Help! My Story - Need Modification

[comtech]

Hi Guy's
I'm so glad i found this place and to see so many other's in the same boat as i
makes me feel so not alone.
Here's my story.i have a home i purchased 2 1/2 yrs ago for 100k in st. louis
it was right after my divorce and i needed it badly to save my sanity as the ex pretty much wiped me out,the loan was an 80/20 with the 80as a 2/28 arm
now it's 2yrs later and i'm told my arm is set to go higher and it did.the first payment that is the arm for 80k with escrow,went from $638.00 per month to
$1,035.00 per month.my jaw dropped.i got ahold of some indian lady who told me to fax a hardship letter to cit group/consumer finance along with pay stub and related doc's-they hurried me so fast that i forgot some bills and i was denied saying i made enough to pay it! not even freakin close do i make enough to pay a first and second in the amount of $1,250.00 and still pay my other bills-the rate change came in october and i don't have enough to pay this months bill so i sent $500.00 to cit last week and i,m gonna send another $400.00 this week-i'm still gonna be short
now comes the kick in the butt that just may finish me off.while trying to clean up my credit to refinance a few months ago here comes an old student loan that never showed up when i bought the house 2 1/2 yrs ago.they demanded that i come up with $1000.00 to start making payments,told them i didn't have it and they said i could apply for a hardship so i send all the paperwork in to them showing i'm just barely making it and it get's rejected because they don't go by what your actual bills are they go by a gov't model that said
even tho i pay over 1200 a month for my house they say i shouldn't be paying over $700[the amount i was paying before the reset] so they used the lower amount-this happened all down the list i sent in even tho i sent copies of the actual bills to them-so now in 10 days they're going to start garnishing my wages 15% wich is really going to make it allmost impossible to keep up with my mortgage and car payment,it's only temporary tho [ it'll be paid in a yr or sooner] and my income will go back up.should i try to talk to cit group again and maybe try to contact the correct dept? is it loss mitigation?. if i could get a modification i know i could make it because the loss of income is only temporary

any advice or thought's will be greatly welcome
and i really want to thank Moe for such a great and helpfull site

comtech

[comtech]

i've bumped this one backup to let everyone know what i'm doing to rectify this situation [once again moe-thx for this site]
i searched the web and found a company that re-fi's student loans to get them out of default and/or garnishment so you become eligible for gov't loans again[did alot of reseach on them on-line and they are legit]-they charge 8.25% interest and the payment will be way lower than what the garnishment was sticking me for[15% of disposable income=500.00 per month]
ashguard 238.00 per month
so hopefully this will let me re-fi as the only thing that held me up from re-fi'ing was the unpaid student loan
fha-secure was willing to re-fi me at 6.6 for 30yr's till the student loan thing popped up and they wouldn't let me roll that into the new loan as you have to satisfy all gov't loans before you are eligible
hoping this work's out ok but i'm a fighter and i'm gonna get thru this
was approved for loan and everything till what's called a cavier's came up
seems you have to have a clear record of owing the gov't money are you can't go fha-secure
i'm working on it and i'm gonna fight to the end
my heart goes out to everyone that's going thru this crap and i'll keep posting to let you guy's know how it's going

comtech

[Moe Bedard]

Thanks for sharing your story and bumping this back up to the top. The last month has been very hectic for me and I have missed a few threads and calls for help on this forum. I sincerely apologize for that and it will not happen anymore.

I have heard of Ashguard and they are a reputable company. So, you should be in good hands.

I am curious to what lender you were trying to refinance with using the FHA Secure? There aren't many lenders out there that are offering it.

Have you reapplied for a loan modification with CITI?

[comtech]

Hi Moe
thx for the reply as i knew you where very busy
the company i was gonna get an fha loan with is called refinance
they where not worried about my credit score or late pays-they only wanted to know if i had missed any mortgage payments in the last yr [i haven't] and if a had a little equity in the house-i do [about 10k]
fine the deal was done then the student loan popped up and i couldn't get a clear caviers [ i'm pretty sure that's what it's called]i mean they where so sure the loan would go thru that they had me get an appraisal after reviewing all my doc's
like i said this crushed me-so i went on-line and found ashguard
and i haven't tried to talk to citfinancial-you called them citi but i'm not sure it's the same company-anyway they turned me down for a mod after the first reset back in oct as they said i could afford it altho i sent them doc's that clearly showed i can't-what i did was contact cccs consumer services and i'm gonna try to get them to talk with citfinancial as it seems these guy's respond better when you bring in a 3rd party
this site is great and i hope by posting what i'm going thru it might help other people as i would never want to see anyone lose their home
you really have to keep fighting and educating yourself about this mess as it seems that the lender's are slowly starting to see they better try to help people and get a decent return on these loans rather than the killing they where trying to make
i hit the internet everyday to try and find as much info as i can and the refinance people may be able to help some here that can't re-fi out of bad loans
not out of the woods yet but i can see a glimmer of sunlight and that's better than the black hole i was looking at month's ago
will keep posting

comtech

[Moe Bedard]

Sounds great comtech, get educated and keep fighting. We will be rooting for you!

[comtech]

Hi Guy's
moe you are a godsend
i see so many people faxing stuff here and there-what i've done with CIT is slower but i've gotten good result's-when you talk to the loan mod or loss prevention people-get their name-make many notes-then send it by snailmail
yep-send it certified to the person you've talked to-it has to be signed for-so this we didn't get it or we lost it don't work-you have the name of the person that signed for it-big up legally-and you can spam management-i did-got the we can't find you're paper work-?-i replied that ___ signed for it-but you can't find it now-cost me about 3 buck's us
and i had a call the next day-now since i've only been late since the reset
they seem willing to talk-at the same time i found a companty called asgaurd
that want's to re-fi my student loan for a fee-that will make it clear all fha guidelines
stay strong and work at it!! these guy's
confirmation of paper work recieved seem's to make them nicer
now i have them actually responding and we're going thru the process of modification
hope this help's people as we have to stick together and gonna vote on a new prez soon
wich one will help us the most as most people will be ass out when the new admin comes in?

comtech

[Moe Bedard]

That's great stuff comtech. I like you. Great tips and I'm glad you found this site useful. Spread the word and let's unite and fight for our property rights!

[Brian K.]

I am glad to see that some of the ideas on this site are helping so many people like yourself. Please let us know how you modification progresses and if you need any help we will be here to help

[comtech]

Originally Posted by Moe

That's great stuff comtech. I like you. Great tips and I'm glad you found this site useful. Spread the word and let's unite and fight for our property rights!

Hi guy's-i kow you haven't heard from me in awhile but it's because i've been busy harrassing every person i could find to help with my situation
due to my persistence and hard work -can't hardly believe i'm typing this,but i've gotten more than i can even hope for
first of all ashgaurd financial took care of that student loan and my payment is 56us per month-now refinance-has approved me for refinancing at fha 6.6% locked for 30yrs and they will roll my 1st and 2nd into one loan that will lower my payment by 200us per month
now lo and behold-i just got a letter from the holder of my 1st mortgage[ CITfinancial]that's gone up to 11% because of arm adjustments-that they've agreed to lower my interest rate back to the original amount of 6.75% and lock it in for 30yrs-yikes!!
1st mortgage-80k-this was the arm-and cit will lock it in at 6.75 for 30yrs-payment 538 per month
my second mortgage with asc-20k-is still locked for 30yrs @ 10.00% payment 180us per month
with escrow included my payments will be about 1k per month or a little more
problem is that now that i have passed the fha guidelines-refinancing with them will make my payment with escrow included about 900us per month
i swear i was so scared 4 months ago that i didn't know what to do
now i have options i never thought i would ever have
i think the key to my situation was that i'd never been late before the arm reset and that my house actually increased in value about 15k in 3yrs-i live in st.louis,mo and the house values weren't hit as hard because it's pretty cheap to live here anyway
i must tell everyone to keep fighting and spam the hell out of these guy's with certified letter's and e-mail and keep good record's about whom you've talked to and about what
hold these guy's feet to the fire and KEEP MAKING THOSE PAYMENT'S!!!
AS BEST YOU CAN!!!
i actually think i harrased them so much that they couldn't ignore me!
gonna have my first peacefull week of sleep in 6months this week and now that i have options with them-i'm gonna play them against each other just a little to see what else i can get-not gonna push too hard as i'm counting my blessing's as i'm typing this but i want people to know that -I FOUGHT THEM AND GOT GREAT RESULT'S-they probably thought i was a crazy person with all the certified letter's-faxing like crazy and e-mailing everyone in the company i could find

and it worked!
thank god and moe and his site
for without either of them this great day would never have happened
i was allmost resigned to having to give up my house till i found this site and
with lot's and lot's of hard work-[you guy's should see the amount of files i have on this crap]with a prayer everynight and with moe and his site educating me i feel like i've won!

MOE-thank you from the bottom of my heart-i pray for you and the good people on this site all the time and i know everyone can make this happen if you work hard enough at it
DONOT LET THEM IGNORE YOU-GET YOUR DUCK'S IN A ROW!
and give these guy's grief untill you drop and i guaranty that you will get result's-THEY DONOT WANT YOU'RE HOME-THEY WANT TO MAKE MONEY!
and it's up to you to show them how you can make that happen
sent that little phrase in one way or another to everyone i could find in the company

and it worked

god bless everyone going thru this terrible situation and i'm proof you can get to the other side with enough persistence

comtech

Congratulations....and do play the options and them against each other, FHA although I have not priced it recently could be gotten for as little as 6.50% at par pricing last week. I hear rates have gone up, but not that much yet...so make the decision predicated on these factors:

1. What is the rate with FHA...as the blended rate of the first and second will most likely/certainly be higher, and the slack is essentially taken up with the MIP and the Closing costs on the FHA rolled back into the loan, still should be a lower payment. But then I do not have the paper in front of me.

2. When you combine both loans, into the FHA is the result really better? It should be, the second is always a beggar.

3. You will always have taxes, you know the old saying......my take is let them impound them, that way they will be paid and you don't have to worry about that bill every 6 months to 12 months.

I am a old FHA Fixed Rate kind of lender, they are safe secure and certainly more reputable loans in the long run. But if the Citi deal is inherently cheaper, and it is fixed both loans 30 years (no balloons) then it would be a hard choice.

[comtech]

thx for the reply POPPY
yes the second mortgage from asc is fixed for 10yrs@ 10% then a balloon payment is due
so-i think i'll go with fha and just be glad this rollercoaster is over

comtech

ps. ( the refinance company) contacted me today-said the recieved all my paperwork that i faxed over the weekend and the ball is rolling

thx again

comtech

At the same time are you near Chase....the bank....check out their pricing and stuff on FHA if you are going with an internet provider of FHA product...may be a little high on the price and costs (fees) side as they are a Broker, please also check out a Direct FHA Lender like Chase, Flag Star....safer and cheaper.