Comments on: How to Determine Imminent Default – Home Affordable Modifications

By: Todd Temaat

Todd Temaat — Sun, 11 Apr 2010 19:49:09 +0000

Honestly, you’re right. It’s very difficult, confusing, and frustrating to work through the loss mitigation process. And unless you’re willing to pay up front, no one is typically willing to help you out except for HUD counselors which are hit or miss.

The truth of the matter is if you have enough income to pay a modified mortgage payment and meet the criteria for the HAMP, the bank ’should’ modify your mortgage. But it can be pretty complicated if you have more than one mortgage or line of credit on your home…especially if all the loans aren’t from the same lender.

There’s not enough information in your comment for me to make a guess about your situation. If you want to e-mail me more details, I can give you my two cents about your situation and refer you to some industry contacts if I think it would be beneficial for you.

At the end of the day, though, whether or not your loan can be modified is up to your lender (or lenders if you have more than one). Anyone that tries to tell you differently is trying to sell you something.

You can e-mail me at info @ truthinforeclosure.com if you’d like to.

By: John Coates

John Coates — Sun, 11 Apr 2010 19:23:23 +0000

Hi!

I found this website just the other day after my wife who tried to work with our lender B of A (Bend Over America) for several months, and currently is trying to work through NACA to get a loan modification, said she was ‘done’ with this excruciating process. We are both at a total loss for what to do next, neither of us fully understands these programs. I’ve spent hours on the internet trying to find what appears to be solid and specific information on them to no avail. It seems that 99.8% of search results end up being sales pitches and I am not paying anybody anything until my situation is resolved. I’ve spoken with realtors and mortgage brokers who tell me that the banks aren’t trying to help anyone and they have no clues of how to help. Its hard to tell if we are really under water or not because it depends on the day and resource you use to estimate the value of our home. The banks and NACA are both unacceptably slow and not able to answer all of our questions. We are at our wits end. Can any one please help us get a loan mod.? John

By: Rick

Rick — Wed, 24 Mar 2010 22:01:42 +0000

Hi,

I met someone that got my loan modified from CW BofA. He had an inside contact and was able to get it done for me in 30 days. I was so happy that I found him, he was not cheep but let me tell you that it was worth saving my home an a huge headache. if you like email me and I will forward you over his info. Rick cyruswon@aol.com

By: Todd Temaat

Todd Temaat — Mon, 08 Feb 2010 17:05:40 +0000

Thanks for writing. Unfortunately, HAMP doesn't apply to jumbo loans. That's been one of the shortfalls and complaints from the beginning. Many people in expensive states like California and Florida are automatically eliminated from the program because their mortgages are to big. I recommend you check out the HAMP site as well.

By: Todd Temaat

Todd Temaat — Mon, 08 Feb 2010 16:41:50 +0000

In some cases, just having a lawyer call their legal department on your behalf can get them to give up information they wouldn’t give up to you. It’s unfortunate, but sometimes that’s your last remaining option.

By: Jeff

Jeff — Wed, 03 Feb 2010 17:44:41 +0000

What if I have a conventional jumbo loan, not an FHA. B of A (Countrywide) has been stonewalling me.

By: jim renfrew

jim renfrew — Wed, 03 Feb 2010 12:37:12 +0000

all this info you give is great. and will help you but bottom line your mortgage co don’t have to give you any help.and they don’t need to give you a reason why you were denied. that’s what i was told by my mortgage co. ocwen when i was denied.