RESEARCHING blog site like loansafe.org, I have come across a few loan mod success that might excite you with their stories. I thought I might share it with you:
“First of all, I wanted to say a special thank you to Loan Safe and it’s members for the valuable and knowledgeable information that it provides. For the last 3.5 years I have visited the site to gain knowledge and to remind myself “you are not alone in this journey of trying to be modified.” Before the successful modification with Bank of America I had been through 3 attempts to get a modification and each time my loan was sold. (First Franklin, to Litton Loan to Bank of America.) Before the DOJ settlement, my first attempt at a modification was denied. However I was told that the option of a short sale was available. My property was put on the market and low and behold after about 6 months and no concrete offers, this DOJ settlement is approved. My short sale transaction was “suspended” and I was forced to apply for the “new modification” before BofA would consider the short sale again.
I was upset; I was very upset, because I had gotten to a place of being content with doing the short sale and leaving my home of 7 years. Fast forward to the journey of the “DOJ modification.” I receive this very welcoming “you could be approved for a principal reduction, blah blah blah…” With no excitement I complete the paperwork, send it to whom it should go to and receive yet another DENIAL letter. Out of curiosity I call my representative and was told I was denied for 2 reasons. #1- Not sending my divorce decree (that’s a problem because I’ve never been married and sent a very long letter signed by my brother whom is on the loan stating as much and that he had moved out of the house in 2008 with no intention or returning.) #2 Because BofA has taken the liberty to add my bank statement deposits to my actual income (which made it looks as if I could afford my mortgage. At this time, I’m torn and a little more peeved than before at their incompetence and the fact that I had missed out on renting a nice little condo by the beach. My representative is the sweetest guy “encouraged” me to try again and promised he would keep a watch out for anything that was noted or seemed incompetent.
September 2012: I get a “you’re approved for a trial mod.” I’m thinking oh yippee I get to pay a mortgage for 3 months and then denied (like the stories I’ve read online). But then I get to thinking “I guess that’s ok, I won’t be misplaced for the Holidays.” I make my October, November, and December payments… Lo and behold, I get a permanent modification via federal express 2 weeks later. I am baffled, just completely floored because after almost 4 years of trying to get a modification, trying to track down the next NACA, etc…. I’ve been approved, and I’m talking a really good approval.
My payments before were $2,935 Principal and interest $366 taxes and $156 forced place insurance…My payments now are, well I’ll let you take a look below. I’ll sum this up and say, don’t do like me and loose faith, I had given up, although I now understand that even with my giving up God did not give up on me nor my home and had a plan for me all this time. I still can not believe that I owe the same amount on my home that it’s worth and that my payments were reduced by about 45% (well it’ll be 50% once I obtain my own insurance which is only about $78 per month… I must admit, I am very grateful to my representative and BofA (never thought I’d say that). I am able to keep my home, fix it up, and once I fix the back house for rent, this payment will be all to easy to make every single month. Well it’s already easy; it’ll just be that much easier. “
Recently I spoken to a homeowner who has been denied over and over again with Boa for a loan mod, she really wanted to continue to live in that house therefore, I have ask someone to help her push the loan modification request one more time, sure enough BOA approved a trial payment period for three months, now we shall see and hope that she will get a favorable permanent mod.
For homeowners that might not be in a huge negative equity of course, loan modification is the best choice of reducing your payments. So, hopefully this story will lift your spirits up and bring you success in your effort to get better payments for your home.
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Please call Ken for your Real Estate needs, financing needs and Loan Modification assistance. Call Ken at (562) 697-7028, or write to [email protected].
