home mortgage modification, has any....

[shawnski]

hey guys i am in process of doing home modification because of my income has reduced alot since last year and i was wondering if anyone has done it and can give me some feed back on pluses and minuses and what to watch out for. i am not talking about refinance but the obama' hardship program!

thanks

 

[teamorion22]

i dont know anyting about it but heres a free bump. good luck with everything

 

[ogre]

see if you can refi. rates are still down near 5%, would save a ton of cash. dunno about the hardship program, but a refi saved my wife and i about 800 bucks a month in payments.

 

[Cookie]

see if you can refi. rates are still down near 5%, would save a ton of cash. dunno about the hardship program, but a refi saved my wife and i about 800 bucks a month in payments.

Refinance is double the money for what a properly performed loan modification will cost. Besides if as he stated; his income had dropped, so more than likely, he would not qualify.

Depending on what you pay out per month a timely and properly performed modification will save you, sometimes, more than 800. I have seen more than half of what principle amounts would have normally been before the mitigation.

If you can state a hardship (hardship IS required and a support letter is usually required) the Attorney or Company you are working with can threaten the lender you are with with with "Forensic Audit" and THAT is not something that a lender will tell you about, let alone let you know even exists!

Additionally, once foundation of a 'Hardship' is established a 'Principle Reduction', depending on how much equity has been diminished based on demographics, can be negotiated into contract. Again, THAT is something that IS NOT AVAILABLE through normal channels and conventional refinance.

Please do proper due diligence in locating a proper negotiator for you and your family. Because of the ruling of 'Senate Bill 94' it has forced unscrupulous and predatory types out of the business where they have no choice but to perform before they can collect.

 

[shawnski]

Refinance is double the money for what a properly performed loan modification will cost. Besides if as he stated; his income had dropped, so more than likely, he would not qualify.

Depending on what you pay out per month a timely and properly performed modification will save you, sometimes, more than 800. I have seen more than half of what principle amounts would have normally been before the mitigation.

If you can state a hardship (hardship IS required and a support letter is usually required) the Attorney or Company you are working with can threaten the lender you are with with with "Forensic Audit" and THAT is not something that a lender will tell you about, let alone let you know even exists!

Additionally, once foundation of a 'Hardship' is established a 'Principle Reduction', depending on how much equity has been diminished based on demographics, can be negotiated into contract. Again, THAT is something that IS NOT AVAILABLE through normal channels and conventional refinance.

Please do proper due diligence in locating a proper negotiator for you and your family. Because of the ruling of 'Senate Bill 94' it has forced unscrupulous and predatory types out of the business where they have no choice but to perform before they can collect.

i have already filled up all documents ( w2, check stub, expenses, bank statements, etc....) the only thing i have heard is that you have to be late on your mortgage to be able to take advantage of this program!!! that sucks!
and it can take 90 to 180 days!

 

[Cookie]

i have already filled up all documents ( w2, check stub, expenses, bank statements, etc....) the only thing i have heard is that you have to be late on your mortgage to be able to take advantage of this program!!! that sucks!
and it can take 90 to 180 days!

The reason for that is if they were to allow ANYONE to come in and claim "Hardship" just because they were whining, let's say,,, and that person was NOT late of behind on his or her mortgage,, they would effectively be turned down as being purely irresponsible and not worthy of owning a home.

No one can legally advise you to be late on your mortgage payment, but with that as evidence, the bank will simply kick your loan mod request to the curb.

Keep in mind however, that there are huge variables involved, I have no idea what your total variables are and who you are working with and what they are capable of within their own powers. The rules in Texas are in a completely different arena compared to others of the rest of the U.S.

Not to be negative but only enlightening; the Obama Modification Plan has only been successful in approximately 3% of what is actually in default and/or what is being submitted to the program. It has its limitations, thus is why most people actually go outside of that program for more legal representation. You have a much better stance.

 

[shawnski]

The reason for that is if they were to allow ANYONE to come in and claim "Hardship" just because they were whining, let's say,,, and that person was NOT late of behind on his or her mortgage,, they would effectively be turned down as being purely irresponsible and not worthy of owning a home.

No one can legally advise you to be late on your mortgage payment, but with that as evidence, the bank will simply kick your loan mod request to the curb.

Keep in mind however, that there are huge variables involved, I have no idea what your total variables are and who you are working with and what they are capable of within their own powers. The rules in Texas are in a completely different arena compared to others of the rest of the U.S.

Not to be negative but only enlightening; the Obama Modification Plan has only been successful in approximately 3% of what is actually in default and/or what is being submitted to the program. It has its limitations, thus is why most people actually go outside of that program for more legal representation. You have a much better stance.

thanks!

 

[Haya01B]

I have tried the loan mod with TB&W and I know people who have tried it with BofA and I along with them can tell you that the banks are all FOS. They have gotten the money for the loan mod program but are not going to share it with you. At least so far in my experience. I tried the loan mod with my house in AZ last year and I got no response. I let the payments go 10 months and counting and still no response as far as loan mod. I am glad I have the title to my home here in NC because otherwise I would be at their mercy. Life is good when you hold the title to not only your vehicles, but also your home!
You better believe I have a death grip on them too!

As for the banks!

 

[shawnski]

I have tried the loan mod with TB&W and I know people who have tried it with BofA and I along with them can tell you that the banks are all FOS. They have gotten the money for the loan mod program but are not going to share it with you. At least so far in my experience. I tried the loan mod with my house in AZ last year and I got no response. I let the payments go 10 months and counting and still no response as far as loan mod. I am glad I have the title to my home here in NC because otherwise I would be at their mercy. Life is good when you hold the title to not only your vehicles, but also your home!
You better believe I have a death grip on them too!

As for the banks!

wow! 10 months and no forclosure yet! they must be real swamp these days!

my across street nighbour lost his job and moved out of the house and we just got for sale sign by the bank last week! he did not pay his mortgage since feb. 2009!!!

 

[djsin]

you may pm ibified he and his wife just did this, not sure if he will post up or not

 

[Mr Bogus]

The reason for that is if they were to allow ANYONE to come in and claim "Hardship" just because they were whining, let's say,,, and that person was NOT late of behind on his or her mortgage,, they would effectively be turned down as being purely irresponsible and not worthy of owning a home.

No one can legally advise you to be late on your mortgage payment, but with that as evidence, the bank will simply kick your loan mod request to the curb.

Keep in mind however, that there are huge variables involved, I have no idea what your total variables are and who you are working with and what they are capable of within their own powers. The rules in Texas are in a completely different arena compared to others of the rest of the U.S.

Not to be negative but only enlightening; the Obama Modification Plan has only been successful in approximately 3% of what is actually in default and/or what is being submitted to the program. It has its limitations, thus is why most people actually go outside of that program for more legal representation. You have a much better stance.

I am really torn by this program... really... it makes me so friggen mad to see people that bought homes they clearly could not afford or were so borderline that any problems would put them in default...

So now I see people getting the principal reduced on these homes essentially rewarding stupid mistakes and in one case, pure laziness by the person.. Just more and more of this "rewarding" the wrong people.. They should be pumping this money into small business tax breaks... (at least something comes back from it)

This has got to be paid by someone.... sorry but this is just another amazing dump of money...

 

[m_ridgeway]

I am really torn by this program... really... it makes me so friggen mad to see people that bought homes they clearly could not afford or were so borderline that any problems would put them in default...

So now I see people getting the principal reduced on these homes essentially rewarding stupid mistakes and in one case, pure laziness by the person.. Just more and more of this "rewarding" the wrong people.. They should be pumping this money into small business tax breaks... (at least something comes back from it)

This has got to be paid by someone.... sorry but this is just another amazing dump of money...

x2

im currently unemployed and been so for about 2 months, income reduced by 5x and still make my payments....

going back to work though friday

 

[Haya01B]

It's funny that you say that the people could not afford the houses! Seems to me the banks could not afford them either! I have seen a lot of builders foreclose on properties so they must have bit off more than they could chew also.

 

[shawnski]

x2

im currently unemployed and been so for about 2 months, income reduced by 5x and still make my payments....

going back to work though friday

yeah.. 2 months vs one year with 1/3 of income is big difference, ..and the only reason i do this is because i have run out of savings and income has not change since all these started. cut back on everything, sold the car, got me cheaper car and selling the bike too. to me that is not abusing system, when you go broke...you go broke!!! 20k used in saving and 10k 401k loan for the last 12 months!!!

 

[VaBusa]

I am really torn by this program... really... it makes me so friggen mad to see people that bought homes they clearly could not afford or were so borderline that any problems would put them in default...

So now I see people getting the principal reduced on these homes essentially rewarding stupid mistakes and in one case, pure laziness by the person.. Just more and more of this "rewarding" the wrong people.. They should be pumping this money into small business tax breaks... (at least something comes back from it)

This has got to be paid by someone.... sorry but this is just another amazing dump of money...

Would you not support some help should something catastrophic occur in your life, making you unable to work? You want to lose your home because you've been stricken with cancer and out of work for 6 months while you recover from surgery, etc? I agree, far too much double-dipping and laziness abounds, far too many hand-outs expected, but I do see a need for it nowadays with so many losing their jobs due to reasons beyond their control...

Just my :2cents:

 

[TonyMastodon]

I am really torn by this program... really... it makes me so friggen mad to see people that bought homes they clearly could not afford or were so borderline that any problems would put them in default...

So now I see people getting the principal reduced on these homes essentially rewarding stupid mistakes and in one case, pure laziness by the person.. Just more and more of this "rewarding" the wrong people.. They should be pumping this money into small business tax breaks... (at least something comes back from it)

This has got to be paid by someone.... sorry but this is just another amazing dump of money...

Wow, no sympathy what so ever. Its catch 22... "Obama sucks, hes wrecking our economy. So many people are losing their jobs and it makes me mad when you need help paying your bills so you dont end up on the streets"

 

[cruzinZ]

I just got a rejection letter because I had too much money in the bank. Now two months later I'm going to try again. With home insurance, car insurance, and bike insurance along with property taxes my 'savings' has been taken a blow. If I'm unable to get the home modification, this time around, then I'll be a firm believer that the government screws every working person and gives it to the leaches on society.

 

[shawnski]

I just got a rejection letter because I had too much money in the bank. Now two months later I'm going to try again. With home insurance, car insurance, and bike insurance along with property taxes my 'savings' has been taken a blow. If I'm unable to get the home modification, this time around, then I'll be a firm believer that the government screws every working person and gives it to the leaches on society.

when i faxed my paperwork, they will look at my saving a year ago and now and they see i put about 2000 each month from saving to checking to pay bills... and the saving?...what saving?

 

[Mr Bogus]

no, undoubtedly there are some people that are in genuine need but here is the other point.. many if not most bought way beyond their means.. Others cashed out equity when they should have not..

The thing is that we as a country are in a LOT of trouble due to entitlement programs.. the system has been bled dry by a lot of people that should not have taken a dime... the point comes where it is going to destroy the country as a whole...

Where do you say stop? how do you stop the fraud and abuse? when is enough finally enough? we have dished out over 2 TRILLION in stimulus... where the heck is it?

I mean I feel bad for those in dire straights but if we kill the cow.... who will survive?



Also, I have taken on numerous odd duties and jobs to keep my financial status good... How come I do not get a 50% reduction in my loan principal ?

Is someone who for what ever reason unemployed more worthy than myself that has been employed forever and never drawn a dime of entitlement money from the govt? (including school loans) I know it sounds callous but I am mad that I get to pay for an entire house when the guy down the street sits in the yard, drinking beer and gets to pay half as much for the same home....

guess I am stuck in a conundrum... yes there are some that need it but who? how do you sort out "lazy" or someone taking advantage over the guy that is killing himself to stay above water? a month or six behind is a lousy indicator...

 

[TonyMastodon]

no, undoubtedly there are some people that are in genuine need but here is the other point.. many if not most bought way beyond their means.. Others cashed out equity when they should have not..

The thing is that we as a country are in a LOT of trouble due to entitlement programs.. the system has been bled dry by a lot of people that should not have taken a dime... the point comes where it is going to destroy the country as a whole...

Where do you say stop? how do you stop the fraud and abuse? when is enough finally enough? we have dished out over 2 TRILLION in stimulus... where the heck is it?

I mean I feel bad for those in dire straights but if we kill the cow.... who will survive?



Also, I have taken on numerous odd duties and jobs to keep my financial status good... How come I do not get a 50% reduction in my loan principal ?

Is someone who for what ever reason unemployed more worthy than myself that has been employed forever and never drawn a dime of entitlement money from the govt? (including school loans) I know it sounds callous but I am mad that I get to pay for an entire house when the guy down the street sits in the yard, drinking beer and gets to pay half as much for the same home....

guess I am stuck in a conundrum... yes there are some that need it but who? how do you sort out "lazy" or someone taking advantage over the guy that is killing himself to stay above water? a month or six behind is a lousy indicator...

But we all know the "Life isnt fair, suck it up" saying. You dont see me crying about social security. I'm 26, and ill be paying for another 40 years into something I will probably NEVER see. I pay taxes like everyone else, but you dont see me saying "that guy shouldnt be getting any kind of relief"

As the republicans liked to say. "if you dont like it in this country, you can leave"