we finally received a loan mod...

[michaeldiana]

I received word today from Nationstar Mort. that I we(wife and I) are being put on a 3 month trial basis for a modification .We are to make these payments on time and after 3 months we will receive a package with ,according to the person on the phone, documents that put us on a 5% 40 year loan.What is to prevent them from asking us to continue making these payments after the 3 month trial period and then give us a higher percentage rate and a 50 year loan...?
michaeldiana

[Cat Damiano]

I already posted to you in the other thread. The HAMP modification doesn't even allow a term extension to 50 years.

[michaeldiana]

I already posted to you in the other thread. The HAMP modification doesn't even allow a term extension to 50 years.

THANK you I will receive the paper work in 10 days ..I will know something else.I spoke with an individual on the phone today..they may have got it wrong
thank you I will post then..

[michaeldiana]

I did find a willing individual at Nationstar who gave information over the phone, I don't want to sound distrusting but I do realize the bank is not my friend,I hope it wasn't a bunch of jabber jaw.I realize I am very deep in the foreclosure process and at this point I guess I can only hope to get lucky with a modification.I am in Cook County where the county assigned judges to oversee the process and I have a hearing with them on 12/1 in what seemed to us to be the final meeting and then on 12/2 we have a hearing (the last before it goes in front of the foreclosure finalization for lack of term)in circuit court.
We have a 3 flat we live in so 2 rental units aided in this Apollo mod.
We are happy to be able to keep the property we have lived in for 28 years and raised a family...but I am so leary of the lenders I don't feel like this is a success .
What is your thoughts on the Apollo mod program?


michaeldiana

[Cat Damiano]

I am not really that familiar with the Apollo modification as we have not seen that many offered on the forum. I do know that it is a Fannie Mae modification that rolled out in February and NationStar and Wells Fargo were the only two servicers that were implementing the program on Fannie Mae or Freddie Mac backed loans at that time. It is a fixed rate modification.

[michaeldiana]

I am not really that familiar with the Apollo modification as we have not seen that many offered on the forum. I do know that it is a Fannie Mae modification that rolled out in February and NationStar and Wells Fargo were the only two servicers that were implementing the program on Fannie Mae or Freddie Mac backed loans at that time. It is a fixed rate modification.

I did forget to tell you the rep at Nationstar said Fannie May was leaning towards(or something in that tone) doing the majority of modifications with the Apollo and also something they called alt24 due to the massive rejections with hamp.
I'll keep posting in a play-by-play style.
Hoping they don't pull the remainder of the rug out from under us
Thanks Cat
michaeldiana

[Cat Damiano]

I did know about the Alt Mod as it had been around since March 2010 and was an alternative option to those with Fannie Mae backed loans that were not offered permanent HAMP modifications after going through the HAMP trial period.

Keep your head up and try to think positive thoughts. Good Luck!!

[michaeldiana]

Hello;
I am sorry I couldn't find my original post.
We did receive a loan mod. from Nationstar after 2 1/2 years in foreclosure court.
I must say they gave us a great modified loan ,loan originally was at 6 1/2 percent (we had it for some time) ,now we have it at 4 1/2..not the best but we feel very lucky to have gotten this.
We resent the docs 3 times after being refused twice finally they gave us a modification just not the Fanny Mae mod...Fanny Mae is VERY difficult to qualify with...
GOOD LUCK to ALL who need this......SOMETIMES they work,
Diana& Michael