Hi!
Question. My situation is that, I had my loan modified through HAMP, back in 2010. Everything went swimmingly ... payments affordable, made on time ... all is well.
Fast forward to October 2016; I lost my job. I managed to continue paying my mortgage, via draining my savings, but ... that started to run out in March 2017. I reached out to my servicer, JP Morgan Chase, who accepted paperwork from me to approve me for an "unemployment deferral". Or so I thought ... as in early June, I received a letter from SPS Servicing, that my mortgage was transferred to them.
I had to go through the application process all over, for unemployment assistance; they approved me, though. October/November/December of 2017, I made a smaller payment; January of 2018, they sent me a letter saying "Congratulations, you've completed the trial period - now, please pay a balloon payment of $41,000, and we're all squared away!" I called, explained that if I were able to pay such a balloon, I would not have needed assistance to begin with ... but, I digress ...
Lo and behold - I got a job a month later! And, like a true idiot, started making payments to them, beginning March 1 of this year. For several months, my payments went through ... but, in June, they no longer accepted anything from me. I sent another round of application paperwork, essentially asking for help with the amount I had in arrears from my unemployment ... they denied me for everything, and filed an NOD on July 23. I appealed their decision, and they denied me again.
The specific reason for their denial .... "the note holder/investor on your loan does not allow more than one modification."
Mind you - I have almost $300,000 in equity in my home at the moment. I would simply refinance into another mortgage somewhere else, but ... SPS has all kinds of things on my credit report that would make that impossible.
My note holder/investor is Bank of New York/Mellon. Does anyone have any information, as to if what SPS is saying is true - that I am only allowed one modification on my mortgage?
I appreciate any insight or guidance you panel of incredible experts might have! I am desperate to keep my home ... it is my haven, my retirement plan, and soon to be the oasis for my ailing and almost-80-years-old mother ...
THANK YOU, in advance ....
Question. My situation is that, I had my loan modified through HAMP, back in 2010. Everything went swimmingly ... payments affordable, made on time ... all is well.
Fast forward to October 2016; I lost my job. I managed to continue paying my mortgage, via draining my savings, but ... that started to run out in March 2017. I reached out to my servicer, JP Morgan Chase, who accepted paperwork from me to approve me for an "unemployment deferral". Or so I thought ... as in early June, I received a letter from SPS Servicing, that my mortgage was transferred to them.
I had to go through the application process all over, for unemployment assistance; they approved me, though. October/November/December of 2017, I made a smaller payment; January of 2018, they sent me a letter saying "Congratulations, you've completed the trial period - now, please pay a balloon payment of $41,000, and we're all squared away!" I called, explained that if I were able to pay such a balloon, I would not have needed assistance to begin with ... but, I digress ...
Lo and behold - I got a job a month later! And, like a true idiot, started making payments to them, beginning March 1 of this year. For several months, my payments went through ... but, in June, they no longer accepted anything from me. I sent another round of application paperwork, essentially asking for help with the amount I had in arrears from my unemployment ... they denied me for everything, and filed an NOD on July 23. I appealed their decision, and they denied me again.
The specific reason for their denial .... "the note holder/investor on your loan does not allow more than one modification."
Mind you - I have almost $300,000 in equity in my home at the moment. I would simply refinance into another mortgage somewhere else, but ... SPS has all kinds of things on my credit report that would make that impossible.
My note holder/investor is Bank of New York/Mellon. Does anyone have any information, as to if what SPS is saying is true - that I am only allowed one modification on my mortgage?
I appreciate any insight or guidance you panel of incredible experts might have! I am desperate to keep my home ... it is my haven, my retirement plan, and soon to be the oasis for my ailing and almost-80-years-old mother ...
THANK YOU, in advance ....