Has anyone received a loan modification?
We are trying to get one and we wanted to know if anyone has had any luck. And what are the terms that you agreed upon? We are going with a company that our mortgage company referred us to. We are upside down about $ 200,000 on our house and our income has dropped from our jobs. Just wanted to know if anyone has had luck.
I am posting this again in a different area
We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification.
Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $ 2000 down and $ 527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams.
We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $ 700-800 dollars for a mortgage payment. Our original payment was $ 875.
The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $ 1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage.
Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together.
Even though this whole thing was Wells Fargo’s f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing.
We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out.
Are there any suggestions as to what we could do next to still save our house and our credit?