Anyone ever try to get a loan modification from PrimeLending

[NicoleC]

For all who read this, please be aware that PrimeLending, A PlainsCapital Company is not licensed in the State of Massachusetts, and has been ordered to Cease and Desist, effective March 7, 2007.

I applied for a loan with this company on June 19, 2006. They, of course, accepted the application, and took from June 19-July 28 to close the loan. In the process of the application many things were discussed. We wanted a fixed rate, a 40 yr term, and we wanted debt paid off, and taxes and insurance included.

However, the day of the scheduled closing, July 26, 2006, we got a call 2hrs and 15m prior to it, and were told that the company purchasing the loan, WMC (who is now defunct) ordered an appraisal review that morning, and chopped the appraisal and the whole loan would have to be restructured.

They stated to the courts that our first application was denied, and that we had to re-apply. We never received the statement of denial of credit. We also never received new disclosures with the new loan information on in, until the closing. We signed the statement of non rescission, and dated it for that day. July 28, 2006. However, their copies have Aug 2, 2006 on it. NOT IN OUR HANDWRITING.

We were to pay off debt to make our mortgage affordable after the current loan we had was adjusting. They assured us that it was no problem. We believed them, and proceeded with the loan, even though we were hesitant to sign the documents, we were ultimately left with 2 choices, 1.) Sign the documents or 2.) Rescind and have to come up with a double payment in 3 days to our current lender. We made the decision to sign, to avoid Chase from foreclosing.

WMC however, never purchased the loan, and in the closing package, they have a document stating that the loan is being sold to WMC, and it is effective September 1, 2006. When we never got a statement, or a letter or anything, we called WMC and they informed us that they were not purcahsing the loan. They stated that it was because the loan was dangerously close to a HCL (.020 away...is that 2/100ths of a percent). The banking commission fined them and sanctioned them.

We filed a complaint with the Superior Court in Essex County, and everything that the lawyer did was denied.

In reviewing the closing package I noticed alot of mistakes, like the mortgage payment for the first mortgage on the application is one amount, and the first mortgage payment on the second mortgage application is another amount. Also I noticed that they state that they paid to the Insurance agent, $309.25for the homeowners insurance, yet, it states on the HUD that $1213 was poc.

Lots of deceit going on here.

They attempted to foreclose by sale at auction on Feb 27, 2008 so we filed a chapter 13. Now, we have to pay the mortgage, the trustee payment, the bills that they were supposed to pay off, and the utils and living expenses.

If I could have afforded this to begin with there would have neve been a problem to begin with.

[Moe Bedard]

Hi Nicole,
Thank you for posting your story on the forum.........
I guess, I am a bit confused as to what it is that you want to do with the loan.......
Since you feel as though there have been some violations of RESPA and TIL in you loan you would need to hire a Real Estate Attorney in Mass. to do what is called a forensic audit of the loan documents. You could get referrals through the local bar association or through:
https://www.naca.com/index_main.jsp

If you are wanting to try to get a modification, you would not be able to, as the lenders will not modify a loan that is in Chapter 13 Bankruptcy.

You do need to consult with an attorny ASAP........
As we are not attorneys we can't offer further assistance in your situation....
I hope everything works out for you and your family........

As *** sez, you really need to obtain an attorney that is experienced in these things, the issues that you raise require a full forensic review of the documents, the written date in the ROR is common, as is is normal, usual and customary that the Cancellation Notice is completed by Title at the time of closing to assure that dates are correct, I have never seen a borrower fill in the dates in the body of the ROR, this is not allowed in the lending industry, it is either done by the lender via computer or by closing at the time of actual signing and done by hand by the closer..

The denial of the application was overturned by an approval since the file was ultimately funded. I have often denied a loan and overturned the denial after additional information was supplied that then supported the request.

Again you really need a forensic review of the documents by a qualified party to determine if there were violations in the package. Please retain a qualified party to assist you in that endeavor.

[NicoleC]

I have been trying to speak to them to get my loans modified. I was in litigation with them and stopped it all, in hopes to settle with them. They won't talk to me, or talk to anyone at the Hope Hotline. They pretend that they don't know what a Loss Mitigation Unit is. Anyone have any info, or advice. This company wasn't licensed in MA, and our lawyer went after them with full force. We just want it all to end, so we called the President, who sent it to someone else, and to someone else, and to their lawyers for them to deny.

Since you have been in litigation with them this is something that your attorney has to really continue to the bitter end....they are not prone any of them after a law suit has been filed, and even dropped to further the discussions. They are an off brand and the parent company is Plains Capitol and I do believe a bank out of Texas.....

You really need your attorney to address this for you and resolve the problems, the after effects of suing them has to be dealt with by that attorney.