Should I miss a payment to get their attention?

[Hogdady]

I have a first and second with Nationpoint. I am current in my payments. The loan is roughly 300k underwater. I applied for a loan modification from Nationpoint over four months ago. I get the same story every time I call, that they are swamped and just be patient. Should I miss a payment to get their attention?

[nativelasvegan]

Welcome hogdady. We are glad you are here. That was the first question I had. After reading the posts of this forum, it appeared there were less than a handful of folks current with payments who were receiving modifications. I received replies that it is a personal decision. It was one of the most difficult decisions for me. I have always "played by the rules." Spent 20 something years keeping my FICO in the high 700s, always paid my bills on time, never missed a payment.
I have decided not to pay BOA this month to see if I can get their attention. However, it may be a tactic that does not work and in the interim, my credit will be ruined.
Please take the time to read the threads here. There is a search feature where you can search for specific information.
Whatever you decide, you have the support of the members here. If we can help you, that is why we are here.
Glad to have you with us.

[Hogdady]

Originally Posted by nativelasvegan

Welcome hogdady. We are glad you are here. That was the first question I had. After reading the posts of this forum, it appeared there were less than a handful of folks current with payments who were receiving modifications. I received replies that it is a personal decision. It was one of the most difficult decisions for me. I have always "played by the rules." Spent 20 something years keeping my FICO in the high 700s, always paid my bills on time, never missed a payment.
I have decided not to pay BOA this month to see if I can get their attention. However, it may be a tactic that does not work and in the interim, my credit will be ruined.
Please take the time to read the threads here. There is a search feature where you can search for specific information.
Whatever you decide, you have the support of the members here. If we can help you, that is why we are here.
Glad to have you with us.

Thanks for the reply and for being so candid. It will be a hard decision for me as it was for you. I will try to learn more here first.

[caldwellb02]

Hogdady - I stretched and stretched (my funds) until there was very little left and now I'm in default but I wish I had done it sooner. People at Chase kept telling me I wouldn't get any movement till I was in default. But it was not fun to kill my credit score. Soooo. It IS a hard decision. I do know that I've read some people even use food stamps and deplete EVERYTHING while trying for a mod and it means absolutely nothing to the banks. All they see is that you are paying. So go to the back of the line. It pisses me off (pardon)because I do not default lightly. I started this in January of this year, and in 2 days will be two months in default.

[I'mSickOfThis]

Hi,
I've been wondering the same thing. Be late or stay current. We've been working with NACA since 9/15/09. BofA asked us to submit some additional paperwork and today while I was speaking on the phone with a NACA rep she said there was a message back from the bank, but she couldn't tell me what it was. Said I had to wait for a NACA negotiator to call us - in about a week! So if BofA doesn't want to work with us (we're current) then I'm going to start missing some payments and we'll see how that goes.

When we started to feel the crunch a few months ago I called the BofA credit card people and begged them to reduce our interest rates. They were nasty and unwilling to budge. They wouldn't even speak to me. So I stopped making payments. Guess what: another department (MUCH nicer people) called me back and offered me 2% until my cards are paid off. So that may be their loan mentality, too. We'll see.

[aubie37]

It is a personal and heartwrenching decision for many to make. Most of us never thought we would be in the positions we find ourselves in today. I was paying more than my required payment aside from my taxes and insurance before being laid off. I work in the mortgage industry for my primary job and who has to say anything about how difficult that is now or has been for the last few years.

[Hogdady]

Originally Posted by caldwellb02

Hogdady - I stretched and stretched (my funds) until there was very little left and now I'm in default but I wish I had done it sooner. People at Chase kept telling me I wouldn't get any movement till I was in default. But it was not fun to kill my credit score. Soooo. It IS a hard decision. I do know that I've read some people even use food stamps and deplete EVERYTHING while trying for a mod and it means absolutely nothing to the banks. All they see is that you are paying. So go to the back of the line. It pisses me off (pardon)because I do not default lightly. I started this in January of this year, and in 2 days will be two months in default.

Originally Posted by I'mSickOfThis

Hi,
I've been wondering the same thing. Be late or stay current. We've been working with NACA since 9/15/09. BofA asked us to submit some additional paperwork and today while I was speaking on the phone with a NACA rep she said there was a message back from the bank, but she couldn't tell me what it was. Said I had to wait for a NACA negotiator to call us - in about a week! So if BofA doesn't want to work with us (we're current) then I'm going to start missing some payments and we'll see how that goes.

When we started to feel the crunch a few months ago I called the BofA credit card people and begged them to reduce our interest rates. They were nasty and unwilling to budge. They wouldn't even speak to me. So I stopped making payments. Guess what: another department (MUCH nicer people) called me back and offered me 2% until my cards are paid off. So that may be their loan mentality, too. We'll see.

Originally Posted by aubie37

It is a personal and heartwrenching decision for many to make. Most of us never thought we would be in the positions we find ourselves in today. I was paying more than my required payment aside from my taxes and insurance before being laid off. I work in the mortgage industry for my primary job and who has to say anything about how difficult that is now or has been for the last few years.

Thank all of you for your reply. I have slowly been exhausting all of my assets to keep up with the house payment and will shortly be unable to make the payments anyway. It still goes against my grain to consider doing this, but I am beginning to beleive that we will deplete everything and still not get a modification....

[freediykits]

I'm sorry about your situation. It seems that the only way to get a loan modification nowadays is to ruin your credit score. If you have a high credit score i can see how tough this decision must be for you. It seems like you have been more than patient and are just running out of options... While it is not impossible to receive a loan modification if your still current, it sure seems to be much more difficult to get anything accomplished. I really don't know what to tell you in this situation It seems to me that your bank is in no hurry to start you loan modification since they are still getting your mortgage payment every month. I believe its a strategy on their part. Picture yourself as a heartless bank executive, wouldnt you rather collect higher mortgage payments for as long as possible, then refinance their mortgage when they just cant pay anymore, or lower their payments right away when you could have been collecting a higher payments for many more months. I hope that makes sense. This behavior by the banks really should be criminal. I wish the government would really take a firm action to assist homeowners who are doing the right thing and paying their mortgage on time every month. How is our economy ever going to fix itself if everyone will have a poor credit score in the end. I sincerely wish you all the luck in the world and please keep us updated....

[caldwellb02]

Freddiykits - you said what I would have said. I went 8 months and squandered everything I had and still nothing. I now am in default. They could have fixed this a long time ago. People (at Chase) kept saying I needed to be in default to get their attention. The lesson here is not to let our credit score ruin us. Life goes on. If we cant' afford it, we don't pay. I'm teaching my children that right now.

[Hogdady]

Originally Posted by freediykits

I'm sorry about your situation. It seems that the only way to get a loan modification nowadays is to ruin your credit score. If you have a high credit score i can see how tough this decision must be for you. It seems like you have been more than patient and are just running out of options... While it is not impossible to receive a loan modification if your still current, it sure seems to be much more difficult to get anything accomplished. I really don't know what to tell you in this situation It seems to me that your bank is in no hurry to start you loan modification since they are still getting your mortgage payment every month. I believe its a strategy on their part. Picture yourself as a heartless bank executive, wouldnt you rather collect higher mortgage payments for as long as possible, then refinance their mortgage when they just cant pay anymore, or lower their payments right away when you could have been collecting a higher payments for many more months. I hope that makes sense. This behavior by the banks really should be criminal. I wish the government would really take a firm action to assist homeowners who are doing the right thing and paying their mortgage on time every month. How is our economy ever going to fix itself if everyone will have a poor credit score in the end. I sincerely wish you all the luck in the world and please keep us updated....

Originally Posted by caldwellb02

Freddiykits - you said what I would have said. I went 8 months and squandered everything I had and still nothing. I now am in default. They could have fixed this a long time ago. People (at Chase) kept saying I needed to be in default to get their attention. The lesson here is not to let our credit score ruin us. Life goes on. If we cant' afford it, we don't pay. I'm teaching my children that right now.

My credit was ruined following a nasty divorce. I have been rebuilding it for the last six years. I have worked so many overtime hours in the last year to try and stay current. I appreciate the heartfelt concern of your comments. I wish that I had found for this forum sooner.....

[whirlingbirdie]

Unfortunately, it seems like that's the thing you have to do. I was denied a modification while current, and am trying to get one now.

[Hogdady]

Originally Posted by whirlingbirdie

Unfortunately, it seems like that's the thing you have to do. I was denied a modification while current, and am trying to get one now.

So you stopped paying? And are they responding now? Hope I'm not being too personal.

[nativelasvegan]

hey hogdady. Just thought you might want to check out this thread. 2009-09-30 Getting Feds to Cut Your House Payment The decision not to make a payment is extremely hard for me too. For the past 20+ years, I have always made my payments on time. I did not make September payment to BAC. My credit score will drop drastically because of my decision, and yet that is something I am ready to deal with. I have been attempting to get a loan modification since March. We have suffered a hardship, it has been documented, have the means to pay a modified payment, both husband and I are gainfully employed with salaried positions, appear to be a perfect candidate for modification. Ironically when I bought this house I was self employed and as a bank I would have considered that more of a risk than the position I am in now. I wish you nothing but the best and hope you continue to visit this forum to help you. Good luck and please keep us posted.

[Hogdady]

Originally Posted by nativelasvegan

hey hogdady. Just thought you might want to check out this thread. 2009-09-30 Getting Feds to Cut Your House Payment The decision not to make a payment is extremely hard for me too. For the past 20+ years, I have always made my payments on time. I did not make September payment to BAC. My credit score will drop drastically because of my decision, and yet that is something I am ready to deal with. I have been attempting to get a loan modification since March. We have suffered a hardship, it has been documented, have the means to pay a modified payment, both husband and I are gainfully employed with salaried positions, appear to be a perfect candidate for modification. Ironically when I bought this house I was self employed and as a bank I would have considered that more of a risk than the position I am in now. I wish you nothing but the best and hope you continue to visit this forum to help you. Good luck and please keep us posted.

Just by coincidence, my lender's HAMP packet just arrived last night. So, I am going to give it a try before I go the default route (if nothing changes and I can still make my payment). I will post the progress of the HAMP application. Thanks for your input.

[jaibird]

Just be careful...just because you don't pay doesn't not mean you will get a modification. This forum is littered with people who have been trying to get modified for months or even years.

You hear some stories of success...but not often. I have been trying to get modified for over a year now....and honestly do not feel very confident.

[soworried]

I was told from someone at my mortgage place of business to get behind 3 months (my credit is horrible to begin with so it wasn't really affectin me much) I went behind three months (put that money away) and after 5 months going through the HAMP Mod I was finalized last month!!

[whirlingbirdie]

Originally Posted by Hogdady

So you stopped paying? And are they responding now? Hope I'm not being too personal.

No problem. I did stop paying. They are listening now. We were offered one modification/forebearance that brought our payment up. (obviously not good) We are now back in the modification process as of yesterday. Who is your loan with? It's been a harrowing process and of course my credit is now in the toliet, but I've been keeping up with car payments and credit cards, so what else can I really do?

[mistressindistress]

Hogdady, I am with Nationpoint too. What are your trial paymens if I may ask and what were you paying before? I am just happy to see somebody getting something from them.

[Hogdady]

Originally Posted by mistressindistress

Hogdady, I am with Nationpoint too. What are your trial paymens if I may ask and what were you paying before? I am just happy to see somebody getting something from them.

I applied for a loan mod with nationpoint in May. I just received a packet from nationpoint that is an application for the HAMP program. So now we will see where this goes and how long it takes.

[JS1scuba]

Originally Posted by Hogdady

Just by coincidence, my lender's HAMP packet just arrived last night. So, I am going to give it a try before I go the default route (if nothing changes and I can still make my payment). I will post the progress of the HAMP application. Thanks for your input.

Check out my thread in the Wells Fargo section.

Fill out all your paperwork completely.
Put in a viable hardship letter
Number EACH and every page and note that on your cover letter.
Send it in return reciept requested ---
Follow up every 2 days
Do not get emotional
Keep a detailed log of every phone call with every person and their employee #
know the name of your congressman and CC them on letters to your bank


Put in a seperate Qualified Written Request for all your original mortgage documents .

Play the game, be nice, but go after what the new laws allow.

Good Luck

JDS

[Hogdady]

Originally Posted by JS1scuba

Check out my thread in the Wells Fargo section.

Fill out all your paperwork completely.
Put in a viable hardship letter
Number EACH and every page and note that on your cover letter.
Send it in return reciept requested ---
Follow up every 2 days
Do not get emotional
Keep a detailed log of every phone call with every person and their employee #
know the name of your congressman and CC them on letters to your bank


Put in a seperate Qualified Written Request for all your original mortgage documents .

Play the game, be nice, but go after what the new laws allow.

Good Luck

JDS

Thanks very much. The only part I don't understand is regarding the Qualified Written Request. Not sure what or why.

[nativelasvegan]

scuba- GREAT POST! Very informative. Hogdady. I am so thrilled for you. Please keep us posted. I do believe Caldwell is going through a process regarding the QWR=Qualified Written Request. At the top of the home page, you will find a "search" button. Press it. Search QWR or qualified written request and research the posts here. I wish the best for you and your family.

[jtmd99]

I have somehow kept up with payments during the modification process thus far. I submitted the HAMP packet sent to me by AHMSI and it was assigned to a negotiator six weeks ago. The October payment was the last one I am able to make. I am hoping this doesn't disqualify me for a modification.

[caldwellb02]

native and all - I'm not sure writing a QWR right off the bat is such a good idea, but then who am I to give that advice? I tried for almost 9 months to get SOMETHING from them, and then went for the QWR just last week. Of course the collection calls continue and everything else is the same. I don't even know if they got the letter yet. It's important in the QWR to go into a little detail about why you think there may have been fraud, like a predatory loan or whatever.