Frustrated with US Bank!!?? Help - Mortgage Forum

rimuga · 02-09-2010, 02:21 PM

I am getting ready to make my 3rd trial mod payment, and today I got the paperwork for the perm. mod. This should be great news. However, my original loan payment was $875 not including taxes and insurance. The trial mod put my payment to $569. The proposed perm. mod would be as follows:

months 1-60 at 2% -$901.81
months 61-72 at 3% -$944.12
months 73-84 at 4% -$984.27
months 85-198 at 5% -$1021.94

The principle balance of my loan is $125,994.59 and my taxes and insurance are $154.19 a month.
It states my new maturity date as September 1, 2026, which would mean I would owe a lump sum on that date. There was no principle forebarence.

How in the world do they expect me to be able to afford $901.84 when I couldn't pay the $875? I am wondering if they made a mistake again? I thought the perm mod was supposed to be close to the trial mod amount. There is over a $300 difference between my trial mod payment and the perm. mod. payment. My income is currently $1690 gross a month(due to job loss). A payment of $901.84 would be 53% of my income(gross).

What do I do know? I have been going through this with US Bank since May 2009. (read previous posts for back info.)

Any help would be greatly appreciated.

Moe Bedard · 02-09-2010, 04:04 PM

That is ridiculous. I would deny it nicely and let them know that this is a plan to fail and you would like to see if the underwriter made a mistake because this is 53% of your income.

I-LOVE-MOEBEDARD · 02-09-2010, 04:40 PM

You can't take this, obviously. Ask them to go back to the drawing board. Gotta be a mistake here. And we know how often these dufusses will make mistakes! Sorry you are having to go through this.

rimuga · 02-09-2010, 05:47 PM

I called them and the young lady that answered the phone said all she could do is forward it to her supervisor for reveiw. She told me to call back next week and check in because she didn't know how long it would take to get a response.

Hopefull2009 · 02-09-2010, 08:42 PM

Was your trial payment based on verbal income? Did your documented income YTD include any OT, extras? The $901 payment doesn't include our escrow, so that would be an additional $154 on top of that? That's pretty much double your trial payment. Maybe they transposed a number with you income or something?

rimuga · 02-10-2010, 04:29 PM

My income was documented, and didn't include any extras. The $901 includes the taxes and insurance of $154. I am hoping they did just make a mistake. They did that the first time they prepared my trial mod., I had to contact them then to have the numbers re-ran. It is just so frustrating. I've been calling US Bank weekly since May 09. That is when I received notice from my employer of 13 years that they were closing the facility and I would be without work starting in August. I have eaten up my savings keeping my house payment current. I wasn't behind when I started the trial mod, but now I am because of the difference in payment amounts. I've lost my car from lack of payment and I am being turned into collection for medical bills from 3 surgeries I had to have in 2009(cancer). I have been focused on keeping my house to try and keep some stability in my two sons lives, but I'm afraid I may lose this battle. It's tough when you lose $2500 a month in income.

rimuga · 02-17-2010, 04:24 PM

UPDATE

Called US Bank today, and there is no record that the person I talked to sent my info to her supervisor for reveiw. The person I got today told me to call the Hope hotline if I'm not happy with the results of my mod. I was allowed to leave a message on the supervisors voicemail, but I don't expect a call back because I've been waiting on a call back since October.
I called the hope hotline and did a 3-way call with the bank and was basically told take it or leave it by the bank and the associate with Greenpath(a housing counselor I was directed to thru the hope hotline).

What do I do now? Greenpath told me to sell the house, or do a short sale. Anybody have any suggestions?

daytona1 · 02-18-2010, 04:52 PM

#1 you have to document every conversation with US Bank and get the reps name, number and/or extension and office.

#2. Your payment on permanent mod should be very close to 31% of your gross income; INCLUDING Taxes, Insurance and any HOA fees....PERIOD.

#3 Your loan should be for 30yrs and up to 40...not 16. If they can drop your rate to the required pmt and its still a shorter term...great.

#4 They generally will not call back unless its collections..ie, schedule a pmt.

#5 It is not a bad idea to speak with the hope line as their reps knows the system, the rules, and can get on the phone with you and the bank to straighten them out. I spoke with a rep and he offered, but I did it on my own and knew more about Hamp and the rules than most of their employees. (the bank never keeps things consistant, meaning they always have you dealing with a different rep and most of them do not know what they are doing and seem to have no access to previous notes in their "system" that other reps have "supposidly" put in...a lot of them are "temps")

#6 Clearly the bank has messed up. The bank will always tell you to take it or leave it, this is a great deal, etc, etc. They do it all the time, I had to argue with them for three months...and guess what, they messed up. Mine was simple, they added taxes and insurance on top of my trail payments, so I was effectively paying them 2X the amount for taxes and insurance. I actually read the reps the language from the HAMP documents and they still were convinced they were right and said they didn't have to follow them...you must be FIRM as the underlings will try to convince you that they are right and you are wrong. I finally got an underwriter on the phone and he stated that the other employees (including a supervisor) were definately WRONG and sent out the correct mod in very short order. So the bank wasted 3 months here alone.

daytona1 · 02-18-2010, 05:02 PM

Oh yeah...I would call HOPE again and let them know that Greenpath is not being any help...or get a different counseler...as this one is either lazy, clueless, incompetent or some combination of all 3.

rimuga · 02-22-2010, 08:47 AM

I have documented every conversation with US Bank since May '09 with the name of the rep I am speaking with. They don't/won't give an extension number. I've asked for the direct number for Mark their supervisor but haven't received one yet. I called again today and was told that on Feb. 18 an email was sent to Mark asking for a review.(thank you Allison at US Bank). Unfortunatley, I had called 3 times prior to the 18th asking for this to be done and was told that it would be done on Feb. 9. The rep I got today, which happened to be the same one I talked to on Feb. 9, said to just keep calling back every week, as all they can do is wait on their supervisor Mark for an update. (He is the one that fixed the miscalculation with my trial mod).

My question now is my paperwork is due back March 1. Do I send it back unsigned or don't bother sending it back? I don't want to confuse the situation further.

I sent my 3rd trial payment out that is due March 1. What do I do for April if this isn't resolved by then?

Thank you.