TRYING TO MODIFY? WE WANT YOUR OPINION: What matters more? Who owns your loan or getting an affordab

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What Matters More? Who owns your loan? or Getting an affordable payment and staying in your home

  • 1.) Getting a affordable payment and back on track

    Votes: 131 94.9%
  • 2.) Who owns your loan, and the chain of ownership

    Votes: 7 5.1%

  • Total voters
    138

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
PLEASE DO NOT BE A HOMEOWNER THAT LOOKS AT THIS THEN DOES NOT VOTE. YOUR VOTE MATTERS. PLEASE MAKE SURE TO CLICK an OPTION ABOVE.


1.)
Getting An affordable payment, Being current again, to allow you to stay in your home and move on with life?

(please make sure to select your choice in the POLL above.)



2.) Who owns your loan, chain of ownership of the note, securitization audits, lawsuits (hoping to own your home free and clear) or MERS transfer issue?





This is just the start of this thread, we are doing this and need homeowners who are looking into modification. Please if you are an attorney or service provider or selling a lawsuit please do not RESPOND, we would like to get some accurate numbers.

I have my own opinion, but this is for some others out in the industry that seem to be so concerned about law suits, and who owns the loan, when that is not going to fix the problem, or keep people in their house. In fact the term was used that "modification's are preying on the ignorance of others"... I was baffled, and of course I disagree

"I say its all about putting this behind you and moving on with your life. An affordable payment is pretty much what everyone i speak with daily seem to care about... We all know we got the loan, we all know we owe the money, so who really cares is my opinion, and many will not agree in the industry but i want to put it out there so those folks understand. Most homeowners want this headache to be over, and want an affordable payment at 31-38% of their gross income. By the time the loan is done and well before in my opinion home prices will double, or triple.. in my opinion. Not in 3-5 years but maybe 10-15 i would say by 20-30-40 years...I think it doesn't matter what you owe on the home, if its the same home, who cares what someone else or in this case the market values your home at, if you don't like it there is options. I want the opinion of people trying to modify their loans."



Then there is the homeowners or lawyers pushing lawsuits and everything else about who owns the loan, do they have the right to modify the loan? show me the note etc. I do think i know the answer but please participate in this poll. Feel free to debate or ask questions below ill do my best to answer as will anyone else that helps on the forum.

This should be good.

Let the POLL BEGIN!:bigsmile:
 

cali92262

LoanSafe Member
Mar 19, 2011
150
0
16
I vote for #1 without hesitation. I don't care who owns my loan or to whom I make a monthly payment. It is most important to have an affordable payment and keep my home, and move forward with my life in a positive direction!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I agree........Number 1. Getting to an affordable payment and being able to keep my place is a great feeling.
 

CHERYLG55

LoanSafe Member
May 27, 2008
441
2
18
I voted number one!!! If and when I do get my loan mod, I would LOVE to get on with my life!!!
 

BigBlok502

LoanSafe Member
Dec 3, 2010
180
0
16
Florida
I voted number 1. This is my HOME, my wife and I built it, cultivated the property and would prefer to continue to live in our home with an affordable payment.
 

snickerdoodle

LoanSafe Member
May 26, 2011
81
0
0
Number one is what I voted for. An Affordable payment is my goal.31% of my gross would help me sooooooo much!Snickerdoodle
 

hotlove

LoanSafe Member
Jul 21, 2010
70
0
6
1 vote for #1. Same as what other say.... it is a great feeling to lower the monthly payment
and continue with life without having to worry about what happen to my home in the next few months.
 

EricjK

LoanSafe Member
Aug 18, 2011
2
0
0
Option one is what really matters to me, but option 2 would be nice to know.
 

cheri

LoanSafe Member
Jul 14, 2009
477
1
16
Numero Uno! Like the others have stated, I just want an affordable payment.
 

zander

LoanSafe Member
Nov 3, 2009
487
2
0
massachusetts
I chose option number 1

I want to keep my home, It's more than just a house to us. It's where our children were born and we want to stay and raise them here. I think that's the most difficult part for me. All business sense goes out the window when emotions come into play. I know in my head I should sell, we have equity, take the cash and finally be done with it, move on and try to regain some peace of mind. I can't even justify our decision to continue fighting...but I know we will.
On the other hand.. exposing the deceptive practices that plaque the industry sounds really good, I'm not talking about trying to get my home free and clear, I borrowed the money, I owe the money and I have no intention of not paying my debt...If they hadn't OFFERED ME the help, I wouldn't even be pursuing this. It would have been cut and dried, you don't qualify, pay up or get out. But they wanted to screw with me so now I'll fight. Called Loan Mod Help Center and after to talking to Leonard and Charlie, it sounds like they do care and 'get it' I think that's the route I'm going to take.
 

Liza09

LoanSafe Member
Aug 14, 2009
350
1
0
I voted for #1. I know many talk about filing law suits to avoid forclosure using the argument of chain of title issues but, after speaking to an attorney well experienced in these law suits yesterday (while trying to help a friend with their foreclosure issue), he said these lawsuits are EXTREMELY hard to win. It will take a year or more to even get to trial. All along, the attorneys are racking up billable hours. It's a very costly fight with very slim chances of winning. The attorney said a person has less than a 1% chance of getting their home free and clear. I appreciated the attorney being so honest and forthcoming. BTW, I asked if he has ever used a REST Report in his lawsuits and he said he is involved with his first case using one. He's at the beginning stage of the lawsuit so he has no feedback yet.

So, forget the lenghtly and costly lawsuit route with uncertain results. Keep me in my house with a payment I can afford and let me get on with living!
 

Schatzie

LoanSafe Member
Aug 11, 2011
23
0
0
This is an interesting question... Of course #1 is what's most important. The research I've done to see if anyone can find out the investor of a mortgage comes up dry. Some people might feel if they can find who the investor is can contact them directly to get a loan modification and I don't know if that's even possible. Unless if it's a small mom and pop operation. If it's not Freddie/Fannie or can't find in MER's how do we know what the investor guidelines are, or does it even matter? The loans are bundled and pooled so it's not any one person per se that somebody could send a letter to ask for a loan modificaton. We'd have to find out how many are in the pool and then find out the address to each and every one. Then if we did that, likely that was sold again to another pool of investors. I'm not sure if the pool of investors has really come together to create their own loan modification guidelines everytime a loan is bought and sold? Do investor guidelines differ from loan to loan or bundle to bundle or are they similar? Anyways, once the trial forebearance payments are done permanent payments are supposed to be set at what the trial payments were and according to the pooled investor guidelines that we will never know until the permamant modification is offered. I'm pretty sure the servicers know we can't touch the investors with a 10 foot pole because of the pooling and selling business. Investors are investing money hoping to gain profits and likely trust the servicers to do their jobs in their best interest. I couldn't imagine that investors are able to personally keep track of what percent of their investment in which mortgage is in default or foreclosure and if the bank is or isn't following the pool of investor's guidelines or not. There are way to many variables out there. We are kind've at the servicer's mercy and the only thing we can do is put forth all the specific criteria they would need to prove that we qualify and can make the modified payments. And even after doing that, correcting all the mistakes that will happen because if you are denied after the REST Report says you are qualified, they used the incorrect income you submitted to calculate your payment or they used the incorrect numbers for your budget and expenses. If denied 100% make sure to ask them to verify what gross monthly income they used and what surplus or deficit they have for your budget. Get that corrected and you are back in business.
 

chrissty

LoanSafe Member
Oct 17, 2010
125
0
0
staying in our home -- # 1 -- absolutely--

my husband's father built this house years ago -- the depreciation of the area is almost unbelievable!!! down 200k in 2 years --

why would a bank want to deal with this -- we've been trying to sell for 3 years -- 200 people walking through -- no offers --
 

NeicyLPK

LoanSafe Member
Sep 30, 2011
1
0
0
I would have to say #1. We have 7 children (1 in spirit) and we all love our home. We have been fighting mod with Chase for two and a half years now. I don't know what will happen or how much more stress we can all endure but we press on. We pray daily.
 

hibiscus

LoanSafe Member
Sep 19, 2011
146
2
18
California
First and foremost, I would like to stay in my home and go on with my life! But, what happens down the line, if and when we want to sell (not an impossibility) any broken chain of title could impede that and 20-30-40 years down the line. Then where will we be? I think it is a tandem issue. As a result of what has transpired, it has to be. The real holder of the note has to be part of the modification process. Any and all titles need to be cleaned up. Who wants to pay 20-30-40 years worth of payments only to find out you can't be the legal title holder of your property?
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
First and foremost, I would like to stay in my home and go on with my life! But, what happens down the line, if and when we want to sell (not an impossibility) any broken chain of title could impede that and 20-30-40 years down the line. Then where will we be? I think it is a tandem issue. As a result of what has transpired, it has to be. The real holder of the note has to be part of the modification process. Any and all titles need to be cleaned up. Who wants to pay 20-30-40 years worth of payments only to find out you can't be the legal title holder of your property?
This is a matter of opinion and with not much proof showing in the borrowers favor i stick with what i know. My personal opinion is this entire securitization audit, chain of title mumble jumble is just another way for attorneys to make money, these are the BANKS with the biggest attorneys, and Document fabrication comapanies set up worldwide to produce anything you ask for.... I would be shocked and doubt that after paying your mortgage payment, all the sudden you would not own the home?

See we know we got the loan we know its payable to someone, we know what we borrowed... Loop holes is what i see, but in reality maybe some people need to take responsibility for their actions, and most are and just need some help in way of a modified payment... I guess your response could be answered many ways, this is just my personal opinion. I have no worry about this down the line, changes are coming.

Not sure why the title would not be clear, unless the home was foreclosed on but as far as a modification, not sure about that one....

Have a great day.