Started my Modification with US Bank...

**Sancho** · 04-16-2012, 12:12 PM

I have been here in this forum off and on awhile now reading others issues and asking a few questions. Cat has answered a few and is very knowledgeable and I thank her for her insight on others issues that I have read. I have been researching HARP and HAMP and was wondering, which is more beneficial opposed to the other? I am sure depends on certain issues. I have a Freddie Mac loan, which is serviced by US Bank. We have not been over 30 days late ever on our payment that we have had with them for the last 7 years. Our previous house we were in for 15 years and were never ever 30 days late there either. Excellent payment history for 22 years. My plant closed in 2008 and I was unemployed for almost 2 years until landing a secure job in Jan. of 2010. The pay is less and I had a health issue that came up when I had no health insurance and that was another costly bill that made our already tight finances even tighter. We have been paying our mortgage late, but not into the next month ever, and pay the required late fee. US Bank calls us, saying they know we are not 30 days late but have programs if we are interested. Well we are tired of juggling our money every month, barely having enough to stay afloat, and never haveing any extra money and when things need fixing or car repairs, its such a hardship to juggle the money to get things fixed. We are now starting to get to where this months payment wont be made until the first week of May making us pay 30 days late for the first time ever in 22 years of home ownership, and its obvious to us that we will only get farther behind. US Bank told us they have loan modifications, but did not offer a HAMP mod. Their website says they do have them. After reading success stories from some with US Bank, and horror stories from others about US Bank mods, I am nervous to say the least. So, if they have both mods, which is better to go with? Will they offer the one that is more beneficial to our situation? Thanks for any input.

**Cat Damiano** · 04-16-2012, 12:19 PM

You can go post the required figures into the following thread and they will let you know if you are able to qualify for a modification based on that information;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

**Sancho** · 04-16-2012, 12:26 PM

Again Cat, thanks for your input. I hope we dont have a hard time doing this stuff.

**Cat Damiano** · 04-16-2012, 12:29 PM

Not sure what you mean by a hard time, but if you put the figures into the thread link I posted you will see if a modification will be worth it or if HARP will be more beneficial.

**Sancho** · 04-16-2012, 12:48 PM

When I say a hard time, I mean going thru the mod itself. Reading some of the stories of others getting the run around would make anyone have sleepness nights.

**Cat Damiano** · 04-17-2012, 11:36 AM

I see, post the required figures into the thread link I posted and let them know that you are comparing HAMP and HARP to see which may benefit you. They will let you know if you would qualify for a modification.

**Sancho** · 05-27-2012, 09:32 AM

After inputting my info on the "see if you even qualify" area of this site, which they told me I do qualify for a HAMP modification, I started my loan mad with US Bank. About a month ago is when we started. We were up to date until then, and as expected due to being out of work a year and making less money on new job, we depleted our savings,401k,and severance from my old job and started to get behind on all bills. Except the house note. We were paying late, but never ever into the next month. Well the Point of contact we have been assigned has been nothing short of being corteous and polite, very timely on his calls. Told us he would call us once a week on Wednesdays, and has called every Wednesday as he said he would. We provided the nessecary forms and a week l;ater let us knoe they recieved them and all seemed filled out fine,nothing missing. Then the 2nd week he calls and says as far as he sees, we should qualify for he HAMP mod. Third week he calls as promised and says the department that was loking at our file said we do qualify for the HAMP mod. Following week says that he had good news and that the investors were l;ooking at the file and said yes we qualify and that they were looking it over more so, to see exactly what can be done as next step. This seems pretty good as it seems its moving in the right direction each week. Also. it was only the second week into this that one morning I was putting out the trash in our trash bin on the side of our house and I saw a lady across the street taking pictures of our property from her car window.

I know they are supposed to do a drive by appraisil I am sure that was what she was doing, seemed pretty fast that they were doing it. Friend of ours said thats good that they are moving quickly on it. But I am getting letters from the bank saying foreclosure things and I read that is normal here in this forum. Do you contact the person sending them as it states our ignore them cause it is automated and part of the banks requirement when payments are behind? Makes me nervous. Being that we recieved a few credit reports because our reports were being looked at by the bank, which happened the 2nd week we started this, it shows we have exccellent credit with noe lates on anything and a score of allmost 800, I hear that the investors like that cause they feel they have someone that will be a good investment to have a mod on the house. This true? I will keep you all updated on this as I get more news.

**Cat Damiano** · 05-27-2012, 09:39 AM

Sancho,

If you are concerned about the letters you are receiving which are most likely auto generated, ask your RM about them.

Also, please keep all new questions and updates on your situation here in your original thread as it helps others going through similar to be able to follow your story in one place.

**Sancho** · 05-27-2012, 08:53 PM

Will do Cat, yes it will be easier to follow under same post. Yes I told the point of contact that I got a letter stating the foreclosure statement, and was surprised to hear him say," I cant tell you to or not to" . I will bring it up again this week when he calls again.

**Sancho** · 05-30-2012, 10:39 AM

Just got a call from point of contact that has been calling us weekly keeping us informed on the process of our mod. He said we have been approved for trial payments, and they are sending out a packet with the paperwork in the next few days. He said the interest rate will be 2.25%, lower than the 6.25% we pay now. But he says he does not know if it is for the length of the loan or like some others mods, for the first 5 years then going up slightly more afterwards. I have read others mods here where they went up after the first 5 years 1%, then went up 1% again a year or so later,then stayed at that rate for the rest of the loan term. He did say that the loan was not extended, that it was for what we have left on the loan,which is 23 years left. Man, it sure would be nice if it stays at 2.25% for the whole term of the loan. We shall see. VERY excited and am very surprised we are getting trial payments so quickly. I know some others here waited quite a bit before getting the trial payments. Will keep you all updated and once I see the paperwork, will let you know the specifics.

**Sancho** · 07-09-2012, 09:22 AM

Well we sent in our 1st trial payment July 1st. We received a letter asking us to sign and get notarized, but its not very clear on some things. At the top of letter it says its a "Non-Identity affidavit". What is that? It is in regards to us being the owners of the property, it asks for our social security numbers and states that "they are not the same as the social security numbers apperaing in the above referenced instruments". Cat or anyone else can explain what this is? It does not show our address anywhere on the paperwork as to show that it is the property being referenced to. Thanks .

**Cat Damiano** · 07-09-2012, 09:49 AM

Hi Sancho,

What that basically means is that somewhere either in the original loan docs or in your account information with the lender, there may be a typo or an added digit or a digit left off of a social security number or a loan number. All of the information for a new loan is manually put into the system and in some cases the numbers can be off so what they are doing is just verifying this information.

**Sancho** · 07-09-2012, 10:23 AM

Thanks Cat for the allways quick response. Yeah, I googled it after I put the post up and said to myself, DUH, should have done that to begin with! LOL But I usually ask here since you and others are so knowlegeable on these topics. So I will go get it notarized and send off. Again thanks for the reply Cat, have a good day!