessings to you all....

[Newman]

OH, and Gary!! Congrats on the truck bro! You deserve it....I'm glad you took a moment to do something nice for yourself, sometimes with all that we are going through, we forget to do that. It can't all be stress and craziness...talk the mods into letting you post up a few pics of it...talk to you soon.....

[garyys]

Thanks Newman,

I'm guessing the $175,000 is based on a current appraisal? If so It would be funny to see what they would have made if they would have just done that back in October? That's what I have been stressing to my bank.

Update: My second, EMC, has been calling me since Thursday night, seems all of a sudden they are concerned and want to talk to me (even thought they have not bothered to leave a message), they didn't want to talked to me when I called them? I'm thinking about answering and putting them on hold? I have not answered their call yet.

Gary

[Newman]

Gary, 175,000 was based on a 210,000 appraisal-10%=21,000=189,000...then my bank went further with a buydown on the rate, fees, etc, to 175...shocked when they grabbed at it...as for your second calling you?? I say, "Let the games begin!!!!"

[garyys]

So my second has been calling me a lot. I picked up one day (they never leave messages) and it was a recording telling me to hold for a representative. A lady picked up, and I hung up. The second sent me a letter a few weeks ago telling me to contact them. The first finally sent me a letter last week telling me to contact them. The most interesting thing is I received a letter from Triad Guaranty Insurance, they insure my first (I do not pay PMI). They want me to contact them to research my options. I may call them this next week and feel them out?

Gary

[franklinco]

Gary,
Hopefully the first Mortgage Insurance people offer practical and positive options in order to get you on track again. You would think that the default insurance company would actively work to sell off your loan to a lender who could write the loan to affordable conditions. Realistically I believe they will not suggest loan modification.
I have an 80/20 loan setup and the second loan sold off to Radian and then to a lender in Boca Raton, FL. The loan terms are the same. It was a transfer early in the default and during BK chapter 13. The first loan is still with the original lender.