Home Loans and Support

limbo is agony...(homeq)

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by tajelina, Apr 2, 2008.

  1. tajelina

    tajelina LoanSafe Member

    What a Godsend this site is. Bless you all!

    My husband and I rec'd Notice of Foreclosure this evening. We've never been through this before, as we've never been homeowners before.

    We've been in our home for just a little over 1 year. Our payments started last May. We were on-time until October, when my husband had to unexpectedly retain a trial attorney for custody of his daughter. He won the trial, but only after thousands of dollars in attorney's fees as well as a LOT of time off-work tending to the trial, appointments, etc...

    In October and November, the mortgage payments were 1-2 weeks late. Christmas came, and while our kids had a very MINIMAL Christmas, our trucking business underwent a MAJOR repair, taking another unexpected thousand, not to mention that this was at truckings "low-season" for freight.

    December's payment bounced, and we have not paid since. We made the MAJOR mistake of avoiding the mortgage co's phone calls, I cannot excuse this. I can't make the payment arrangements because my income doesn't begin to cover the mortgage, and DH wanted to be able to tell them that a payment was on the way before he called "himming and hawwing" or making false promises. Honestly, the plan was to send a payment next Monday and make arrangements on the rest, to whatever extent permittable.

    Obviously, we didn't make it that far.
    We do NOT want to lose our home. We have NO interest built up. It is a sub-prime mortgage to begin with. We LOVE our home and our income DOES allow us to make payments, we just first needed to bounce back from the unexpected and temporary situations we came across from October-December.

    Is a foreclosure notice the end? Is there hope? We've barely unpacked since last year! We have 3 of our children living here now and my husband was awarded custody of his daughter and we expect she will be ordered to be here soon (the matter is pending appeal). The loss of our home could also significantly weigh in the custody case, and we are confident that our income can handle the payments at this point - and we can prove as such.

    We did call that non-profit "hope" organization this evening, as Homeq is not in the office, but according to the Notice of Foreclosure (from an attorney), there is no point in contacting the lender at this point because payments won't help, anyway. We have a phone app't w/the Hope counselor tomorrow afternoon.

    I do fully acknowledge our error and irresponsibility in not properly communicating with our lender about our financial situation, but sometimes it's just *hard* to deal with, and intentions are well-meaning... we have learned a hard lesson and are praying there is a way to reconcile!

    Like many here in this forum, we are desperate for advice. We do not understand if the foreclosure process can be nipped in the bud, as some sites (including this forum) seem to convey that it IS possible, while these papers in front of us give us the impression that all hope is lost.

    Thanks in advanced for all advice given!
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: foreclosure notice today - homeq

    Hi Tajelina,

    Welcome to the forum and thank you for joining and being brave enough to put your story out here.........
    Please don't beat yourself up over this........as you can see everyone here is in the same boat and we are non judgemental about it all.
    And no it isn't too late to fight for your house.........:)

    First things first keep the phone appointment with HOPE tomorrow and then come back and post how it went...........and we can go from there.....

    The important thing is don't lose hope..........we are here to help.......:D:D
  3. Mary Salzer

    Mary Salzer Guest

    Re: foreclosure notice today - homeq

    Bull to the Attorney's statement that calling the lender is a waste of time, call the lender, see HOPE and get the problem resolved. It is not to late.

    You need to start speaking with the lender immediately and getting the Forbearance program process going forward NOW. They will allow Forbearance and the payments are going to be larger than they are now, but they will help you retain the home.

    HomeQ is a fairly difficult group, but not impossible, just real difficult. You need to have HOPE intervene for you and assist in every fashion to get them to consider your situation as rapidly as possible.

    What state are you in?

    This is a second job, you have to work very hard and concentrate on solving the problem with a very determined and proactive attitude. You can succeed.
  4. tajelina

    tajelina LoanSafe Member

    Re: foreclosure notice today - homeq

    New York State... meant to say that first.
  5. Mary Salzer

    Mary Salzer Guest

    Re: foreclosure notice today - homeq

    Here are the New York Foreclosure laws.....you need to know the enemy....

    Please, please meet with HOPE and call you lender it is NOT TO LATE

    Quick Facts
    - Judicial Foreclosure Available: Yes
    - Non-Judicial Foreclosure Available: Yes
    - Primary Security Instruments: Deed of Trust, Mortgage
    - Timeline: Typically 120 days
    - Right of Redemption: No
    - Deficiency Judgments Allowed: Yes
    In New York , lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

    Judicial Foreclosure
    The judicial foreclosure process is one in which the lender must file a complaint against the borrower and obtain a decree of sale from a court having jurisdiction in the county where the property is located before foreclosure proceedings can begin. Generally, if the court finds the borrower in default, they will give them a set period of time to pay the delinquent amount, plus costs. If the borrower does not pay within the set period of time, the court will then order the property to be sold by the sheriff of the county or a referee.

    Typically the foreclosure sale is advertised for 4 to 6 weeks. The sale is made by public auction to the highest bidder. Anyone may bid, including the lender.

    After the property has been sold, the officer conducting the sale must execute a deed to the purchaser. The officer must also pay, out of the proceeds, the amount of the debt, including interest and costs, to the lender and then obtain a receipt for the payment from the lender.

    Within thirty days after the completing the sale and executing the deed to the purchaser, the officer must file a report of sale, which must include the receipt from the lender, with the clerk of the court. Unless otherwise ordered by the court, the sale can't be confirmed until three months past the filing of the report of sale.

    Non-Judicial Foreclosure
    The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee.

    Although this type of foreclosure is permitted in New York, it is rarely used by lenders.
  6. tajelina

    tajelina LoanSafe Member

    Re: foreclosure notice today - homeq

    Thank You all for the above information.

    I did read that list a couple places, but that's what's so agonizing about it.
    We want to prevent it from going to court... we just want to get caught-up with payments... and quickly... if possible.

    If it's not possible, we just want to know what to emotionally prepare for.

    The HOPE counselor calls at 4 today... my husband will be rushing home from work to get here for that meeting.

    Thanks, also, for the open minds.
    This is a very confusing process.
  7. tajelina

    tajelina LoanSafe Member

    what about bankruptcy?

    What are the pros and cons of filing bankruptcy following a foreclosure notice? I see that is one of the options, but am reluctant to jump on this one. Obviously, it's a time-staller, but ultimately - what are the advantages and disadvantages... and HOW MUCH of a time-staller is it, really?

    We need time - but we're not looking to just stay in our home 6 more months than we otherwise would have... we want to stay for good... and therefore, the need for "time" is to honestly get back on our feet financially. Things have been getting better the past month, and appear to be on the up-and-up, but we can't pay everybody all at once (car notes, utilities, mortgage, etc...) and still keep food in the fridge!

    Wondering if bankruptcy is something we should look deeper into, rather than assumingly cringe at?
  8. tajelina

    tajelina LoanSafe Member

    homeq pre-foreclosure process

    While I posted last week frantic that our home was in foreclosure, the update is that we called "moneymanagement" and learned that our home is not quite in foreclosure, but rather in PRE-foreclosure, which may be easier to resolve.

    We called Homeq, who offered "forbearance" offering an amount down equivalent to 2 payments (payments are normally $830-something, this amt down will be $1650). We have to pay this amount by the end of next week.
    We expected this.

    We also knew to expect that the other month of missed mortgage would be spread overtop of the next 6 months' mortgage payments.

    What we did NOT realize was that $4,615 in "fees" (late fees, attorney fees, a bounced check fee...) would also be spread over that 6 months, leaving us with a $1,733.00 payment (OVER double) for the next SIX months?!?!?!?

    Is this the norm? IF we can manage to do this, we will be broke. If we have one unexpected expense, the house will be in foreclosure anyway! It's really not practical that we can keep up with this more-than-double mortgage payment for the next 6 months. My husband tried to explain this to the representative at Homeq's "loss mitigation" department, but they weren't interested. They have us right where they want us... it's a huge gamble (to pay this amount) and know that we could really lose it, anyway (and STILL owe them money).

    We understand paying what we are behind. We understand fees - to an extent. SOME fees. But over $4,000 in fees for a pre-foreclosure when we are 3 payments behind?! If we had that kind of money, we wouldn't be in this jam to begin with (like many people here, I imagine)!

    Can anyone tell us if this is the norm? Do we have to accept this or kiss or house good-bye? Or risk the acc't moving to official "foreclosure" because we can't, in good-faith, agree to such ludicrous terms?

    Looking forward to the responses... thanks in advanced!
  9. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Re: homeq pre-foreclosure process

    Good.

    Did they document this to the penny? If not, then I would write a QWR and make them.

    Yes, this is how they gouge people band earn fees to make them huge profit machines, The harder they make it on you, the more likely you will be late and caught in their trap. They know you can't go nowhere. It's BS, I know.

    Well, here is my question to you and your husband, ';Do you want to stress and not sleep because you are always worried about your mortgage or do you want to fight for a better deal?

    This may also be the only deal the investor will allow. Especially if this loan is new (year or less or you have past problems) If so, you may have to make a business decision as to what is best for your health and sanity???

    This is like poker. Remain strong and calm and tell them that A. Please give you a better deal you can "REALISTICALLY MAKE" or B. You are ready to walk and they can have the home.

    Sometimes a game of poker is what is needed. Just be ready to play ;)

    Looking forward to the responses... thanks in advanced![/quote]
  10. tiffany

    tiffany LoanSafe Member

    Re: homeq pre-foreclosure process

    Hi Tagelina,

    You can do this, I promise. It will not be easy but you can do it. We had almost exactly the same situation last year with our mortgage. We were put into "foreclosure" in June 07 and started a repayment plan on July 07, we will finish with the plan in the next few weeks. We also have 3 kids, this Christmas I had a total of $300 to buy groceries for 5 days and Christmas presents. I have learned to stretch food and have learned where and when to buy "managers" special in the meat department. I will help you with any suggestions that you need but PLEASE DO NOT GIVE UP!!!! You have 4 little ones that are depending on you.

    Stay on top of everything, I just was made aware today that our Legal fees from our mortgager (Saxon) never stopped accumulating from when the foreclosure was initiated, this is supposed to happen when you go into a repayment plan. We are attempting to get our mortgage out of foreclosure and current by the end of April and I had to speak to 7 (I am not joking) different representatives and 2 managers before somebody actually had a "ohhhh" moment and decided that maybe I was not crazy!

    You can negotiate with your mortgage company tell them you want a 12 month repayment plan, they can do it. They do not want to, but they can. I hope that this gives you a little light and helps you sleep a little easier tonight. Please do not give up, you can do this.

    Tiffany:)
  11. tajelina

    tajelina LoanSafe Member

    Before I start my question, I need someone to help me out here - as I'm not understanding quite how the thread-posting on this forum works. For some reason, whenever I post a "new thread", it attaches to my very first thread, which is under a completely different section. Nobody notices it, and if they do... they don't seem to see the "last" question or comment I really had, because it's so far down the trail. This has happened 2 or 3 times now.

    I really appreciated (and still do) the number of warm and timely responses I rec'd when I introduced myself here a couple weeks ago... but now when I post, I'm getting no replies or only one that seems to respond to whatever I originally said.. and understandably so, since all my posts are attaching to the same original thread - no matter where I post them. Don't mean to complain as a newbie, I'm just a bit frustrated because I also don't see where to PM a moderator... or maybe my brain is clogged with everything else that's going on, who knows! But can anyone help me out - PLEASE?!

    I think this is a great site and want to keep visiting and communicating in it!

    With that said (sorry) - here's my question today (which I'm hoping will show up in the "are you going to walk away from your home" section):

    My husband and I had big plans to start painting walls, re-arranging furniture, etc... switch bedrooms, yadayada...
    and along came the pre-foreclosure notice.

    We called moneymanagement, whose rep was very kind. While we were waiting for a HOPE counselor to return our call, my husband called Homeq and they proposed an outrageous over-double mortgage payment for the next 6 months. Since we are in an ARM that is scheduled to go up next March, we knew that this double-payment for the next 6 months is a lose-lose situation. We have the money - sorta - as our situation was definitely a short-term hardship that we ARE finally bouncing back from... however... there would be NOTHING leftover. One unexpected loop, one home or business repair, one higher utility bill, one week off work, one "slow" week (as we run our own business)... and our entire budget will be thrown awry... we couldn't make a payment - and we'll end up in foreclosure anyway! If we did manage the whole 6 months of over-double payments - there would be nothing leftover to pay off other debts, therefore we can't work on our credit rating as planned over the next year, and consequently we wouldn't be able to refinance next March... the ARM strikes... and surely we would not be able to make the RESULTING payments in March, anyhow!

    A HOPE counselor called on Tuesday morning and took a TON of information from us... and said she will fwd a package to Homeq for a "loan modification review", as she believes we will qualify. We haven't rec'd a copy of that proposal package yet, and now it's the weekend and I'm getting the blues. I can't find the motivation to paint or do any work around the house, because in the back of my mind, I wonder if we're really staying. The counselor said that the reason she believes so strongly the mod. will be approved is because our income allows for it, we have proof of legitimate hardship, and this stage (PREforeclosure) is the easiest to work through.

    1) How long do we expect to wait in this limbo? The HOPE counselor said 7-14 days, but from everything I'm reading on this forum - that sounds unrealistic.
    2) We're also not understanding what happens re: payments in the meantime? Are we now ANOTHER month behind because another payment-due date just passed, or is everything on "hold" during the foreclosure process (or the loan-mod. process, however you word it). If we're approved, will this month's payment-due also be considered "late"? Is this how people "put-off" foreclosure while simultaneously not making payments?
    3) Who is really deciding the loan-mod. if Homeq is "just" a "servicer"? We know that the loan actually came from a place called "Sutton Financing" (or Sutton-something, anyway). Does Sutton decide... or does Homeq?

    Sorry for the multiple questions, beginning complaint, and lengthy post... I appreciate any and all advice/input/responses given!!!
  12. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    It looks like you figured it out because this seemed to post fine. You just click a forum category that you would like to post in and once in that category, at the top left, it will say new thread. Click on that and it will start a new thread for you.

    I am so sorry about that.

    The forum is very active and there are not a lot of us moderators, so thing May get missed. We in no way mean to do that and apologize for any inconvenience or stress this may cause you. I know this is very hard and you are just looking for a little guidance. So, lets see what we can do here.

    I turned that feature off because I want all communication done online and not behind the scenes. When I had it on, everyone was PM'ing me their stories as opposed to posting them here.

    Please just understand that there are 3 of us handling questions and 2 new homeowner guides. It is all volunteer work. This forum is active with thousands of visits a day and dozens of posts. We do our best and that is the best we can do.

    However, I do understand your frustration and will do my best to assist you with whatever I can and I am sure everyone else will too. ;)

    AWESOME. Thanks!

    Yes it DID!

    Hey, this is normal. The way you feel is the way you should feel because you are unsure. Your future with your home is not in your control, YET!

    But you can control the way you feel and react to this. You can control the other issues in life that need to be tended to and may be getting neglected because your having the mortgage blues.

    Think of this like you are in an emergency room the size of the US.

    OK now that you have that vision, now look around at the million plus people who need emergency housing assistance to save their homes. ALL of them are stressed and worried as you are. All of them are waiting for HOPE the bank or Moe to assist them with some answers and some HOPE.

    Who are the ones getting the care they need?

    Its the ones who can afford their homes and their loans! The sqeaky wheels AND the ones who go up to see the nurse regularly to make sure they are not lost in the sea of patients. To make sure that nurse knows your face out of the millions, but that face is a pleasant face that she wants to help because you were so extra nice to her.;)

    Hey, thats normal.

    The way you feel is how anyone would feel. Like I mentioned, if you can afford your home and just not your loan, then you should get help. When I say that, I mean at 5-6% on a 30 year fixed and you NOW have the ability to make payments.

    You should be fine if that is the case. You just need to stay on top of your counselor and remember he has many, many people is helping. Heck, send him a card and lunch pass to Aplebees or something. That will get you more help every time.


    Limbo can take 30-120 days. Yes, 7-14 days is a dream.

    Nothing is on hold and everything is proceeding forward as planned. The lenders and servicers have that on auto pilot. It is like a foreclosure conveyor belt.

    All fees etc. will be charged as to what you owe. So, yes, they will charge you late fees, you will be considered late during this time.

    HomeEq decides. Most ALL investors have given the green light to modify at the servicers discretion per the investors guidelines. That is a myth that they have to call the investor.

    Well, I hope I helped you with your concerns. Keep the faith and keep up the good fight! They beat you down on your mortgage and thats it. Don't let them take your motivation too!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  13. tajelina

    tajelina LoanSafe Member

    Moe, yes - I see this showed up in the right spot, as a new thread this time... Thank You!

    Were you serious about sending the HOPE counselor a gift card - LOL?! I will do it, if it doesn't look like we're stalking her! :rolleyes:

    I don't mean to keep drilling the same question in different words... but I really don't get it. If the loan-mod. approval can take 30-120 days, what do we do about payments that continue to build-up as past-due in the meantime?! Can the fact that another 1-4 months has passed be held against us? This is so confusing... what is our financial responsibility/obligation while we are waiting for a response?
  14. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Think about it. How many cards does this counselor get? I bet, Not many. Just say thanks and this means the world to you and he is doing an honorable deed in his work. It will make you stand out in the hundreds of people he deals with to.

    He is your advocate and its tough when there are so many tagelina's. Yes, we remember you but its tough to think about you all the time because we have many other people to assist and tend to. It is the biggest clean up that our nation will ever face and we have just begun.

    OK, here is how the late payments etc works.

    Most mortgages have a grace period of between 10 and 15 days. It is common for borrowers to make the most of their grace periods. You aren't considered late on your mortgage until after the grace period expires. But on the next day, you will be charged a late fee, which usually is 3% of the outstanding loan balance. ​

    On the 30th day you are technically in default. The lender will probably contact the credit reporting agencies in regards to the status of the mortgage account. ​

    Each state has different laws when it comes to default and foreclosure. You will find that some lenders will work with you, while others will not. ​

    Once the mortgage is in default, some lenders will take a partial payment of the past due amount. Many lenders will only accept a payment that will bring the loan current. They may even refuse payments that due not cover both the current, past due payments and late charges. ​

    This is a contract and a loan workout is a actually a privilege in their eyes. Meaning they do not have to do anything at all to help you. But, as we all know, it is in everyones best interests if it makes sense for everyone.​

    Sixty to 90 days after the missed payment, your lender will send a notice of default or file a lis pendens, depending on the laws of your state. The documents will be sent by Certified Mail. The borrower will have a set amount of time in which they can pay all past due amounts and collection costs. After that time has elapsed, the lender will have a lawyer begin foreclosure proceedings. Legal fees will be added to the amount you owe.​

    Yes, it is still moving along and the fees, payments etc. are getting added on. You just need to save those payments and the late fees etc. are part of the deal.​

    However you can do this:​
  15. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    12 usc section 2605 servicing of mortgage loans and administration of escrow accounts

    Source HUD
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](e) Duty of loan servicer to respond to borrower inquiries[/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](1) Notice of receipt of inquiry[/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](A) In general[/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]If any servicer of a federally related mortgage loan
    receives a qualified written request from the borrower (or an
    agent of the borrower) for information relating to the servicing
    of such loan, the servicer shall provide a written response
    acknowledging receipt of the correspondence within 20 days
    (excluding legal public holidays, Saturdays, and Sundays) unless
    the action requested is taken within such period.
    [/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif][/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](B) Qualified written request[/FONT]

    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]For purposes of this subsection, a qualified written request
    shall be a written correspondence, other than notice on a
    payment coupon or other payment medium supplied by the servicer,
    that--
    [/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]
    (i) includes, or otherwise enables the servicer to
    identify, the name and account of the borrower; and
    (ii) includes a statement of the reasons for the belief
    of the borrower, to the extent applicable, that the account
    is in error or provides sufficient detail to the servicer
    regarding other information sought by the borrower.
    [/FONT]

    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](2) Action with respect to inquiry[/FONT]

    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]Not later than 60 days (excluding legal public holidays,
    Saturdays, and Sundays) after the receipt from any borrower of any
    qualified written request under paragraph (1) and, if applicable,
    before taking any action with respect to the inquiry of the
    borrower, the servicer shall--
    [/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]
    (A) make appropriate corrections in the account of the
    borrower, including the crediting of any late charges or
    penalties, and transmit to the borrower a written notification
    of such correction (which shall include the name and telephone
    number of a representative of the servicer who can provide
    assistance to the borrower);
    [/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]
    (B) after conducting an investigation, provide the borrower
    with a written explanation or clarification that includes--
    (i) to the extent applicable, a statement of the reasons
    for which the servicer believes the account of the borrower
    is correct as determined by the servicer; and
    (ii) the name and telephone number of an individual
    employed by, or the office or department of, the servicer
    who can provide assistance to the borrower; or
    [/FONT]
    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](C) after conducting an investigation, provide the borrower
    with a written explanation or clarification that includes--
    (i) information requested by the borrower or an
    explanation of why the information requested is unavailable
    or cannot be obtained by the servicer; and
    (ii) the name and telephone number of an individual
    employed by, or the office or department of, the servicer
    who can provide assistance to the borrower.
    [/FONT]

    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif](3) Protection of credit rating[/FONT]

    [FONT=Verdana, Geneva, Arial, Helvetica, sans-serif]During the 60-day period beginning on the date of the servicer's
    receipt from any borrower of a qualified written request relating to
    a dispute regarding the borrower's payments, a servicer may not
    provide information regarding any overdue payment, owed by such
    borrower and relating to such period or qualified written request,
    to any consumer reporting agency (as such term is defined under
    section 1681a of title 15).
    [/FONT]
  16. schwefls

    schwefls New Member Guide & Litton Success

    Hi tajelina:

    I am sorry for your hardship and anxiety, I have been there dun that not 2-3 weeks ago, my HOPE Counselor was good but I did the fighting and only had her on standby if need be, never did need her. Here is what I learned if they are still accepting your payments, then you should continue to make them, if they are not accepting any payments from you, you could try n slide them in with Western Union quick collect otherwise I strongly suggest you bank them. The collection process will continue. Hell my mod is set up but their system is not yet updated and I got a 30 day Notice of Foreclosure yesterday, called my negotiator she confirmed that even thouigh I have been approved it could take an additional 30 days to finalize and update their system. (collections will continue). I feel your pain but I am sure given time, patience is a virtue all will work out well. Now I did not believe anyone here when they gave me that advice but they were right, just sit tight good things come to those who wait.
  17. tajelina

    tajelina LoanSafe Member

    Thank-You, Moe - again.

    So let's see if I have this straight:

    ~We missed December, January, February, and March's mortgage payments.
    ~We received a Pre-Foreclosure notice from Homeq's attny the beginning of April.
    ~We are unable to agree at this point to the terms of the forbearance option.
    ~HOPE is proposing a loan modification and we are waiting for Homeq's response.
    ~Now April's payment date will pass... but they may not accept April's payment, and even if they did... we would still need a lump-sum (2 mo's, from what I've heard) to initiate the potential Loan Mod. agreement. Obviously, we won't have that if we send them April's payment right now - which they may not even take.
    ~So let's say that May rolls around and they are willing to work the Loan Mod. out with us, now April and May's payments would need to be rolled into the Loan Mod?!!?!?!??

    I'm so sorry... ONE more question (for today, :eek:) :
    Could/Would they say "nope, can't do the forbearance - because now you're SIX months behind instead of 4..." or something similar?!
  18. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    My pleasure.

    They will take this into consideration when working the loan modification out.

    Keep in mind that they base the loan mod on calculations and projections on where your account will be once it is completed. If you make payments and they accept, it will cause the accounting to be messed up. It would cause their systems to be even more bottle necked.

    Never agree to anything that is designed to fail, like the forebearance plan. Just make sure to have a back up plan in case this does not work out.

    I wish you my best!
  19. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Patience is a virtue ;) I agree 100%

  20. tajelina

    tajelina LoanSafe Member

    After calling every-other-day for the last several weeks (Homeq) and getting 3 different names of people handling the request to modify the loan, I just talked with a not-so-nice representative who told me that name #3 who is handling our loan tried to call us on April 15th (gee, that was a week ago) but the voicemail didn't come on so she was unable to leave us a message.

    Now that woman is out-to-lunch (or possibly not in for the day, they're not sure), and the representative I talked to in Loss Mit. said that my husband and I should've stuck with the forbearance option rather than waiting to hear about a Loan Modification that may not even be approved. She quite curtly told me that HopeNow is no guarantee that we will be approved for a loan-mod., and I told her that we understand that. She told us that we "need" to be working on a back-up plan, such as selling the house, or get going with the payments on this forbearance option. Ummmm, the forbearance was never approved by management, never sent to us in writing, and we already called and said that we could not agree to it because the payments are simply tooooooo high under that agreement. I could not BELIEVE the attitude of this woman! She told me that my husband and I are "going to have to face it" (I was jotting notes as she was talking, wishing that I'd recorded the conversation), and in such, she was referring to the pre-foreclosure. I was fuming but remembering that this is only one small portion of the big battle... this woman doesn't make the decisions, so why let her get under my skin?

    When she was really pressing for us to go ahead w/the forbearance, and lecturing that many people are NOT approved for loan mod's, I told her that we are preparing for that possibility, but that perhaps something else can be worked out at that point. She told me no, that there is no "something else" or "middle of the road". It's forbearance or Loss Mitigation, or we should prepare to sell our home. She may very well be 100% correct on that note, but it irritated me that she was acting as if she already knows that we probably won't be approved, so we should sell or start the forbearance... now. Right now. Even though we can't seem to get in-touch w/the woman handling our Loan Modification request.

    Grrrrrr. I'm sure you guys/gals have heard "grrrrr" enough on here, but I had to add to it...

    GRRRRRRR. :mad:

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