New... Need feedback... Loan mod torrance, ca

[katia1803]

Hello all

History
I am a 24 year old student and single mother of a 9 year old boy. We live in the city of Torrance, CA. Long story short my house was transfer to my name only in July of 2007 I have lived and paid on this house since 2005. When the transfer happen Option one agreed to fund my loan under “supervision” and would modify my loan before the two years were up. We are in Dec and I have been struggling to pay my house every single month. Since I am only 24 and I have never “legally on paper” owned a home until July 2007 I was a risk per say and this is why they gave me these terms and the payment I have which by the way is $3,214.94 before taxes and insurance. I would not be able to make this payment without the help of my aunt.

NOW
I am in Dec 2008 and am 7 months away from my loan adjusting. I am literally freaking out! I know I have 7 months, but this will go by, I am sure you all know this. I work for a construction, design architecture company in Los Angeles, and everyone knows how the economy is this field is really bad right now. I am struggling and because of this I decided to be proactive and start the loan modification process. Thankfully I have not been late and have made all my payments.

Nov 3rd
I called and the home retention department and spoke to a gentlemen and explained my situation to him. He advised me to get a list of doc’s and send them in. he also took down my expenses.
-Letter of hardship
-Bank statements
-Paystubs
-W-2’s
-Letter of from aunt that is helping me with the payments.

Nov 14th
I sent my required doc’s to the home retention department via fax.

Nov 17th
I got a call stating that my paper work was received. Via pre recorded message

Dec 4th
I had not heard back from anyone so I called. I was told to wait. I was also told randomly by the rep… “oh by the way” you have to make your payment Via Western Union I did not understand this. No notice, no e mail, no letter… nothing. This did not sound right to be at all…
(It is true in the end)
I said ok. Thanks for the info I will.

Dec 5th
I was contacted but the rep was having phone issues.
(the only reason I found this out was because of the next day)

Dec 6th
I went to and outreach event that AHMS was going to be attending. I got a notice in the mail and 3 phone calls about the event. I figured it was going to be an event to inform people on how to go about submitting their info for the loan mod and so on and so forth… I went because I wanted AHMS to see and know that I am really trying to be involved and find a solution to keep my home. I went … Waited... And finally got to talk to someone, he old me that the rep had noted I was a potential candidate to call back on Tuesday and give Sheryl Grant the person that was handling my paperwork a chance to call me back. He said that his department would also pull my file to try and speed up the process.

Dec 9th I got a call from Sheryl and she left a message.
Dec 9th
Called her back and left a message. I let her know that I understand that she is busy and that I do not want to bother her, so I would call throughout the day everyday to find out any updates on my loan mod and to please leave any note if she needs something from me.

Dec 10th
Called early in the morning, acct noted that she needed property tax info and to please fax.
I sent info right away
Called back later that day and she received the info.

Dec 11th. I called to find out about the payment info that was given to me back on Dec 4th and they explained that it was because they need certified funds while in the process of the loan mod.

Dec 15th
I don’t even want to type about this but I will. It might help someone.
I am a student, mom, and I do everything on my own. It gets really hard, I was struggling to gather this month’s payment (thank god I did) I logged on to Western Union and I tried to make my payment. No luck payment was over the limit I had to call or visit the store. It was 6:00 pm bank is closed. I call over the phone and try to make the payment no luck still over the limit.
Went to store where rep told me to go. Stud in line for 20 min filled out the paperwork and was told at the window payment was not allowed via debit card.
Went to another locations
Same BS…
Went to Another location
Same BS…
Went to 3 more locations ….. I’m going to stop now, I had class and ended up not making it because instead I was running around town trying to find a location that would take the payment.
FINALLY! (so I thought)
It was 10:00 pm and I got a hold of a western union rep that found a location in Redondo Beach where I could use my debit card. I went and ha…. What do u know… NO LUCK! by this time I was in tears.

Dec 16th
I called AHMS and explained to them how inconvenient this Western Union BS was and that it is going to cause me to be late and miss a payment. Mind you I am not familiar with this western union Money Gram stuff… so I did not know I could go to both… so the rep tells me to try money Gram at Wal-mart… 3 blocks away from home… just when I think yes finally! My bank thinks the transaction is a fraud because of the amount and blocks my card!!! Which doesn’t allow the payment to post… so I had to go the bank… pull out all this money and go back to Money gram… I am so upset…

P.S.

When I called to give them my Conformation # for the payment the rep told me that my file was re assigned to a deferent person. A negotiator has my package, and if approved I will have to pay 500.00 and if I am not approved I will not.
Is this true?
I read somewhere else on this site that in some places it is illegal for them to ask for 500.00… does this apply to California?

Thanks
xoxo

[Moe Bedard]

Hi Katia,

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


I am not sure about the $500 not being allowed in California...........Erika might know better than I on that one................

for escalation on your file the members in this section have had positive responses from faxing their hardship letters to the following VPs that Erika has posted in other threads, and also calling them as well............just make sure that your loan number and address are included on the hardship letter along with a contact number for you...........

Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196

Jim Davis- Phone-904-996-9696
Fax-904-996-9653



Please keep us posted on your progress..............

[elpjohnson]

Katia.....

I am pretty sure you can be charged the $500.00 processing fee in California but as you said, it's only if your mod is approved. I had my mod done before this was put into place so I didn't have to pay it but many members have had to pay the fee to have their mod done....I have heard it mentioned that there are a few states that this fee cannot be charged but I'm not sure what states that applies to......

A lot of times when you're going through a modification they will not accept online payments and they want certified funds (don't know why this is)......I went through this as well.....

Good luck and keep us posted on your progress

[katia1803]

Thanks a lot for replying…

I set all 67 pages with my name, loan number, and contact info. I am getting ready to call in few hrs… I will let you all know what happens…
> p.s.>
>Do you think I should still contact these ppl that *** has recomended Even though my "Package" has been given to Rondell Jackson? I have heard nothing from this man since my "package" was given to him....
>>>
Thanks
Katia

[elpjohnson]

Yes, I would go ahead and escalate your request to Jeanne Drake's and Jim Davis' offices......

[katia1803]

ok thanks!

[katia1803]

Hello all,
I just got off the phone with a rep and let me tell you I am shaking because I am so upset!
I called and this guy picks up and I let him know that I just tried to get a hold of Rondell Jackson and that is mail box is still full, and if he could give me an update…
The rep starts to TELL me that I haven’t sent in info that is needed.
-2 current months of banks statements (I sent my info 11/14… we are on 12/18 I can’t send 2 months worth of current statements it’s only been a month)
-2 months of Pay stubs
-Property tax info… and so on…
So I jumped in and said wait a sec all this info you are saying I need to send has already been sent and received!!!!! What are you talking about???? Then he say’s your trying to get help and I am telling u what u need to send in (with this attitude as if he owned me!) I said excuse me you are really starting to worry me, has this info not been received? Every other rep has told me they have been received… then he starts to get into this you are not listening to me and I am ending the call… I told him thank you transfer me over to your supervisor. God knows what he told her but when she got on the phone she was somewhat the same, but after hearing me out she was fine and apologized for her rep. she then reasserted me that everything has been received and nothing is needed at the moment. I then thanked her and the call ended…
I’m starting to get scared…
My stomach hurts…

[Moe Bedard]

Call Jeanne or Jim............they have been able to help most of the members in this section..............
Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196

Jim Davis- Phone-904-996-9696
Fax-904-996-9653

[katia1803]

Hello all,

I hope you all had a nice Holiday and are looking fwd to the new year...

I just want to give you all an update. I have been calling to find out if there has been any updated information and there hasn't... However I finally got a hold of the person that now has my doc's. He said that everything looks good and that he is opening it into escrow? I know what escrow means when you’re buying your home but I didn’t understand it this time… I asked an escrow account and he said because this way we can add your insurance and tax’s to your payment…

This is right???

He also said that it would be an additional 30 – 45 days from today????? He got my file on the 15th?

I sent in my info on the 11/14

I am going to call Jeanne just to make sure this is right…


Ok all Happy new year…

[katia1803]

****UPDATE****fficeffice" />>>
>>
I Just got off the phone with Jeanne and she was so sweet... she told me that my file has been taken and given to "Rosa." I was sent over to her and talked to Rosa and she said that we should have #'s by the mid Jan, and if she gets them any sooner she would let me know... She gave me her dir. # and told me she had everything and that she would talk to me soon!!!!! I really hope something happens soon... god knows I need it...>>

[elpjohnson]

Thanks for the update.....I would call them around the 2nd week in January just to follow up....

Good luck and God bless.....Happy 2009 !

[katia1803]

Ok guys!
I have good news... I think.

I got my 1st package and they are offering a lower interest rate starting at 3.000% and having the prop taxes and insurance included in the payment as well as it being a principle and interest payment vs. and interest only payment.

They are offering the starting interest rate at 3.000% and it will go up a half a percent every year capping out at 4.500%

This was the 1st pack
Loan modification agreement date starts March 1st 2009
1st payment due 04/01/09
Here is the Schedule “A”
Principal balance $533,244.00
Total Amount capitalized $ 14,956.47
New principal balance $548,200.47

Amortizing amount $547,506.87
Capitalized breakdown
Delinquent interest 01/01/09 & 02/28/09 $6,212.30 (what the hell is this?)
Taxes & Insurance $8,050.57
Modification fee $ 500.00
Late fee (there fault will waive) $ 193.60
Total $14,956.47

So I called and Rosa after I got this is said
Q. #1 what is this delinquent interest of 01/01/09 & 02/28/09 for $6,212.30???
A. She said that my loan accrues its interest at the end of the month so it’s for Dec and Jan??? and that they are allowing us 2 months worth of “relief “ so we would have to pay for Feb or March. First payment due is April 1st 2009.
Q. #2. Can I pay for the loan mod fee (500.00) separately??
A. she said yes.
Q. #3 Why hasn’t this fee been removed?
A. she read the notes and said she would remove it when she was making the new packet.

This is the 2nd pack
Loan modification agreement date starts March 1st 2009
1st payment due 04/01/09
Here is the Schedule “A”
Principal balance $533,244.00
Total Amount capitalized $ 14,262.87
New principal balance $547,506.87

Amortizing amount $547,506.87
Capitalized breakdown
Delinquent interest 01/01/09 & 02/28/09 $6,212.30 (I still feel this is not right!!?
(My payments are interest only payments and I paid DEC and JAN!!!!!???)
Tax’s $8,050.57
Late fee (there fault will waive) $ 0.00
Total $14,262.87

Modification fee I am sending a cc $ 500.00
Please let me know what you think. I have not signed anything. Papers are due back 02/25/09. My only concern is the Delinquent amount, it just doesn’t make sense to me. Also there is nothing in these papers that back up her (Rosa’s) claim about not having to pay Februarys payment. It only states that this agreement comes into effect March 1st. since she told me we are being giving the two (2) months as “relief “ Feb and March I have not made this Feb payment and with nothing backing up what she has said it seems to be that I am technically late!!!!

Please help!

Thanks a mil

[Coloradofury]

Katia, I am by no means an expert. But having read your story, and having been through a similar scenario, I'll offer my opinion.

The deal looks excellent to me. So I'll start with congratulations. You cannot beat 3% with a 4.5% CAP! Further the delay in payments until April is a very nice opportunity to gather some cash, maybe save a little or have a nice little weekend away with that 9yr old of yours! You deserve it if anyone does. If you can afford these new payment without too much burden, and if the final mortgage amount is not exceeding the market value of the home (by too much) - than GO FOR IT GIRL!

You are obviously an intelligent, hardworking, stable and responsible American. Your story is touching. So many young people could learn volumes from you. Have you been raising your child (son/daughter?) since you were 15?????!!! Wow! And you now own a home!!!!! Obama (or better yet Hannity and Rush) needs to hear your story - You are proof that the government need not take care of the struggling American - it simply takes some hard work and focus. You have a very inspiring attitude. Please keep us posted what happens and what you decide. ColoradoFury