Help

[Tccc15]

I have been reading this forum for a while now, but now I really need some advice. In June my husband's work practically cut in half, so I applied for a modification with Homecomings and received it....or so i thought. After some research and speaking with a Hud worker, I learned it was actually a forbearance. Well then in October, my husband completely lost his job and then my job cut my hours back a good bit. I called Homecomings and they said I could send the paper work in for a modification and see what could be done. I send it in on November 14 and then right before Christmas called to check on it and was told it was pending. I asked if they would let me know either way and was told that I would get a letter either way. I still had heard nothing, and then this past Saturday I get a letter from an attorney saying we are being foreclosed. I do not know what to do now. I have called HOPE and we are supposed to have a conference call today, but I am so scared. I also have been trying to email Javid but it constantly gets rejected because his mailbox is full. If anyone has any advice, I would be very grateful.

[Moe Bedard]

Hi Tccc15,


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

Did you have the conference call with HOPE yet?

Make sure that when you are calling.........that you are calling loss mitigation and not customer service to check on updates on the file.......

Homecomings
Loss Mitigation:
1-800-799-9250
option 5 ext. 8743285


Javid is no longer with GMAC/ResCap as of January 9th............that is why emails will not go through................so you would need to call Loss Mitigation directly to check on your loan.

[Tccc15]

I called them today, but the man I talked to did not do a conference call. He took my information again to try again for a modification and said to give them between 7 & 15 business days. I do not know if it will do any good, though. Do you know what happened to Javid?

[Moe Bedard]

he left the company as part of a reorganization of ResCap.

[Tccc15]

Do you know if the Loss Mitigation team is generally as rude as the CSR's? I do not think I have ever had a friendly one. Thank you so much for the number, I have never had any luck being transferred to them from the main number. I am so nervous to call them, I know that sounds crazy, but I am just so scared of what they are going to tell me.

[Moe Bedard]

you are definately not alone in what you are feeling..........for the most part.......... loss mitigation reps are pretty nice.......and you can always call back if you don't like the one you spoke with.............collections on the other hand.......not so much.

Keep us posted on how it goes........

[Tccc15]

How long should I wait before I contact them? I spoke with HOPE on Tuesday, and I assume they sent my paperwork right over. Do you know what the odds are they may work with me since they already did a forbearance and I am in foreclosure already? Thanks so much for your responsed, and I will keep you posted.

[Moe Bedard]

follow through Mon or Tues of next week to make sure they have everything they need.

[Tccc15]

I called them today and they said they did not have an answer yet. She said that she saw where HOPE had sent in the paperwork and it could be up to 2 weeks before I have an answer. Please keep your fingers crossed for me. Would they not rather have some monthly payment coming in rather than having an empty house sitting there for months?

[Tccc15]

I just talked to Homecomings and they said that if I could give them some accurate financial info, that they could work out an agreement to put off the foreclosure. I guessed at my financials, since I am not at home and they said from what i gave them it was not enough income to do anything right now. I am supposed to call them back when i have the correct info. My question is how much of a surplus am i supposed to be getting for them to work something out?

[Moe Bedard]

there isn't a magic formula that will work in every case..............each investor has a different criteria..............you would need to submit what you have and they will verify and let you know................

[Tccc15]

I just talked to my mortgage company and I got everything worked out, for now at least. If I make the regular payments for the next 3 months they said there should not be a problem modifying it after that. I make the first payment next week, and then they pull it back from the attorneys office after they receive it.

[Tccc15]

I am on a 3 month trial plan with Homecomings, I called them today to ask them about Obama's plan. The CSR guy I talked to said that I did not qualify for it because I was on the 3 month trial plan with them and that the new plan was for people who could not work out an agreement with them. That does not sound right at all to me. Has anyone else heard anything about this?

[snapple candy]

This is the first I have heard this story and it sounds like BS to me. This whole business about "trial" periods (AKA, forbearance periods) sounds like just another delay tactic and like they may have put you on the back burner to simmer. If you want off the back burner, you will have to be agressive and demanding of what you want.
You may want to send them a letter telling them you request to have your mod evaluated per Obama guidelines. Keep a written record and dont count on verbal promises. I have started to send follow up letters after verbal conversations with these lenders EX: After our conversation, I understand that "blank", you stated "blank". "Please explain", If I have misunderstood our conversation, please inform me in writing what I have misunderstood and clarify "blank" for me.etc. etc. Read Obama guidelines and get to know details about where you fit in and tell them how you do qualify.
I worked with HOPE and they were no help whatsoever.

[Tccc15]

I talked to them again, and was basically told the same thing. They said that after my final "trial" payment that they would look at the modifications they had available and that they may have one better for me than the president's. I asked them if they had one better than 31% of my income and they said it is possible. I do not believe that for a second. Do they not have to consider everyone who meets the criteria? I meet all of it.