Trying to get loan mod again with Homeq

[lnguyen]

Hello All,
I searched the entire forum but did not find the answer that I am looking for and so I figure I need to ask. Please give me your experiences.

In Dec.08, Homeq gave me a forbearance loan mod and reduce my rate from 8.75%-reset to 10.5%- to 6% for 5 years.

Here is the detail. My rate was reset in Feb.08 to 10.5% and in July 08, I started to fall behind because I could not keep up with the payment of $6674 excluding taxes/Insurance. I called Homeq and explained the situation and they were willing to put me on a 3 months trial period with a new payment of $5500 including taxes/insurance. At the time, my net income was $5900 + $1600 from renting out rooms for a family of 3. The financial situation was good for me at the time and I had no trouble making the payment of $5500 and so Homeq had no trouble granting me the loan mod in Dec.08 after the trial periods had ended.

Just as soon I thought the rollercoaster had come to a stop, it started again. In Feb.09, my roommates lost their jobs and notified me that they had to move. Lord and behold, even though they move out in March 09, i was able to keep up with the same payment until July 09 while looking for a new roommates with comparable rental income. No luck whatsoever! Although I found two individiual roommates at last, but by this time, I had already falling behind.

Knowing tha the situation is not going to get better, I contact Homeq right away and explain my change in financial and guess what, they do not give a damp what you have to say. Finally, I stop calling and proceed with another loan mod. I submitted all the documents to them on 9/9/09 and after two weeks of waiting, they denied me. I ask why? they dont know the exact reasons. The system that they used to determine eligibility said so. They said it's possible that my income is not sufficient (by the way, my new net income was $6300, plus $600 in rental income, expenses of $1600, monthly cash flow is negative $200) or it may be that I got a load mod in Dec.08 and they will not do two loan mod within one year period.

If they dont know the exact reasons why my file was denied, then how the heck am I going to know. To this day, I am 3 months behind. They said that if I can pay off some of the overdue amount, I am increase my chance of getting assistance. I read thru this forum and I dont see any positive comments about Homeq.

Does anyone out there experience what I had expeerienced and can shed some information for me. Should I send an email directly to the two executives, Art and Keith?

Please give me some light, i am so in distress.

Distress member

[ABC123]

Most banks will not do more than 1 loan mod in a 12 month period and more than 2 total over the life of the loan. My guess is that is the reason you were denied.