Homecomings Modification - Loan Modification Forum

JenSue · 03-26-2009, 07:50 AM

Hello,
We are trying to get a loan modification from Homecomings. We had one in May 2008 and are working to get another since the first one was useless. The person we have spoken to said we may be able to get a 3% ARM for 5 years. He wants 2 hardship letters, one to explain the first mod and one for the current situation. I explained that our circumstances are the same; I lost my job, my unemployment ended and we got behind. He stated their records show the first mod was due to excessive debt to income. Now I don't know what to put in the hardship letters. What do I do? He wants the letters by today. And can we ask that the interest rate by frozen for the remainder of the loan? Thanks for any help!

Dan Bailey · 03-26-2009, 07:59 AM

Jensue,
Glad you found the forum and posted.
Do you have a copy of the first letter? If so , send that one, and then draft a new one for the current circumstances.

"excessive debt to income" could explain any hardship.

JenSue · 03-26-2009, 08:25 AM

Thanks, Dan
Yes, I have the first letter. What are your thoughts about asking for the interest rate to be frozen for the remainder of the loan?

03-26-2009, 07:50 AM	#1 (permalink)
JenSue Junior Member Join Date: Mar 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Homecomings Modification Hello, We are trying to get a loan modification from Homecomings. We had one in May 2008 and are working to get another since the first one was useless. The person we have spoken to said we may be able to get a 3% ARM for 5 years. He wants 2 hardship letters, one to explain the first mod and one for the current situation. I explained that our circumstances are the same; I lost my job, my unemployment ended and we got behind. He stated their records show the first mod was due to excessive debt to income. Now I don't know what to put in the hardship letters. What do I do? He wants the letters by today. And can we ask that the interest rate by frozen for the remainder of the loan? Thanks for any help!

03-26-2009, 07:59 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: Homecomings-offer Jensue, Glad you found the forum and posted. Do you have a copy of the first letter? If so , send that one, and then draft a new one for the current circumstances. "excessive debt to income" could explain any hardship. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-26-2009, 08:25 AM	#3 (permalink)
JenSue Junior Member Join Date: Mar 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Homecomings-offer Thanks, Dan Yes, I have the first letter. What are your thoughts about asking for the interest rate to be frozen for the remainder of the loan?

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