Chapter 7 completed Jan 2010 Home Value 386k; 1st 377k GMAC; 2nd Citi 136k

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
Just an update...
It has been six weeks since I turned in the Dodd-Frank Cert, THAT THEY REQUESTED
I have not heard a thing.
A little bummed...
The day after I emailed it I called to verify they received it. SINCE THEY LOST THE UPS ENVELOPE
They said yes and it was in under writing. They asked if there was anything else.
I said no thank you and hung up...
Since then I have been following other threads where people have been settling for about 5 percent, Which is very encouraging.
A lot of people have given well deserved credit to Tom Eason.
I also appreciate the info I have gotten from CAT.
To anyone out there...
Stay the course :)
 
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RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
I got a credit alert through www.quizzle.com today...
Citi did another hard credit check on me...
Yes I know my credit is not good but this still bugs me.
There is a posing for 05/01/2012, 03/01/2012 and 11/14/2011.
What do they think is going to change?
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
Just an update...
no contact from citi
I just noticed that I have not received a statement in a couple of months.
I am hoping that is good.

The last word two or three months ago was that it was in under writing.
I am still hoping for a 2MP forgiveness.
I am expecting a settlement.
In the mean time still biding my time.
I am current on my first but need to pay my property taxes... I don't really want to until I settle with CITI on my second.
My wife and I are holding off on major repairs.
Again I am thankful for this forum as a way of helping to educate myself.

 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
Hi RunningDear

Thanks for your update.

FYI, as far as your unpaid taxes, if they remain unpaid, Citi will pay and create an escrow account.

Your statement is a little puzzling and I'm afraid I don't understand.
I don't really want to until I settle with CITI on my second.
A settlement will always be more beneficial than a 2MP, unless it's an extinguishment, which is rare, and I wouldn't hold my breath, LOL.
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
oops SORRY TOM
I don't really want to PAY PROPERTY TAXES until I settle with CITI on my second.

I am expecting GMAC who holds the first to set up an escrow account for the taxes. (based on what I have read you telling other people in other threads.)

FYI The first is 50k underwater according to zillow...
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
oops SORRY TOM
I don't really want to PAY PROPERTY TAXES until I settle with CITI on my second.

I am expecting GMAC who holds the first to set up an escrow account for the taxes. (based on what I have read you telling other people in other threads.)

FYI The first is 50k underwater according to zillow...
Thanks; I get it now!
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
I called GMAC today…
They hold the 1[SUP]st[/SUP] NOT the second. (second is CITI)
Previously the had reduced my interest from 5.75 percent and a Payment of $2451
After filling out the paperwork for HAMP my payment was reduced to 5.625 percent and a payment $2424. I still feel scammed because I have documentation saying it was going to include insurance and property tax. It didn’t, this paperwork may help if I decide to play the hamster game ;-)

It has been 2 ½ years since the chapter 7…
I did not reaffirm.

I have reestablished my credit with 3 credit cards 2 with Capital One and One with Orchard… The cards are paid down to almost zero.

Anyways I think I qualify to refi under VA Guidelines.


I had the Pleasure (not) of talking to Eric in loans…
I was hoping that GMAC might be able to refi with out touching the second…
Eric said we don’t just give loans and ignore the second… I told them they already gave me the loan… I just would like to get a current rate that I qualify for…
I definitely didn’t appreciate the way the loan officer talked to me….

Don’t they realize I can go across the street and get the same house with out the fuss…?
The Irony is I have the power at this point… Why would they not want to work with me?

Out of respect for the good people at loan safe I have left out any profanity directed at GMAC… But please know I was thinking a lot of profanity…

Each month I think out about walking…
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
I couldn’t help myself…
It had been 3 months and I had not heard anything from Citi about the status on my second.
The last I heard was that the package had been sent to underwriting…
In a moment of weakness I broke from Tom’s strategy and emailed Frank Elison @ citi with my information.
The next business day I was contacted by a very nice lady in the escalation department.
Anyways she resubmitted my packet for consideration for 2MP.
I did not qualify for a Modification but I qualified for an extinguishment.
Today I got a call back from her letting me know that the second has been fully extinguished under the 2mp program.
I will be getting a 1099 but I think that is covered in the chapter seven from 2010…
Anyways big thanks to the nice lady (not using here name on purpose) to Frank…
Also a big thanks TomEason for his sage advice along the way.
I will post one final time when I get the paperwork…
Also I intend to keep working on getting a refi of my first…
This website is a wealth of knowledge.. thanks again guys..
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
Hi RunningDear

Thanks for your post. And for your gracious remark.

Congratulations on your receiving a full extinguishment; you're truly one of the fortunate few! I'm not sure how Citi was able offer you a 2MP full extinguishment, but who really cares, LOL. The important thing is they got it done!

Once you feel assured it's a done deal, would you mind posting your successful settlement story on the Success Stories thread? Thanks, I'd appreciate it.

http://www.loansafe.org/forum/debt-settlement/40564-success-stories-settling-2nds.html
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
Ok, I got the written word from CitiMortgage
Oh before I forget I thanked Tom but I forgot to thank Cat...
Cat Thanks for the HAMP and 2MP information.

This knowledge really helped me to be more confident in moving forward.

Anyways thanks to both you guys.
If you either of you have a link explaining why you guys do what you do. I would like to read it...

Finally is it ok if i continue to use this link to track my progress with an eventual refi on the first mortgage...?

I will come up with a short version to post for success stories.

Here is the letter
As part of the federal government home affordable modification program...blah blah blah...
account number has been closed...
YOU MUST CONTINUE TO MAKE ALL REQUIRED (aren't caps scary) PAYMENTS AS PART OF YOUR NORMAL FIRST LIEN MORTGAGE OBLIGATIONS...
You are no longer required to make monthly payments on your second mortgage.
As part of the closure of the account you will no longer be required to send any additional payments or complete other contractual requirements...
because your second mortgage debt will be released there may be tax implications consult your tax adviser.... blah blah
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi RunningDear,


That is great news, and thank you for the shout out, I really do love helping members. Not sure what you mean by a link explaining why we do what we do, but you can read about Moe, Evan and I here;

About Loan Safe & Moe Bedard | LoanSafe

Of course you can continue to update here as I know you will be posting in the success section soon. Good Luck to you!!
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
I Just got a cal from (714)xxx-xxxx from someone claiming to be a loansafe loan / modification agent.
They would not email me any information or mail me information.
Since I could not verify who they were I did not give them any personal info.
I am still looking to refi my first since it has been over three years from the chapter 7 and now I have equity.
But I prefer not to be scammed.
Is this number actually related to LoanSafe?
If it is that is cool, but if someone is pretending to be from loan safe I would like to know.
I guess when I called the number back and they answered with HELLO... that did not help my suspicions :)
 
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Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I Just got a cal from (714)xxx-xxxx from someone claiming to be a loansafe loan / modification agent.
They would not email me any information or mail me information.
Since I could not verify who they were I did not give them any personal info.
I am still looking to refi my first since it has been over three years from the chapter 7 and now I have equity.
But I prefer not to be scammed.
Is this number actually related to LoanSafe?
If it is that is cool, but if someone is pretending to be from loan safe I would like to know.
I guess when I called the number back and they answered with HELLO... that did not help my suspicions :)
I am sorry that happened to you, and NO, they are definitely NOT affiliated with LoanSafe at all.
 
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RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
Hello Cat, Thanks for your quick response. I am sad that someone is using your guys good names to try to get info...
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hello Cat, Thanks for your quick response. I am sad that someone is using your guys good names to try to get info...
We are too, Moe and Michael are looking into the matter. It is unfortunate that someone would feel the need to do this, there are sick people in the world.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
I Just got a cal from (714)xxx-xxxx from someone claiming to be a loansafe loan / modification agent.
They would not email me any information or mail me information.
Since I could not verify who they were I did not give them any personal info.
I am still looking to refi my first since it has been over three years from the chapter 7 and now I have equity.
But I prefer not to be scammed.
Is this number actually related to LoanSafe?
If it is that is cool, but if someone is pretending to be from loan safe I would like to know.
I guess when I called the number back and they answered with HELLO... that did not help my suspicions :)
No one from Loansafe would be contacting you claiming to be an agent and this sounds very shady they were not willing to email/mail any information for you to review.. Be VERY wary as there are companies trying to use our good name to attract business such as "Loansafemods.." This is not our company and we are not affiliated with them in any way, shape, or form...
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
GMAC included in Chapter 7 ; Ocwen Bought loan. Both show up in credit report…
I filed chapter 7 which was discharged in Jan 2010 GMAC was included in the bankruptcy.
Ocwen bought the loan AFTER the bankruptcy and now BOTH GMAC and Ocwen are reporting separately that the loans were in the bankruptcy. Does this seem wrong to anyone other than me?
It sure looks like I defaulted on 2 loans instead of just one.
Which one do I dispute?
FYI I am still making payments and actually have equity now…
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
Running Dear

GMAC included in Chapter 7 ; Ocwen Bought loan. Both show up in credit report… I filed chapter 7 which was discharged in Jan 2010 GMAC was included in the bankruptcy. Ocwen bought the loan AFTER the bankruptcy and now BOTH GMAC and Ocwen are reporting separately that the loans were in the bankruptcy. Does this seem wrong to anyone other than me? It sure looks like I defaulted on 2 loans instead of just one. Which one do I dispute? FYI I am still making payments and actually have equity now…
Thanks for your post. If it were me, I'd dispute with both lenders. It's just possible they will both ask the CRAs to correct their files. Wouldn't that be sweet?
 

RunningDear

LoanSafe Member
Sep 2, 2011
42
1
8
I just wanted to give an update... Since my last post. In Dec of 2015 I was able to refi my remaining loan at 3.375 for 15 years. Also looking forward to items to start dropping off my credit report in Dec of 2016 since it will be 7 years from Chapter 7. I know that the chapter 7 will be there for ten, but at least the negative items should go away. Thanks again guys.