Has anyone received a loan modification?

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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?

8 Comments
  1. Reply
    Gina
    February 1, 2011 at 1:25 am

    Usually when applying for a loan modification it is through the current mortgage company, not an outside co. If you have had any late payments in the last 6months to a year then most companies will deny it unless you can prove insolvency for those months. The terms will vary from company to company. Your best bet is to apply through your current mortgage company and see what happens. Good luck

  2. Reply
    Louise
    February 1, 2011 at 2:01 am

    My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at http://www.totaldebtsolutionsllc.com and a rep called within 24 hours. Best of luck whatever you decide. Many folks charge over $ 3500 but she paid about 1/2 of that.

  3. Reply
    Anita Brown
    February 1, 2011 at 2:13 am

    Hello Everybody,
    My name is Mrs Anita Brown and i live in the CANADA , life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first daughter needed a kidney transplant and all our savings were going towards her medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my daughter will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 48 hours through bank transfer and you know, it was all like a dream and i called Mr Steve Davidson who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest Woman on earth because by GOD’S grace, my daughter kidney transplant was successful and today she is healthy and i and my family are living very comfortable and happy and if you are in my former situation or is in serious and legitimate need of a loan, you can reach this GOD sent lender via davidsonsteve11@yahoo.com

  4. Reply
    M888
    February 1, 2011 at 2:19 am

    Yes I have and my family has to thru a referral of a great company. Ezhomehelp. Contact Wyatt he has helped out my family a ton…you can reach him at 888-243-7888.

    They also offer a 100% money back guarantee if they can’t modify your loan, this is the only company that I know of when I did my research that offers this. You can check out their website as well at: http://www.ezhomehelp.org

    Tell him Melinda referred you and he will take great care of you 🙂

  5. Reply
    AM
    February 1, 2011 at 2:46 am

    My mom just got her loan modified on her rental property less than two months ago with GMAC. Basically she had an option loan at 2%. So they kept it at the 2% but fixed for five years and the payment includes principal and interest. I’m currently undergoing a modification myself also through GMAC that’s taking FOREVER, but it’s been pre-approved and now is going through the final approval stages. We’re just waiting for a final answer which we hopefully should get this week and pray to God that our loan will be modified!! A lot of people are successfully getting their loans modified. Believe me, these lenders DON’T want your home back. So best of luck to you!!

  6. Reply
    jslinderml
    February 1, 2011 at 3:38 am

    Without knowing the terms of the original loan, the value of your property as of now and your credit level, I can’t speak to the numbers, but I would have to think their offer violated at least the spirit of the judge’s order. The interest rate may be justifiable but I can’t think of any rationale for reducing the time span.

    I would contact the judge who issued the decision and see if he might be amenable to issuing a contempt degree or threatening same.

  7. Reply
    Rob
    February 1, 2011 at 4:12 am

    It seems as though your lender feels that they will lose less money from foreclosing on your home, then if they gave you a proper loan modification. It is very obviouse they are trying to force you out of your home. If you had trouble paying your payment before, of course you will not be able to make your payment now that it is higher. If thier is hope you should see if you can re-submit your loan mod package. If so… try to submit your package so that your lender will believe a loan modification is the best option for them. Remember a bank is a bussiness that thrives on profit. they will not agree to something that will cause them to lose more money in the end. Hope this helps…If you want a free do it yourself loan modification kit please follow the link in my resource box…

  8. Reply
    bobby
    February 1, 2011 at 4:55 am

    Can you give more specifics about the case? What is the
    current value of the property and mortgage amount?
    What is your income-expense breakdown for the month?
    What state are you located in? Lot of factors go into
    account in getting a successful loan mod for a home-owner.
    However, most loan mods are to help a home-owner and
    result in lower payments.

    Would have to discuss more details before providing an
    answer regarding your situation.

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