US Bank Success

[velantra]

Started process at the end of July. Was approved for perm mod Sept 16. Original loan was 5/1 ARM int only at 6.625%. Modified loan is 3% for first 5 years, 1% added per year thereafter until cap reached, which is 5.07%. Term was extended from 30 to 40 years. A portion of my principal was deferred. Payment went from $2500 (int only) to $1600 (principal & interest), including tax & insurance. Good luck to everyone else still in the process.

[Evan Bedard]

Hi valentra,

Started process at the end of July. Was approved for perm mod Sept 16. Original loan was 5/1 ARM int only at 6.625%. Modified loan is 3% for first 5 years, 1% added per year thereafter until cap reached, which is 5.07%. Term was extended from 30 to 40 years. A portion of my principal was deferred. Payment went from $2500 (int only) to $1600 (principal & interest), including tax & insurance. Good luck to everyone else still in the process.

Congratulations! That is an excellent modification!

Did you achieve this on your own or did you use a third party to help?

[velantra]

Originally Posted by Evan Bedard

Hi valentra,



Congratulations! That is an excellent modification!

Did you achieve this on your own or did you use a third party to help?

I used a third party, actually a Realtor. She put my package together and sent it off. She pretty much did everything. All I had to do was put my hardship letter together.

[motorcitymadness]

That's great news velantra! I too am working on getting a permanent mod with US Bank. I have recently made my 3rd trial payment on Oct. 1st. Do you know how long it was from the time you made your last trial payment to getting your final mod? Any insight would be greatly appreciated.

Thanks,
Motor

[caldwellb02]

Great news and congratulations! Haven't seen mant posts about USBank. Also - your idea of using a realtor was interesting. How did you do that? Was it a friend?

[velantra]

Originally Posted by motorcitymadness

That's great news velantra! I too am working on getting a permanent mod with US Bank. I have recently made my 3rd trial payment on Oct. 1st. Do you know how long it was from the time you made your last trial payment to getting your final mod? Any insight would be greatly appreciated.

Thanks,
Motor

Motor, my loan mod wasn't approved using HAMP. It was approved using FDIC loan mod guidelines. I didn't have to go through a trial period. I was approved for the permanent mod and made my first payment Oct 1. I was very fortunante that it did not drag out. My docs were sent to US Bank at the end of July. My modification date is Oct 1st. It might have something to do with my loan originally being serviced by Downey Savings. When the FDIC took over Downey, their assets, including my mortgage was given to US Bank. Good luck on getting your loan permanently modifed.

[velantra]

Originally Posted by caldwellb02

Great news and congratulations! Haven't seen mant posts about USBank. Also - your idea of using a realtor was interesting. How did you do that? Was it a friend?

Thanks! The Realtor is my co-worker's Mom. If you decide to hire a third party to handle your loan mod, make sure that no money is required up front for fees. If they get you a loan mod with good terms, then pay them for their services. If they can't get it approved, then you shouldn't have to pay them a cent.

[motorcitymadness]

Thanks for the info Velantra. I will keep everybody posted....

[jhn_plsn]

Thats great news Valantra. Hope this sets you up so you can grow again as a family or individual. I bet the feeling of that huge wieght being lifted or eased is awesome.

[shelly70]

Valentra, as you, I had Downey and now US Bank--do you think that because of being with DS that yours went differently...I know when I call it seems as if we are in our own section with US Bank...?

My story US Bank "misplaced" my mod papers in Aug., I found this out when I was served a summons for foreclosure Thursday, now just re-sent everything yesterday and I am really nervous that the foreclosure process is going to beat the modification process or else if we are denied we will incure an ungodly amount of fees on top of back mortgage payments.

But really am curious as to your process with US Bank...sounds like it went off without a hitch...congrats

[Sunbeam]

Great idea using a realtor...perhaps other realtors could get involved in helping people who need someone with this kind of savy.

[velantra]

Originally Posted by shelly70

Valentra, as you, I had Downey and now US Bank--do you think that because of being with DS that yours went differently...I know when I call it seems as if we are in our own section with US Bank...?

My story US Bank "misplaced" my mod papers in Aug., I found this out when I was served a summons for foreclosure Thursday, now just re-sent everything yesterday and I am really nervous that the foreclosure process is going to beat the modification process or else if we are denied we will incure an ungodly amount of fees on top of back mortgage payments.

But really am curious as to your process with US Bank...sounds like it went off without a hitch...congrats

Shelly70, I do personally feel that because my loan was originally with DS, that it went the way it did. I was really surprised as to how quickly the process went.

I do believe former DS loans are handled by a different dept. within US Bank. I remember calling the main customer support number from the website and used the automated system. It couldn't find my account. I then looked up my statement and called the number (which of course was different) and found my account.

I hope you have as much luck as I have had with US Bank.

[velantra]

Originally Posted by Sunbeam

Great idea using a realtor...perhaps other realtors could get involved in helping people who need someone with this kind of savy.

Hi Sunbeam, there are realtors out there that have decided to go the loan mod route because of the downturn in the housing market. I decided to go with a realtor because I wanted someone who knows how the process works and could "bug" my lender every other day about the status of my mod. I knew that If I had gone with a law firm, that would of cost me much more. It is really a personal decision that you have to make, whether to do the mod yourself, or to use a third party.

[shelly70]

Anyone know about the legality of a bank refusing to accept your payment once in foreclosure? I have heard illegal....they are refusing to allow you to pay your debt and if they did accept your payment they then could not put you through foreclosure....any clarification would be appreciated.

[daytona1]

Originally Posted by shelly70

My story US Bank "misplaced" my mod papers in Aug., I found this out when I was served a summons for foreclosure Thursday, now just re-sent everything yesterday and I am really nervous that the foreclosure process is going to beat the modification process or else if we are denied we will incure an ungodly amount of fees on top of back mortgage payments.

I think US Bank along with many others convienently "misplace" peoples paperwork to drag out the process. I hand delivered mine to the appropriate dept and got a call several weeks later that they had never received the docs. I told them who I gave them to and at what time and they happened to find them several days later.... My experience has been that one "supervisor" who is supposidly personally handling your case will tell you one thing and then it rolls to another person (supervisor) who tells you something totally different. It's almost as though the left hand does not know what the right is doing in the exact same department, in the same building, on the same floor! Very frustrating...in my case all the Escrows have been set up and dispursed, but still no loan mod. The same dept sent me an "intent to foreclose" notice and demand for three late payments, it also contained the same paperwork to "save my home" that I have already given them...this came from yet again the same office and floor...I was told this would be ready to go 2 months ago. IE, I could be 2 months into the trial vs where it is now...

I am curious if USB is rolling all late payments to the back of the loan as they are supposed to under HAMP? BTW, USB owns and services the loan so that should speed things up if anything I would think?

[ABC123]

Oh they have lost my paperwork more than once.... In the past they rolled what I was behind into the back of the loan. This was in April when we started the Mod process. Of course now its 8 months later and I have fallen behind AGAIN. Now though they have officially signed the agreement for HAMP. I was told 2 weeks ago I was approved for a trial mod and to wait for the paperwork. It still hasnt come and when I call I get the same answer. My life has become hurry up and wait!

I just went 90 days past due on the 1st. We shall see what happens now. Most people dont seem to be making payments while being reviewed for HAMP.

[daytona1]

Well I received a notice today that I was declined due to "housing ratio exceeds the reqmts as defined by Hamp", "our decision was based on consumer credit reports"

What kills me is I easily qualify for Hamp and have the income to cover my home...I believe they are basing this on mainly unsecured card pmts that I plan to either settle or bk...depending on if the banks want something or nothing. I have not been paying them for a couple of months to save up extra cash for house.

I thought the banks and the Govt want to keep people in their homes!! Why would they care about unsecureds?

Hamp state a 55% or higher bank end ratio requires credit counseling...doesn't say decline. I plan to chat with them tomorrow to see if that can go into consideration (assuming this is why they denied) otherwise will have to BK all due to (certain) deficiency from a foreclosure. In BK I would not reaffirn current mtg, but would reaffirm a Hamp modification...Bank will probaly loose 150-200k in BK with no reaffirmation on current note....stupid when I easily qualify for Hamp...not sure I would even get min 2% and/or 40yrs because of income.

[motorcitymadness]

Daytona, Did USB even give you a HAMP Trial? How much unsecured card debt do you have? I don't understand how they can decline you based on that. I would definetly argue your case with them.

I have been going at this since the program was announced in March and have made all 3 trial payments and have heard nothing from them in regards to a final Mod. I'm starting to think that if I quit making payments they wouldn't even track it down or contact me for 6 months after the fact. They are either in the weeds or just playing games with us. Good Luck and I hope things work out..

Motor

[ABC123]

I did file BK ch 7 and have NOT reaffirmed my mortgage. If they do not modify me I can walk with no repercussions. I have told them I will only reaffirm under with a modification.

[daytona1]

Originally Posted by motorcitymadness

Daytona, Did USB even give you a HAMP Trial? How much unsecured card debt do you have? I don't understand how they can decline you based on that. I would definetly argue your case with them.
Motor

They have not...here is an update though. They utilized some numbers wrong which showed me at under 38% PITI which would not be eligable under HAMP...after talking through and sending them updated stubs it will clearly be at close to 50% so I should qualify

[calabrio]

This is my first time posting a question on this site. I have a first mortgage with morgan stanley for $425k and a home equity line with US Bank for $320K. I am self employed and recently lost my largest account. I am cutting expenses as quickly as possible. I would like to contact US Bank and offer them my last 50K to just go away.

Has anyone had any experience with something similar? thx