Anyone else having this problem-please advice

[threesp]

I was successful with our loan modification after reading this blog for a few months and could really use some help again. I am helping my sister in law and her husband with their situation and was wondering if anyone else has this problem. They have an 80/20 loan. Her first loan is with IngDirect(425k @ 5.6%) and her second with Citi (105K @ 8.9%). They have been in the home almost 2 years and it has lost about 25-30% of its value. Her husband is self employed and his business has steadily declined over the past year. They have been struggling, (savings is running out) but remain current on their payments. Thye contacted Citi about lowering their interest and were recently denied because their income ratio is approx. 50%, way above the 40 % which is what Citi requires. Citi suggested they contact IngDirect to get them to reduce their interest thereby making them eligible for a rate drop on their 2nd to 5.5%. We have been searching but have yet to find any info about Ing that would give us a starting point. Any suggestions, they are motivated but really wondering if it's worth fighting for????

[Moe Bedard]

They can start by emailing the ombudsman and asking what is the process necessary for a loan modification through ING...........make sure that they include their loan number.


ombudsman@ingdirect.com

[threesp]

Thanks for your quick response. The ombudsman at Ing? do you have contact info? Any help is very appreciated.

[Moe Bedard]

ING is an online bank only.............so they should have the contact info on statements or they would need to log onto their account to see if there is contact info online for hardship situations............