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

ryran874

LoanSafe Member
Oct 11, 2011
2
0
0
What matters more!

What matters more is getting an affordable payment and staying in our home! I just want a lower payment, it's only fair after what these banks and I say banks because they have sold our mortgage 4 times in the last 5 yrs we have owned the mortgage. All the trouble the banks were in and they still get away with this activity, UNREALb
 

hibiscus

LoanSafe Member
Sep 19, 2011
146
2
18
California
Mr. Rose Thank you for your response. Believe me, my desire is to stay in my home and be blessed with affordable payments above all else; as I had stated in my original post. I also, agree that the borrowers are the least favored. My intension was not to cause a stir. I was simply responding to your poll. As far as the securitization mumble jumble, I agree it was a way to make money. However, I don't think it was intended to line the pockets of attorneys per say. That is just what happens when you pick up one end of the stick, the other one follows. The scheme was enacted by banks, for banks. With regards to title issues, this area of contention is rearing its ugly head. Time will tell.

I too, agree we got the loan, and owe the money. I am not suggesting otherwise. My desire does not differ from yours or anyone elses; a modified payment is the ultimate desired outcome. I was merely suggesting that it was misrepresentation and deceit that got us all where we stand. Knowing this, we must be prudent and make certain that along with the modification we need to make certain that this time, all documents are in order and properly recorded.

Clouded title problem extend well beyond foreclosures. Both MERS, and securitization failures have damaged the titles of the properties of even borrowers who are current on their mortgages. This is a sad but true fact. Like ryan874 states the banks have sold the loans several times without recording the transactions as dictated in the PSAs.

Regardless, I still hold option 1 as the greatest need. It isn't a desire for free and clear, it is for affordability and remaining in the comfort and safety of home!
 

what now

LoanSafe Member
Dec 4, 2011
14
0
0
stay in home with modification,all the way,will make adjustments if we have to but much rather stay with what we got!!!!
 

Nikita

LoanSafe Member
Dec 29, 2011
6
0
0
I vote for #1. It is more important to keep my house and in essence saving my home.
 

bionicle

LoanSafe Member
Feb 2, 2012
46
0
0
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!
 

Chriss-ie

LoanSafe Member
Nov 8, 2010
8
0
0
I am in the middle of making this decision. If there was an option 3 that included finding solid ground in our mortgage that would be my option. With option 1 we still aren't much more than a tenant until property values increase and we have equity again.
 

montecito

LoanSafe Member
May 7, 2012
3
0
0
Southern California
#1 - I would like a modified affordable loan - preferably with hamp
I want to get on with living my life and not this constant annoyance of wondering what will happen to me and my home.
 

cheryl999

LoanSafe Member
May 8, 2011
61
0
6
I vote for #1. However, when my payments were at one time affordable and I was current, AHMSI made it a living hell.

I won't go into the details here because I posted this living hell on another thread.

I have had to seriously reevaluate what it means to have an affordable payment. It is not the payments itself but how much am I willing to endure all the servicing abuses by AHMSI where I have had to fight to keep my payments affordable because of all their "errors" Their "errors" means tacking on thousands of dollars to my escrow and my payments unnecessarily go up unless I stay on top of their BS and beg them to correct their errors.

In this sense it is not an affordable payment even if the dollar amount of the payment itself is affordable before all the "errors."
 

sbbluewater

LoanSafe Member
May 8, 2012
9
0
0
#1 for sure! All I care about is being able to afford the payment and stay in the house. Moving is a pain.
 

briarway

LoanSafe Member
Aug 24, 2012
12
0
0
#1 Goal: To Save My Home!

Definitely had to vote for Number 1! That's all I care about is being able to get an Affordable Payment so We can get on with Our Lives and continue Living in the Home We built together 22 years ago:unsure:
 

flatsix

LoanSafe Member
Sep 9, 2013
22
0
1
I voted no 1 even though I have a strong hate for Bank of America but if it works out I'll deal with getting a different lender or pay my house off.
 

Survivor_IN

LoanSafe Member
Jun 2, 2008
291
24
18
I rate it 50-50. Don't want a new "owner" abusing me and the system in the future!
 

kraftykrab

LoanSafe Member
Jan 27, 2014
1,239
164
63
I'm going to have to go against the grain, and there are many reasons why.

Here is a bit about my situation, so you all will understand. My loan has been sold by the OC. No confirmation as to who actually owns it now. But I started getting letters from Caliber Home Loans, claiming that they are the new servicers. MANY issues exist with this loan, several of which existed prior to being sold. But now, there are plenty of new problems. This "new servicer" has added on nearly $10,000 to the total balance of the loan. They added about $1000 in fees that are fraudulent as well. When I disputed their claims with a QWR and requested documentation, as well as that they identify the proper owner, I got the run-around. In the last 5 months, Caliber has identified three separate trusts to me, all of which they claim is the entity that purchased my loan from the OC last year. One of these trusts did not even exist yet when the sale took place!

So, I pressed for more information. They blew off my first QWR. I sent a second one. They basically blew that one off too--with one important exception. They provided "assignment documents" to me. These are forged and fraudulent, and I have been able to prove it beyond doubt. So, I once again send a written dispute/QWR. I should hear back from this latest one within the next few days, they tell me. The only other document they provided was a forged "lost note affidavit". They claim that this came from the original creditor, but it has the wrong account number on it!

In the meantime, the other day, I received a letter from them that says, "CONGRATULATIONS! You have been approved for a trial modification payment plan!" Problem--I NEVER applied for one. So how could I have been approved for a mod without applying for a mod? This letter contained NO terms, only states that my payment would drop by more than $160 per month. But read the fine print, and it says that they will get this reduction in payment by deferring balance to the end of the loan. So, the amounts I dispute? They plan on charging those to me anyways--just with a ton more interest added on. THEN, it goes on to say that this trial plan is not an approval for a permanent mod! They want me to start paying them, which would give them admissible proof that I agree to owing them money(I dont agree at all). Then, after making those three payments, IF I QUALIFY, they will send me permanent mod papers. And they cannot tell me now what the terms would be...it literally says "if you qualify for a permanent modification, your loan payments should be similar to the trial plan payments, but amounts can vary."

Folks, I know that many of us just want to keep our homes and move on with life. i want the same thing. I have no intention of trying to skate out on my legit obligation. But let's remember this now--these are DEBT COLLECTORS. look around! How many banks have we heard about that foreclosed on the wrong house, or on people that did not deal with their bank! OR, the guy that got foreclosed by BofA that did not even have a mortgage on his home! These things DO happen. A loan modification is a quick way for the banks to get us to shut up and stop asking questions--questions that they normally cannot answer! I agree, paying your mortgage is important. But if the servicer you are getting a mod with is not the correct servicer, guess what!! NOT ONE PENNY of the "permanent mod payments" you spend with them will even go to your mortgage anyways! It's important to pay your mortgage, but it's even MORE important to MAKE SURE you are actually dealing with the right entity--the people that legitimately have the legal right to collect on your loan! I have told Caliber, "show me the proof that the laws require that you are legally entitled to collect on this loan, and I will be happy to talk about options to work this out." There are cases where people were paying Servicer A, and suddenly Servicer X comes along and files foreclosure. Do NOT fall for the simple shut-em-up plan known as a modification agreement without checking all the details, including checking out the party that's trying to get you to sign it!
 

val4747

LoanSafe Member
Jan 5, 2010
529
49
28
Agreed. When I got my mod I asked them to show me how they arrived at the figures principal interest tax and insurance before I signed they said it was proprietary and/or unavailable. Really!! While I never knew before hand the servicer did not have the right to give me the loan mod. What Kraftykrab is saying is correct. I have even asked Chase to give me the payoff amount and I also ask them to provide me a copy of the original note and deed of Trust, they cannot do it. So when you come to the end of paying off your note and have given your hard earned money to something you thought was yours and the true owner comes into play WHAT THE HELL ARE YOU GOING TO DO!!!!!

The banks hope you continue to pay them again. They hope you get so frustrated that you will do anything to keep your home and move on with life. But, at what cost?
 
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pennygram

working for consumers
Sep 29, 2010
583
88
28
I believe both are important:

you need to be able to pay your mortgage and dealing with a fair loan mod so you can get current and move forward is a logical choice and one that must be a part of any lawsuit if you want to keep your home

but mortgage services exhibit bad behaviors all around and should no longer be allowed to simple say here it is, sorry for the stress and move on. they have had years to fix the problems they are creating with their deceit and now they need to be held accountable as well.
 

Michael Naz

Michael Naz
Jan 9, 2011
2,965
38
48
Southern California
ok wanted to add some thoughts to this.

the kraftykrab observations about the trial mod docs are correct the trial docs don't give you exact terms as the mod is there to be made permanent upon making all three payments on time.

the terms are projections in their system to derive the payment they do have the projected balance 4 months after the first trial period plan payment and this is not proprietary, but you must ask your single point of contact for the projected balance, remaining months (term), and if any balloon or deferred or forgiven amounts.

the trial period plan is to prove the borrower can handle the payments since the borrower is in distress and is asking for assistance to bring payments affordable, not the loan balance.

this is step one of two step process which you show that you can handle the payments.

they have a right to not be forced to forgive principal nor past due payments nor escrow advances made on your behalf.

caliber ignoring your requests and giving you a trial period plan that is $160 lower than your existing paymetns without you applying does indicate your investor is fannie mae or freddie mac perhaps and this is a streamline mod that is at 4.625% rate over 480 month fixed term.

the fact they have given you several different investor names does indicate an issue with the ownership of the Note, but that has nothing to do with the fact the borrower signed the Note whether it was predatory or not is a separate matter.

the way they see it is you signed the Note, you owe on it, and since they are trying to collect on it and nobody else is, they will use their resources to collect on it since you don't have a right to pick who your investor is, but do have the right to let them know the servicer is not looking out for their best interests (if those interests align with the homeowner's).

or the trial period plan could be from a previous set of income docs they have in your case from a co-borrower or authorized third party and they are now trying to be in compliance by offering you what they should have offered many months back at the previous servicer.

from our vantage point where we see a diverse array of loan mod types and terms, we agree its not transparent, but this is because they are debt collectors and borrowers are asking not to pay back what they agreed to pay back when they signed the note.

I wrote this article:

"Nationstar Mortgage Loans Transferred from Bank of America Causing Hardship"

that shows that its important not to take what they tell you for granted and to keep checking the facts, the amounts owed and the other specifics of each and every case.

its important to know who your investor is, and its important to get a mod.

it becomes more important to know who the investor is when denied a mod or delayed a mod or you are given a mod that is un-affordable for the life of the loan.

don't let caliber off the hook or chase too until you are satisfied, but do make sure you are effectively communicating what you want to get answers for and are able to be specific.

certify the mail as well if you have to.