 Loan Modification offered by Homecomings
Hello everyone, well I just signed up for this site yesterday but I wish I had found it much sooner. Either way I think this is a great idea to get everyone on the same page so we don't get "bamboozled" by the lenders.
My story begins way back in June when I started to get behind on my bills so I contacted Homecomings about any programs available for struggling homeowners that did not want to ruin their credit and still stay in their homes. Of course the only thing they offered was to break up the payments into a 6 month window but still report to the credit bureaus. Not what I had in mind but any help was welcome. After defaulting on the 5th month I called back to see what other programs I qualified for and nothing was available according to them. This was not good because I had just lost my job in October.
I got a call from an old friend saying she was working for a loan modification company that could definitely help. If it was not for her I would not have done it but against my better judgment I agreed and paid them $1500.00 which was equal to one mortgage payment. After a couple of months [and no contact from the 3rd party loan mod company] I received a letter from the lender stating that I would first be put into what they called a "Stipulation to Modify". According to them if I could make 3 regular payments I would get a loan modification. After finally speaking to a rep they advised this was normal and should accept the terms. After making my second payment in Feb '09, I received the Loan Modification. Needless to say it was not what I expected.
They dropped the interest rate from 7.25 to 6.00, added the delinquent balance back to the loan amount and kept the loan as an interest only loan. I of course rejected that loan because I would only be looking at $150-$160 in savings each month and asked Elect Group to resubmit the paperwork for a better response. Two months later, this April, I received another modification which was exactly the same as before. The modification company was no help and they seemed surprise I would even call them to argue about it. According to them I should be happy I even have a modification. So I signed the paperwork and sent the requested amount of $1200 to get this all over with. That is what led me to this site to see if I got a decent offer. I had no clue that the MHAP would be a different option to look into.
My question to you guys is the following: Should I be calling them back about MHAP options? Being I signed the modification and paid the fee does that lock me into that modification? What are the advantages of the MHAP?
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