Homecomings

[GasBrommer]

Hi, I'm trying to do a loan modification with Homecomings and have even hired a loan officer to do my mod but now everyone is saying that we have to be 60 days behind before they will consider anything. Do I really have to hurt my credit before they will consider anything or is there another route?

[Moe Bedard]

That would depend on the investor and what their criteria is.......most are modifying loans that are in dire need because they are facing foreclosure.......and if it is FannieMae or FreddieMac, they are looking at their loans that are 90+ days in default to modify at this time.

[GasBrommer]

Wow, that is crazy. So because the ARM went crazy (up to 11%), we have to hurt our credit in order to fix it. Wish there would be another possibility.

[Moe Bedard]

If the arm is up to 11%........it wouldn't be Fannie or Freddie.........

what is the loan amount?

[GasBrommer]

It's Homecomings, the balance is $135,000 (first mortgage out of 2) and the value of the house went down from $170,000 to $110,000 this year.

[phil413]

I am not sure who told you you have to be late. I am waiting for an answer for my loan modification but they nevery told me I had to be late. Mine is an adjustable loan. I am current with my payment. We did have a reduction in pay and my loan went up this past July about $1,000 dollars and they added an escrow account for anothe 560.00 or so. We are also upside down about 500,000 on our loan if you include the HELOC.

Also, after reading this board for months I got all I needed to do the modification myself. Let me know if you have any other questions.

[GasBrommer]

Well, my 2nd mortgage (9.8% fixed) is with HSBC and is currently being handled by the loan officer and we should see a modification soon, however this is only a small portion and they said that with Homecomings, they require you to be 60 days late, before they even talk to you and that is what I found out as well, when I called the loss mitigation department.

So I'm not sure what else I can do, besides falling behind (other tell me to wait a few more weeks until the new administration kicks in) but I'm not sure if that will help much.

[phil413]

Like I said I am not late. They never told me I had to be late. You need to follow the steps recommended on this site and make sure and send the hardship letter to the vp I think it is Javid someone, check the site. When you send it to him someone will call you soon after. Don't give up try again. I guess it could be that we have different investors. They told me mine was Residental Funding Corp.

I have a second also that I will deal with after this one is complete.

[GasBrommer]

Thanks, I guess I will try to call them again then, this is what they wrote in an email before any phone calls:

In response to your inquiry, our records indicate your account is currently due for the January 2009
payment.

As your account is not currently in arrears, we are unable to complete a loan modification. We
appreciate your proactive approach to handling your account and will gladly provide options at a
time when your situation changes.

Please be aware as long as your payment is made within the month due, your credit will not be
affected. However, if it is after the grace period, a late charge may be assessed per the terms of
your Note.

We understand this is a difficult time for many customers, which is why credit counseling is
available. A credit counselor is a trained financial associate, who can guide you through your
current financial situation. You can access www.hud.gov for more information on credit counseling
and any programs that may be of assistance.

Representatives in our Collection Department are available to assist regarding any payment
arrangements you may need to make if your account becomes delinquent. Please contact our office
again if you encounter any financial hardship in the future.

If you think you will be unable to make the payment within the month due, please contact our
Collection Department at 1-800-799-9250.

[phil413]

I would get the hardship letter to the Javid guy. If you don"t find the email let me know but it is on the site. I actually was/am working with some one from Homecomings Hope Alliance. I saw was because I have not heard from her since I emailed Javid for an update. At this point I just call the Loss mitigation for updates. Today they told me they may have the approval in a few days.

What is the reason for your hardship? If you don't mind me asking. I don't know if that will make a difference with them.

[gkn123]

I have a first and second with Aurora Loan Services on a rental property that was purchased to assist our kids in purchasing their first home. They have moved out of the house and left us with the payment. i sent a loan modification request with all financial statements attached and they would not agree to a loan mod. Unfortunately or fortunately whichever way you look at it, we are current in our payments, but depleting our savings in order to do so. Any suggestions from anyone to pursue a loan mod/short sale?

[phil413]

You may get more responses if you start your own thread. This is a good site to learn and ask all you want.

[mike7311]

First rule, do your first mortgage before the second!

[GasBrommer]

Hi, first of all: happy new year.

Our hardship is that the primary borrower (making around 80,000 a year), just lost his job (starting today). Can you please give me Javids email, I can't find it right now.

Best wishes,

Robin

[Moe Bedard]

javid.jaberi@gmacrescap.com

[GasBrommer]

Thank you very much, I emailed him. I have one more question. The primary borrower (who lost his job) doesn't really want to be on the house any more (being able to do a quick deed on the house), leaving it to the second borrower only. Would it be possible by a loan modification to change the owners of the loan to the co-borrower only? I used a "how much house can I afford" calculator, and it said that the co-borrower could afford a house of $175,000 and we owe $170,000 on the mortgage (first and second combined). Would there be a way to do this?

[mike7311]

I could be wrong, but you cannot remove a borrower from a note without refinancing. A modification will only affect terms already in the loan, which is limited to interest rate, term, and rarely principle balance.

[GasBrommer]

Ok thanks, that's what I figured already, and unfortunately there is no way we can refinance if we owe $170,000 for a house with a value of about $110,000 now.

[mike7311]

You can look into a assumption or qualifying assumption, both of which are a pain in the butt. If you push through a quick deed without approval from the mortgage company. They can force foreclosure for breach of contract. Your best bet is to explain the situation to the mortgage company and hopefully they can work something out, but it will be a pain.

[GasBrommer]

Hi all, I am still in the process of a loan modification which seems to be taking a long time. I currently have an ARM that changed 6 months ago to 8.5%. However, I read at some places that those adjustable rates will probably go down as well the next time they adjust (independent from the modification). The loan is with Homecomings, does anyone have a idea of how much it might go down? Any figures would be greatly appreciated.

[GasBrommer]

Hi,

We have our first mortgage with Homecomings and our second with HSBC. We hired a consultant to negotiate for us and do the loan modification process. HSBC is being worked on and is getting somewhere, however with Homecomings, we're at a brick wall. I'd like to hear some advice:

First we called the loss mitigation department and we gave a verbal authorization to our negotiator, this was fine, he called and was sent to the loan modification department, however, there they told him that they don't have his authorization, and that they would send a form by mail to get authorization to them. It's been 30 days and we haven't received anything in the mail. We tried calling to see if we could find out who the investor is on the loan, with no success. We are still current but are having extreme difficulties. Any contact at the loan modification department at Homecomings that could maybe help us get the authorization, or get us the name of the investor on the loan?