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Advice needed in RE: Nationstar "Apollo" Mod

Discussion in 'Loan Modification' started by mercural80, Apr 14, 2011.

  1. mercural80

    mercural80 LoanSafe Member

    Hi everyone. This is my second time posting so forgive me if I forget any info that may be needed.

    My husband and I are one of the lucky to have been with Suntrust and now Nationstar.(lol) We were approved for a HAMP loan mod through Suntrust in Feb 2010. We have been making trial payments ever since. We got transferred over to Nationstar in December. Nationstar immediately filed forclosure on us because it showed we were behind (when actually paying as agreed), and our forclosure is still active in the courts.

    Today I got a phone call from someone in the loss mitigation dept at Nationstar. He told me we were approved for an Apollo loan mod. No paperwork yet, but told me terms over the phone. Basically drug our mortgage out to 40 years, with 5% interest rate. Lowered our payments from $713.96 to $693.98 and tacked on over $10,000 in misc arrearages (some we can't even dispute because he said they carried over from Suntrust). I am at my wit's end. We were definately better off before this trial period in 2010 and now it's like we end up paying over $10,000 to get our mortgage lowered $20??

    What should I do? I wasn't very happy when I was talking to the guy and he almost seemed miffed. It's not like they are really doing anything for us. Can I dispute the numbers that they are using? He said that the first payment is due May1st but I won't have the paperwork before then... and that it was "OK" if I paid late, they just want the first payment sometime in May...which doesn't seem right because I know when we had our first trial period they made a big deal about having it in on or before the 1st of the month.

    Should I hold off until I get the actual paperwork?? Like I said, we are in the courts now with the foreclosure and our lawyer has asked for a bunch of things (schedules, records, etc) that they haven't come up with yet. Should we sit tight and hope that they hang themselves in court?? Should we take the offer even though the terms are ridiculous?

    Just looking for advice, Thanks everyone.
  2. heidi79

    heidi79 LoanSafe Member

    Nationstar should continue or even re-start the review for the HAMP modification. You shouldn't lose the plan simply because of the transfer. I have someone with the same situation, they are now under review for the HAMP program. You can request a history of your account from Suntrust to see exactly what transferred from them, Nationstar should be able to help you with this. Remember, some of those arrearages will be the difference of your current payment as opposed to your trial payments, late fees and probably foreclosure cost and any negative escrow amounts.

    Nationstar is not that hard to work with. But definitely push to get into the HAMP program.
  3. mercural80

    mercural80 LoanSafe Member

    You must be lucky because Nationstar has not been that easy to work with. I

    have been hounding them for months on end about the modification. The same way I hounded Suntrust. Nationstar said that they would not honor Suntrust's modification agreement because they made modifications they were not supposed to and had "messed up" on a lot of people like us. I have tried over and over to get them to honor the HAMP agreement and they refuse. They have had us "start over" 3 times since December 2010. Now, since I've been waging a war with them including complaints to the AG in my state they come up with this other loan modification? It doesn't seem like a loan modification to me.

    Should I continue to ask them to honor the HAMP mod? If by taking another offer from them does the original agreement become void? Is there any way I can ask these people for a principle reduction because things have been drug out for over 2 years (we started the loan mod process in March 2009) and at this point it would not make sense for us to pay them $10,000 to have them lower our mortgage payment by $20.

    Nationstar continues to tell me that they are not responsible for anything that Suntrust did, but shouldn't they be? When servicing rights get transferred I was under the assumption that everything else transferred as well? I understand Suntrust dropped the ball when it came to our mod, but Nationstar should be taking responsibility by making it right. I don't know, I guess that's the way I feel.

    What if Nationstar will not budge, should I contact Fannie?
  4. heidi79

    heidi79 LoanSafe Member

    I'm not sure if they are obligated to honor the Suntrust trial payment, because really the only thing you had with Suntrust was a trial payment. But you shouldn't lose the right to apply for the HAMP program because of the transfer. Do you have an FHA Loan? These loans are another set of guidelines. I've personally done over 100 modifications and have had 3 principle reductions, that's something you can eliminate from your mind. The HAMP 0% balloon is what you can hope for.

    I've found that with Nationstar, you have to give them your financial information over the phone as correctly and accurately as possible. Then submit the documents to back that up. If the income is enough, there shouldn't be a problem getting into the HAMP. Tell they you don't want any other program than the HAMP! You said you've had to 'start over' 3 times, have any of those attemps put you into a new trial payment?

    They probably will not honor the Suntrust trial payment agreement, it was not a final modification correct? I've found that contacting anyone other than the servicer is a waste of time to tell the truth.
  5. mercural80

    mercural80 LoanSafe Member

    We have reapplied for the HAMP program... and by starting over, I mean, they ask for a new HAMP packet, about every month. I don't know if they just keep loosing stuff like ST but they can't get it together. We haven't recieved any denial letters from them in regard to HAMP, only that they will set us up with Apollo. When Suntrust approved us for a trial period we did qualify for HAMPs conditions... now, going on 2 years later my husband has found work and is making money again. That's all fine and well, it's just that they strung us out for so long now we have all this money that is deliquent and if they tack it on to the end of our mortgage we will end up paying more than what we originally bought the house for in the beginning.. which I think is unfair. We have only done what we have been told and I feel like there is no help for us now.
  6. heidi79

    heidi79 LoanSafe Member

    I know it's very frustrating, but if you want to keep your house you've got to concentrate on the solution and go forward from here. Complaining to them about what happened before isn't going to get you anywhere or help with anything. You've really got to determine how you feel about your house. The best you can hope for is an affodable monthly payment.

    Continue to fight to get into a new Trial Payment for HAMP. Insist on this.

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