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09-18-2009 at 5:58 PM
casssep
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Joined on 01-23-2003
Denver, CO
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casssep is not online. Last active: 04-05-2012, 4:06 PMBronze

Anybody have luck with a mortgage loan modification?

We applied in June for a load modification with WaMu/Chase and still have not heard whether we qualfied. 
 
09-18-2009 at 6:22 PM
oparcm
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Joined on 12-29-2004
MA
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282 Points
oparcm is not online. Last active: 03-03-2013, 7:44 PMSilver
We applied with Wells Fargo in August and we haven't heard anything.  They said 60 days.
 
09-18-2009 at 7:12 PM
JennyJuly0...
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Joined on 12-11-2004
NJ
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JennyJuly05 is not online. Last active: 05-18-2013, 6:48 PMBronze
We applied in I think March with Chase in July they contacted me for more info.  Then in August I got a letter stating I'd hear an answer in 30 days.  Last week I got a letter rejected our modification, despite the fact that our mortgage is more than 45% of our income.
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09-18-2009 at 7:20 PM
riderpunk
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Joined on 01-26-2007
Rhode Island
9,864 Posts
1,472 Points
riderpunk is not online. Last active: 04-18-2013, 8:51 AMGold
We actually just closed on our mortgage loan modification on Wednesday.  We submitted the forms in February, and it took until August for them to get back to us with all the information.  It was a long process.  My mortgage company let a company called WCS Lending, they actually underwrote all the documents for the new terms and submitted them to the mortgage company for us.  They worked with them and us on everything.  Maybe you could give them a call. www.wcslending.com.  They had a lot of excellent advice and how to go about the whole process since they have been doing these modification on the loans.  We went from a 5year arm to a fixed 30 year mortgage, as well as they lowered the interest rate. 
 
09-18-2009 at 7:29 PM
teach2183
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Joined on 11-06-2003
Chicago suburbs
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177,997 Points
teach2183 is not online. Last active: 08-02-2010, 8:29 PMGold
We did one back in December through our original lender - Harris bank.  It took 1 week for approval.  Although ours was done as an alternative to a refi, which is what I had called about.  We paid $750 to go from a 10yr ARM that we were only 1.5yrs into, to a 30yr fixed with a lower interest rate.
My Journal My Dizziness Journey

 
09-18-2009 at 7:36 PM
Alisha_A
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Joined on 10-01-2003
Seattle area
26,262 Posts
15,608 Points
Alisha_A is not online. Last active: 08-05-2012, 9:41 AMPlatinum

Well...not sure really...

I started applying back in Oct/Nov? of last year I believe. I got approved for my smaller loan. Then with my larger loan they said I had to reapply under the Obama plan. So I did. Then they modified my smaller loan again, and reduced it more. Hey, sweet, random!

Then they finally got me a modification on my larger loan.

So..ultimately it appears I have both loans modified... unfortunately the system hasn't caught up. My credit is EFFED up. It looks like I haven't paid my mortgage in forever as I don't pay on the old loans, I pay on new loans. I cannot pay online, or get statements, or view any account activity as their systems have not caught up.

Yes for reduced payments, big time. My small loan went from over $700 to $350 and my larger loan went from about $2200 to $1300. MAJOR relief for me.

No for bad credit results and the freakiness of paying into loans you can never look at, or never even get statements for

Oh and I'm with GMAC, not like Uncle Bob's mortgage co.

 
09-18-2009 at 8:02 PM
loveablesa...
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Joined on 10-18-2008
Maplewood, mn
1,170 Posts
2,218 Points
loveablesarah is not online. Last active: 03-22-2013, 6:09 PMBronze

We applied in May and they jerked us around for a good 4 months before telling us that because we are not behind on the mortgage, we must not have a hardship, so we are denied. Despite the fact that our mortgage is about 50% of our income.

What a bunch of crap. 

Married: October 11, 2008
 
09-18-2009 at 8:53 PM
Kara03
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Joined on 10-29-2003
Michigan
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5,489 Points
Kara03 is not online. Last active: 05-03-2013, 9:40 PMSilver
We applied to First Horizon and we qualified over the phone.  They asked about out monthly income and bills.  They said we would get the paper work from fed-ex in 10 business days.  That was about a month ago. 
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09-19-2009 at 9:07 PM
RedSoxGalR...
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Joined on 07-16-2007
663 Posts
214 Points
RedSoxGalRI is not online. Last active: 08-09-2012, 11:20 PMBronze

We got our home equity loan modified by BOA.  I went right to the top to the president of home retention.  They got our paperwork on 7/30 and we signed the documents this Thursday.  It took a little over 6 weeks and the notary was shocked because he said no one is getting modifications.  We weren't behind on our payment, but interest rate was high.  They lowered our interest rate to 5% for the remainder of our 30 years.

Kelly
 
09-20-2009 at 8:19 PM
nygirl07
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Joined on 11-19-2007
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nygirl07 is not online. Last active: 05-08-2012, 4:23 PMSilver

I applied on July 30th with BofA and am still waiting...I ended up emailing the presidents of BofA and am now dealing with one person to get the process moving.  I'm desperate at this point and hope it goes through....

Has anyone been approved without missing any payments?  We are current and they told us to stay current until we hear something
 
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