Home Loans and Support

Update on my modification as I run on the hamster wheel....

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by momof3boys, Nov 30, 2007.

  1. momof3boys

    momof3boys Loan Safe Guide

    Well, I called AGAIN today. ***Remember, my workout specialist gave me a direct line, but it was just another trunk line for HomeQ***. Again, I couldn't speak to my specialist, she was on the phone with someone else. I asked the rep on the phone what the stataus of my loan mod. was. She said it was rec. on 11/9, sent to a supervisor for review, reviewed by supervisor on 11/18, sent to specialist to correct errors, sent back to supervisor for review, supervisor and specialist reviewed it together on 11/25, supervisor sent it back to specialist to correct yet MORE errors, supervisor has been reviewing it since the 26th. WTF!!!!!!!!???????? I asked her if the errors were on my part or theirs, she said theirs. I asked her why? She said that this is all new to them. I asked her what the turnaround time is going to be, she said she didn't know. I told her that I spoke to the CEO of the company, and that he said all of this shouldn't be a problem, she said that this is all new to them, they just started doing them, and that they are still learning. ***Somewhere, I don't remember signing up to be a guinea pig*** I am frustrated. I am bummed out. I feel like I am fighting a battle that I am not going to win. If they don't work this out with me, I am sticking them with this house. BOTTOM LINE. The will have to go thru the whole judicial foreclosure and evict me. I want them to spend as much as they possibly have to because I am trying. I am willing to meet them 1/2 way, but at this point, they won't even tell me what that is. People say this will trash my credit, well, it will trash my husbands credit, not mine, so we could buy another house again, without all the predatory bullshit that we are going thru right now. Sorry for bitching, I am just burned out.
  2. Kevin3344

    Kevin3344 LoanSafe Member

    I really think you'll see something Moe mentioned a while back, that is massive loan modifications. I read it on MSNBC yesterday. The details aren't out yet, but it looks like they're looking at locking the your rate of all ARMs for a set period of time. Just who qualifies and for how long the lock will last remains to be seen.

    It's either that or they're going to have a lot more foreclosures on their hands.
  3. momof3boys

    momof3boys Loan Safe Guide

    Well, I wish I could have qualified...BUT, since they messed with my taxes (which is now fixed), I, like so many others are behind...Therefore, I don't qualify...Way To Go President Bush!!!
  4. Moe

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

    Hey Mom, sorry I didn't see this thread and you comment from last week. I am sorry that they continue to give you the run around. You have and are doing everything you can to meet them half way. There is only so much you can do and you have done that and then some.

    You have to now do what's best for you, your family and your sanity.

    I agree, stick it to them in any way you can. I am all for that when your met with unreasonable foe. You gotta do what you gotta do. I am sure if we had a couple million people say that, then these lenders would change their tune.

    Every day I think about organizing a massive homeowner march on Capital Hill or something and get 2 million homeowners to stop paying their mortgage. A mortgage strike of sorts.

    What? They are going to foreclose anyway on these people and many have their credit already ruined.

    Just think 2 million homeowners saying screw you and holing up in their homes and refusing to leave.
  5. momof3boys

    momof3boys Loan Safe Guide

    Moe,
    I think I should have clarified myself....My Loan Mod. is still "pending approval" with the supervisor....What I don't qualify for is the new program Bush just implemented....Sorry, I should have been a little clearer..
  6. Moe

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

    ok, no prob, sorry for doing the Moe rant ;)
  7. JacMac

    JacMac Successful Homeowner

    Man oh man, Moe, that would be awesome. 2 million homeowners refusing to pay, that would show them!!!!
  8. momof3boys

    momof3boys Loan Safe Guide

    Good News??? Bad News??? I NEED opinions...HomeQ called me today...FINALLY, I got to talk to my negotiator!!! She had stated that they have reviewed everything...The supervisor had reviewed everything, and that it was going under what she called "Final Review"...She told me that I stated I was going to pay 1600 on 11/16 and 1600 on 11/30, but I haven't done that...I told her that is because I WILL NOT give them money if they just plan to foreclose anyway...I told her I would need that money to find alternative housing when they foreclose...She said she understood, but wanted to make sure I had the money still available...I told her yes...She asked me if I would be willing to do a check over the phone...I told her I would do a check over the phone, bank to bank wire, western union, or even fly it to California myslef (if they paid my airfare, LOL!!!) but NOT UNTIL I have an approved, signed, guaranteed LOAN MODIFICATION in my hand...She said she understood, but wanted to make sure that I still had the money...I again assured her that I had the money ready and waiting...She said that is all that she wanted to know, and that I would be hearing from her soon, as this "review" shouldn't take as long as the others....Hmmmmmm.....Do I believe her??? What should I make of all of this??? Is her verifying that I have the $$$ available a good sign that I might have MY THREAD moved to the Success Stories (OMG, that would TOTALLY MAKE MY CHRISTMAS!!!) I am confused, scared, nervous, excited, everything you could imagine... So, any opinions or thoughts would be GREATLY appreciated....
  9. Moe

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

    Mom,

    This is good news but I would always be cautiously optimistic, just like you are doing. Whatever is agreed on needs to be in writing and you cannot trust anyone. Remember they are debt collectors and it is not against the law for them to lie to you. But if that was truly a negotiator, then you are most likely OK.

    The BS tactics and lies are usually from the collections department, where they will tell you anything so you send in money.

    With that said, keep the pressure on, remain positive like you have been, but guarded and get that in writing, so we can move you to the success thread.

    You're doing a good job and remember this is a contract not a "verbal" one.
  10. Brian K.

    Brian K. Guest

    momof3boys,

    You really need to read the "modification agreement" to make sure you are not giving up to may rights. I have seen a few of the new mortgages really destroy borrowers rights if they default. Moreover, Bank United required a general release on one of my modifications. Remember, this is a negotiation. You can ask for changes to any document they send over what's the worst that they can say.
  11. momof3boys

    momof3boys Loan Safe Guide

    So far they haven't sent me anything in writing yet (the main reason why I am holding my money)...I am not to confident that they know exactly what they are doing, but I am hopeful...I plan on getting everything in writing before I send them any money...Who should I get to look at my loan mod docs (if they approve them) before I agree to it?
  12. Brian K.

    Brian K. Guest

    A Lawyers should be the first choice, but a mortgage broker or title agent is better than nothing.
  13. evel1999

    evel1999 ASC Success

    They should list the amount of funds you need as downpayment on the approved Loan Modification when they send you the Loan Modification to sign.

    They requested a downpayment over the phone, for me it was one mortgage payment, but I made the mistake of agreeing to pay the downpayment over the phone to be deducted from my bank account on the date they stated before I actually received a offer of what the Loan Modification would be for, and they took the payment and applied it to my payment and closed my case, as that payment made me current. They did this to me twice.

    The second time they did that, I wrote them a letter using the RESPA 6 Inquiry and asked why they keep taking my downpayment on a Loan Modification and applying it as a payment and closing my case. After I sent that letter, I got a call from a Negotior and an offer was made. At that time my payment was current and I just owed a late fee of $172.00 and that was requested to be send back with the Loan Modification by certified funds. I sent the Loan Modification back signed along with the money order for the $172.00. The $172.00 was listed on the Loan Modificaiton.

    Basically they were just playing a collection game with me, and doing what they do best, collecting money owed.

    So you should be offered a Loan Modification, listed with your downpayment they require(funds will need to be sent certified(exp Western Union, Money order, or Cashiers Check). Ir should show how many payemtns are being added to princpal balance(payments you are behind and interest to carry your loan so you can skip one payment). It will list new interest rate, and new payment. All agreed upon over the phone with the Negotior. When you receive your Loan Modification, it should show exactly what was agreed upon.

    Once you get this far, it still takes a little time, but once the Negotior makes the offer and it is accepted by both parties, you will get the Loan Modification in the mail and have to send it back by UPS envelop that they send with the Loan Modification.

    From what you have said, it appears you are getting this worked out if what they offer is something that will work for you and you fell you can agree to all stipulations. Because once you agree, you have to carry all agreed upon thus or the modification will become Null and Void, and they may not work with you any more.

    This is stressful and waiting takes time, but in the end if the modificaiton is done you will feel so much better. I know I do, as I now have all this behind me. It was a rough six months.
  14. momof3boys

    momof3boys Loan Safe Guide

    :(Well, I think my fight is over, and unfortunately I will not be moving to the "success stories" thread. :( I got my "Certified Notice Of Intention To Foreclose". I immediately contacted HomEQ, and unfortunately for me, I got a VERY NASTY woman on the phone. She led me to tears.:( I have never in my life been made to feel like such a worthless individual. I demanded that I speak to MY "workout specialist", and she told me that she was at lunch. I asked her for an extension for her, and she said that she didn't have one. She said she could E-Mail her to have her call me back. I told her those attempts have been tried before, and did not work. I told her if she could not transfer me to my specialist, then I wanted to be transferred to Keith Becher, as I have spoken to him before. She got silent.:eek: I asked her if she knew who he was, she said yes and told me to hold.:eek: MIRACULOUSLY, my negotiator got on the phone, suprise suprise. I asked her what was going on with the modification, and she still said that it was under supervisor review, and that she has no idea when they would have an answer. My letter says that I have until 1/18/08 to cure my arrears. She said that the modification may or may not be approved by then. Just great. She said that I should make payment arrangements, yeah, okay to deplete what I have left so when they do foreclose I have nothing to move out with???? I will NOT play their debt collector game, get all the money you can, completely break people, only to throw people out on the street. NO WAY will I be a victim to their scam. Bottom line. So, here I sit, 6 days before Christmas, and 3 days until my first born turns 6 years old.

    It's hitting me hard, really hard. I haven't stopped crying since I opened the letter. I will miss my neighbors, I will miss the memories created in my house, but most of all I will miss my AMERICAN DREAM. No matter how you plan, as I knew in the back of my head that this could happen, it hurts. Hurts really bad.
  15. Andrew

    Andrew Successful Homeowner

    I'm really sorry momof3boys :(
  16. momof3boys

    momof3boys Loan Safe Guide

    Thanks sswis...I wish that there was more that I could do, but I am at a loss...My husband and I haven't really sat down and discussed how this is all going to pan out, but we just want to get thru the holidays...I must make this as normal as possible for my children...I intend on helping whomever I possibly can on this board, whether it's advice, offer my story, or lend an ear to listen...ALL OF YOU have been nothing short of AMAZING!!! I feel that without any of you, I would have given up a long time ago, and not fought this long. I do know that there is a VERY VERY slim chance that this modification will get approved and go thru by the 18th of Jan, but I also know that is not likely. I guess that we will stay here as long as we possibly can, bank all the money we can, and have a nice down payment on a rental. Does anyone happen to know how this will all work out in NJ??? I just got my intention to foreclose, and my acct must be paid up to date by 1/18/08. How will this all go down? Approx. how much time do I have until this nightmare is all behind me?
  17. Moe

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

    You're going to make it through this. You have to think positive. Maybe this is what is meant to be? This door may shut and a new one will open for the better.

    Put this behind you just for your family, you and the holidays. Just think one thing, it will all be ok.

    From http://www.realtytrac.com/foreclosure-laws/new-jersey-foreclosure-laws.asp

  18. racoon

    racoon LoanSafe Member

    I know this is tough. Especially at Christmas. I am there with you. I am taking down my tree tonight to set up in our new rental house tomorrow. It sucks but what keeps me going is making my kids life as normal as possible. They have not got a clue on what is really going down...

    I take Moes advise...maybe this is the best thing. I won't have to worry about paying a huge mortgage that I cant afford. I can enjoy taking my kids to the movies. Hell, I am going to Disneyland!!! Save your money don't give it to the bank. They don't care about you or your family. Enjoy your holidays and then move to the next chapter in your life. Some of the most succesful people only reached their success by failing. It is not over!
  19. Brian K.

    Brian K. Guest

    You have two options fight or flight. I say fight. What is the worst that they can do foreclose your home? If you fight, you can delay and make them prove each and every fact in there complaint. In most cases you can find some violation by the lender and/or broker that gives rise to a counterclaim.

    Even if you cant find a factual basis to file a counterclaim, it normally takes a long time to reach a final order of foreclosure and sale order. During that time you are not paying your mortgage, taxes, or HOA dues. How much could you save? Even after the sale, your not out. You can fight on.

    State by State Foreclosure Rules
    State Judicial or non-judicial Process days Sale Publication days Redemption period Notes
    Alabama Both 49-74 21 365 days Usually non-judicial
    Alaska Both 105 65 365 days judicial only Non-judicial requires 30 days default
    Arizona Both 102 41 up to 6 months Junior lienholders can also redeem
    Arkansas Both 70 30 365 days judicial only Property must be sold for 2/3 appraised value
    California Both 117 21 365 judicial only Non-judicial more common.
    Colorado Non-judicial 91 14 75 Judicial foreclosures not usual. Lender must still obtain a court order after sale is scheduled.
    Connecticut Judicial 62 N/A Judge decides Winning bidder at foreclosure auction has 30 days to pay. Type of foreclosure depends if equity in property.
    Delaware Judicial 170-210 60-90 None. But borrower could contest the sale. Sale can be held at courthouse or property by sheriff.
    DC Non-judicial 47 18 None. Sale conducted by licensed auctioneer, usually at their office.
    Florida Judicial 135 NA None Sale date about 30 days after judgment. If borrower cannot be served in person, guardian at litem must be appointed. Sale by clerk of court.
    Georgia Non-judicial 37 32 None No right to reinstate mortgage.
    Hawaii Non-judicial 220 60 None
    Idaho Non-judicial 150 45 365 judicial only, otherwise none
    Illinois Judicial 300 NA 90 Court has to confirm sale after full bid price paid.
    Indiana Judicial 260 120 None The pre-foreclosure delay depends on the age of the mortgage.
    Iowa Judicial 160 30 20-365 Redemption time depends on various factors, including whether or not the lender has waived a deficiency judgment.
    Kansas Judicial 130 21 90-365 365 days redemption if 1/3 of principal has been paid
    Kentucky Judicial 147 NA 365 Lender can re-possess immediately if house abandoned. Redemption period only if house sells for less than 2/3 of appraised value.
    Louisiana Judicial 180-270 NA None Two types of foreclosure. Ordinary and executory. Executory quicker and requires authentic act that includes borrowers confession of judgment.
    Maine Judicial 240 30 90 Lender must serve default notice on borrower. Borrower has 90 days after judgment to stay in house and pay off mortgage.
    Maryland Judicial 46 30 Court decides No need for lender to inform borrower of foreclosure until sale date is set by court. Sale conducted by licensed auctioneer.
    Massachusetts Judicial 75 41 None Must get ruling from land court that borrower not protected from foreclosure by Soldiers and Sailors Relief Act. Borrower entitled to any surplus if property sold for more than loan amount. Licensed auctioneer sells.
    Michigan Both 60 30 30-365 Usually non-judicial. Sheriff sells property.
    Minnesota Both 90 7 180-365 Usually non-judicial. Usually 180 redemption period. But depends on property type and wording of mortgage.
    Mississippi Both 90 30 None. Usually non-judicial. Trustee sells property. Surplus of sale proceeds goes to secondary lenders.
    Missouri Both. 60 10 365 Usually non-judicial. Borrower must be served notice of default. Redemption allowed only if the lender was the successful bidder. Cumbersome procedure for redemption.
    Montana Both 150 50 None Usually non-judicial. Trustee sells property. No deficiency judgment allowed.
    Nebraska Judicial 142 NA None Non-judicial much quicker. Needs Deed of Trust. With non-judicial, borrower has 30 days after being given notice to reinstate loan.
    Nevada Both 116 80 None Non-judicial much more common. Lender begins foreclosure by filing notice with court and mailing borrower.
    New Hampshire Non-judicial 59 24 None Most mortgages require lender to give borrower 30 days notice of default. Sale usually at the property.
    New Jersey Judicial 270 NA 10 30 days written notice given to reinstate mortgage. Sale at courthouse by sheriff.
    New Mexico Judicial 180 NA 30-270 Winning bid must be at least 80% of fair market value of property. Usually 30 days for borrower or other lien holder to redeem.
    New York Judicial 445 NA None Need a court ruling that can take 7-9 months. The sale set for 4 months later.
    North Carolina Both 110 25 None Non-judicial more common. Sheriffs sale. Borrower given 10 days notice of hearing before clerk of court.
    North Dakota Judicial 150 NA 180-365 Lender must give borrower 30 days notice of intent to foreclose. Borrower can reinstate by making up back payments. Borrower usually has 180 days after the sale to redeem property. Failing which is transferred to bidder.
    Ohio Judicial 217 NA None Borrower can be served in person or by certified letter. Advertised if borrower cannot be found. Sales price must be 2/3 of the appraised price. Sheriffs sale.
    Oklahoma Both 186 NA 15 Judicial more common. Lender files in court and notice of action served on borrower. Borrower has 20 days to respond. If appraised then opening bid must be 2/3 of appraisal. Sheriffs sale.
    Oregon Both 150 30 None-180 Non-judicial more common. Trustee sells. Borrower can reinstate up to 5 days before sale by paying off back payments and costs. No redemption period with non-judicial foreclosure.
    Pennsylvania Judicial 270 NA None Cannot start foreclosure till 60 days late. Borrower has 2-4 months to try to solve problem before lender continues. Borrower can prevent sale by paying off full amount owed up to 1 hour before the sheriffs sale.
    Rhode Island Both 62 21 None Non-judicial more common. Attorney must give borrower at least 20 days notice before advertising sale weekly for 3 weeks. Auctioneer sells.
    South Carolina Judicial 150 NA None-30 Lender files lis pendens in court. With 20 days borrower must be personally served. Borrower has 30 days to respond. Hearing officer handles for court. No redemption period if lender waives deficiency judgment. Otherwise 30 days for another bid to be given.
    South Dakota Both 150 23 60-180 Judicial more common. No need to mail default notice, but borrower has 30 days to respond to court filing. Borrowers and lien holders have 6 months to redeem unless property vacant, then 2 months.
    Tennessee Non-judicial 40-45 20-25 None-730 Most trust deeds provide no right to redeem. If not included borrower has TWO YEARS. Trustee sale.
    Texas Both 50 NA None Non-judicial more common. Lender gives borrower 20 days notice to reinstate. Then can foreclose. Must give borrower 21 days notice of sale. Trustee sale.
    Utah Both 110 30 None Non-judicial more common. Foreclosure started by filing notice with court and mailing to borrower. Borrower has 3 months to reinstate. Then must publish sale weekly for 3 weeks. Auction at courthouse.
    Vermont Both 95 NA 90 but varies Usually non-judicial. Borrower may reinstate prior to the sale by paying back payments and costs. Borrower receives notice of sale 60 days prior.
    Virginia Both 45 14-28 None Non-judicial more common. Borrower gets 30 days notice to reinstate. Lender may pursue deficiency judgment. Trustee sale.
    Washington Both 135 90 None Non-judicial more common. Lenders mails notice of default and either personally serves on borrower or posts the property. Notice of sale recorded 90 days before actual sale. Sale advertised twice. For court foreclosures, 1 year right of redemption, otherwise none.
    West Virginia Both 60-90 30-60 None Non-judicial more common. 10 days notice to reinstate. May not be able to reinstate if served default 3+ times. Borrower can thereafter pay off entire loan any time before the sale.
    Wisconsin Both 290 NA 60-365 Judicial more common. Sheriffs sale. 2 month redemption period with abandoned properties. If property sells for less than judgments, sale will not be confirmed unless court is satisfied fair market value of property is credited to mortgage.
    Wyoming Both 60 28 90 Non-judicial more common. Sale published once per week for 4 weeks. Sheriffs sale at courthouse. To redeem must pay winning bid plus 10% interest and property taxes owed
  20. SoCal22

    SoCal22 LoanSafe Member

    Brian,

    So if I am reading the chart correctly and I cannot work something out by February, which is when my next payment is due, I have until June?

    February no pay
    March no pay
    April no pay
    June no pay

    July - 21 day notice in paper
    August 1st - sale date (10 days later, right?)


    So if nothing is worked out I would have until July at least to stay rent free? Am I reading this correctly.

    Thank you so much for all of your volunteer assistance on this site. The information relieves so much stress. Being oblivious to the process is the most stressful part of all of this.

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