I'm New and need some advise on Loan Mod

[Nelliefive]

My husband and I bought a new house when the market was good in 2006. We had our existing house on the market immediately following our new purchase. I would never do this again as after our new purchase we were told by our realator that our house would sell in at the most 30 days. Well it didn't and we used our savingsto pay the mortgage on two houses. Also after our purchase my husband had an accident at work and was out for one year on workers comp with two surgeries but we still made both payments. After a year we could not do it anymore and lost our 1st home but still had the new. We are struggling now as all that transpired previously caught up with us without having our savings. I heard about the loan mods and the Attorneys at Pavia sent meto this website so I started reading and I am so glad you are all out there to provide information as it does not make us feel alone. I have Greenpoint Mtg. have a 1st mtg at 6.125% rate (5yr interest only) and a 2nd mtg at 10.5% (heloc). Given our situation it becomes harder every month with more money going out then coming in and I am looking for some advise if it is a good thing to move forward with an Attorney for help and pay the fees to try and modify our loan. I do not think I can do it by myself as I see many of you have tried and these folks don't want to work with you. Any advise or information on forensic loan review as well as this is what the attorney looks at first to determine if there are any violations. I'm nervous to give up money and get further behind if this does not work. Thanks in advance for any assistance. Nel is Arizona.

[Moe Bedard]

Nel,


Welcome to the forum and thank you for joining...............
you have a five year interest only loan at a very good rate.........you will definately need the help in any negotiations with this.........most of the modifications amortize the payments to include Principle, Interest, Taxes, and Insurance...........so that could in turn raise the payments instead of lowering them, which won't help you out of the hardship moving forward............having the attorneys examine your docs will help you gain some leverage with the lender to avoid this happening and maybe be able to keep the loan at the interest only..........provided your taxes and insurance are up to date and current.............

Here is additional information on the doc review just click on the link below............we have several members using the service with great results.........


Free Foreclosure Help - Loan Modification - Mortgage Help

[Nelliefive]

***,

Thank you so much and I feel better using an Attorney. I will also review the information provided. Thanks again.

[Nelliefive]

***,

Just out of curiosity how would a normal homeowner know what to look for in their own loan docs that could tell them if there might be something wrong and should actually have a Loan Doc review done?

[Nelliefive]

***
I have Greenpoint and I asked them for a number to call for loss mitigation. I am behind on my June, July, and Agusut payment. I tried to make payment for June on line and was denied so I called them to make a pyment over the phone. They would not tae my June payment and wanted 1/2 of $8K and would work out a payment plan. I said I don't have 1/2 and would like to make my June payment fo rwhich they said they were instructed not to take. I then said that I would mail the payment and they said it would be returned. Can they do this if you are tyring to pay? Now I am scared as I don't want to lose my home. We had several hardships that put us in this place and have always made our payments on time or early. The number they gave me for loss mitigation was false so now I need some advise on what to do with my payment. If I mail it to them do they have to accept it?
Thanks Nel

[Moe Bedard]

Nel,


If you are in default unfortunately they won't take one payment at a time.........because you have such a low interest rate you might have to try and see if they can do a forbearance for you with that 8k amount........


Try this number is you don't have it.................and see if they can help.....

Greenpoint Loss Mitigation
1-800-784-5566 ext. 3418

[Nelliefive]

***,
Thank you for the extension. I had the right number but they kept giving me a different extension and telling me that loss mitigation would not help me. Also what is forbearance and what does that mean? Sorry some of this is just confusing and mind boggling.
Thanks, Nel

[Moe Bedard]

No problem..........that is what we are here for.........

A forbearance is where they would take the past due amount and divide them by a certain number of months........then that amount is put on top of the current payment..............but that option you could try for if they won't modify by putting the past due amount back into the principle balance........I just am not sure what they will do with a 6.125% interest only..........if anything.......you will have to see what options are available.........

[Nelliefive]

***,
Thank you for the assistance and the information I appreciate the help. One more question as this may help me make up my mind. I have been speaking to the folks at Pavia who are extremely nice and I was having a hard time making up my mind whether to go the route of the Attorney. Would this be a good thing for me to do or should I try the route of forbearance first. Can anyone actually help for the type of loan I have or would I be wasting my money.
Thanks, Nel

[Moe Bedard]

Forbearance should be the last resort to ask for.............with the attorney, you can ask them if they have worked with Greenpoint and how they feel about getting a modification on the interest only rate that you have........

but, you might be able to get the process going yourself here with the advice given..........

In your situation is it really the past due amount plus fees that is the issue? If they were to work out something with the past due amount, such as putting it back into the principle, would you be able to make the original payment moving forward or would that be a problem?

[Nelliefive]

***,
If I could accomplish that then yes I could actually continue to make my payments. Unfortunately the hardship is what got us behind and moving forward I would be OK with making my mortgage but I would have to let my credit card payments lapse. Not what I want to do but if it means my house or credit cards I have to take the house and then work through the other issues.
Thanks again, Nel

[Nelliefive]

***,
I wanted to let you know that I have successfully worked out a payment plan to bring my home current by September with Greenpoint. I actually contacted my other creditors and deferred some other loans for a couple of months which made it possible to get my mortage caught up. I wanted to thank you personally and everyone else on this forum who gave me the courage to not give up and find a solution. Thanks you all and what a stress relief! Nel

[Moe Bedard]

Nel,


That is great news!! I am so happy for you!!

[Nelliefive]

***,
I plan on making this site my home away from home. I may not be able to give such great advise as you do but I can surely help folks understand that there are many options and you simply have to find the one best for you.

I absolutely could not have done it without your help so thank you and I'll be floating around on the site from time to time.

Nel