Second Modification?

[karli05]

Hello all,

Does anyone know about a way to "adjust" or request to adjust a loan to the amount your home is actually worth? I am paying a lot on my mortgage (and the amount went up after my modification) - and I have heard of others getting the balance taken down to the amount he homes are worth.....can anyone help??

[Moe Bedard]

Unfortunately we have not had any principle reductions on firsts yet on the forum or any investors that are participating in the Hope for Homeowners FHA refinance either.

[rxmama]

Just curious (and a bit panicked now) but how did your mortgage payment INCREASE after loan modification? I read this in a few other posts from other members as well and am wondering. ???

[Jwinter81]

rxmama, I am not the OP and my answer may well be wrong...

I have also seen the other posts where a payment has gone up after mod. In several of the posts I read, the original loan had been an interest only with a high or adjustable rate. On the mod, they got a lower fixed rate, but now had to make a principal AND interest payment as oppossed to the original interest only payment. This lowers the cost of the mortgage over the life of the loan, but makes the current payment higher so that the balance is paid down monthly. Does this make sense to you?

[HopingtoFind]

Also they escrow taxes and insurance so they get rolled into the payment. And if payments were not made for few months they add them as well as late fees, legal fees to the back of the loan, possibly increasing the payments.

[karli05]

Thanks everyone for your replies.

***: should I be looking into "Hope for Homeowners FHA refinance"?

rxmama : The reason the payment went up is because I was late & they added the unpaid blance to the end of the loan raising the monthly pmt (only by about $100).

[Moe Bedard]

You would need to ask if your investor is participating in the hope for homeowners if you have only one lien.

[karli05]

does having one lien mean you only have one mortgage?

[Moe Bedard]

yes it woud mean that there is only on loan on the property.

[karli05]

no - I have a second mortgage w/Select Portfolio Svcs. Does this mean I would not qualify for the "hope for homeowners"?

[Moe Bedard]

It would just mean that the investor on your second would need to agree to release their lien and extinguish the loan...........this is where that program has not been very effective.........the investors have not been willing to do that........

you would need to call SPS and ask if the investor on your loan is participating in the H4H program and then go from there..........

SPS Loan Resolution
1-888-818-6032

[karli05]

Thanks for all of your help. So far the load mod request has been reassigned to another negotiator.

Has anyone heard of Dana Crane (Wells Fargo ot ASC)?

Anyway, she is my negotiator.

***, do you think there is any possibilty that they can turn me down this far into the game? They have had the review going on for over 60 dayd. Thay have now put an acceleration and switvhed negotiator because the one I had was overwhelmed.

thanks everyone.

thanks, karli05

[Moe Bedard]

I would never discount anything.............they are just overwhelmed.......and honestly, from when you had originally started, I think the modification programs available at this time are much better in terms of getting to a payment that is affordable............

Hang in there..........if your file is escalated you will most likely hear something soon.........

[karli05]

I got a message to call this afternoon and called. The rep could not transfer me to the neg but said that the notes on the act stated that they are not able to lower the interest rate per investor guidelines. She also said that they are reviewing for a "special" forbearance modification?

Do you know what this is?

She also said that it was going to be sent to a supervisor for a denial...?

I am confused....help?

[Moe Bedard]

you will have to ask them about what they meant and why they are putting you on a special forbearance and see what they say.

[kalbo]

Any update?

[karli05]

Not yet. I have called approx 6 times in the last two days. I've gotten different feedback from "it's been given to a supervisor for a sign off on a denial" to "you are in review for a special forbearance". I am confused

Supoosedly someone should be calling but of course since it is not as big a deal to them as it is to me, they are taking their time.

[Evan Bedard]

Stay strong Karlio05 dont give up this hard battle...

[karli05]

I did get a call back from the negotiator - she is new & so was not very helpful. They offered me a forebearance agreement but raised the monthly payment by $95. This makes my payment approx $2500. Is there any way I can fight this through NACA or the executive department at Wells Fargo? I am not sure if it is Wells Fargo this time though. How can I find out who my investor is? The loan negotiator would not tell me. thanks!