I will keep my House for my Kids

[azenfermera]

I too have been trying to keep my home after divorce for the sake of my children. I built this home in 2003 and divorced in 2004 and after 2 refi ended up in a sub prime 80/20 with the 1st being adjustable. I have a tough time with this but I know in the end my children will be safe and secure having the home that they know and not being bounced around rental properties, however I am not above renting if it comes to that. I have attached the letter I sent to the CEO and CFO of Homeq along with the CEO of Barclays bank which owns the servicing company. I figure if anyone can assist me it is them. If they chose not to assist me then, I rent. In all reality how bad would it be. A ding to the credit...who cares. Cheap rent and if the air goes out, call the landlord. Will the children survive? Yes as long as we are together.
Recently I wrote this to Homeq re foreclosure notice.
To Whom it may Concern:

I am writing this letter to explain my unfortunate set of circumstances that has caused me to become delinquent on my mortgage. I would like assistance to resolve this delinquency. I am a Registered Nurse and for the past 2.5 years have been working with a Nursing Agency as my full time employer. April 4th was the last shift I have worked with the Nursing Agency due to the lack of available work. I have since been dealing with a Nursing recruitment firm to seek full time guaranteed employment. I have secured such a position, however, I do not start until June 3rd and my first pay check isn't until June 20th. I realize that I have become delinquent for the month of April and also the month of May.
It is my intention to correct this delinquency with paying every 2 weeks until I am current with Homeq. I would appreciate speaking to someone who will assist me in resolving this delinquency. I have had numerous conversations with various Homeq representatives and I do realize that they are just doing there job and trying to collect on the debt, however, I am willing to pay this debt. I know how I will be caught up and I will have the income to continue my mortgage, however, no one is willing to discuss this with me, instead I am being offered very poorly put together repayment plans and threatened with foreclosure. I will have the ability and the income to support this mortgage and what I need from Homeq is the ability to speak to a person who is truly willing to assist me in resolving this delinquency as it would be beneficial to the investors and also to my family. This is what my plan entails:
My Paydays will be as follows

June 20th I intend to pay for April 1731.46 + (86.57 late fee) = 1818.03 on 1st plus 641.03 + (32.05 late fee)= 673.08 on the 2nd
July 4th I intend to pay for May
July 18th I intend to pay for June
August 1st I intend to pay for July
August 15th I intend to pay for August

I have tried to explain this to Homeq customer service representatives only to be told that the best they can do is place me on a repayment plan for 10 months and include 10 months of late fees, not willing to accept my payment plan with the knowledge that I can and will be caught up as I have tried to explain in this letter. All of my payment will be sent via automatic from my Bank to Homeq.

It behoves me to think that Homeq would rather keep me in my home as I am 120,000.00 upside down in this mortgage and willing to take care of my responsibility rather then forcing me into foreclosure and having the investors take yet another loss. Now, my intention is to stay in this home and my goal is a fixed rate so I can live here forever. I would appreciate resolving this in a manner that benefits the investors and my family. If you have a loan modification that is better then what I am proposing, please inform me as I do not want to encounter any unnecessary fees considering this is a sub prime loan and basically all of my payments are interest so in the end the investors are making a ton of money off of me already. If Homeq is unwilling to modify/assist me then please send me the address to mail the keys if that is what you feel would benefit you and your investors. The choice is yours. All I have been trying to do is provide a stable home for my family and a few hard knocks throws me into sub prime. Is Homeq willing to resolve this in a beneficial manner for all parties involved or does Homeq just want the keys? I do not appreciate that it appears that because of some hard knocks Homeq wants my home. So, tell me.....will you at every opportunity try to take my home or will you actually try to keep me in the home?

Thank You for your time and concern on this matter. I look forward to hearing from you. I can be contacted via



Only time will tell.....Expect the worst and hope for the best.

[azenfermera]

Update...Homeq Hope dept loan counselor called today states she would like to modify the loan into a fixed and is requesting pay stubs, 1040, property taxes, and insurance to be faxed with all account info on each page of the fax states the fax number is assigned to the account and goes straight into the account. I will keep you all posted. Dont lose faith

[Moe Bedard]

Thank you for the update..........

Good Luck on your modification.........

[Reality]

Congrats on the good start. You did the right thing. The bank that made the mistake of lending out money without any borrower's skin in the game deserve to be threatened with "walking." Threatening to walk is the most effective way to get their attention.

Now, if I were in your shoes, I'd still look around and see what rental options are available in your immediate or comparable neighborhood. There are many very high quality houses in highly desirable neighborhoods available for rent all over the country. Unless the payment for keeping the house come somewhere close to rental cost of comparable houses (after tax considerations), think very carefully before signing away 30 years worth of your hard work income. In many cases, walking may still be better even if they do agree to modify. Good luck!

[azenfermera]

Reality,
I do take responsibilty for my actions which is why I have every intention of resoving this delinquency in a timely manner that benefits EVERYONE, not just the investors.

The repayment plan that was proposed to me puts an additional 25k in the investors pocket, that is absolutely not necessary.

Way I see it, they best have a great modification for me or they just got their parcel back and the investors can take yet another loss.

[azenfermera]

I am learning a lot from this website and I appreciate all the assistance and emotional support. I do feel that at times Reality is a bit condecending towards others.

As an update on my mod..faxing complete, now we will wait to see which action Homeq believes would benefit the investor and my family. I will keep you all posted as I continue to lurk in the shadows and soak up all this knowledge. This is really coming down to a business decision and this forum has taught me that. THANK YOU

[Moe Bedard]

Thank you for the update.........

I agree with you........and I am watching that one...and if it continues...out they will go...

[azenfermera]

According to Homeq my account is currently in escrow??? The "loan counselor" that I have been dealing with does not know how long this process will take, in the meanwhile they have contacted a broker and added additional funds to my principle for this. The "loan counselor" states she THINKS she can have this removed since the modification is in progress however...... I just don't know if I believe them..Homeq that is. Any thought...Is this normal procedure for modifications...Oh and when I sent in all the required paperwork I also sent in property valuation from the county that values the property at 197,000. which is considerably lower now..AZ is a big forclosure state right now

[azenfermera]

Homeq has offered a mod.....
1st mortgage fixed for 5 yrs...@ 6.75%
2nd mortgage fixed for 5 yrs...@ 5.00%

Not great, not happy...I was told from the loan counseler a fixed rate.....HUH, so much for assumming they would be so kind as to fix the loan for the entire length of the loan.

This benefits the investor not me...In 5 years this home will STILL be underwater and all this will do is prolong the inevitable of walking away.

I have every intention of speaking with them on this manner as I do not agree to these terms. If it wasn't for there business practices I would not have even really dug deep into this whole "mortgage mess" to really know what is going on.

AHah.....rent the same track home for 1/3 less payment, no worries about repairs is looking real good right now.

Thoughts would be nice...

[azenfermera]

OH...I don't know what I will do.

But hey I DID FIGHT HOMEQ AND WIN......with that being said I should be very happy, which I am but I am still concerned that's all. I read all the posts of other lenders who really have went on a limb and fixed for 30 yrs for people and that is truely amazing and oh how I wish that would have happenned to me.

I did find out though that a person can modify a loan once a year and only 4 times for the length of the loan...so.........

I am not very good a poker, I really gotta think about this one. Thank to all of you.

Remember you can win with HOMEQ

[RudyJay]

azenfermera

Congrats on your 5 year rate mods.. Take the 5 and decide what you will do next...This way you have some breathing space to catch up and who has a crystal ball.. your property could appreciate, you would have paid 5 years of interest and principle on your mortgage, your kids are 5 years older, and you could refinance. And you are correct you could try for a mod again after 12 months if you need to... AND YES YOU DID FIGHT HOMEQ AND WON..... your rates look okay.. GOOD LUCK TO YOU AND YOUR FAMILY...rj

[azenfermera]

To Whom it may Concern:

I am writing to confirm that I have received via fax the modification agreement from Homeq Servicing.

It behoves me to think that Homeq would rather keep me in my home with a modification that would benefit all parties involved; investors and also me.

I have some serious concerns regarding the modification that is being offered; 1st mortgage fixed @ 6.25% for 5 years, down from 7.47%...and 2nd mortgage
fixed @ 5.00% for 5 years, down from 11.25%.. then what happens? Papers are vague and I am not about to agree until my concerns are clarified.
It almost appears to benefit the investor and not me, as it appears that in 5 years I will be back in the same
position with a house that remains considerably upside down in a very poor market. Add the failing economy on top of this mess with ever increasing gas
prices, it makes the modification look like a band-aid not a benefit to me, the homeowner.


In 5 years the interest rate with change again, home still underwater...Is there not any other option for me then to walk away? I have heard of mortgage
companies truly working with the sub prime mortgage and modification of those loans that actually benefit everyone. Do I not apply? To be honest, I am
scared as I have looked over my loan docs and I do not appreciate what I see with balloon payments and such, it is very upsetting that lenders tell borrowers
whatever they can come up with to get you to sign. "You can refinance again in 2 years into a fixed, everything will be fine." Well, as you know everything is
not fine, the houses in AZ have dropped considerably, people are walking away from there homes everyday, as it appears to be "the thing to do", I have
written twice now asking for assistance to stay in my home. I have asked for a modification that you all felt would benefit all parties involved.

I have read about homeowners who were/are in the same position. I have heard of very nice, very helpful loan modifications that actually placed the
homeowner in fixed loans, no balloons...just fixed. Some persons have been fixed for 5 yrs @ 5.00% then interest increased to 6.25% for remaining of the
term, no balloons and no band-aids, just straight business. Some persons have been given fixed modifications for 5% for 30 years, no balloons and no band- aids, again just straight business. Again, I ask, do I not qualify for this? No one knows what the housing market will do, however wouldn't the investors like
a guaranteed payment for 30 years not a foreclosure, short sale, and/or walk away? No one wins then. So, please I ask. Modify my loan, no balloons, no
band-aids. Thank You for your time.

So, I sent this off tonight....What do I got to lose? I will keep you all posted.

[azenfermera]

Well, I thought about this and I decide to write the CEO/CFO again. Will see what happens now. What do you all think?

To Whom it may Concern:

I am writing to confirm that I have received via fax the modification agreement from Homeq Servicing.

It behoves me to think that Homeq would rather keep me in my home with a modification that would benefit all parties involved; investors and also me.

I have some serious concerns regarding the modification that is being offered; 1st mortgage fixed @ 6.25% for 5 years, down from 7.47%...and 2nd mortgage
fixed @ 5.00% for 5 years, down from 11.25%.. then what happens? Papers are vague and I am not about to agree until my concerns are clarified.
It almost appears to benefit the investor and not me, as it appears that in 5 years I will be back in the same
position with a house that remains considerably upside down in a very poor market. Add the failing economy on top of this mess with ever increasing gas
prices, it makes the modification look like a band-aid not a benefit to me, the homeowner.


In 5 years the interest rate with change again, home still underwater...Is there not any other option for me then to walk away? I have heard of mortgage
companies truly working with the sub prime mortgage and modification of those loans that actually benefit everyone. Do I not apply? To be honest, I am
scared as I have looked over my loan docs and I do not appreciate what I see with balloon payments and such, it is very upsetting that lenders tell borrowers
whatever they can come up with to get you to sign. "You can refinance again in 2 years into a fixed, everything will be fine." Well, as you know everything is
not fine, the houses in AZ have dropped considerably, people are walking away from there homes everyday, as it appears to be "the thing to do", I have
written twice now asking for assistance to stay in my home. I have asked for a modification that you all felt would benefit all parties involved.

I have read about homeowners who were/are in the same position. I have heard of very nice, very helpful loan modifications that actually placed the
homeowner in fixed loans, no balloons...just fixed. Some persons have been fixed for 5 yrs @ 5.00% then interest increased to 6.25% for remaining of the
term, no balloons and no band-aids, just straight business. Some persons have been given fixed modifications for 5% for 30 years, no balloons and no band- aids, again just straight business. Again, I ask, do I not qualify for this? No one knows what the housing market will do, however wouldn't the investors like
a guaranteed payment for 30 years not a foreclosure, short sale, and/or walk away? No one wins then. So, please I ask. Modify my loan, no balloons, no
band-aids. Thank You for your time.

[RunningOnEmpty]

Hello,
I am also dealing with Homeq. I just sent my hardship letter yesterday. I was wondering if you have heard anything yet?
I hope it all works out for you! Let us know whats going on!
Cindy

[Moe Bedard]

Cindy.......

This member had already received a modification

--------------------------------------------------------------------------------

Homeq has offered a mod.....
1st mortgage fixed for 5 yrs...@ 6.75%
2nd mortgage fixed for 5 yrs...@ 5.00%

[RunningOnEmpty]

I thought she said she was not accepting that b/c she wanted a 30 yr fixed rate--I was wondering if she had heard back from them about that.

[faith]

Originally Posted by azenfermera

Well, I thought about this and I decide to write the CEO/CFO ?

It behoves me to think that Homeq would rather keep me in my home with a modification that would benefit all parties involved; investors and also me.

My reply: Will it be nice if all our demands for the problems in the market be granted by these lenders and investors? That would be nice, isn't it. But reality is they are there for money, money that they lost out of their own greeds and misdeeds and also part to blame is
homeowners like us who doesn't count the cost of buying, keeping and maintaining the home. How much it will cost us to maintain the house, how about gas, and other unavoidable circumstances, like if you lose your job thru disability or car accident like me.


I have some serious concerns regarding the modification that is being offered; 1st mortgage fixed @ 6.25% for 5 years, down from 7.47%...and 2nd mortgage fixed @ 5.00% for 5 years, down from 11.25%.. then what happens?


My reply: Sometimes we need to count our blessings, they are people like me that was not approved when we have applied for Loan Mofication and we are now in the last stage of having our house sold thru Short Sale, thanked God for his goodness.


Papers are vague and I am not about to agree until my concerns are clarified. It almost appears to benefit the investor and not me, as it appears that in 5 years I will be back in the same position with a house that remains considerably upside down in a very poor market. Add the failing economy on top of this mess with ever increasing gas prices, it makes the modification look like a band-aid not a benefit to me, the homeowner.

My Reply: Sometimes we need to count our blessings, they are people like me that were not approved when we have applied for Loan Mofication and we are now in the last stage of having our sold thru Short Sale, thanked God for his goodness.


In 5 years the interest rate with change again, home still underwater...Is there not any other option for me then to walk away? I have heard of mortgage companies truly working with the sub prime mortgage and modification of those loans that actually benefit everyone. Do I not apply? To be honest, I am scared as I have looked over my loan docs and I do not appreciate what I see with balloon payments and such, it is very upsetting that lenders tell borrowers whatever they can come up with to get you to sign. "You can refinance again in 2 years into a fixed, everything will be fine." Well, as you know everything is not fine, the houses in AZ have dropped considerably, people are walking away from there homes everyday, as it appears to be "the thing to do", I have written twice now asking for assistance to stay in my home. I have asked for a modification that you all felt would benefit all parties involved.

My reply: Ok, you need to make a decision right now as whether or not you will accept the Loan Modification. Just ask yourself, can you can afford the payments after 5 years?-If your answer is no, then just walk away, not really walk away. Talk to them about doing Short Sale. If you sign the modification that's another 5 years that you will think, what if, I told you so, I wish I listen, if I have known, etc. If you do short sale or decide to foreclose the house, at least you have a break from IRS because President Bush signed a law in Dec 2007 that homes that were sold sold due to foreclosure, short sale or deed in leu, no income reporting, IRS will not count it as income. And you better make a decision fast because the law is into effect only for the year 2007, 2008 and 2009. I don't know what happens after that.


I have read about homeowners who were/are in the same position. I have heard of very nice, very helpful loan modifications that actually placed the homeowner in fixed loans, no balloons...just fixed. Some persons have been fixed for 5 yrs @ 5.00% then interest increased to 6.25% for remaining of the term, no balloons and no band-aids, just straight business. Some persons have been given fixed modifications for 5% for 30 years, no balloons and no band- aids, again just straight business. Again, I ask, do I not qualify for this? No one knows what the housing market will do, however wouldn't the investors like a guaranteed payment for 30 years not a foreclosure, short sale, and/or walk away? No one wins then. So, please I ask. Modify my loan, no balloons, no band-aids. Thank You for your time.

My reply: Sometimes persistence works, but you can not compare someone’s history to your story. Maybe those homeowners put 10, 15, 20, 50%% down payment. If you prolong your decision the investor might back out of his offer, Just remember: OPPORTUNITY ONLY KNOCK ONCE, ONCE YOU HAVE IT, YOU HAVE TO GRAB IT.

Thank you and God loves you. God bless you.

That's my reply: Faith

[Moe Bedard]

azenfermera,

The modification that you are being offered is a great one.......it gives you 5yrs to work on credit and get caught up with finances..........nobody can predict what is going to happen 5 years down the road............

Each of the modifications have different investors attached to them.............you can't compare what one investor is giving to their customers versus what the investor on your loan is giving.........they are all going to be different........some of the investor pools are being very agressive in their modification efforts to protect their bottom line...........the majority of these modifications are coming from the investors on the Countrywide and Chase loans..........

I hope you can receive what you are looking for............but be careful that you don't risk having the current offer null and void and the possibility of not having any modification offer at all...............I have seen this happen too.........

Good Luck!!!

[azenfermera]

Running on empty,

Well from start to finish when I first contacted homeq till the time they sent the loan modiification it was 20 days. My modification went very fast.

I am not pleased with the terms of the mod, however, after thinking about this long and hard I have chosen to accept the mod and will remain optimistic that the market will recover in 5 years.

Good luck to you, i wish you the best. If i can help you in anyway let me know

[azenfermera]

I put 20% down on my home and that is hard to just throw away.

[schwefls]

azenfermera:

So happy for you congratulations.

[RudyJay]

Congratulations again ... for you and your kids.. rj