After 6 months of waiting we finally have had success in modifying our mortgage. Details:
- Hardship Letter and financials sent in late April while still current
- As we were about to go 30 days past due for 6/01 payment WF put us
on a forbearance plan for 8/01, 9/01, 10/1 skipping 6/01 and 7/01
payments. Were hit with 30 day late on husbands credit reports but
showed on partial payment plan. Our forbearance payments however
were still our regular payment of $6127.78.
- Updated financial docs requested and sent in mid-September. Just sent
current paystubs, P&L's for business, updated hardship letter, updated
income vs expenses showing a $299 surplus, up from $200 deficit in April
- After making 10/01 pymt we received a letter dated 10/08 advising
we were back under review for final mod and would take 45-60 days,
continue to make normal mtg payment in the mean time
- 10/19 the Assist Website showed our mod agreement completed and
docs being prepared
- Agreement papers arrived UPS this morning:
- New 370 month mtg at 5.125% fixed P&I / Down from 7.75% P&I
Current mtg had 345 mths left
- New payment $4722.96 incl escrow / Old pymt $6127.78
- 2 months arrears added into principal balance / Now $672K
- First payment due 1/01/10
- Contribution of $728 with signed docs
I am thrilled with the new terms, we'll save over $400K for the life of
the loan, and hopefully as income returns we can pay it down a little sooner to shorten the length. But bottom line is we can afford the new payments and now work on getting some other bills reduced. Today is a VERY GOOD DAY
Good Luck to everyone with their mods, I do think the floodgates are
going to open soon with many more approvals.
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