I really need advice on what next?

[myhearts07]

Has anyone ever heard of this mortgage company and/or had to do a loan modification with them? If so, what was the process?

thanks

Hearts

[Moe Bedard]

Hi myhearts07,


Welcome to the forum and thank you for joining...........



Yes.........their investors do modifications and the process is all done through your online account..............you would need to log in to your account to go to the screen for hardship for the steps to take and to submit the info.

[myhearts07]

Hey ***,
Thanks for your response. I have tried to work with them directly and was told that we only had two options. Shortsale or Foreclosure. I am self-employed and lost almost $2k in income because of parents being laid off from their jobs, or just unable to pay for childcare and used someone to take care of their kids. That put us in the hole. I emailed them in August 08 to let them know that we were going to be in trouble with the mortgage, could we get some assistance? They said we were not late yet, so they could not. Then when we did get behind, finally they call and we submit paperwork to them for a forebearance or loan modification and they shut us down and say no. So, a friend referred us to a company. They charge a fee and are attorneys who negotiate on your behalf with the lender. It seemed funny to me that even though they would not talk to me, they would talk to the company and guess what? It is the same negotiatior that told me no. Said she would make a decision by the 16th of January. We have been back and forth with them since October 08. Anyone ever have success with a forebearance or loan mod with them?

Thanks
Evelyn

[Moe Bedard]

I have seen success with TBW, but it would depend on who the investor on your loan is and what their options are for modification. You will need to wait and see what the modification offer is.

[myhearts07]

Thanks for the info. How would I know who the investor is?

Hearts

[Moe Bedard]

you wouldn't and they are not at liberty to let you know............some csrs will tell you if asked.........but otherwise they will not.

[myhearts07]

Would there have been any benefit to me knowing who the investor is? Could I have contacted them?

Hearts

[Moe Bedard]

no they don't deal directly with customers............any type of modification workout would need to go through TBW

[myhearts07]

Hey All,

Got an approval for a partial claim on my loan. Problem is the more than what we were paying $2937. HUD is giving us an interest free loan for the arrears and there will be a lien on the house. My concern is that if we do this partial claim and get back into a foreclosure situation because the payment is higher, we are screwed. Is this a good option they will not do a loan modification or extension of payments, forbearance , this is it. Will I lose my house if I don't accept this?

Evelyn

[LHarveyMadman]

Based on what you have written here and over on the FICO forums, it doesn't sound like this is much of a solution for you. It sounds like your lender is just tacking on your missed payments to the end, but is not making any substantive changes to your loan terms (no interest rate cut, no extension of the maturity date). Basically, your lender is just removing your obligation to make up your late payments in one fell swoop, but it does not address your need for a lower payment.

To answer your question, accepting this offer would keep you in your house for now, because your lender won't start the foreclosure process based on the payments you have already missed. But if you are unable to make the new payments, then it will only be a temporary solution, as you will probably get behind in your payments again if your financial picture hasn't improved.

[myhearts07]

Thank you for your response. This is really hard and I am grateful for the workout but not the terms of the workout. THe lender said based on our new income, which she did not take into account my daughter's bills and debt, we were well able to make the payment, but that is not true since she didn't factor that in. We didn't qualify for the Hope for Homeowners Relief Act bcuz we refi'd in May of 2008 and didn't know anything about that because it was not passed until later on last year and we had already refinanced out of necessity. So, it looks like we are stuck.

Evelyn

[Moe Bedard]

Evelyn,


Is this on the TBW loan that you had posted about previously?

[myhearts07]

Yes, it is.

[LHarveyMadman]

Hearts, it sounds like your difficulty making payments stems from your daughter's debts. Is this correct? If this is true, and if your daughter is an adult, then maybe you should shed the responsibility for her financial obligations. I don't want to sound callous here - I know that I must sound like a meanie - but your home is at stake here. Maybe your daughter should consider personal bankruptcy for her own debts, which would allow her to restructure her obligations to her creditors. You would no longer bear this burden, and you would again be able to afford your home payments.

[myhearts07]

Lharvey, we are not paying her bills anymore. We were trying to help her out last year because we felt really bad since she cosigned on the loan with hubby, i didn't make enough the year before so they would not consider my income, and we were now ruining her credit. She is able to pay her own bills now but the lender didn't ask for her debt, so they think she is making really good money and can pay up to half of the payment if necessary and she can't. My last contact on Friday with them was pretty brutal and she was very rude in stating that they don't do anything other than what she said, but I got an email from another department saying that they were newly created and they were the intervention department and that our file came to her after we were denied for a second time a loan modification. After talking with her via email, she said that we needed to do another application and that they had creative options but when the other loan mitigation specialist found out she told her that we didn't qualify for anything but the partial claim and now she is nonresponsive when I email her to see what they have as far as options. I feel like they are giving me the run around and I was advised to complain to the attorney general because of it.

[LHarveyMadman]

Okay, I think I understand: your daughter is a cosigner on your loan, and so the lender is counting her income when they calculate the amount of money available to pay the mortgage. Is this correct?

If this is correct, then the lender should factor in your daughter's debts as well. It isn't right for them to count her income and not her obligations. Did you point this inconsistency out to the modification folks?

[myhearts07]

Yes and they are not going to reconsider.Got an email this morning and they told us to go with the partial claim. We may have to file chapter 7 unfortunately since they are not reconsidering.

Hearts

[myhearts07]

Got a phone call today from the IL. State Attorney General's office and was advised not to accept the partial claim because it will make situation worse than it is, there will be a lien put on my home which will make it even harder to sell and/or refinance in the future and the company, save my home usa, didn't do crap for the $1500 I paid them to help with the loan modification. I did most of the work myself. So, I was told to file 2 consumer fraud claims, one against the mtg company for not working with us and one with the other company for making us pay that fee up front and didn't accomplish anything. We now have to go through CCCS for default foreclosure counseling and see if they can help and if not, file bankruptcy. Said that our daughter should have never been allowed to sign on that loan and that TB& W knew that and approved the loan putting us in a bad place. So the story goes on. Don't know what is going to happen now with the house though and I really can't worry about it anymore.

[LHarveyMadman]

Well, at least you have the law on your side. That's small consolation, I know.

[myhearts07]

Yeah. Wish I had known the steps to take in the beginning before we have gotten 6 payments behind. I don't know what the lender is going to do now that their "best offer" was declined. My home is where my bread and butter comes from as I am self-employed and provide childcare/ transportation services for my clients. If I lose the house, where do I go then? Tired of this... Has been a long process just to get nothing for doing what they ask.

[myhearts07]

Hey all, Hearts here
SO we didn't take the partial claim offer from our lender because it would put us in a worse situation than we are now. What is the next step with the lender, foreclosure? It is not that we can't pay our mtg and we want to, they just didn't offer us any change in terms that would be doable for us and for us to continue to pay our other debt.

I need some feedback please. We are considering Chapter 7 and wonder what happens if we do this and reaffirm the house, but still have those payments in arrears? Is that going to need to be paid before we can get the loan reaffirmed?

Hearts