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"Apollo" new modification program.

Discussion in 'Loan Modification' started by babsy, Feb 15, 2011.

  1. babsy

    babsy LoanSafe Member

    Has anyone heard of the Apollo. I believe its a new modification program that just come out in Feb? I was told by my lender that my loan is in review for the new program called The Apollo. Any thoughts on that.
  2. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Here is a discussion and a couple articles that mentioned Apollo that I found on the forum. In the discussion, a member is saying they had a Wells Fargo loan backed by Fannie Mae and it was their new program. Personally, I have not heard a whole lot on it.

    It could be a special servicer...

    1. Loan servicer changing my financial info....can they do this????

      <table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td class="j">Dec 8, 2010 ... Apollo? No such thing other than a rip off loan modification .... Now, I have a feeling that this "Apollo" loan is the new Fannie Mae ...
    2. GUTIERREZ v. COUNTRYWIDE HOME LOANS, INC. – Misrepresented ...

      <table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td class="j">Aug 5, 2010 ... (Apollo Capital Fund LLC v. Roth Capital Partners, LLC (2007) 158 Cal.App.4th 226, 243; Continental Airlines, Inc. v. ...
    3. MONDAY v. SAXON MORTGAGE SERVICES: Plaintiff may therefore proceed ...

      <table border="0" cellpadding="0" cellspacing="0"><tbody><tr><td class="j">Dec 7, 2010 ... Apollo CapitalFund, LLC v. Roth Capital Partners, LLC, 158 Cal.App.4th 226, 243 (2d Dist. 2007) (citation omitted). ...
      MONDAY v. SAXON MORTGAGE SERVICES: Plaintiff may therefore proceed on her claims for negligence against Saxon | LoanSafe.org
  3. Michael Naz

    Michael Naz Michael Naz

    It seems to be, another alternative to HAMP, we are finding out as i write this. It looks like its a simple interest rate reduction for income that went down and back up, almost like a cap mod, where they put the past due on the rear of the loan, and reduce interest rate by 1%... I dont know for sure but i will soon. We put a call in to our contacts, and will know more.
  4. babsy

    babsy LoanSafe Member

    Thanks Moe and Charlie Rose.
  5. r4myhome

    r4myhome LoanSafe Member

    Hi. I was just approved for the "trial period" for this type of modification. The Apollo modification - is a Fannie Mae Loan modification. I have trial payments for 3 months starting in April. Then if all goes well my loan is modified with a lower payment. The amount that I am behind on in the loan gets moved to the end of the loan. And I have much lower payments. My interest rate is still being determined. I was told that this is a new type of modification that just came out recently. I did not qualify for the HAMP - but did for this one. Hope this helps
  6. grinding1

    grinding1 LoanSafe Member

    Hey r4myhome. I have Fannie Mae loan also. Who did you discuss your options about the Apollo mod, the servicer or did you ask Fannie Mae directly? I also just got denied for HAMP for negative NPV. I am still going to fight that. But just in case I lose the appeal I would like to try to get into this type of loan mod.

    Does anyone else know more about this loan mod?

  7. mercural80

    mercural80 LoanSafe Member

    I have just been told we do not qualify for HAMP or for a mod24. He told me now they are considering us for an "Apollo" program. Has anyone heard anything more about this new program. I can't find anything on-line about it. Our mortgage company is Nationstar. Thank you so much.
  8. mercural80

    mercural80 LoanSafe Member

    Sooo... anyways, after more run around, I've come to find out that Nationstar "miscalculated" our income.... they almost DOUBLED it. So, that's why we were "denied" HAMP. They assured me that they would fix the problem and put in the correct numbers. Back to waiting...just got our forclosure papers today...
  9. babsy

    babsy LoanSafe Member

    I was also approved for the "trial period" for the Apollo modification. it's a Fannie Mae Loan modification for those that don't qualify for HAMP. I also have trial payments for 3 months starting in April. After three months my payment would be the same as the trial period. My servicer gave me the terms of the loan. All past due amount was added to the loan and the loan was extended to 40 years. I did not qualify for the HAMP because this property is a second home. it's a rental property.
  10. Foxfire

    Foxfire LoanSafe Member

  11. dixiemarie

    dixiemarie LoanSafe Member

    Apollo Modification

    I was just reading through this thread since I also was told that I have been approved for the 3 month apollo modification trial. I have been trying to research this mod online everywhere and nothing outlines that its an official program. I only see a bunch of people saying they have been approved for the trial payments and none of them have followed up to say if the plan worked after the trial payments.
    Have any of you finished the trial and got your payment reduced to the trial payments??
    Where there any catches or down falls to this mod??

    I am awaiting the paper work for the specs. since they told me it was just approved yestereday.

    Please Let me know!!!!
  12. babsy

    babsy LoanSafe Member

    I finished the trail and was offered a permanant mod on my rental with the apollo modification. My payments was about the same as the trail.
  13. trixi

    trixi LoanSafe Member

    did you have to pay attorney fees? I just finished my 3rd trial payment for the fannie mae and I just spoke with someone from the bank and they said I had attorney fees. Also what terms did they give you if you don't mind sharing.

  14. Cat Damiano

    Cat Damiano Mortgage Wars


    If you have attorney fees they will capitalize them into the unpaid principal balance. They are not asking you to pay them upfront are they?

    Acceptable arrearage: accrued interest, out-of-pocket escrow advances to third parties, and any required escrow advances that will be paid to third parties by the servicer during the trial period and servicing advances paid to third parties in the ordinary course of business and not retained by the servicer, if allowed by state law.

    Late fees may not be capitalized and must be waived if the borrower satisfies all conditions of the Trial Period Plan.
  15. Sweetjuly

    Sweetjuly LoanSafe Member

    Hello Cat, I'm just curious, if WF services my loan but backed by FannieMae, does that mean I have to contact Fannie Mae directly to request for a modification? Thank you
  16. drswitala

    drswitala LoanSafe Member

    Apollo Modification

    Hi Trixi, I too am about to start the three month Apollo trial period on 4/1/12.
    After completion are you required to resubmit all of your documentation of income, expenses etc again like an actual refinance or is it just a matter of accepting the terms and signing some forms?
    Just want to be prepared.

  17. Cat Damiano

    Cat Damiano Mortgage Wars

  18. trixi

    trixi LoanSafe Member

    Hi Ray,
    I just got off the phone with our servicer and we are in a perm mod the papers are being sent over night next week. Our mod is unbelievable the terms are as follows: original monthly payment was 2400.00 our new payment is 1598.00 for 40 years at 4.625 they are forbeiring 100,000.00 we have to pay that amount off at the end of the loan or if we sell earlier, but we are not paying intrest on that amount. I can not believe it we are so pleased. I want you to know we did contact the escalation department through this process and I think this helped to move things along. I was not expecting what we got for a mod at all. Also my trial payment was 2100. for three months so I was shocked when they told me what my new payment was I thought I won the lottery...we are now on the road to financial freedom and can save some money and make some much needed updates to our home. Good luck to all of you this is a very stressful process and I know it is not something any of us want to do!!!

  19. drswitala

    drswitala LoanSafe Member

    Thats fantastic!
    I am very glad for you.
    It is encouraging to here all went well.
    hope mine goes the same.
    Please keep me posted on how the rest of the proceedure goes for you if you do not mind.
  20. JULIEO

    JULIEO LoanSafe Member

    congrats: we were approved also with the Appollo Program..One question, maybe you know..when we received our interest statement from lending company , we only got credit for the original payment before the Modification kicked in. We didnt get any credit for interest during trial period payments. What happens to these 3 or 4 month payments? We called the lender, and they said we didnt get interest for the trial period payments. does that sound right?

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