Downey Savings Modification

[jhn_plsn]

Good luck. The tittle here is for our mortgage holder so I think you could just continue it with yours if you like. If you would like to start a new thread go to the forum header that best suites your needs, then pick a sub forum and you should see a start new thread tab above the forum box on the left. If not I know where to find ya.

[dletulier]

Hello

I found speaking to Cindy was very pleasant, she was friendly and very honest. I do feel however that if a borrower can get lucky enough to speak to underwriting directly, like I was that luck back in July 08 with my last loan mod it was for the best. But most banks wont let consumers speak to the underwriting dept. you have to be very diligent.

Diane

[dletulier]

Hello!

I finally got a prelim approval on my loan mod with Downey Savings, miraculously enough I am speaking directly to the underwriter, you have to be persistent and ask to speak to the underwriter!! Customer svc and loan mod depts are reluctant to transfer you but it makes the process go much smoother speaking to them directly, and getting your inquiries resolved the first time. Good Luck! Now I will wait to see what thay offer me and hope that it is acceptable. I am upsidedown on my loan with them and they are speaking of not forgiving principal but setting a portion of it aside for some time and you dont make payments on that set aside amount, very confusing!!

[Moe Bedard]

that would be considered a principal forbearance

If your servicer determines that a principal forbearance is required to get your monthly payment to an affordable level, the amount of the forbearance, say for example this was $20,000, would be subtracted from the amount used to calculate your monthly mortgage payment, but you would still owe the money. You would have a $20,000 balloon payment that had no interest and was not due until you paid off your loan, refinanced or sold your house.

[jhn_plsn]

Downey is now owned by US Bank and they offered me a modification with no write down of principle, 3% for 5 years then the loan will be an adjustable but with a cap of 4.9%. Sounds strange to me but thats what the paperwork said. This is only on the first and I will still have to deal with the second which is owned by BofA and they are sitting tight waiting for me to file BK. I sure wish they would consider a settlement, but they won't. Oh well, CH 13 here I come.
This only knocks down my current interest only modification about $100 but after five years it is much more stable, unlike the first mod which was a full adjustable with a much higher cap.