Help Please! - Loan Modification Forum

Fabie81 · 03-23-2009, 06:13 AM

I have 2 mortgages: GMAC and First Horizon. I know that i cannot refinance (talked to representatives from both companies) late last year. I was told that they cannot help me. Making both payments have become impossible. Id like any help with reducing interest rates...anything at all that would help me keep my home.
Thank you.

Dan Bailey · 03-23-2009, 06:51 AM

Fabie,
Welcome to the forum and glad you posted.

Re-finance is almost out of the question for most folks in trouble these days, so dont feel alone. We need to try for a loan modification.
The first step is to contact your lender and send in a hardship letter: Example and tips given here:Examples of a Hardship Letter

Keep track of all correspondence and people you talk with during the process. The only thing to do is to start the footwork this way...many lenders now have modification guidelines in place and you will be directed to the correct dept. It may take many calls and faxes. It is not a quick process.

Start by doing the above mentioned letter, contacting your lender and keep us up to date on what happens.
Hang in there and good luck!

Fabie81 · 03-23-2009, 07:08 AM

Hi Dan, I appreciate your prompt response. I am so glad I found this site as panic is setting in.

Forgive my ignorance but do i just call the main number for both or is there a specific dept that i should ask for? I am not current with First Horizon.

In the letter, should i add that my condo fees have continued to be raised and now i have to pay an additional $176 each month because the management company cannot collect condo fees from everybody?

Thank you so much.

Dan Bailey · 03-23-2009, 07:16 AM

Fabie, if it causes financial hardship-include it.

It will be a process of calling the main number, and trying to get transfered to the "home retention" (or whatever your lender is calling that dept.) Department. It may take many calls and tries. Thats why it is reccommended to keep pen and paper handy to keep the record when you do get to it. Write down those successful #s!!!

Fabie81 · 03-25-2009, 09:33 AM

Thank you for your help.

I did call First Horizon, talked to the operator and was told to go online at www.hopenow.com to fill out an application. I was also told that after i submit it, i would hear back from them in 30-45 days.

Anybody has any experience with this? Any help is appreciated.

03-23-2009, 06:13 AM	#1 (permalink)
Fabie81 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help Please! I have 2 mortgages: GMAC and First Horizon. I know that i cannot refinance (talked to representatives from both companies) late last year. I was told that they cannot help me. Making both payments have become impossible. Id like any help with reducing interest rates...anything at all that would help me keep my home. Thank you.

03-23-2009, 06:51 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Please! Fabie, Welcome to the forum and glad you posted. Re-finance is almost out of the question for most folks in trouble these days, so dont feel alone. We need to try for a loan modification. The first step is to contact your lender and send in a hardship letter: Example and tips given here:Examples of a Hardship Letter Keep track of all correspondence and people you talk with during the process. The only thing to do is to start the footwork this way...many lenders now have modification guidelines in place and you will be directed to the correct dept. It may take many calls and faxes. It is not a quick process. Start by doing the above mentioned letter, contacting your lender and keep us up to date on what happens. Hang in there and good luck! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-23-2009, 07:08 AM	#3 (permalink)
Fabie81 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Please! Hi Dan, I appreciate your prompt response. I am so glad I found this site as panic is setting in. Forgive my ignorance but do i just call the main number for both or is there a specific dept that i should ask for? I am not current with First Horizon. In the letter, should i add that my condo fees have continued to be raised and now i have to pay an additional $176 each month because the management company cannot collect condo fees from everybody? Thank you so much.

03-23-2009, 07:16 AM	#4 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Please! Fabie, if it causes financial hardship-include it. It will be a process of calling the main number, and trying to get transfered to the "home retention" (or whatever your lender is calling that dept.) Department. It may take many calls and tries. Thats why it is reccommended to keep pen and paper handy to keep the record when you do get to it. Write down those successful #s!!! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-25-2009, 09:33 AM	#5 (permalink)
Fabie81 Junior Member Join Date: Mar 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Please! Thank you for your help. I did call First Horizon, talked to the operator and was told to go online at www.hopenow.com to fill out an application. I was also told that after i submit it, i would hear back from them in 30-45 days. Anybody has any experience with this? Any help is appreciated.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode