Hudson City Savings Bank - Forbearance, loan modification, HAMP or HARP? Any experience with this lender?

[robdbk]

Hello all,
I am a new joiner to the forum after a friend referred me and was hoping someone could provide some much needed help with regard to dealing with Hudson City Savings Bank. I have my first mortgage with them and my second with another bank. If I combine both 1st and 2nd mortgage, I still have some equity in my home, approx $30k. I am current on 2nd, but have stayed one payment behind on my 1st with Hudson City for the past 6 months, yet covering late fees each month. Going back to last January, I experienced a substantial pay cut and with ongoing medical expenses for my two autistic children (one non-verbal), I had maxed out my credit cards to cover monthly expenses. Three surgeries for my daughter over the past 2 years have also put us in a hole. However, I have actually managed to cut my credit card debt in half over the past 6 months (leaving $20k) with an eye toward cleaning up the remainder over the next 3 months or so as I settle them out. Unfortunately, my salary has remained as is, and while relatively decent, I am still having trouble keeping up with the current mortgage. I am wondering of anyone has had any experience dealing with Hudson City with regard to any programs they may offer to assist people in keeping their homes? I do not think they participate in HAMP or HARP and I believe they recently ended their in-house loan modification program (though I do not think that would be enough help for me). I was thinking of forbearance as I believe they do offer this program if you qualify.
It would save me a fairly decent amount, and with possibility of additional part time work and a potential better paying job over the next 6 months, it may just help me and my family keep our home. I can legitimately document my hardship related to my children and my pay decrease, but I fear that my relatively decent salary may end up hurting my cause. That said, my expenses due to my children's issues are higher than an average family making the same $ (ongoing private therapies, surgeries, doctor visits, etc..). I am looking for particulars with regard to this lender, what they look for to qualify, and any other possibilities I may have. My house has been setup so that the kids are in a safe secure place (gates, locks, specially designed alarms, both inside and out), and no its not a jail
Between how we set up he house and the familiarity they have, it would be devastating if we were forced to move and I fear they would digress after making some great strides forward over the past 4 years we have owned the house. I had been current without issue up until 6 months ago when I started getting behind.

Any help would be greatly appreciated.

Thx

[Evan Bedard]

It would save me a fairly decent amount, and with possibility of additional part time work and a potential better paying job over the next 6 months, it may just help me and my family keep our home. I can legitimately document my hardship related to my children and my pay decrease, but I fear that my relatively decent salary may end up hurting my cause. That said, my expenses due to my children's issues are higher than an average family making the same $ (ongoing private therapies, surgeries, doctor visits, etc..). I am looking for particulars with regard to this lender, what they look for to qualify, and any other possibilities I may have. My house has been setup so that the kids are in a safe secure place (gates, locks, specially designed alarms, both inside and out), and no its not a jail

Welcome and thanks for joining the forum robdbk.

I am so sorry to hear about the difficulties you have been experiencing with Hudson, but I applaud you for going everything you can for your children because they should always come first. You definitely do have a hardship given your situation and I would make sure you make it clear in your hardship letter that your income has decreased since you became delinquent on the account and also your medical bills have increased a significant amount due to your child's condition. Unfortunately, I have not really seen anyone here who has dealt with Hudson besides a couple people in the past who had them as their investor. Is this is the investor of your loan or the bank who is servicing the account?

[robdbk]

Welcome and thanks for joining the forum robdbk.

I am so sorry to hear about the difficulties you have been experiencing with Hudson, but I applaud you for going everything you can for your children because they should always come first. You definitely do have a hardship given your situation and I would make sure you make it clear in your hardship letter that your income has decreased since you became delinquent on the account and also your medical bills have increased a significant amount due to your child's condition. Unfortunately, I have not really seen anyone here who has dealt with Hudson besides a couple people in the past who had them as their investor. Is this is the investor of your loan or the bank who is servicing the account?

Thank you for your prompt response.
They own the loan and service it and I have only dealt with them from day one. Unless there is something I am missing, I think I can only deal with them.
If you or anyone else has any insight in dealing with them even as an investor on the loan, all input would be appreciated.
I am planning on calling HUD and looking into any and all options at this point with the sole goal of keeping my home.
Also, any additional general information regarding forbearance since this may be my only potential option with Hudson City.
I have read conflicting comments about forbearance, from its only for people with temporary difficulties (job loss, pay decrease, temporary excessive bills) and they would see a 6-12 month reprieve and tack on the savings to the end of the loan, to its only for people who are behind and would like to workout a catch-up plan therefore INCREASING there monthly payment until they catch up.

PS - Would HUD offer any help aside from HAMP and HARP? This is assuming a) Hudson doesnt participate, or
b) I don't qualify due to my ratio's (I am already at or just below 31%).

Thanks in advance.

[jojo1]

robdbk,
I currently have Hudson Savings as the investor of my first mortgage. I am requesting a modification and I have heard that the servicer (Bank of America) has sent in a draft of the modification to Hudson to see if Hudson will approve the modification. I have read on this forum that Hudson does not do modifications but I'm hoping that since the servicer has recommended a modification, that Hudson will approve it. I will keep you up to date once I hear something bank from my servicer. BTW, I have used the Loan Modification Help Center to assist me with my mod. Here is the link on this forum where people have posted results from using the loan modification help center.REST Report "RESTReportMatters.com Forum Users and Results"

Here is their website: LoanModHelpCenter | Loan Modifications and Foreclosure Stop Sale Help

Let me know if you have any questions.

Thank you for your prompt response.
They own the loan and service it and I have only dealt with them from day one. Unless there is something I am missing, I think I can only deal with them.
If you or anyone else has any insight in dealing with them even as an investor on the loan, all input would be appreciated.
I am planning on calling HUD and looking into any and all options at this point with the sole goal of keeping my home.
Also, any additional general information regarding forbearance since this may be my only potential option with Hudson City.
I have read conflicting comments about forbearance, from its only for people with temporary difficulties (job loss, pay decrease, temporary excessive bills) and they would see a 6-12 month reprieve and tack on the savings to the end of the loan, to its only for people who are behind and would like to workout a catch-up plan therefore INCREASING there monthly payment until they catch up.

PS - Would HUD offer any help aside from HAMP and HARP? This is assuming a) Hudson doesnt participate, or
b) I don't qualify due to my ratio's (I am already at or just below 31%).

Thanks in advance.

[Evan Bedard]

Also, any additional general information regarding forbearance since this may be my only potential option with Hudson City.
I have read conflicting comments about forbearance, from its only for people with temporary difficulties (job loss, pay decrease, temporary excessive bills) and they would see a 6-12 month reprieve and tack on the savings to the end of the loan, to its only for people who are behind and would like to workout a catch-up plan therefore INCREASING there monthly payment until they catch up.

Sorry for not getting back to you sooner. a forbearance is a temporary plan that is generally applied to those who are unemployed or underemployed and do not make enough income to qualify for a modification. The 2nd program you are referring to is sometimes called a "forbearance" but it is really just a repayment plan in which increases your monthly payment until the past due amount is satisfied. A forbearance will only be able to assist you by lowering your payment for 6-12 months while you work on increasing your earnings.

[michele asbury park]

Hello all,
I am a new joiner to the forum after a friend referred me and was hoping someone could provide some much needed help with regard to dealing with Hudson City Savings Bank. I have my first mortgage with them and my second with another bank. If I combine both 1st and 2nd mortgage, I still have some equity in my home, approx $30k. I am current on 2nd, but have stayed one payment behind on my 1st with Hudson City for the past 6 months, yet covering late fees each month. Going back to last January, I experienced a substantial pay cut and with ongoing medical expenses for my two autistic children (one non-verbal), I had maxed out my credit cards to cover monthly expenses. Three surgeries for my daughter over the past 2 years have also put us in a hole. However, I have actually managed to cut my credit card debt in half over the past 6 months (leaving $20k) with an eye toward cleaning up the remainder over the next 3 months or so as I settle them out. Unfortunately, my salary has remained as is, and while relatively decent, I am still having trouble keeping up with the current mortgage. I am wondering of anyone has had any experience dealing with Hudson City with regard to any programs they may offer to assist people in keeping their homes? I do not think they participate in HAMP or HARP and I believe they recently ended their in-house loan modification program (though I do not think that would be enough help for me). I was thinking of forbearance as I believe they do offer this program if you qualify.
It would save me a fairly decent amount, and with possibility of additional part time work and a potential better paying job over the next 6 months, it may just help me and my family keep our home. I can legitimately document my hardship related to my children and my pay decrease, but I fear that my relatively decent salary may end up hurting my cause. That said, my expenses due to my children's issues are higher than an average family making the same $ (ongoing private therapies, surgeries, doctor visits, etc..). I am looking for particulars with regard to this lender, what they look for to qualify, and any other possibilities I may have. My house has been setup so that the kids are in a safe secure place (gates, locks, specially designed alarms, both inside and out), and no its not a jail
Between how we set up he house and the familiarity they have, it would be devastating if we were forced to move and I fear they would digress after making some great strides forward over the past 4 years we have owned the house. I had been current without issue up until 6 months ago when I started getting behind.

Any help would be greatly appreciated.

Thx

Unfortunatley I not had success with Hudson City Savings. My loan is with Bank of America and that is who my mortgage is paid. For two and a half years after losing my job and starting a new business I submitted paper work to BOA for a loan modification. Finally I was told that I was not possible becaause my loan was sold to Hudson Savings not Fannie or Freddie. I had no way of knowing this because I continue to write the check to BOA. I called Hudson to discuss and was told "we did not take government money so we do not participate in any of those programs." The only thing I was offered was deed in lieu of forclosure. I contact one of those attorney groups that advertise on the radio about helping those in need. As soon as he heard Hudson...he told me there was nothing he can do and hung up. How is it that some can choose not to participate in government programs. It seems to defeat the purpose. If anyone has any ideas, I would love to hear

[jojo1]

The only thing I would say is that Hudson is being bought out my M&T Bank, which does participate in HAMP. The deal is scheduled to go through sometime this year. Maybe at that time you can submit a HAMP application through M&T.

Unfortunatley I not had success with Hudson City Savings. My loan is with Bank of America and that is who my mortgage is paid. For two and a half years after losing my job and starting a new business I submitted paper work to BOA for a loan modification. Finally I was told that I was not possible becaause my loan was sold to Hudson Savings not Fannie or Freddie. I had no way of knowing this because I continue to write the check to BOA. I called Hudson to discuss and was told "we did not take government money so we do not participate in any of those programs." The only thing I was offered was deed in lieu of forclosure. I contact one of those attorney groups that advertise on the radio about helping those in need. As soon as he heard Hudson...he told me there was nothing he can do and hung up. How is it that some can choose not to participate in government programs. It seems to defeat the purpose. If anyone has any ideas, I would love to hear