Suntrust, I can hardly wait, not.

[cary_bouldin]

Dealings with investment property and CW are pretty much over for my part, they will not modify investment property, tried 4 times, even went through Barbara D.

Based on this forum, was planning to work with NACA once the investment property was no longer in the picture. It may still be a while before it is gone so decided it is probably prudent to start working with the primary residence without NACA's involvement just yet.

I have a feeling it is going to be just as difficult to deal with since it is with Suntrust. I don't find too much info about them on this forum other than they are difficult.

The difficulties have already begun, I called and asked them if there was anything special that needed to be included in an authorization to discuss my friends account with them, "No, just have him sign it"

Called today and was told the authorization was not valid because it was not hand written so they can't talk to me.

I can see, the run around is just starting, I can hardly wait.

[Evan Bedard]

Hi cary bouldin,

Yes suntrust seems to be a difficult lender to deal with.. But from my experience i have personally seen homeowners achieve modifications from suntrust, it just seems to take more time.

In the beginning it will seem you are getting the run around for a while. But when you are assigned someone on your case it is crucial to make sure you are on top of them like white on rice!

[Murray12]

Do not trust anything they say, check everything. They will down right lie.

[RRva99]

I received my trial loan mod documents today. Took around a month. I never called, just sent what they told me and waited. I'm hoping it'll go through, current terms would save us around $1,000/month.

[Evan Bedard]

Hi rrva99 welcome and thank you for joining our community.

I received my trial loan mod documents today. Took around a month. I never called, just sent what they told me and waited. I'm hoping it'll go through, current terms would save us around $1,000/month.

That is truly amazing as I have ony a couple homeowners that got lucky and recieved a mod without having to fight for months and many hours of being on hold...

What department did you send it to and what exactly did you send them when you first applied?

[Murray12]

So you never called to check on the status? With all that you have read on this board, you just put it in the mail and waited?

[RRva99]

I sent them everything the initially asked for. W-2's, 2008 1040, Savings statements, bank statements, etc. I also wrote a letter explaining my situation (lost job--boo hoo) and completed the detailed financial worksheet they requested.

I sent it to the same PO Box in Richmond, VA that everyone else did--or so I assume. I certainly would have made calls, etc but figured I'd give them at least a few weeks before doing so. Fortunately, I didn't have to--yet.

Our financial situation is pretty straightforward--I assume that helped. Went from dual income, with a mortgage in a reasonable range to single income when I lost my job. No rental properties, mod request on our primary residence.

[cary_bouldin]

Well, now begins the Suntrust process.

I called them last week and gave financials over the phone, the gal said she would send out a packet. She really did.
1st and 2nd are with Suntrust and are both Fannie Mae, so got two packets. Packet contained 3 forms, a 4206 to request tax transcripts, a pre check box hardship affidavit from Fannie Mae, (just check the boxes and explain on the space given on the back), a Fannie Mae financial statement, (only asks for a limited amount of info, does not detail all expenses) then also need to send copy of drivers license, recent tax form and 30 days of paystubs. Pretty simple I would say.

Came with Fed Ex overnight envelope and shipping bill already completed and marked as prepaid.

I dropped them off this morning at Fed Ex, they should have them tomorrow.

At least I have a bit more faith in them now, perhaps they have stream lined this a bit.

[Murray12]

Yes, either SunTrust is planting people here, or they are making progress.

Are you sure your second is with Fannie Mae? I didn't think they did many, if any seconds.

[cary_bouldin]

After I found the Fannie Mae info regarding eligibility etc... I realized there could not be a second with them so I called Suntrust to verify, Suntrust holds the second and they are suppose to send me the packet for that one, the gal I spoke with in loss mitigation said it should be no problem for the second either since it is with them.

We will see if that actually happens, although not everyone is on the ball, 4 out of 5 have been far better to deal with than anyone at Countrywide/BofA. I at least know for a fact that they have received the documents we sent in and have on file the authorization to work with me.

I am not the mortgagee, just helping a dear friend while I am unemployed and have nothing better to do, well besides find a job.

Based on all the info I can find, this should be pretty much a no brainer for approval. He meets every income and asset qualification and It appears the NPV too. If they say no, I will fight one time with the written guidelines in hand for Fannie Mae and question each eligibility criteria listed and after if there is still no approval, he will just live free in the home til they foreclose, he is already losing his investment property, which was the only other asset he had. I don't want him to lose both homes but he is prepared to do that if need be, he is the one that signed the documents so he will accept the consequences of his actions.

It is not only the greedy banks/investors that caused this.

I will remain forever a renter because I learned the lesson twentyfive years ago and know better now. I don't believe that our possessions should own us.

[cary_bouldin]

Well, that did not take too long, received the 3 mos trial mod offer to begin 10-1-09, payments to go from 1650 mo which included Escrow to around 900 a month including escrow, since this is an interest only loan, then I believe the Fannie mae guidelines indicate they need to convert this to a conventional loan as well. Hopefully at the end of the trial payments will stay the close to the trial amount.

[fustratedwsuntrust]

I am also surprised on how quick suntrust is turning things around lately. I wont say that I never called to follow up on Status but I will say that my loan mod is showing lots of positve progress. I have been working on trying to resolve my sittuation for a while.

I have one loan for 232,000 - 30 year fixed 7.25% interest only for first 10 years. I lost my job in late 2007 and then split from my fiance earlier this year... went from two incomes to one and my new job doesnt pay what my previous job paid.

I have been working with suntrust since the begining of the year to try to resolve my sittuation, I was served with Foreclosure papers in February of this year after being told by suntrust not to pay and to just "wait".... but after being served with foreclosure papers I managed to arrange a bogus payment plan which failed two months after doing so. It was for $2600 a month about $700 over my regular mortgage payment which I couldnt afford to begin with but the agent told me it was either the high payment or foreclosure! I had no other choice but to agree... I was desperate!

Well after failing to make June payment I called suntrust and they told me to wait until I was 90 days past due??? I didnt understand...

I was given the run around from Suntrust... "just keep calling... the only option you have is to wait or pay the past due balance" I told the rep I am currently 9 months in arears equal to about 18,000, I cant pay the past due balance.

With fear of being misinformed by the suntrust representative and once again being served with foreclosure papers I started doing some research thats when I found Loansafe.org, I read the information from this website and I decided to call Hope for Homeowners! The Hud approved representative took all my information and financials and conferenced in suntrust... Just like I read on the forum... the treatment from suntrust was way different then the regular just call back and keep checking repsonse... When suntrust found out that a Hope representative was on the line, I was immediatly transfered to another department and the process was smooth.

The hope representative (Hud approved rep) gave the Suntrust rep all the information they needed. I received the paperwork within a week (9/1) and sent it back within a couple days (they received it 9/7). One week later which was yesterday (9/14), I received a trial Mod offer, my initial mortgage payment was 1,980 and the trial offer payments are $1,085 The plan starts 10/1 - 12/1 and includes an escrow of $600...

My income is $3600 plus rental income of $600 = $4200. I am not sure how they came up with payment of $1,080? Does anyone know? Also what happens after the trial mod period? I dont want to get to excited but I cant help but to feel a little sense of relief!

[fustratedwsuntrust]

I forgot to mention I also have a $200 HOA which I believe they have to consider when calculating the 31% and I read that suntrust only count 75% of rental income so maybe that is how they came to the payment of $1085?

Income $3625
Rental Income = 600*75% = 450

Total Income= $4,075

31% = 1233 - HOA of 200 = 1033

Does anyone know?

[cary_bouldin]

Can anyone help me understand this?

If the trial mod works out, I am presuming that the payments for the actual mod will be similar to the trial mod amount. If so, I do not see how the payments they are lowering too would even equal the principal balance. Basically the trial mod has 405 as going to excrow and 500 going to principal and interest, it is currently an interest only for 10 years so I understand they need to convert it to a regular loan. Since the principal owed is 248,000 at 500 per month even if they change it to 40 year laon, it still will not come out to 248,000. Would this mean that they will probably have slightly higher payments than the current trial mod amount?

[RRva99]

Hard to say how they arrive at the final #. I still have no idea what mine is based on--but I certainly wouldn't complain if the final mod is the same as my trial amount.

Glad to hear that there is someone else here in a trial mod with SunTrust. I am about to make my 2nd trial payment on 10/1.

[zz_iga]

Just got suntrust mod for (390k mortgage) interest only 10arm for 4%-3yrs, 5%-2yrs, then @5.75% 20yr ammortization. They know that they just delay sale/shortsale/foreclosure......

[RRva99]

Was this under HAMP? Final mod or trial mod?

Originally Posted by zz_iga

Just got suntrust mod for (390k mortgage) interest only 10arm for 4%-3yrs, 5%-2yrs, then @5.75% 20yr ammortization. They know that they just delay sale/shortsale/foreclosure......