HOMEQ Modification SUCCESS!!

[heidi79]

Originally Posted by heidi79
The emails that *** gave us are:
keith.becher@homeq.com and art.lyon@homeq.com after sending email with hardship letter there I received a call back.

[coke123]

Originally Posted by heidi79

Originally Posted by heidi79
The emails that *** gave us are:
keith.becher@homeq.com and art.lyon@homeq.com after sending email with hardship letter there I received a call back.

do you have an email address that I can email you to ?

Im struggling with homeq here ....

[heidi79]

I'm not sure if we're supposed to since this whole site is anonymous, but I'd be glad to help in anything I can. nicagirl79@hotmail.com

[kjenkins7]

Heidi79 I have sent an email to Art and Keith so will see. FYI i have a loan mod servicer helping us get a loan mod with HOMEQ and so far have had little or no success. Eventually will run out of money, so does missing a payment help your cause or hurt with this lender?

[heidi79]

Originally Posted by kjenkins7

Heidi79 I have sent an email to Art and Keith so will see. FYI i have a loan mod servicer helping us get a loan mod with HOMEQ and so far have had little or no success. Eventually will run out of money, so does missing a payment help your cause or hurt with this lender?

kjenkins,

you should get a phone call from them very soon, be ready with your financial information when they do. you should definitely stop paying the mod company if they have gotten no results for you, how long has it been???? you shouldn't be paying them anything monthly thats for sure.

You will get help from Kb's office, don't let the loan mod company trick you into thinking it was them that got you results. under the hamp, you don't have to be late to fit into the program, if your loan is eligible for it, this would be the plan to go with under the 31% dti, they might try to put you there, if not an internal homeq mod isn't bad either, it will definitely be faster than the hamp.

i encourage you to stay on time with your payments as long as its possible for you to do so. if you're credit is already wrecked and your going through hell to pay it, then that's different, if u cant pay you cant pay.

[kjenkins7]

Heidi79,

Thanks for getting back to me. I did get a call back from KB's office (I recommend everyone that has HOMEQ as the servicer to use that contact) thanks but it was from his co-worker or counterpart Shaun Mccabe. He was very nice but explained to me under ON CIRCUMSTANCES will our investor (WELLS FARGO BY THE WAY) will budge. I told him based on our monthly expenses we are in the RED (negative by -1600 a month to be exact) and he shows based on what he sees in front of him a SURPLUS of $700. There is no way. I know and have double checked our finances b.c come Jan, Feb of 2010 will be out of money. So i called my 3rd party negotiator and told him to call this Shaun Mccabe guy and please make sure he is updated with the most corrent expense (finances) sheet from me. Heck i can send him my bank statement and they will see we are doomed in a few months. Anyway it sounds like they wont budge on the HAMP portion but perhaps maybe we can prove we are heading for a default they will do an "in house" loan mod? Did you get an "in house" mod from HOMEQ? I guess my point is i know 100% we are eligable for the HAMP but our investor wont budge, will being in default help? What is the constant resistance from the HAMP being even an option. I feel as if these investors just dangle a carrot over you head all the time. I mean in the end if you cant pay you cant pay, but i am really trying every effort i can to avoid getting my credit damaged. Currently its excellent to even perfect. Just hate knowing my only option is wager my credit for the sake of keeping my home. Crazy how this works. HOMEQ is a nightmare.

[heidi79]

OK so, let me get clear on this, is this the only house you have? you're current on your payments right? wells fargo as investor should be OK, they participate in hamp, sounds to me like there's an issue with financials. tell me more or less what they look like. thing is there can't be conflicting information from you and from the 3rd party, if you don't feel ok posting it, my email is nicagirl79@hotmail.com and ill help in what i can.

yup, i helped my father to get the inhouse mod, that's what we were approved for. don't send them bank statements with money on them, they can deny you for showing savings or reserves.

[kjenkins7]

Heidi79,

Thanks for getting back. We own 2 homes. The home i need the mod on is for the primary home. Our other home is rented out for now but we have had bumps in the road with the rental. For example last year our tenent we had bailed on 3 missed payments and our property manager (house is in a different state) decided to negotiate or give the tenent 30 days then 60 days extension of payment without telling us. Long story short the property manager bailed, along with 3 missed payments so we had 2 mortgages to pay last year. So far this year we have a new tenent who needed a 15 day grace period, which was fine but i kept a close eye on this tenent. Its hard b.c my family lives 5 hours away from the rental. Anyways from the explanation above it henders us (financially speaking) and thus depletes our savings/checking very fast.
So as for our primary home our rate is 7.5% and we make it every year thanks to the tax break we get back but this year we will be short. I did the math and its due to a bonus i usually get every year which bridges us to make it (financially) to the next tax pay day This year this is not the case. So we have shut down all un-wanted expenses, hardly ever eat out, no trips, shopping etc but we are heading for a default on payment by early 2010. So yes to answer you, as of today we are current yes and have excellent to perfect credit. Now i did our financials and our gross is 10,000 (not sure if you count child support from my wife's 1st marriage) and our mortgage is currently 4580. So DTI is hovering around 46%. So we would qualify for HAMP but again the investor (WELLS FARGO) refuses to budge.
When i was speaking of the 3rd party, they are a loan modification service we signed up with a year ago for a 1 time fee. Yes i know i have heard bad things about these type of people but so far ours was able to get us a loan mod back in FEB 09 but personally i thought the offer was a smack in the face. We went from 8.1 to 7.5% on the rate. Again didnt want to leave money on the table so we accepted. When i called HOMEQ they stated we have been 9 payments (trial) so we can ask for another loan mod. What did you mean "dont send them bank statements with money on them? Who are you referring too? If HOMEQ we have to, if the loan mod servicer (improve my loan) then they also request that info so they can negotiate with HOMEQ and the investor (WELLS FARGO) FYI the Shaun MCCabe guy who called yest from HOMEQ wont answer his phone either. Even has the wrong date on his voice mail. Not sure how much traction i have made with HOMEQ so far. Should i continue to hound his phone and leave messages or go back to emailing KB's office ?
Glad you got the in house mod, which is fine by me i just want someone to give us something before its to late
What was the stipulations on the "in house" mod with your father? 5 year term, stepping rate ? Permenant rate? Just trying to get an idea what i can expect. How long from start to finish did it take ?
Also FYI we had a hardship letter for this year. I had 4 months of a furlough where they gave me a 5% overal salary reduction.

[kjenkins7]

Heidi79,
Also we were involved in a car accident earlier this year so my wife has had alot of doctor bills as well. Yet another item we listed as a hardship.

[heidi79]

You should be able to do this modification since the feb modification was not a hamp mod. So basically your target payment is 3100 per month including taxes and insurance; does the payment you have now include everything?

Remember, in order to qualify you need to show a hardship or be in iminent danger of defaulting, if you have monies in the bank now, they will simply tell you that you should call back when you've used those funds to stay current onthe mortgage. the interest rate is high and you have space there. the brick wall with homeq right now is probably the fact you are on time with the payments. they can't tell you this though because to apply with hamp you don't have to be late.

so ur 10k is gross, how much is your net? when you do your financials with your net, including the payment you have now, what do you end up with as a surplus/deficit?

i have to go back to the docs for the details of my dads loan, it was 4% but for only 5 years, i'd have to double ck on what the issue was after the 5 years.

[kjenkins7]

Heidi79,

Yes what i was thinking, they should qualify us for HAMP or 'in house" but since i stay current they ignore me. We are only able to stay current b.c of a bonus i get every year to bridge us financially to the next tax day. Well this year we didnt get a bonus so we are heading for iminent default by Feb 2010.
Our Net is 7396. Simple math my fixed expenses plus the mortgage= 8579. So we are close to a 1200-1600 a month. As stated above exchanges/dialogue we are clost to -1600 a month.
Thats a sweet deal for your father. If they stuck to the DTI of 31% they would have to lower my rate to 3.5%. I am fine with 5 years but then again the next question (as i have asked you) is what happens AFTER the 5 years too. Some do stepping rates, so do perminant, etc.
Again i think my brick wall is staying current. Which i want to do the morally right thing but this year we will have no choice. Really nervious b.c we hope this doesnt drag out to foreclosure etc. Renting in my area is around $2K to $2500 for a single family home and my mortgage is $4579. Yikes makes me want to leave today

[3boys'mom]

Hi. By any means I want to encourage you to do anything wrong but I have HomeQ and I haven't paid my mortgage since June 2008 till today...I'm still negotiating with them. Thanks to Heidi I wrote to those guys and they gave me hand but still nothing firm...but applied for HAMP and waiting for an answer. Also consider applying for NACA..so far they are great and they will also negotiate for me...
That company that promised you whatever..BS..sorry..I tried a long time ago...never worked or at leat don't know anyone with success.
Good luck!

[heidi79]

Sorry I didn't reply earlier, didn't see your post. In the case of the in-house mod, after 5 years, the loan reverts to the original adjustable rate terms!

Bad I know, but for 5 years some peace of mind. I'll have to do another modification at that time or a refi perhaps, who knows!

[kjenkins7]

Yikes thats scary so we are given teaser loans then moded for 5 years only to revert back to the teaser rate again ? No way anyone can get a refi 5 years out from now, due to the 20-40% decrease in homes.

[heidi79]

I'm thinking they will have to do another modification at that time, God know how things will be in 5 years.