Freddie - Any Info on their Modifications - Loan Modification Forum

Bob The Homeowner · 12-31-2008, 06:42 AM

Hi all, I am from NY with Chase servicing my Freddie loan. To make a long story short, I had reduced income and needed help. Chase customer care said they couldn't help until I was 90 days past due. Now that I am at 90 days, they took my hardship request, and all documentation and filed a request to Freddie for forebearence and/or modification. My loan is $250,000 and I have a second at $50,000 (not sure who owns my second - I am current on the second). Total loan of 300k. MAYBE, maybe my house could sell for 250k but that would take 6 or more given the worsening market and what is going on with all the many homes for sale on my block.

Can anyone tell me what they have experienced from Freddie in the way of modifications. What I really want is a principle right down to 250K and 40 year term. Is that unreasonable? what is Freddie doing?

Thanks.

Bob

Dan Bailey · 12-31-2008, 07:58 AM

Bob,
Glad you found the forum and posted with us.
I can tell you right now that there has been NO evidense of principle write downs. Investors are just not doing it, they have no impetus to do it.
Good mods have included, various forms of interest reduction, owed monies(fees, back payments, etc..) rolled into the principle and extended terms.

Bob The Homeowner · 12-31-2008, 08:17 AM

Thanks Dan. I was timing everything to coincide with the our new president coming in and maybe he will do something. Sheila Bear at FDIC seems to have the right plans with write downs and other modifications to keep people out of foreclosure.

But I think I screwed up by continuing to pay my Home equity loan (HEL). I think I have to negotiate that separately. My rate on my first is only 5% fixed. My rate on the HEL is only 3 or 4%. My problem is that I need to consolidate the two with reduced principle to 250,000 (currently 300K loan combined) and a 40 year term or else it is not worth it for me to keep the house and I will just have to take a walk.

TARP should have been used for the Sheila Bear/FDIC plans to keep foreclosures down. By not taking that route....people like me will have to walk and the problem will only get worse. I hope Obama realizes this and can get her plans as part of TARP.

I would think a bank wouldn't want my under water mortage. Even if it was at sea level, may taxes are killing me. Taxes cost me what it would cost to rent. Its just not worth it to own anymore.

This could get ugly don't you think?

12-31-2008, 06:42 AM	#1 (permalink)
Bob The Homeowner Member Join Date: Dec 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Freddie - Any Info on their Modifications Hi all, I am from NY with Chase servicing my Freddie loan. To make a long story short, I had reduced income and needed help. Chase customer care said they couldn't help until I was 90 days past due. Now that I am at 90 days, they took my hardship request, and all documentation and filed a request to Freddie for forebearence and/or modification. My loan is $250,000 and I have a second at $50,000 (not sure who owns my second - I am current on the second). Total loan of 300k. MAYBE, maybe my house could sell for 250k but that would take 6 or more given the worsening market and what is going on with all the many homes for sale on my block. Can anyone tell me what they have experienced from Freddie in the way of modifications. What I really want is a principle right down to 250K and 40 year term. Is that unreasonable? what is Freddie doing? Thanks. Bob

12-31-2008, 07:58 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Freddie - Any Info on their Modifications Bob, Glad you found the forum and posted with us. I can tell you right now that there has been NO evidense of principle write downs. Investors are just not doing it, they have no impetus to do it. Good mods have included, various forms of interest reduction, owed monies(fees, back payments, etc..) rolled into the principle and extended terms. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

12-31-2008, 08:17 AM	#3 (permalink)
Bob The Homeowner Member Join Date: Dec 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Freddie - Any Info on their Modifications Thanks Dan. I was timing everything to coincide with the our new president coming in and maybe he will do something. Sheila Bear at FDIC seems to have the right plans with write downs and other modifications to keep people out of foreclosure. But I think I screwed up by continuing to pay my Home equity loan (HEL). I think I have to negotiate that separately. My rate on my first is only 5% fixed. My rate on the HEL is only 3 or 4%. My problem is that I need to consolidate the two with reduced principle to 250,000 (currently 300K loan combined) and a 40 year term or else it is not worth it for me to keep the house and I will just have to take a walk. TARP should have been used for the Sheila Bear/FDIC plans to keep foreclosures down. By not taking that route....people like me will have to walk and the problem will only get worse. I hope Obama realizes this and can get her plans as part of TARP. I would think a bank wouldn't want my under water mortage. Even if it was at sea level, may taxes are killing me. Taxes cost me what it would cost to rent. Its just not worth it to own anymore. This could get ugly don't you think?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode