ASC Mod

[cbriones]

Hello im still going through the mod process well they did my mod i just got the paper work... ASC forgot to add in some off my financials so i called them and they have to redo my mod.... I have been dealing with this for over a yr .. but they also added 35000 to the back of my loan which is no good. my principal is way up there.. I know that some lenders are knocking down principals and also forgiving the past unpaid payments.

[Moe Bedard]

there have not been any principal reductions reported............the investors have not been willing to take the immediate write down losses............and they have been putting the past due payments onto the back of the loan..........the only thing that we see them wave is some of the fees..........not the payments themselves.

[cbriones]

Hello i wanted you to know about the principal reduction for your info but let me tell you really quick my sister walked away from her house 6 months ago because they didnt want to work with her anyways she just got her paper work out of the blue they reduced the principal from 365,000 to 255,000 her past payments were forgivin and the payment was 500.00 less with escrows included.. My sister doesnt want the house so she is letting it go ... This is good info it will give some people some hope. I have asc they are not doing this for me/.

[Moe Bedard]

You may want to have her check the paperwork for a balloon payment that is put at the end of the loan term............that would be due if she were to sell or refi the property only. There have not been any principal reductions..............this is a principal forbearance............and it is much different.

[cbriones]

i just asked her she said its a 250,000 loan amount for 30 yrs at 5 % she bought the house for 365,000 no contribution amount at all just the 1st payment on the 1st ... she is so lucky but anyways she doesnt want the house...

[cbriones]

Sorry oh she had select portfolio

[Moe Bedard]

I would have to see it myself to believe it...........there are over 9k members on this forum and not one has received a principal reduction modification on a first mortgage from their investor.