Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

seekinghelp

LoanSafe Member
Dec 10, 2013
7
0
1
1. Loan Balance Now= $176,200.00 (1st) $49,000.00 (HELOC)
2. Past Due if any= $3,252.00
3. Gross Monthly Income for Borrower and Co Borrower= $4260.00
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) = $834.00 and $130 (HELOC)
5. Real Estate Taxes per month= $171.00
6. Insurance and/or HOA per month=$170.00
7. Home Value (check eppraisal.com and chase home value estimator)= $230,00.00 - $260,000.00
8. Mortgage Servicer and Investor (check if fannie or freddie or MERS below links) CitiMortgage/Freddie Mac
9. Other monthly debt payment total for credit cards and collections = $935.00
10. Current interest rate = 4%
11. Fixed Rate or Adjustable Rate? = Fixed
12. Have you been modified before? if so, what date? = Yes, June 2013
13. When did you get this loan, what year? = 4/2003
14. If you own any other properties, include PITIA for each property and gross rental income for each= N/A

Good morning,
Hoping Ican get some advice on my situation. My husband is self-employed and unfortunatley has not had any major work and has been underemployed the last few months. We have been struggling with all of bills not just the mortgage. We are on the fence on wheather or not a modification would even help us. We are 2 months behind on our first mortgage, we have been able to make at least a payment each month, however, we are still behind. We looked into the repayment option but I'm not sure if that will help us or hurt us. How long can a repayment plan be sent up for? Is 6 months the max. If we were given 12 months that may be doable for us. However it seems like Citi only offers 4-6 months for a repayment plan.


Thank you in advance for looking at this for me. Trying to gather has much information and advice that we can so we can make a decision on what we need to do. We do not want to lose our home.

Have a wonderful day!!! :)
 

jhn_plsn

LoanSafe Member
Apr 29, 2008
357
6
18
Riverside, Ca
Hey Guys and Gals, I asked a while back but our situation has changed a bit since then. See pg 114 of this thread. We are in a ch13 bk and because of a work injury have become 5 payments behind on our mortgage. We are also currently behind on our trustee payments for the ch13 but the trustee has given us until mid December to catch up. Not a problem now that I am back to work. I will make a little less money than before so am looking for a way to secure the home long term and better ensure we will finish our ch13 plan and strip an underwater 2nd.

Based on the above please advise if it is possible to obtain another modification even though the bank gave me two in the past? If yes I will post our new situation.

Thank You
 

jhn_plsn

LoanSafe Member
Apr 29, 2008
357
6
18
Riverside, Ca
1. Loan Balance Now=285,035
2. Past Due if any=10,350
3. Gross Monthly Income for Borrower and Co Borrower=5,700
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =1,600
5. Real Estate Taxes per month=175
6. Insurance and/or HOA per month=75
7. Home Value (check eppraisal.com and chase home value estimator)=258,000
8. Mortgage Servicer and Investor (check if fannie or freddie or MERS below links) USBank/Not listed on MERS. 2nd listed as Bank of New York Mellon as Trustee. Included in CH13 BK.
9. Other monthly debt payment total for credit cards and collections =0
10. Current interest rate =4%
11. Fixed Rate or Adjustable Rate? =Adjustable but limited to 4.94%.
12. Have you been modified before? if so, what date? = Yes, October 2009
13. When did you get this loan, what year? = 2004
14. If you own any other properties, include PITIA for each property and gross rental income for each= N/A

Thanks
 

JMC

LoanSafe Member
Feb 22, 2015
1
0
1
56
Can you tell me if I qualify for a HAMP modification?

Thanks in advance!!

1. Loan Balance Now = $296,000
2. Past Due if any = $22,3703. Gross Monthly Income for Borrower and Co Borrower = $3,600 (only myself working, wife out of work due to homebound child)
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) = $1,000
5. Real Estate Taxes per month = $650
6. Insurance and/or HOA per month = $169
7. Home Value (check eppraisal.com and chase home value estimator) = $307,000
8. Mortgage Servicer and Investor (check if fannie or freddie or MERS below links) = Fannie
9. Other monthly debt payment total for credit cards and collections = $50
10. Current interest rate = 2.00
1. Fixed Rate or Adjustable Rate? = Fannie HAMP
12. Have you been modified before? if so, what date? = Yes, February of 2012
13. When did you get this loan, what year? = 2008
14. If you own any other properties, include PITIA for each property and gross rental income for each = 0
 

Daniel82

LoanSafe Member
Jun 16, 2015
2
0
1
51
"had more than 25% equity, these folks would not benefit from a purchase"

I am very concerned for this statement, appraisal puts value of my house at $321K, Chase at $ 256,320--$319,680 , 1st loan balance at $39k, HELOC is $135k, 1st loan modified a five year ago, payment $700 but HELOC recently jumped from $350 to $1345. My gross income is $3800 month and net $3100 so I can't make the payments and wants to modify HELOC. Would they deny because the equity?
 

enid39

LoanSafe Member
May 24, 2011
10
0
1
I have been trying for so long to get a loan modification and I am getting no where. What can I do to get the numbers right to be modify, I do not want to loose my house and Chase does not tell me why we cannot get approved. Please advice if you can on what I can do. Thank you
1. Loan Balance Now=116,000
2. Past Due if any= 51,000
3. Gross Monthly Income for Borrower and Co Borrower=3954.00
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =760.00
5. Real Estate Taxes per month=83.00
6. Insurance and/or HOA per month=150.00
7. Home Value (check eppraisal.com and chase home value estimator)=$103,740-$124,260
8. Mortgage Servicer and Investor (check if fannie or freddie or MERS below links) JP morgan/Chase
9. Other monthly debt payment total for credit cards and collections =
10. Current interest rate =5.875%
11. Fixed Rate or Adjustable Rate? = fixed
12. Have you been modified before? if so, what date? = no
13. When did you get this loan, what year? = 2004
14. If you own any other properties, include PITIA for each property and gross rental income for each=none
 

Ireynolds

LoanSafe Member
Aug 25, 2015
1
0
1
61
I'm hoping you can help me...I tried to do a loan mod years ago and got so frustrated with the process, (I wasn't behind then) that I just gave up. Now my hand is forced because the HELOC came due a year ago for the full amount of $24k+. When I tried to work with them a year ago to continue making payments, they refused. They have not started foreclosure yet, but I'd like to do a loan mod for both the HELOC and the first mortgage ($140k). I originally purchased the house in 2001 and refinanced in 2007. I did the HELOC in 2004 and obviously failed to pay attention to the part where it became due in full after 10 years. My horrible mistake!!
Due to divorce, poor job market, credit card debt left from ex, education costs, etc. I am trying to keep my house, as the payment would be far less than trying to rent locally.

1. Loan Balance Now= $140k and $25K = $165k
2. Past Due if any= $25k (Heloc) and $1514 (1st mortgage)
3. Gross Monthly Income for Borrower = $2000 (just got an additional job)
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) = $757
5. Real Estate Taxes per month= $105
6. Insurance and/or HOA per month= $223
7. Home Value (check eppraisal.com and chase home value estimator)= $150k-$170k
8. Mortgage Servicer and Investor (check if fannie or freddie or MERS below links) unknown
9. Other monthly debt payment total for credit cards and collections = $200
10. Current interest rate = 3.2% on HELOC
11. Fixed Rate or Adjustable Rate? = adjustable
12. Have you been modified before? if so, what date? = no
13. When did you get this loan, what year? = originally in 2004, bought by Nationstar from Bank of America in 2013
14. If you own any other properties, include PITIA for each property and gross rental income for each= no other proprties owned.

I guess I just need to know if this is even possible or if I'm wasting my time. I am also being forced into bankruptcy, as I have had to default on about $35k in credit card debt. I have no judgements, as yet, but don't think it will be long until those hit also.
In addition, here is my hardship letter. Thought it best to just give all info to you in one place.

Name: Ilene
Address: ----------------------------
Lender Name: Nationstar Mortgage
Loan #: 1st mort and HELOC

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage and HELOC. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loans. My number one goal is to keep my home and I would greatly appreciate the opportunity to do that.

The main reasons that have caused me to be late is two-fold:
1. The HELOC became due, in full, in August, 2014 in the amount of $24,182.66. Since my divorce and 1-income household, it was impossible to come up with that amount of money.
2. Since my separation in 2009 and divorce in 2010, I have struggled to find work to make ends meet. I have had to rely on self employment to make an income, yet it is not enough to satisfy all the debt.

With the incredible amount of credit card debt, medical bills, education expenses and household bills that I was left with after the divorce, making ends meet was even harder, especially with the economy in a rut and jobs so very hard to find.

Now, it's to the point where I cannot afford to pay what is owed to Nationstar for the HELOC. Unfortunately, at this time, I have exhausted all of my income and resources so I am turning to you for help.

I believe that my situation has got better because I have finally acquired a job that looks to be very promising and provide the needed and consistent income (in addition to my other self employment income) to keep my expenses current, and I feel that a loan modification would benefit us both. I would appreciate if you can work with me to lower the delinquent amount owed and/or payment so I can keep my home and also afford to make amends with your firm.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

Sincerely and Respectfully,

With much gratitude, I thank you in advance for your time and assistance. This is going to be a long, difficult road, so whatever I can do to make the process any smoother, is my goal.
 

pennygram

working for consumers
Sep 29, 2010
583
88
28
you will have a very hard time getting a loan mod for that heloc since it has already come due. But always worth a try.... you can send them letters, call them, etc BUT you will be calling attention to yourself and that may speed up the process of foreclosure. Also if you just leave it alone they may send it to a collection agency which in turn can work out a payment plan or lump sum which may be a lot less.

Combining them will also be a hard one to poll off since you would need either your mortgage of the heloc to pay off the other UNLESS they are with the same company.

My suggestion would be to lay low and do nothing until you HAVE to like if they file for a foreclosure. Try not to poke the bear so to speak.

If they come around with foreclosure get yourself to a GOOD bk attorney who can help you do a BK 13 and roll it all in there so you can keep your home. Payment will be high BUT if keeping your home is your objective then it may be your only slam dunk option.
 

morgan2015

LoanSafe Member
Jul 22, 2015
48
2
8
51
you will have a very hard time getting a loan mod for that heloc since it has already come due. But always worth a try.... you can send them letters, call them, etc BUT you will be calling attention to yourself and that may speed up the process of foreclosure. Also if you just leave it alone they may send it to a collection agency which in turn can work out a payment plan or lump sum which may be a lot less.

Combining them will also be a hard one to poll off since you would need either your mortgage of the heloc to pay off the other UNLESS they are with the same company.

My suggestion would be to lay low and do nothing until you HAVE to like if they file for a foreclosure. Try not to poke the bear so to speak.

If they come around with foreclosure get yourself to a GOOD bk attorney who can help you do a BK 13 and roll it all in there so you can keep your home. Payment will be high BUT if keeping your home is your objective then it may be your only slam dunk option.
Pennygram! You always give good advice. Can you help with how to deal with the loan servicer telling me the home is worth more than it is?? And how to ask them for specific details as to how they came up with all the fees they are tacking on to my modification! Thanks!
 

pennygram

working for consumers
Sep 29, 2010
583
88
28
Pennygram! You always give good advice. Can you help with how to deal with the loan servicer telling me the home is worth more than it is?? And how to ask them for specific details as to how they came up with all the fees they are tacking on to my modification! Thanks!
Thank you...

request for information used for trying to get the info you seek from them

notice of error is when you believe they have made an error and you want them to fix it or tell you why they won't fix it

Send a request for information letter - my suggestion, please add any additional info:

Date

re: loan number

I have been in contact with your customer service and am baffled at the outrageous value you have on my property. Your representatives have quoted me a valuation of $....

I dispute this amount.

Please investigate your valuation and provide to me the investigative results along with all documents, notes, appraisals and anything else you used to calculate this amount.

Please mail to me @ my address which is....

sign your name

mail CMRRR

second letter - my suggestion, please add any additional info

notice of error

I have been in contact with your customer service and am baffled at the outrageous value you have on my property. Your representatives have quoted me a valuation of $....

I believe this is an error on your part and is preventing me from pursuing loss mitigation to save my home (this may not be your case so please state your case here)

After consulting several real estate professionals (make sure you consult these and have written proof) I believe the true value of my home is $.... You may not have the condition of my property correctly listed or the repairs that need to be completed asap.

Please fix this error immediately so I may continue with loss mitigation options.

If you can not fix your error or refuse to fix your error please tell me why and send to me the information used to conclude this is the correct result.

Please mail to me @ my address which is....

sign your name

mail CMRRR
 
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morgan2015

LoanSafe Member
Jul 22, 2015
48
2
8
51
Thank you...

request for information used for trying to get the info you seek from them

notice of error is when you believe they have made an error and you want them to fix it or tell you why they won't fix it

Send a request for information letter - my suggestion, please add any additional info:

Date

re: loan number

I have been in contact with your customer service and am baffled at the outrageous value you have on my property. Your representatives have quoted me a valuation of $....

I dispute this amount.

Please investigate your valuation and provide to me the investigative results along with all documents, notes, appraisals and anything else you used to calculate this amount.

Please mail to me @ my address which is....

sign your name

mail CMRRR

second letter - my suggestion, please add any additional info

notice of error

I have been in contact with your customer service and am baffled at the outrageous value you have on my property. Your representatives have quoted me a valuation of $....

I believe this is an error on your part and is preventing me from pursuing loss mitigation to save my home (this may not be your case so please state your case here)

After consulting several real estate professionals (make sure you consult these and have written proof) I believe the true value of my home is $.... You may not have the condition of my property correctly listed or the repairs that need to be completed asap.

Please fix this error immediately so I may continue with loss mitigation options.

If you can not fix your error or refuse to fix your error please tell me why and send to me the information used to conclude this is the correct result.

Please mail to me @ my address which is....

sign your name

mail CMRRR
Ok! I will do that! Thank you!!!
 

jlombardi

LoanSafe Member
Mar 20, 2013
21
0
1
Before going into numbers, I want to Modify a 3rd (1st Mortgage + 1 Heloc + 1 Heloc). Citi denied me on the grounds it was a 3rd. Is that a showstopper or b.s ?
 

CHASingMyTail

LoanSafe Member
Dec 31, 2009
2
0
1
Hello There, I have sent multiple emails to Michael asking for assistance. I have not had a reply.

Here are the data pieces he has asked for. Please let me know if ANY one can help.

Thanks~!

Below are the 14 points as requested on
LoanSafe.

1. Loan Balance Now= $129,907.52*
*Listed as Unpaid Principal Balance Before Modification does not include any unpaid interest or other amounts I may owe2. Past Due if any=$13,338.19
3. Gross Monthly Income for Borrower and Co Borrower=$2,399.54
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =$278.18
5. Real Estate Taxes per month=$201.17
6. Insurance and/or HOA per month=$210.25(Haz Ins) $151.57 (Escrow Shortage monthly)
7. Home Value (check zillow.com and chase home value estimator)=$131,000 per SPS. However, my County Appraisal District lists $125k
8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links) Deutche Bank National Trust Company, as Trustee in Trust for registered Holders of Long Beach Mortgage Loan Trust 2004-6, Asset Backed Certificates, Series 2004-6 ("Noteholder").
Servicer currently is SPS.

9. Other monthly debt payment total for credit cards and collections =0
10. Current interest rate =2%
11. Fixed Rate or Adjustable Rate? =arm
12. Have you been modified before? if so, what date? = yes
13. When did you get this loan, what year? = August 2004
14. If you own any other properties, it is best to set an appointment to discuss = No
 

lynn goodcredit

LoanSafe Member
Oct 7, 2015
1
0
1
Hardship death of co borrower and increasement in property taxes

1. Loan Balance Now=154000
2. Past Due if any=0
3. Gross Monthly Income for Borrower and Co Borrower=2900.
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =900.
5. Real Estate Taxes per month=650.
6. Insurance and/or HOA per month=75.
7. Home Value (check eppraisal.com and chase home value estimator)=305,000.
8. Mortgage Servicer and Investor M and T Bank investor Sonyma (State of New York Mortgage)
9. Other monthly debt payment total for credit cards and collections =0
10. Current interest rate =4%
11. Fixed Rate or Adjustable Rate? =fixed
12. Have you been modified before? if so, what date? = no
13. When did you get this loan, what year? = 2006
14. If you own any other properties, include PITIA for each property and gross rental income for yes
250.00 taxes and insurance and gross rent 820.
 

bolt

LoanSafe Member
Nov 12, 2015
3
0
1
57
Hi im not shure if this the correct forum i was grated a warranty deed from my mother for the house i am living in there is a small mortgage 21,000 on the property, i did try to get a loan last year didn't go through ( credit was 580 now at 600 will having the deed help me ? should i refinance or apply for a new mortgage current rate is 4.99 equity value is 175,000

thank you
bolt