turned down for loan mod

[luvmyhorse]

I was told I could use horse boarding even if it is cash. Will they accept other forms of income with letters from customers or will they need to see bank statements reflecting the amounts?

[so-cal-gal]

Originally Posted by luvmyhorse

I was told I could use horse boarding even if it is cash. Will they accept other forms of income with letters from customers or will they need to see bank statements reflecting the amounts?

I would be prepared for them to request bank statements since this is self-employed income you are documenting. CW/BofA never gave an opportunity to present contracts (which I had). Of course with the CW CA AG Mod like I 'thought' I had (notarized and all) they practically brag about all of them being canceled. I can see now how they have that program RIGGED. The only ones that have been honored are probably like the one I know of that they implemented as soon as they got the guy's law suit.

Check out my link to see how the CW AG Mods are 'rigged' here: Countrywide California Attorney General Settlement - BEWARE of CW Cancelling Loan Modifications WITHOUT Notice

[raayven420]

so i get my denial letter then a month later i get a letter from them they offering me a streamlined loan modification. i missed the date to respond so im hoping they still offering

[so-cal-gal]

Originally Posted by raayven420

so i get my denial letter then a month later i get a letter from them they offering me a streamlined loan modification. i missed the date to respond so im hoping they still offering

Okay, the only streamlined loan modification program that I know of is the 'AG modification' of CountryWide loans. If that is the program, they may indeed be willing to send you another package. I'd like for you to post if that does happen.

Now, IF you are able to get the 'AG Mod', keep track of every interaction with them. Note the date, keep track of the Fedex tracking (if you do get a new offer) and really write down everything with the date and who said what. IF you get the package, and they claim to modify your loan, get a copy of THEIR signed copy of the agreement. If you can not get it, even with them saying to just make the payments, pursue the document. If you start making the payments and your balance goes UP instead of down, you have NOT gotten the modification after all. They some times (actually frequently) do this to apparently take payments while continuing to set people up for the day when they decide to ask for the amount that you would have been paying if they had not made that offer. They will just want the total difference for all the months plus the amount that you were already behind on your loan. Just so you have the money in the bank to retain an attorney, you will be fine unless they transfer the note to another servicer like Litton while your modification package has entered a dreaded 'limbo land'.

Just beware. People have succeeded with these mods. Maybe they will clean up their 'act' but JUST BEWARE and be prepared to hire an attorney if you really want the mod and to keep your home. Been there, been burned.