Hi everyone. This is my second time posting so forgive me if I forget any info that may be needed.
My husband and I are one of the lucky to have been with Suntrust and now Nationstar.(lol) We were approved for a HAMP loan mod through Suntrust in Feb 2010. We have been making trial payments ever since. We got transferred over to Nationstar in December. Nationstar immediately filed forclosure on us because it showed we were behind (when actually paying as agreed), and our forclosure is still active in the courts.
Today I got a phone call from someone in the loss mitigation dept at Nationstar. He told me we were approved for an Apollo loan mod. No paperwork yet, but told me terms over the phone. Basically drug our mortgage out to 40 years, with 5% interest rate. Lowered our payments from $713.96 to $693.98 and tacked on over $10,000 in misc arrearages (some we can't even dispute because he said they carried over from Suntrust). I am at my wit's end. We were definately better off before this trial period in 2010 and now it's like we end up paying over $10,000 to get our mortgage lowered $20??
What should I do? I wasn't very happy when I was talking to the guy and he almost seemed miffed. It's not like they are really doing anything for us. Can I dispute the numbers that they are using? He said that the first payment is due May1st but I won't have the paperwork before then... and that it was "OK" if I paid late, they just want the first payment sometime in May...which doesn't seem right because I know when we had our first trial period they made a big deal about having it in on or before the 1st of the month.
Should I hold off until I get the actual paperwork?? Like I said, we are in the courts now with the foreclosure and our lawyer has asked for a bunch of things (schedules, records, etc) that they haven't come up with yet. Should we sit tight and hope that they hang themselves in court?? Should we take the offer even though the terms are ridiculous?
Just looking for advice, Thanks everyone.