Geeezzz....can't find any help....depressed....

[horsegoer]

Hello and thanks for reading our post.

Ok, here is our situation. Where have two loans, one for 300k and the 2nd for 75k. We had our first modified by our lender ASC,when it adjusted , to 6.5% but they they keep rejecting us for the second saying we have to much debt. That loan is @ 11.5%. Our credit is only about 580 and we have a high debt to income. Our loan in not Freddie mac or Fannie mae backed. We are at a loss as to what to do and are usually about 30 days late on our payments. We can't get approved for a traditional refi..our house appraised for 380 and they credit, debt to income etc.

We have been think of getting a forensic audit done of out mortgage since we strongly believe there might be some violations. Is that a good idea.

We have reached out to NACA via phone and email with no answer.

The Home Save program we are not eligible for.

ARE they are other options or modifications programs...Thanks VERY much

[evo13]

ur with chase?

[evo13]

Hey budget any new collections calls? I find them so uplifting.

[Moe Bedard]

Hello and your are not alone. What you are experiencing is pretty much normal. Think of this like a poker game and they are the dealer.

It looks like they have been using their hand to bluff you continuously. My clue is when you said this:

We are at a loss as to what to do and are usually about 30 days late on our payments.

What I am seeing is that the dealer "knows" what you are going to do based on statistics of past "debtors" and evidence you have provided the dealer in your situation. You pay late and then pay the dealer every time. Thus, the dealer knows you are going to pay him every time and all he has to do is hold out and make your jump through hoops.

I cant tell you to be late or miss 2 payments. But you may find happiness when you see that when you may get help. That is statistics based on thousands of loan modification I have seen and thousands of member here.

Keep up the good fight and join us in fighting this BS! We'll be here for you, but I need your help to make progress.

[evo13]

u have 10 grand in equity good luck. I am underwater by 70,000. If u have to much debt, sell ur toys. I sold all my quads, shut down all cc and sold everything that wasn't important. try that and pay what u can on the mortgage. the rest of us here are down to no way out but a mod. good luck!

[BadBobMo]

America's Servicing Company (ASC) is a division of Wells Fargo Home Mortgage that services loans for other investors under the America's Servicing Company ...

https://www.wellsfargo.com/mortgage/account/servicing

The vast majority of America’s Servicing Company mortgages were originated by other lenders, packaged into securities, and sold by those lenders into the secondary market.
(The Home Save program we are not eligible for.) do you mean HAMP?
300k + 70K=$370 what is the house worth now?
Are both loans with the same lender?
Not sure if you have gone to the HAMP-Web Site to see if you meet the qualifications.
Making Home Affordable - Home
We will try and help you.

[evo13]

hey Moe, havent seen one final mod since I joined. What are u talking about? Horsewhatever has equity and that's more than everyone here.

[BadBobMo]

Loan Modification Forum - LoanSafe.org - View Profile: vavivo

[horsegoer]

sorry i misspoke. my mortgage is 375km and my home was appraised for 380 about a year ago and that was through a friend so it might have been beefed 5k or so.....but i don't know and if the market might have went down since then. i don't qualify for Making Home Affordable.... on one they won't modify the second(the 1st is already modified to 6.5%) an the other thing they offer your mortgage has to be backed back fannie mae or mac. we called and spoke to a counselor.

Does anyone have suggestion for a modification???

Thanks again.....and i will be anxiously checking back tonight.....i really appreciate it.

[heidi79]

Listen to Moe, nobody can tell you to stop paying, but again listen to Moe. Right now, they see that you are making the payments and that their intimidation is working!

[SillyWorld]

But if you deceide to miss I would make sure to BANK the difference you do not send in, I myself may make a few missed payments they cannot report you late to Credit unless you miss 2 payments

[heidi79]

They report you as being late on your credit report once you go more than 30 days past due on the payment (1 month), that's really good advice to put away the money.

[horsegoer]

But we realy don't want to have one or two 30 day lates on our mortgage on our credit reports. My fiancee handles the payments and we have never been late to where it goes on the credit reports. She always gets the payment in time...she know the cut off as she has spoken with them and is on top of that stuff. I guess the only mod is through my lender. How about a forensic audit??? Thanks again everyone.

[snapple candy]

horsegoer,
You are not really in a position or have any leverage since you dont owe more than the house is worth. The banks know this too. Unless you stop making payments, they are not going to budge in their position. YOu have to be willing to play poker with them, if you arent, well???? The interest rate you are paying is obscene. Its not right but this is how they play the game. I am sorry to say, unless you can find another lender to do a refi at a decent interest rate (not easy to achieve these days), or get this modified down by your current lender, your screwed. Only the people who have money (not the ones that need it) can seem to get these refi loans. You can always contact your senators office and ask that they get involved too. Additionally, you could seek the services of an attorney to write your lender and threaten a lawsuit.

[caldwellb02]

Horsegoer- I agree with snapple. I know you don't want to go late and damage your credit report. None of us do. None of us did. I'm underwater on my loan, and I have worked on this 9 months now. All along there would be someone from Chase telling me to go into default - that that would be the only way I would get a mod. Even if my mortgage payments are 61% of my gross and my home is worth less than my first mortgage. Soooo - I stretched to the max and still didn't work and now am in default and am strangely much calmer. I am not stopping the fight, but I have some control - just a bit. Now it is them callling ME for something. What a concept! It's just something I realized today in this whole mess that makes me feel a bit better. I'm writing and have kept on writing my congressman, senators, comptroller of the currency, and anyone else I can hear of. I am also banking my money. I am not going on a spree, that's for sure. Good luck to you.

[heidi79]

They run your credit report in the process of looking into a modification. They will see that all of your payments are made on time with all creditors. I really shouldn't take brusing your credit to get this done, but, unfortunately, with so many in foreclosure, your request is not urgent to them. It makes sense.

Now, many people have been able to get a modification while still being current on their loan. If I were you I'd put a good package together with all the information. Submit it to their loss mitigation department and continue to follow up on it constantly. It might take months, but you'll never know unless you try.

[nativelasvegan]

Originally Posted by caldwellb02

Horsegoer- I agree with snapple. I know you don't want to go late and damage your credit report. None of us do. None of us did. I'm underwater on my loan, and I have worked on this 9 months now. All along there would be someone from Chase telling me to go into default - that that would be the only way I would get a mod. Even if my mortgage payments are 61% of my gross and my home is worth less than my first mortgage. Soooo - I stretched to the max and still didn't work and now am in default and am strangely much calmer. I am not stopping the fight, but I have some control - just a bit. Now it is them callling ME for something. What a concept! It's just something I realized today in this whole mess that makes me feel a bit better. I'm writing and have kept on writing my congressman, senators, comptroller of the currency, and anyone else I can hear of. I am also banking my money. I am not going on a spree, that's for sure. Good luck to you.

Glad to find this post today. With a 780+ fico score and the conscious to pay my mortgage, today I decide to reject Skank of America's forbearance agreement and stop making my payments until they send me the promised modification documents they verbally told me they would on 7/21. (have been current until this month) Strange feeling today. Like a weight has been lifted. After keeping my credit in perfect condition since I was 20 (25 years), I now realize that it is not near as important as I thought it was. The importance is my son's 10th birthday party where I will be able to treat him and some friends to a game of bowling tomorrow (instead of paying my mortgage this month-started mod process in March 09 without any results), buying him socks because he has holes in his, buying food, you know, "the finer things in life".... I am relieved. I will now focus on the fact that if I want to buy anything in the future, it will be in cash or I won't buy it. #(*% the credit reporting agencies. I had Bells Palsy in the past from stress. I felt it coming on again and when I had this realization, I feel more relaxed. They won't take my health. They can take my house if they want it.

[calgirl67]

Originally Posted by nativelasvegan

Glad to find this post today. With a 780+ fico score and the conscious to pay my mortgage, today I decide to reject Skank of America's forbearance agreement and stop making my payments until they send me the promised modification documents they verbally told me they would on 7/21. (have been current until this month) Strange feeling today. Like a weight has been lifted. After keeping my credit in perfect condition since I was 20 (25 years), I now realize that it is not near as important as I thought it was. The importance is my son's 10th birthday party where I will be able to treat him and some friends to a game of bowling tomorrow (instead of paying my mortgage this month-started mod process in March 09 without any results), buying him socks because he has holes in his, buying food, you know, "the finer things in life".... I am relieved. I will now focus on the fact that if I want to buy anything in the future, it will be in cash or I won't buy it. #(*% the credit reporting agencies. I had Bells Palsy in the past from stress. I felt it coming on again and when I had this realization, I feel more relaxed. They won't take my health. They can take my house if they want it.

So well said. Americans have long defined who they are by their stupid credit score. It's about time we all told the **** credit agencies to shove it. Like you're going to wither away if you don't have "good credit".

We have not used credit for 2 yrs now. And will never again. Any new(er) cars will be saved for and paid in cash. Everything we buy is paid for in cash. So we don't care if our credit is bad. It doesn't matter anymore !! We don't owe (except on the house) anyone anything. We are no longer indentured slaves to finance companies making their fat fortunes off our huge interest payments.

I am trying to get Wells Fargo to modify my toxic mortgage but so far no luck. I am joining you in the fact that as of this week we have now missed our first mortgage payment ever. Oh well....

Thing is, even if your credit is "bad" you can still rent a home and - wow - you can still get a mortgage..... Screw it, I say.

Don't stress anymore. Try to get them to modify it, but in the end, there are worse things that can happen to you.

[horsegoer]

Thanks sooooo much everyone for the advice. I think I am going to put together yet another request for a modification(which ASC said we can do) package along with a letter including the fact that I will be getting a forensic audit done if this is rejected again as I know my loan was definitely a "predatory" loan with many violations.

[snapple candy]

horsegoer,
There is one person whom was able to quickly get a mod without going late. He had to work hard at it too. Check out over in the Chase threads Gordiolox postings. Good luck.

[B Stevens]

horsegoer a forensic audit is used to look for fraud and mistakes made by the lender. It can't hurt to have one done if you have the funds for it. At least you will know if you have a leg to stand on if you decide to fight the foreclosure process.

It doesn't mean the bank cannot foreclose. It means you may be able to find legalities to delay the foreclosure process and give you time to save up money for your future housing needs.

[nativelasvegan]

Originally Posted by calgirl67

So well said. Americans have long defined who they are by their stupid credit score. It's about time we all told the **** credit agencies to shove it. Like you're going to wither away if you don't have "good credit".

We have not used credit for 2 yrs now. And will never again. Any new(er) cars will be saved for and paid in cash. Everything we buy is paid for in cash. So we don't care if our credit is bad. It doesn't matter anymore !! We don't owe (except on the house) anyone anything. We are no longer indentured slaves to finance companies making their fat fortunes off our huge interest payments.

I am trying to get Wells Fargo to modify my toxic mortgage but so far no luck. I am joining you in the fact that as of this week we have now missed our first mortgage payment ever. Oh well....

Thing is, even if your credit is "bad" you can still rent a home and - wow - you can still get a mortgage..... Screw it, I say.

Don't stress anymore. Try to get them to modify it, but in the end, there are worse things that can happen to you.

Thanks calgirl67. You're right you can still rent a home. I'm a leasing agent. I have had people tell me that they lost their home and are afraid they won't qualify for leasing. I tell them not to worry about, I understand only too well about trying to get a home loan modification. keep posting. I wish you all the best with your mod thru wells fargo.

[calgirl67]

Originally Posted by nativelasvegan

Thanks calgirl67. You're right you can still rent a home. I'm a leasing agent. I have had people tell me that they lost their home and are afraid they won't qualify for leasing. I tell them not to worry about, I understand only too well about trying to get a home loan modification. keep posting. I wish you all the best with your mod thru wells fargo.

Exactly. You can still rent a home, still get a credit card, still get a car loan and still get a mortgage.

If they banned all those things to everyone with bad credit, they wouldn't have many people left to sell those things to - a huge percentage of Americans have been hit by this economy.. so, so many people have "bad credit".

With 6500 people per WEEK filing bankruptcy and 76000 foreclosures per WEEK this recession has hit EVERYBODY. And it's getting worse, it's not getting better anytime soon.

Don;t stress.

[heidi79]

horsegoer, very important, don't forget to leave a surplus at the end of the month after all the bills, at least $200-300