Help Us Report on the Loan Modification Process

Again, try your best to keep your payments on time while you’re waiting for a modification…because we were able to do this, we got a permanent solution immediately.  Although they only refinanced our loan at a lower interest rate, it brought our payments down enough for us to make them even easier.  Also, keep communicating on a weekly basis with the servicer…they won’t forget you if you call often enough!

Horrible experience.  I really doubt that many have actually been given a modification.

I admire what you’re doing to expose the fraud, waste, and abuse in this process.

I think it’s criminal how the banks along with government have deliberlty created a process that is a complete waste of taxpayers time and money. It makes me sick to think that here I am, a college graduate, with a great job, a great family in a great neighborhood and I’m at risk of losing my home - the home my kids grew up in because of a perfect economical storm. I feel as though the banks robbed us of our savings and contributred to our increased debt by providing false hope for 15 months that we would be approved for a modification. We used all of our savings to pay our mortgage on time and now it is gone.  I’m sure we will survive but not until the bank sells the house that we love and want to keep. We have perfect credit up until 07/15/10 when we can no longer afford to pay our mortgage. It is sad and it is frustrating.

It has taken me 18 months to get any where with Citimortgage, it all started Nov. 2008. All they have done with the millions of dollars from the government is jack people around.  I never missed a reduced payment…but what they did with those payments was sit on them until they had enough to make several payments.  My payment history looks like I would periodically make payments.
We finally agreed to 700.00 payments until November at which time I have to come up with about 5 thousand dollars to be current.  Not sure if I will be able to do it….They told me that if it doesn’t work for me to call them back and we would go from there.

What the h—-are ethey doing with all those funds they receieved???  Can’t anyone do something about this.????
Vickie

I can teven begin to explain the horrible experience I had/have with Aurora. I went into modification on thier recomendation To make a very long and drawn out story short the tried to foreclose on me anyway so I opted out of the modification only to pay ten thousand dollars to get out My mortgage is now five hundred dollare more a month. I can not refinance because they ruined my credit. I am angry and beyond pissed.

It would have cost the government less money to pay off the mortgages of people with less than $250,000 income that Obama keeps talking about rather than give the money to these big banks who wont help us….I hope they lose their shorts. No matter what happens, I never plan to have another mortgage or credit card.

Try to get them to modify before they get you too far behind, they denide me because I had too much forebearance that they caused! Thisis after 17 months at their direction on modidied payments all of which they accepted.

On 25 June 2010, a lawsuit filed in Nevada against MERS for fraud, billions in penalties in Nevada, Caliornia. It’s time to bring down MERS for the many violations of forecloses causing many homeowners to loss their homes.
As for the HAMP program it’s a joke. Known as (Help All Mortgage Predators) steal our homes.
Let’s face it the banks don’t want to help anyone save their home. It’s all a scam.
I would love to tell our story after stopping nine foreclosures, and still fighting.
Charles Fetters

this has been going on for over a year and I still have not gotten anything from my mortage sevicer. When I call I am put on hold for a minimum of thirty minutes only to have the custormer rep say they have to transfer me to another department, which takes another thirty minutes plus. 

Twice they have said that I had to start over because my documents were now too old, So I had to resend everything again. All this and I still have not reached the second step.

If it was not so serious I would have to take it as a joke. What are they doing with the documents I keep sending them?

Someone responded to my original comment and asked “what do they do with the documents since they keep asking me to send them again and again.  Since they have to check income for HAMP loans now, they need up-to-date information, which means that every 30 days, they need copies of your current pay stubs.  I had to do this month after month after month, but I kept at it.  It’s a pain in the rear end, but this is the reason why you have to keep sending documents to them….they are updates to your income that they need to continually verify.  Of course, why it takes them so long to verify them is beyond me….

Michele - First I am glad you got your refi or whatever you got that you can afford.

But your experience with getting something without having to be delinquent is in my 18 months of active work on this issue very very rare. I believe you have your head in the sand about this one. Banks are forcing people to be delinquent. Thousands of people. Banks are misplacing thousands of documents. NO they do not need your docs every 30 days. They need them every 90 days. You had to send and resend and that is what we have all had to do and it is more than a pain in the rear end. It is a stalling tactic the banks use to either keep getting you to pay or to get you to fall delinquent so they can foreclose. They are inept, but not stupid. The ultimate goal is to wear us down. What they didn’t figure on is the thousands of homeowners who are educating themselves and starting to call them on their BS.

Instead of providing all the banks with TARP money, the same money should have been broken down and given to every tax paying citizen.  They could have then paid down their mortgages to an affordable amount, kept purchasing, kept the economy going etc.

I stated trying for a loan mod back in December 2008 and was told time and time again that I didn’t qualify because I was making my payments.  Then, with the economy destroyed and my income along with it, finally the HAMP program was available and I tried applying since July 2009.  After contacting a HUD representative, the process got rolling.  However, it then stalled and I had to escalate in October 2009.  Finally, my trial mod started January 2010.  It stalled again, and after my 3rd complaint to my state’s Attorney General, it started again.  Supposedly, I will receive my final mod package week of July 19, 2010.  Supposedly, because I turned down a 2nd mod offer (after I was already in MHA trial mod) a “switch” was thrown by BOA’s outsource company who collects all the documents and inside analysts could not get it changed.  Finally, a manual force had to be processed and now I should receive docs.

I’ll probably wind up being denied….that’s how BOA rolls.

Hey, Vickie and everyone else,

Good news people!

If at all what I say cheers you up so be it. I got a letter from Citimortgage saying my permanent home loan modification with CITIMORTGAGE was approved. Yes it took 13 months and lots of telephone calls, being patient on the calls,mailing documents promptly whenever they asked me to. Some of the documents I had to send many times over. I made sure that I made my payments promptly, called them twice a week at a minimum and sent them all the documents that they asked for. So my friends. Please do not lost hope. Be patient and your prayers will be answered. I wish good luck to all of you who are in this situation. And good luck to everyone in this world who are hurting. God bless us all.
Vickie,
CAll CITI and ask them to account all your payments. As long as you are making your reduced payment regularly and on time you should be fine. Next time tlak to a supervisor and ask them to escalate your case. My file was stuck with an underwirter who was stiing on it. I called and akse dthe manager to escalate to teh Underwriters’ manager and then it moved swiftly and got approved. you have to keep bugging them till they act on it, I know it is frustrating. But keep at it. that is the only way. God helps those who keep plugging away.

We are still in the nightmare of a loan mod. Although, I have re-submitted all required docs, the docs are under review and in with “underwriting.”  The foreclosure sale date of 7-27-10 has not been postponed while under that evaluation. We are now 7 months behind on a payment. I tried to make a payment and payment arrangements when I was only 3 months behind. They said that my payments would be returned and that I need to apply for a loan mod. All I’ve ever asked of CitiMortgage was for a forebarance fo the past 3 mos or allow me to make the payments. I would never be this far behind if it wasn’t for the constant delay by them. So, if they foreclose on my home, the note face is $160K but the comps in the area are for average of $35K. I kid you not! I can’t understand why the bank and their investors would want to take such a loss when I am willing and now able to pay the payments on the note without a principle reduction, percentage reduction, etc. I want to keep the house that have been in my family since 1925.

all the same but as the cashed my mode payment the next day they sold my house at the tustee sale.
notice to vacant

to make a long story short-i fought with countrywide before they turned to bank of america for nearly 1.5yrs.My job laid us off(due to the recession) which caused me to get behind on my mortgage-I found another full time job and finally 6/09 i was approved for a trial modification of $638.00 which helped me come out the hole but when it end 12/09-my payments went back to $1,250-i have been payment it on time since 1/10-but i’m suffering-things are getting cut off etc. because of this high payment-i was denied a permanent mod.after making every payment on time-now i’m trying naca-if they dont work i dont know what to do-i really want to keep my house-being screwed at the closing table with a high rate and payments-that i didnt agree to-has caused so much grief and stress so i’m stuck with payment that is hard to make-due to reduced income-and 9 kids-to take care of

we got a mod in 7/9 just as indymacc was taken over by the FDIC they dharged us 4,000 dollar in fees and raised or payment we were set up to fail we got behind again were not even told we were being put in forclosure filed chapter 13 made are payment were keeping up with our loan but had trouble keeping up with repayment with chapter 13 trustee lawyer didnt tell us alot of thing wouldnt return call or email our home was sold without are knowlege we had applied for hamp and they said to sent in everythin switched us to other department keep me on hold for hour if you could get thru hung up on us then said it was to late we fought the evection there lawyer offered us if we sign the right to sue or fight the bank she would ask one west to concider giving us a modification but had to sign away or rights and would not tell us anyone who this had worked for if onewest said no we had to move out in 14 days without anyway to fight   the day after we had to move out we got a letter from onewest telling us to apply for the modification I was threatened lied to and my home was stolen and I am still fighting! We have been homeless we now are living in a place that floods with water from the leaking roof walls are crumpling from being wet the landlady said she wont fix it I had ran a home day care in my home so we lost over half are income and cant afford anything but this shack and the goverment keeps stealing or homes

All the while professing they are gonna help ya, they are just setting a trap to get you so far behind, the only option will be foreclosure? If they find out you have a few bucks your a sittin duck? Instead of fallin for the bait, just bail?

I was working with a mortgage broker who we did business with two other times. Three days before closing he changed out terms but assured us it would be taken care before closing. HE LIED! We have been working on a loan modification with Wells Fargo for almost a year. Do NOT STOP paying your mortgage. BE PATIENT, DILIGENT AND SMART. SIGN ALL DOCUMENTS and DATE EACH ONE. Get the persons name and employee sign on or employee number. They lost my paperwork gave me the wrong information over and over. I had four sets of papers before we were done. Keep copies of everything and call to verify if they received them, don’t assume anything is done. CHECK IT! Try to talk to a contact person to help you go through each of the steps. It is VERY HARD to do the work with the bank. Many of these people are limited in their knowledge and are giving wrong information but it is up to YOU to figure it out. We have our fix loan like we wanted and are VERY HAPPY we did not give up.

Sharon,Sheryanna,Michael,Sharo and Bob and everyone who is in the process of modificaiton.
Please do not give up. Call CIT and ask to speak to a Manager or a supervisor and tell them you YOU WANT TO LIVE IN THE HOUSE DO NOT WANT TO LOSE THE HOUSE. Please call them at least twice a week and keep following up. Sometimes some of the CSR’‘s are not fully infomred and they do give unpleasenet sruprises.But keep plugging away, send them the documents even if they ask you to do it many times ove. I know it is frustrating and it was for me. And very important keep paying the reduced amount on time and regularly. You will not and should not lose your house.  YOur town should have free legal adivse on this. In Massachusetts there are lawyers who work for the local community/senoir serivce center who give free advise. Use them. I wish all of you good luck. BE stubbor and tell them you do not want to lose the house and taht you know that yo are ELIGIBLE FOR THE hamp PROGRAM. It is becasue of the wretched ecnomy we are all in this situation. It is not your fault.

The government does not want to take your home. The bank does not want to forclose on you. The bank makes money from the interest on a mortgage. They want someone to own that house and pay a mortgage on it. They will loose money on the original loan if it is sold at forclosurer at a loss, as most forclousurer sales are. The mortgage servicers, have not been doing these modifications for all that long, they do not have enough staff to handle the work load, nor is the staff they have all that well trained. Document everything, keep copies of everything, sign and date all the papers you send them. When they want more paperwork, re-send the copies (with updates, like recent paystubs, ect.) If they want a new hardship leter, send the old one with a PS saying your situation has not changed. They will loose docs, accept it, deal with it. That’s why you keep copies! Do not miss a payment, even if they tell you to. It will disqualify you. If you are denied, ask to have your file sent to another reviewer, the 3rd one approved me after 2 deniles. After July 1st, 2010 the Fed has new guidelines for unemployment as income. Tell your service agent to look up the recent 10-04 addendum to income guidelines. In most cases the servicer will not have been able to train the agents at the phone level in this untill after Oct.-Nov. 2010. If your agent does not know about this yet, ask to have your file escalated to a supervisor. my experience is with Wells Fargo, I am not sure how this advice will apply to other lenders. I hope this helps, good luck, and GBYA.

I got my “mod” today. Ocwen called and told me that I was approved for a common mod, and the payment? It is $230 more than my original payment!  Oh yes, they reduced my interest rate from 6.375 to 5.5 but they added an escrow account of $346 a month for insurance and taxes. Of couse, my insurance and taxes are completely up to date, so why the extra amount? Anyway, they told me to reject the offer and they will try a “regular” modification. If that doesn’t work, they will work on the DIL with me. Good luck everyone!

my original payment was 624.00 this included tax an insurance, Nov ‘08 I called Citi to explain I had lost my job in sept.  They told me that I had to miss 2 payments to be eligible for HAMP. And to call back in Feb.09.  I did and my new payment was 513.60 to be paid for 3 months at which time they would look it over again. My payment went up to 524.31 starting in may.  I continued paying that amount. June/July i recieved a packet wanting me to agree to pay 602. Explained to them I had just had my hours reduced at work and I couldn;t do that amount. The women I spoke with said that I should decline the offer. I did, but I also continued to make my 524.31. Sometime later I sent an extra 300+ to my escrow account to catch that one up.  Soon I received a call asking if I could send 700.00a month for 4 months and then in Nov. pay off the balance that is in arrear 5,500?  I only agreed to this because they also said that if I was unable to come up with that (5500)they would look at my fie again..  I am praying that come Oct I will be able to call them and tell them that I dont have the funds and would like to be considered for some kind of reduced interest rate. I’d like to get back to the 5.5perceent that I was at before my 5 year renewal was up.  at which time they jacked me up to 6.625.
Is this possible guys?

thank you so very much for exposing this travesty

Hi Vickie,
DId CITI say you re not elgible for the MOD program? That’s a travesty that they put you on a higher rate. If you call again and ask to talk to a superior person, viz. a manage or a supervisor and explain to them they should be able to help. All of us who lost our jobs and were regularly paying our mortgage are eligible for the MOD program. The tragedy is most of the clerks that we end up talking to when we call the 866 713 4784 nubmer are ignorant of any rules, and they provide wrong and misleading information. I always wondered whether these CSR’s are there for hassling home owneres and not ther to help us, the homeowners. I hope the Trasury department does something to instruct the bansk to educate these CSR” who are the frontline facing publiC. Please do not guve up. You, like teh rest us,are eligible for the MOD program and you cannot be denied, no matter what.

If at anytime you are having difficulties dealing with your Mortgage servicer talk to your COngressman or your senator and make them talk to the TReasury dept.

Chase…....
I don’t have good advice for anyone because as of yet, I have nothing to show for over 2 years of frustration. I would say keep your fingers crossed and hold on for one wild ride! This process isn’t for the faint of heart. Be ready to be lied to over and over again and keep educating yourself online the best you can. Knowledge is power. I have verbally been denied a HAMP modification at least 6 times,  never having received a written denial as I requested (in court by the way) as required by law. I have been told early on in the process by a bank rep that the bank would be better off foreclosing on my home because they would actually make money on it because of the equity in the home. I have been told my house is not under water even though with the 2nd mortgage I am at least 50k under water. I have been in court where the banks attorney has the bank rep on conference call stating I am not only denied a HAMP mod, but also any in-house bank program. Five days later, receiving a call at 10 in the evening by a different bank rep stating it was impossible I was denied because my file hadn’t even made it to underwriting yet! Meanwhile, the attorney for the bank would have pushed through the foreclosure??? If this isn’t frustration, what is?

The last time we applied was May 2009 and got loan docs Aug 2009 got them notarized and fed ex’d back with 1st payment. Made every payment until March 2010 when we were served with a “Notice to Evict” from Federal Home Mortgage. We called Chase and they said “Hmmm” you look fine at our end. Had to hire a lawyer and got Eviction stopped but evidently our home was “SOLD” the end of July 2009. Chase has continued to bill us and collect our funds from Aug 2009 till March 2010 when they didn’t own the home. Isn’t this fraud?

Typical government program! I will be happy if it goes through, but I have been denied once and had to appeal. I don’t know what is going to happen and I am very concerned! I keep getting asked for the same information over and over. I explained in letters about the information several times, it is extremely frustrating. They say they are too busy to keep up with the amount of paperwork and somehow that is my fault!

I feel as though I am going through hell! I have been dealing with Wells Fargo for two years trying to get help. We wont help you till you get behind. so i got behind. three days before the house was to go on the auction block oh you qualify for a three month trial period. six months later oh sorry you did not send in your paperwork were forclosing. oh we are sorry we got that paperwork we will st you up on another modifcation you just have to pay a 120 dollars more than last time. but mam you make 60 dollars more a month. 6 months later sorry you don’t make enough to qualify for anything! but if you can make 200 more we can re-qualify you so here i go again on number three. My house has been on the auction block four times now. well it still is right now it is set for the end of august pending them approving me once more. My husband has a heart condition and is disabled the stress is very hard on him I feel I am developing an ulcer!!!