Home Loans and Support

Suntrust told me to skip paying for 2 months

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by CelesteInSC, Nov 15, 2008.

  1. CelesteInSC

    CelesteInSC LoanSafe Member

    [FONT=&quot]My husband lost his job 16 months ago. He had worked for 30 years in new home construction, and since being laid off we have sent his resume to every local builder, and every nationally advertised opening (no matter where in the country the job was.) Since then we have lived off our small savings, supplemented with odd jobs that we have been able to find for ourselves, and have been able to continue paying our payments. [/FONT][FONT=&quot]We looked into selling our home, but at this point we are down at least $75,000 in value and we would not be able to take our small profit and purchase another home. At this point also we will have problems securing a new loan or obtaining a rental because of our recent late payments, once to Suntrust, and a couple times for utilities because we paid Suntrust on time instead of them.[/FONT]
    [FONT=&quot]
    In the past couple months we have had problems coming up with our mortgage payment, and we know that the approaching holidays may make it more difficult to find work. We contacted Suntrust starting 2 weeks ago to see if we could receive any help from them on loan modification. The first gentleman immediately started telling my husband about short sales, although if he had taken time to look up our account, we would not be in a short sale situation. Finally after being transferred to a number of different representatives, my husband was told that we should go online and fill out a request. I spent hours filling out this request, giving them all our financial data, bills, outstanding loans, bank account balances, and our work situation.

    When Suntrust called us concerning this request, we were told that until we were 2 months behind they would not even talked to us. We WERE NOT someone who bought more than we could afford. We put down a 55% down payment, and our payment was less than 30% of our monthly income at the time, and we have a history of overpaying our mortgage each month. Now in the 16 months since my husband lost his job, we have worked our BUTTS off to pay our bills, and it sickens me that we are told that we should simply not pay our mortgage for 2 months in order to "get help." It is unethical for a mortgage company to tell someone to stop paying their mortgage, and I believe it should be illegal too. It has caused us great distress that the only hope of saving our home is to not pay our mortgage for 2 months, then HOPE someone is willing to help us at Suntrust.
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  2. Moe

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

    Hi CelesteInSC,


    Welcome to the forum and thank you for joining..................

    You could be talking with collections................try calling the HOPE contact for SunTrust and ask what options the investor on your loan has for a modification...............if the investor on your loan is FannieMae or FreddieMac.......they are working with customers that are in default 90+ days which they could have told you if this is the case instead of putting it like they did..............collections are very rude and use scare tactics to get you to default so they can collect fees.............

    If your loan is a low fixed rate loan already, they might not be able to modify the loan any lower........but might be able to extend the term of the loan to 40yr instead of 30yr. or you might want to try NACA to see if they have an option as well.........

    NACA



    SunTrust Loss Mitigation
    1-800-443-1032
  3. sukafish

    sukafish LoanSafe Member

    I also have suntrust and spoke with the loss mitigation dept. My loan is a fannie mae backed loan and they also told me that they won't even look at a loan mod untill we were 3 months behind. They also said they currently could not modify my loan because we were negative every month. How does that work?
  4. MH_Sucker

    MH_Sucker LoanSafe Member

    We also have Suntrust. I knew we were not going to make our November payment so I started calling them in October. They told me basically the same thing. They won't talk to us until we are 2-3 payments behind. I am not sure what the logic is for this since everything you read on the internet tells you to contact them BEFORE you have a problem. I have mailed, faxed, called and completed the on-line financial information and no one will talk to me. I will keep calling but doubt that I will get anywhere. Good luck!
  5. Moe

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

    MH_Sucker..........

    Use the number that I posted above and see if you can start the process..........
  6. franci j

    franci j LoanSafe Member

    i've been told the same. at least 2 months behind. and once i meet the criteria for a loan mod, the only thing they would do is put the defaulted payments in the back of my loan, that way i could catch up. i asked if they are participating in the hope program. the gentlemen said that they still had no details on the program thererefore couln not give me any information. he did add that according to his own research, and this was kind of on the side information, i did not have to contact suntrust about the hope program, or the h2h program, i don't even know what they call it now. anyway, i would have to call fha and ask which banks are participating and contact those banks, or one of them. and that is how the process is started. i have also been told the same by other sources who are in the saving your mortgage program. by the way, this was all from the loss mitigation department with suntrust. hope this helps.
  7. Moe

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

    I respectfully disagree, if there is a deficit on the current loan after figuring the 90% Loan to Current Value or there is a second lien on the property then the current investor would definately need to be notified because the first lien would have to accept a short payoff..........their loan would not be getting paid in full and this is where investors are not participating. Also there can not be any other liens on the property for the H4H program..............all other liens would need to be released and extinguished..........again that would have to be negotiated with the current investor................Suntrust is just a servicer on these loans, they are not the investor................the investor would have to approve and participate in these types of programs..........otherwise alot of people will be coming to the closing table with the difference to pay off their current mortgage.
  8. MH_Sucker

    MH_Sucker LoanSafe Member

    Thanks Cat. I have used that number in the past and was told that I have to miss 2-3 payments before they will talk to me.

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