Not in default, yet.

[nichelle90]

Hello,

I have been reading on this website for months (very informative). I obtained my mortgage in 2006 with First Franklin. I first started seeing signs of trouble (with my finances) in early 2008. I contacted First Franklin to let them know what was going on (Husband's income dropped, dramatically). They told me to submit my paper work with a hardship letter and they would see what they could do. I did this in June 08. So I called back in July to check on the status and nothing had been done. I called back at the beginning of August and they said that they were working on it. I called back towards the end of August and I was told that my mortgage was being sold to Select Portfolio Servicing beginning Oct 1, 2008. I asked would the mod be done before handing it off to SPS and they said they would do their best. Well mean while my mortgage has gone up by $300 because of unpaid taxes. This was the original reason for asking for the mod so that I would be able to pay the taxes.

Now I am with SPS and of course no paperwork for my mod had been sent over. I have filled out everything for SPS and submitted it. And now in the waiting process again. But not sure if they are going to help me. I am still current on my mortgage but I don't know how long I will be. And I am thinking that if I default they will definitely not help.

Any suggestions?

Thanks,

nichelle90

[Dan Bailey]

Hi nichelle,
*** or Moe will be by as soon as they can to give you some direction. Hang in there! We have all been given the run-around and been put off by these companies. Good luck!

[Moe Bedard]

Hi nichelle90,

Welcome to the forum and thank you for joining..................

The modifications given are up to the investor on the loan...........

What is the interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?


When the lender has to pay taxes because they are delinquent, there will be that escrow set up...........and they also will escrow the current taxes due as well..............so with a modification.........that will remain in place.

[nichelle90]

Hi ***,

Thanks for the response.
Interest rate 10.3%
Fixed
I believe I am paying interest only. And I have a balloon payment after 30 yrs!

I totally understand the escrow staying in place. But do you think they will even give me a modification? I have never missed a payment. I thought that after 2 years I would be able to refinance with a better loan (lower rate and no balloon pmt). But everyone I have tried to refinance with says that my income ratio is too low. I am paying all of my bills on time but my credit score is still not going up. I am only trying to refinance to change the terms of my loan and get some kind of breathing room with my finances (I have no equity) . I just feel like I am in a no win situation.

Thanks,
Nichelle90

[Moe Bedard]

The modifications given are up to the investor on your loan............try calling and seeing what the options would be for you...........

Select Portfolio Loss Mitigation
1-800-258-8602