Are You in Loan Modification Hell? Join the Club.

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  1

  lizmedrano

  09/04/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We were approved for the Making Home affordable Trial program with Wells Fargo. We completed the trial as agreed, and submitted all of the required documents as requested. They have lost some of our documents and said that they never received them, when in fact they did (another rep confirmed that they got them twice). The bank is not following the guidlines for the program. We think that they are dragging their feet. The orignal agreement was for three trial payments-now they have required additional trial payments from us. We made our 4th payment 9/1. When we call for status, they have no answers for us - other than that it is processing and may take another 45-60 days. This is too frustrating, I feel like they are stringing us along.

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  2

  eaglett1111

  09/04/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Yes I'm in loan modification hell and have been since 1/4/09. I make $50,000 a year as the director of a nonprofit. My mortgage payments are $2300/month. The only way I made it was with my son's help. His salary tanked this year. I applied to JPMorgan Chase for a mod, so I could get to at least the 31% of gross mark. I've talked with dozens of people, faxed and snail mailed and scanned hundreds of pages of documents (many over and over and over again). I've spent literally hundreds of hours on the phone. There is forever someone else to talk with, someone with one story and another person with the opposite. I've been all over the country on these phone calls (not me - just the people I've talked with). They made me set up an escrow account on my loan, but were so late in paying the property tax that I paid myself. I got a call from my insurance agent saying my homeowners insurance hadn't been paid. By that time I'd made a contact with the Chase Executive team and it took three calls and a conference call to convince them that yes, if they looked at their records, there was an escrow acct and oh yes they would finally pay it. This person on theExec team was actually a nice lady but quite a joke. Just a funnel for information. She told me she was "praying for me." I wrote a letter to my congressman (whose office called me back and who sent it on to Tim Geithner). I wrote a letter to my senators. One, Senator Boxer, sent it on with a cover letter to the OCC (she sent me back a copy). The other senator sent me a form letter advising me I should "talk with my lender." Gad, you can imagine how I responded to that one. I wrote an e-mail to Jamie Dimon, the CEO of Chase, and in it I told him that I was also working with a non-profit (NACA) to try to get some help. Well, next time I called my Executive Team contact she told me her manager told her she couldn't talk to me any more because I was working with Naca. What? I never signed away my rights to speak with my lender!!!! So I struggled and finally gave up. I'm now one month in default. I'm $75,000 underwater, so can't sell. If they foreclose, they would never get the money back that they would get from me if they would just modify this. It is absolutely the most stressful thing I have ever been a part of in my 60 years of life on this planet. Please take a look at loansafe.org and you will see there are thousands of us in this hell. I love my home, but if this kills me (and believe me it was close at times) it isn't worth it. Something just has to be done. I have no idea why it's so hard!!!!!

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  3

  Riley18

  09/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My family and I are indeed in Loan Modification Hell. We
  have been contacting Bank of America since November,
  2008. After many months of hoping for some contact with
  an analyst, I wrote to my state senator. The bank then told
  me I was in the "wrong" department all that time (silly me)
  and that is why I was not helped already. Well, that was
  back in March, and so far we are still waiting for the
  application to modify the loan.
  At this point, it is very obvious that the banks are more
  intent on keeping the taxpayer money for their own gain
  rather than using the money as it was intended. Why was
  the government money not put into an escrow account to be
  used only for modifications of predatory lending scams?
  We already knew the banks were greedy and would stop at
  nothing in their ponzi schemes. Our government allowed
  these immoral practices to go on for years, and then gave
  our taxpayer money to them without strings attached as
  some sort of sick reward. It is really disgraceful.

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  4

  eaglett1111

  09/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hi. this is eaglett again. Just had to give an update. Got an official denial letter from Chase yesterday. Their reason:
  
  "Your hardship is not a permanent situation."
  
  Unbelievable. How the ### do they know? If I thought it wasn't permanent, I certainly wouldn't have applied for a mod. I wrote previoiusly that my hardship is because my son, whose salary tanked and expenses (including new student loan payments) went up, could no longer pay 1/2 the mortgage as he had been.
  
  The only thing permanent is death. The banks could use the reason they gave me for anything - perhaps people who lose their jobs will get a new one, or perhaps someone's critically ill child will miraculously recover, or perhaps the market will increase our home values such that we can sell them and get out from under these seedy lenders.
  
  But then again - maybe they know I'll win the Lotto? I can finally afford a ticket since I'm now in default on my loan after struggling for 9 months to make the payments on my own.
  
  this is a nightmare folks and the banks are, as Riley said, a disgrace.

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  5

  CW-Cancels-AG -Mods

  09/05/09 | Report as spam

  Second verse of Loan Modification Hell: CW AG mod 'Contracts' NOT HONORED

  For the CountryWide California Attorney General modification contract holders out there, YOU MAY BE IN FOR A RUDE SURPRISE.
  
  CW/BofA have apparently found a way to CANCEL all of the 'AG' mods. Now this is NOT during the APPLICATION process. You receive a phone call telling you that you are getting a modification contract. It arrives with instructions to have it NOTARIZED and return it by a certain date along with paystubs and/or 3 months of bank statements.
  
  You comply. You follow the package tracking to verify delivery on time (Oh, you didn't,oops they claim it didn't get there on time so it was cancelled). But yours got there, now you later find that they did start processing and then you find out the date they say they finished verification of your package. They are telling you that the 'mod' is YOURS.
  
  Then you just can't get a copy of the final signed-by-the-bank copy. No word other than them assuring you, so you start making the payments per the contract. You keep trying for the final copy of that document, no luck. The mod is yours, don't worry they continue to say and get you to pay. Then finally the 'difference' in what you paid and the original payments adds up to more than $10K.
  
  Then they tell you. They had canceled the mod contract way back before you even made that first payment. You may get any number of different stories. I'll give you a link to loansafe to check out a pretty good discription of all the possible 'STORIES' you may hear for WHY the CONTRACT was cancelled.
  
  The problem is, the application was taken VERBALLY. NO copy was EVER provided for you to verify content of what was transcribed. They claim that they can cancel the contract if they are unable to confirm your income. It is more a case of they cancel because they do not even TRY to confirm your income. You are NEVER ASKED for nor ALLOWED to provide additional evidence of income. If they claim to have found a discrepancy with the information in the verbal application versus their method of validating it, or a comparison with the bank statement, they need to allow the borrower an opportunity to provide either an explanation or futher proof. Since this is occurring AFTER the contract is SIGNED by the borrower, the servicer, CW, should be required to make serious efforts to resolve the problem in the borrower's favor before arbitrarily and capricously cancelling the modification contract.
  
  This effort should REQUIRE IMMEDIATE action by CW/BofA to alert the borrower of any problem.
  
  Instead, the practice is obviously one of INTENTIONALLY HIDING the devious strategy being employed.
  
  CW/BofA employees have stated that these contracts remain cancelled, even if reported to management because they were all "CONTINGENT" contracts. The only contingency was on the LETTER, not anything in the actual CONTRACT. Now why do they 'uncancel' the ones where a lawsuit lands on their doorstep?
  
  You have better chances of winning the lottery than of getting a CW CA AG mod contract actually honored (unless you have the money for that attorney to file a suit).
  
  In some cases, people have paid for 6 months on these contracts, only to find that they owe $13K or so AND have had their credit sabotaged by the reporting done of 'partial' payments.
  
  They also have played the game of transfering notes just as the modification contract was to have the first payment made. The new servicer is 'in' on the game, don't worry.
  
   

  6

  eleanor12

  09/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  It seems like these banks need a major course in integrity and honesty - basic American values. I also am in home modifcation hell with Wells Fargo. Their latest scam came in the form of a letter stating, "We value you as a customer and have several options that may help you keep your home." They provided a phone number for me to call so that I could "provide more financial information." Keep in mind, I have already provided tons of finanacial information, but I called, hoping that maybe there could be a solution. The representative with whom I spoke was rude and disrespectiful! She told me my only option was a short sale. When I questioned her about the letter, she replied nastily, "You're not hearing me!" I ended the conversation politely; however, in retrospect, I probably should have asked to speak to her supervisor. It is beyond me how banks benefit from short sales and foreclosures. It makes more sense to establish affordable payments for people. These banks are driving down the value of property, blighting neighborhoods, and destroying people's lives with their unscrupulous tactics!

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  7

  Chase Victim

  09/07/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Below is an outline of what has occured to me in the last year and a half w/ Chase/Wamu. This is an email I sent Mr. Dimon, CEO of Chase.
  
  I am writing to you as a last resort, regarding the lengthy and very frustrating journey I have had with WAMU. Below I will give you a brief synopsis of what I have gone through in the last year or so in trying to get a modification.
  
  April of 2008, I lost my job. I become delinquent on my mortgage payment.
  
  May 2008, submitted info for modification.
  
  September 2008, I call to check on status. Negotiatior had paperwork and had not done a thing with modification since May 2008. I do not remember her name, but she was cavalier and rude.
  
  October 2008, another negotiator is assigned to case - *****.
  
  After many calls, I finally speak to Mr. **** in December of 2008, to check on my status. He informs me that he is working on a modifcation and should have something for me very soon.
  
  I do not hear from Mr. ****** until March of 2009, when I receive the paperwork for the MHA program. Three monthly payments of $2,254 are required. I immediately make my payment.
  
  Mr. ***** sends another MHA Program with payments of $1,594, which I pay immediately. I completed my thrid trial payment 6/2009. I never made a late payment during the trial payment.
  
  August of 2009, I receive a final modification of $4,183 monthly with a fixed rate of .775%, which I can not afford. Speak to Mr. **** supervisor, *******, who informs me that the income information was put in the data base incorrectly. Ms. ***** has someone re-input the info and gets a final payment of $1,602 for the final modification. I am thrilled! but not for long. I get a call two days ago from Ms. ****** stating that they can not offer me this final mod because of the interest rate of my current mortgage which is adjusting in October. This does not make any sense to me at all ! It is my impression that the idea of the MHA program was to get people out of those option arm programs and put them in to an affordbale rate with affordable terms. The qualifications for the Obama MHA Program, does not state anything about interest rate on your current defaulted mortgage, as being a reason for disqualification from the MHA Program.
  
  I have to admit, that Ms. ***** is trying very hard to help me; she has been the only person that seems to care about the consumer at the WAMU division.
  
  I was never late on my payments, when I was actively employed through 4/2008. I had owned my home four years, since 8/2004. I have continually tried, throughout the last year to have a final modification approved, that is affordable. It has been an up-hill battle with WAMU. I want to stay in my home for many years to come,
  
  I ask that you please help me get approved for the MHA program. I am actively employed and can certainly afford a mortgage payment of $1500 to $1700.
  
  Your attention to this urgent matter is greatly appreciated.
  
  Fast forward to last Friday.
  The reason for my denial is based on my current mortgage adjusting in October and they claim my income is too low. I make approx $5000 a month. Needless to say I have called every agency possible including my senator and have begun working with Hope Now. So now you know that another criteria for denial, is your current interest rate on your loan ...How ridiculous is that? Where is this stated in the Making Home Affordable Guidelines???
  
  They want to put me on another trial period with payments of $1800 this time. I told them to forget it. I want the denial in writing and I will have attorney involved. My loan is owned by B of A, by a pool of investors
  
  Someone out there that is reading this article and the comments and is a higher upper, please help us keep our homes.

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  8

  ja1515

  09/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Like so many other problems right now, this all seems tied to jobs. It's hard hearing all these stories, but maybe someone will realize that so many people are running into the same problems and roadblocks, and get something done.

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  9

  Ilyce Glink

  09/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Marilyn:
  
  Question: According to the new Hope Making Home Affordable hotline, my husband and I qualify for a mortgage modification. I am employed and my husband is self employed with a business that is not yet making money, so we've had a very reduced income level for the past year or two. Our credit rating is very high (800s). We went thru all the counseling and budgeting and the file was sent to our lender, Countrywide (now Bank of America). When I called the number Hope gave me, BOA refused to give me a modification based on the fact that we are $250 short each month in our budget. THAT IS PRECISELY WHY WE ARE APPLYING. They've made it so difficult that I feel I should just give up.
  We are current with our mortgage but we are using every bit of our savings to try to keep our heads above water. MY QUESTION IS TWOFOLD: (1) Do you have to be totally out of cash before you can be eligible for the modification? (2) Should I continue to fight BOA for the modification, or is it hopeless?
  Any info you can send my way would be so very appreciated.

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  10

  3913jane

  09/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I too am in modification hell with Chase/WaMu. I sent in my original paperwork Dec. 08. after making monthly payments and calling every week or so to try to find out about my modification status, I was assured that it would be going to a negotiator soon but it was also stressed that I needed to keep making those payments. Finally, in May 09, after no response, I resubmitted the modification application again (this was after Chase took over WaMu.) When I called to tell them what I had done, they said that was good because my original mod. application had just been received (in May) and it was too old. When I asked them where it had been, they didn't really know. So now, I got verification that the mod. paperwork had been received in June. I call the end of July and was told that I had a negotiator and that it might take a month for the Modification to be offered and that it would at first be a "trial" mod. to see if I could make the payments. I told them in July that I could no longer make the 1600.00 payments as that was half my salary and that I needed the modification done asap. I have also faxed indicating my need to get this done. Now here it is the 8th of Sept. and I have heard nothing. I have not made this month's payment. Isn't there any legal recourse? I am out of cash and I am hopeless. Is there anyone who can help? I have steady income but they just don't want to work with me.

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  11

  shannonfaith

  09/15/09 | Reported as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  There are people, attorney groups in fact, who are willing to assist home owners with obtaining Loan Modifications. For more detailed information and to see if our attorneys can help you please visit:
  
  http://www.usahomeloanmods.com/shannonfaith/
  
  or feel free to call 618-508-1562 to discuss your situation more personally.

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  12

  Ilyce Glink

  09/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Shannonfaith:
  
  Here's the problem I have with attorneys charging $3,500, $4,500 and $5,000 to do loan modifications - they can't do anything for you that you can't do for yourself.
  
  That's what I'm hearing from the lenders, from the OCC, from HUD-certified housing counselors, and from my radio talk show listeners who are going through loan modifications right now.
  
  All attorneys can do is to help you fill out the paperwork, and there are FREE workshops all over this country, week in and week out, where local housing authorities and HUD-certified housing counselors will help you do the same thing, for free.
  
  Please do not spend what little money you have on an attorney to help. You'll spend cash when you don't have to.
  
  
  

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  13

  shannonfaith

  09/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I agree with you. Homeowners do have the ability to do their own home loan mods for free. However, according to our research, when a homeowner does his or her own loan mod, the success rate of getting it done is 40-50% and it statistically takes 8-9 months. Sure, the loan mod is free for the homeowner if he/she does it for themselves, but you also have to remember that, even for those that get done, the rate of default from the loan mod is 60-80%... so 60-80% of the successful loan mods may go back into default. And one more thing to consider are the terms of the loan mod. Is the homeowner getting the best possible rate with their loan mod? What are they being charged by the lender to do the loan mod?
  
  We all know that we can represent ourselves in court, but what usually happens? The other side has an attorney or some trained professional and the person who shows up without an attorney on their side usually ends up not getting what they need or want out of it. The same holds true for loan modifications. This is why our company has attorneys that will help our clients do the loan modifications. With an attorney on your side, your odds of winning go up considerably. Our company goes after the lender from every possible angle to make certain that the homeowner gets their fair share.
  
  In addition to this, think of the associated costs to a homeowner if they are unsuccessful in getting a loan modification done and they end up in foreclosure. If you include the costs of moving trucks, a moving service, rent and a security deposit on a new place, a storage unit if you are unable to find a place big enough for all of your stuff, lost wages due to having to take time off of work to move, and the cost of forbearance on your credit - $3,000 to $5,000 is a rather conservative number to save one?s home.
  

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  14

  Ilyce Glink

  09/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @shannonfaith -
  
  Attorneys cannot guarantee that your loan modification will be approved - or that it will go through faster than if you use a HUD-certified housing counselor to help you.
  
  That's the fact. I do think asking people if they want to spend $5,000 to save their home is a successful marketing pitch - one that many consumers are falling for.
  
  However, attorneys cannot claim honestly (without running afoul of bar assocation rules) that using them is the only way to do this successfully.
  
  As far as I've been able to find out, loan modifications where attorneys filled out the paperwork are failing at the same rate as loan modifications where the paperwork was filled out by HUD-certified housing counselors or by the homeowners themselves.
  
  There are no numbers at all that would lead me to believe that having an attorney fill out the paperwork leads to a guaranteed rate of success with lenders.
  
  The lenders say it isn't true that having attorneys involved either speeds up the loan modification process or increases the success rate.
  
  I guarantee you that if lenders found that having attorneys handle the paperwork guaranteed success they would hire the attorneys to do it.
  
  In fact, lenders run through a complicated net present value (NPV) formula to decide whether or not to do a loan modification - a fact that very few people know and that I plan to blog about shortly.
  
  The decision about whether to grant a loan modification or not boils down to whether a lender will earn a few thousand dollars more by foreclosing or granting a loan modification - that's what makes the difference.
  
  Not who fills out the paperwork.
  
  Thanks for your comment.

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  15

  ama125

  09/21/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I've been in loan modification hell since April '09. I, too, am a homeowner and member on loansafe.org. Ilyce, I see in your last post you mention the NPV test. I have read all about it as it pertains to the Home Affordable Modification Program (HAMP). I have requested three times now to be reviewed for that program... and not once has the NPV test been run on my loan. Bank of America will consider you for their in-house modifications first and foremost, before ever reviewing anyone for HAMP (if they even do it at all). Then, if one of their non-HAMP offers gets the investor's approval, they will dangle it before the borrower like a carrot on a stick (take this crappy modification or lose your home). It sounds a lot to me like predatory modifications. The homeowner may have no idea that what is being offered to them is not the HAMP at all, nor does he/she realize that there may be countless other modifications with better terms that he/she may be able to obtain. It is only through persistence and tenacity that one can emerge the victor. I have voiced my complaints over BofA's non-compliance for HAMP to Fannie Mae, Freddie Mac, my state Attorney General, and many others. I only hope that one of them will come through and expose BofA for their devious ways and force them to abide by the guidelines for this program that they agreed to participate in. And I am fully aware, that even if I were so lucky as to get into the trial period, the games don't end there. Oh no, then round 2 starts... getting them to offer the permanent modification that is to take effect when the trial period ends. I don't see my loan modification hell ending any time soon.

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  16

  Ilyce Glink

  09/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @AMA125
  
  Thanks for sharing your story. I do feel as though the entire loan modification process is far too opaque. It may (or may not) be clear to the folks in Washington, D.C. who invented it what the truth is, but to folks on Main Street, who are suffering through endless conversations with their loan servicers, endless requests for more documentation, and fighting erroneous information that somehow lands in their file, the whole thing is as clear as mud.
  
  I understand that banks need to make a profit. I get that we need a strong financial system or nothing else will work in this country.
  
  However, in a capitalist society, when you make a bad investment, you have to eat the consequences. Seems to me that banks are still not ready to do that yet, and are looking for every available means to wring an extra $1,000 out of the system.
  
  There's more to come. Thanks for your comment.
  
  

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  17

  trbtrb

  09/24/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I applied for a loan modification about 2 months ago. I was approved for a loan modification back in 2/09. I had to apply for another one because my salary was cut by 30%.
  
  I just got off the phone with my mortgage lender: American Home Mortgage. They told me my application was denied because I can't modify a loan more than once a year. Is this true? Do I have a better chance going to another lender? Any help would be appreciated. Thanks and good luck to everyone!

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  18

  jmb22

  10/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have been in loan modification hell since March 2009. I share many of the same experiences as those that have already posted.
  
  My lender is PHH Home Loans. We are paying 2800/month. I submitted a thorough application at the beginning of March after a reduction in my income. I even submitted three or four documents showing proof of the income loss, the unemployment status (the small business I had been working for was threatening to close on a daily basis and my paychecks started coming later and later). I soon found employment after a month, but had to take a salary cut. After following up several times, often staying on the line for an hour prior to even speaking with someone, in June I was told they were missing documents that they needed. The next day I faxed them in, called to confirm that they received them, and was assured I would hear something soon.
  
  I consistenly followed up over the next several months. When I spoke with the lender representatives, I was always patient, informative, and cooperative.
  
  Finally in August, after still receiving no word, I was persistent in speaking with a supervisor after being on hold, disconnected, and reconnected over and over again. I was on the phone from 7:30am until 10:30am before I finally reached a supervisor. I was told I had information missing. I referred him to the information I sent in in June, which he found. He said he promises I will here by the end of the week (it was Monday) and left me his name, phone number and direct extension. Friday came, no word. So I called him, and a voice recording stated he would be out of the office until Monday. A woman spoke with me instead (I could hear her reading a note in the computer) and told me it was in the underwriting now, that in 2 weeks or less I would be receiving a trial payment offer in the mail.
  
  Hope.
  
  Two weeks came and went, slowly, after checking everyday in the mail. Three weeks. Nothing. I called again, held on the line over an hour, just to be told it showed NO STATUS! Finally and reluctantly breaking into sobs, I asked to speak with another supervisor. (The other supervisor never called me back after repeated voice messages). The supervisor said it looked that it was in the final stages, apologized for being told it would be two weeks, and said he couldn't give me any indication of when we would hear anything.
  
  This past year we have been managing to hang on to a mortgage payment of 2800/month on a combined income of 3100. Through side jobs, savings depletion, family assistance, we have been hanging on....staying current. Now I am taking payday advances, which will ultimately catch up, just to stay current. My salary within the last two years has dropped from 20k, but there is room for growth in my income with my present employer. If we could just get some assistance within this time, we could still keep our home and the lender could still be profiting.
  
  We ARE elgible, meet all the qualifications, but I truly feel the lender is holding out. They see we are still current, paying late fees...and until we miss and they see that they are at risk...we have no chance.
  
  I have consulted with a HUD advisor who did confirm that we are elgible and qualify. He tried to contact them, but our lender, PHH Home Loans, won't let any outside negotiating calls in. And their advising really just reiterated what I already knew...home loan modification is the best option since we qualify...the other option is sell. The last option is to foreclose. I have also seeked out lawyers that specialize in expediating the process...$1400 is the cheapest I have come across. It is too late in the process to be able to come up with that amount of money with no guarantee.
  
  At this point, I am emotionally drained from the everyday of stress hanging on financially. I don't know who else to turn to or where else to go for assistance.
  
  I hope that this message, along with the others, will stimulate change within the process. And hopefully sooner than later before another loses their home.

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  19

  Rebecca Boyle

  10/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Yes I am in loan modification HELL. I have been blogging about it just to keep my sanity. You all are welcomed to read my blog ---http://rebecca-boyle.blogspot.com. I appreciate any comments, suggestions or help anyone has to offer.
  
  My lender IndyMac as you might know was taken over by the Federal Gov. then sold to One West Bank.
  
  When I saw that I was going to be in trouble with paying my mortgage due to a reduction in salary, I immediately called my lender. They would not work with me. I was current on my payments and basically told me to "kiss off".
  
  I was using lines of credit and credit cards to stay afloat. That got me into huge debt.
  
  One 3 separate occasions, I overnighted all my hardship letters, financials, tax returns, monthly expense worksheet to Bank One West. Each time I followed up, representatives at Bank One West claimed to NEVER having received anything from me.
  
  Finally I started thinking I would need to go the route of hiring a loan modification company. I consulted with 2, both gave me the feeling of being scammed. Like some used car salesman trying to sell me a used Ford Pinto.
  
  I decided it would be safer to hire an attorney. Afterall the attorney is licensed and has malpractice insurance. Certainly an attorney is not going to scam you? Right? Ha!
  
  I interviewed one Law firm and almost signed with them, but before I did, I googled the firm and WOW hits upon hits of negative postings.
  
  I found another law firm and interviewed them. Their "Executive Consultant" assured me they "are attorneys and would do nothing to risk losing their license". This firm was saying all the right things!
  
  Long story (if you want to read the whole story please visit my blog) The attorney is gone, thousands are left with nothing and most assuredly will lose our homes.
  

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  20

  cruiseair1

  10/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have read all of your guest and I am in the same boat. After almost one year and submitting the documents twice I have just been rejected because I am not qualified to be in hardship. The documents I sent reads I owe more than what I earn. I think this is all a joke and Obama needs to find out what is happing. Or does he know and looking the other way. We need someone to investigate this loan modification joke.

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  21

  Ilyce Glink

  10/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I received this email from Christine:
  
  Hi Ilyce,
  My name is Christine and me and my husband are definitely in modification hell. I have been trying with my bank (BofA) since April when I lost my job. I am receiving unemployment and my father is gonna stay with us and give us money to help save our home. They started the foreclosure process very fast with us. We have an auction date of November 19, 2009. I was told while I am trying to get a modification this date will be postponed and then this morning theres a letter taped to my front door stating that my property will be sold. I am so scared and don't know where to turn. I keep being told that I don't qualify for a modification because I have sufficient income. That is the most incorrect thing I have ever heard, so I ask what they have for my financials and 75% of what they recite back to me is something I never told them. I tell them that and they say, "Well we base it on a government model."
  
  So they are pretty much assuming all my financials and not taking the words that are coming directly from me. They are just forgetting that I even told them any financials and they don't even document it.
  
  They also keep telling me that since I have not physically made 12 mortgage payments in total on my house yet that I CANNOT get a loan modification. We got our house in June 2008 and NEVER could have guessed this would happen to us.
  
  I don't know what to do. I am very scared that they are gonna keep me hanging until my auction date and then me and my family will be out on the streets. Please if there is any advice or help you can give me I would be so much more than grateful. Thank you sooo much.

•  
  22

  Ilyce Glink

  10/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My thanks to everyone who continues to submit stories on this page. I have reached out to Wells Fargo, Bank of America and some of the other large lenders with these stories, as well as the OCC.
  
  I will hopefully have some news for you soon. In the meantime, please continue to leave your stories here so that those in charge can read them.

•  
  23

  auroranae

  10/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I knew that we were going to need help when my adjustable rate mortgage payment jumped nearly 800.00 with a months notice.
  My original lender went bankrupt and our loan was bought by EMC. Our original loan had us locking into a fixed rate after several years of adjusting, but when the loan changed hands we were informed of the payment increase and that EMC did not offer a lock in program.
  I called and spoke with a very nice person who told me that as we were not yet behind there was nothing she could do so I should not make payments for 3 months then a loan modification could be done.
  This was October of 2008.
  I called in January and was told that the information given me was incorrect and that the person I had been dealing with no longer worked there. But if I made 3 payments on time the modification could commence. So we went over our income and monthly expenses on the phone and a payment was calculated and scheduled for auto debit for 3 months starting in mid-January 2009. These payments were made on time as scheduled.
  In March we received a packet to fill out and FED EX back with the modification paper work which I completed and sent back immediately. I called a week later and a 3 month trial period of payments was scheduled for auto debit again.
  In May the same thing happened. The paperwork was requested and sent in, the trial payments for 3 more months were scheduled and we were told that after the 3rd payment the modification would be locked in.
  After making the August payment I called to find out what my modified payment would be and when it would be due. I was told the August payment was not made due to insufficient funds. The money was sitting in my bank so I went over the account auto debit details and it was found that the person who had scheduled the debit from my account on their end had mis-typed my account number so they had attempted to withdraw the funds from another person's account. I verified the account number and told them to process it that day. A week later I called and went over the info with someone in the collections department and found that the account number was still incorrect in their system so I asked them once again to correct it and take the funds immediately.
  The payment finally went through nearly 2 weeks late.
  I called to verify the August payment and to find out when my next payment would be due but was told not to send a payment in September, that the modification payment would be due on the 1st of October.
  A few days later I got a letter from EMC stating foreclosure proceedings were imminent if we did not reconcile the now astronomical past due amount on the account. I called the person who had been handling our account since March from the Modification department and as always I was told an inter-office email would be sent to him and he would call me back.
  2 weeks later I called again and was told the same thing.
  I finally spoke to him Sept 29 when I called and requested once again he return my call immediately. He actually called within hours to tell me the modification was not yet approved and that we were not actually part of the federal program because one time in July my husband had 600.00 of overtime that we did not show in our monthly expense report - the one that had now been sent in 4 times along with pay stubs and verification of insurance and hardship letters and income tax forms.
  I was also informed that the payment would now be 3200 and change each month instead of the 2898.50 we had been paying since March.
  Also, that as we were not a part of the federal program there were additional fines and fees for making partial payments- which they do not accept- and late fees and other incidental expenses like a shortage in escrow for taxes due to a large increase in our property taxes over the past 2 years.
  I was then told that I should go ahead and make the October payment of my regular payment amount.
  I had received a letter a few days before stating that my adjustable rate would be staying the same as it had the previous 6 months and the payment would remain at 3045.00. When the process was started way back in January our payment had been at 3600.00 a month after jumping from 2750.00 in October. Now I found out I had only been making a payment about 150.00 less than the regular payment should have been for several months and that the modification payment under review was actually several hundred dollars a month more than my regular payment.
  My account representative told me he would look into that and get back to me.
  I called on October 7th to find out why my payment for October- an online payment directly from my bank to them- had not been credited to my account. I had only dealt with one person for all discussions about my account but decided to ask whomever answered the call as many questions as I could get them to answer instead of waiting for a phone call that may never come. I went over everything from the beginning with Maria and she was very helpful on several points, but her basic theme was that she had no idea why I had no modification yet nor why the bank-draft from my bank had not been recorded.
  She said that after 3 months the modification should have been finalized and that she would ask my rep to call me.
  I waited a week and called again. This time I got a nice gentleman, Alex, who said the same thing Maria said with the exception that the name of my account rep had now changed and that a modification had been sent for in-house review by the new person with a proposed monthly payment of 3150.00 a month.
  Still no idea why the October payment from my bank had not been accepted or acknowledged in any way. He told me he would email the new account rep and ask her to call me right away.
  That was on the 14th of October.
  It is now October 18th and still no phone call.
  I am at a loss as to what to do.
  EMC is now reporting us as 6 months delinquent on our mortgage.
  They are not accepting the payment sent by my bank.
  No one has called me with any information, the only contact in months has been initiated by me and never with a satisfactory outcome.
  Our situation is not temporary due to an illness that is degenerative that has caused me to change my practice venue as a nurse several times and that now has me unable to work as a nurse making a huge dent in our income.
  
  What do we do now?
  Who do we call?
  Modification Busters?
  Sounds like the people we need for this job, but I am not sure who I trust and am ready to just give up.
  We have placed our house on the market, but in this economy do not have high expectations of selling it any time soon.
  For now we are eating a lot of mac and cheese and hamburger helper and have gotten rid of extras like cable and a home phone.
  And I think that the next person at EMC who tells me I need to learn to live within my means should be prepared for this mother of 6 who has worked her entire life - usually holding 2 jobs concurrently to make sure there was enough money - to lose her temper and let them know what I REALLY think about how they treat honest, hard-working people who are trying to do the best they can in a terrible situation.

•  
  24

  Denise Y.

  10/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My husband and I started a loan modification with Chase in May of 2009, and we are still waiting, they sent us papers with a letter that said we our loan modification was in danger to send the proper paper work. So we sent in what they asked for. My husband called Oct. 19th and they said it was now up for reveiw. We have been paying forbearance payments per Chase's request. Now they are adding late fees on the forbearance payments, and this is all happening while we wait. We were told that the forbearance was to help us while we go through this modification program, but then said if you are denied you had better be able to pay it all back or else!! My husband is a disabled Veteran and I was disabled to a work related injury. We are still waiting and money keeps adding up. Is there anyone that can help us? Our health is going down due to stress. If anyone can help please respond with the information.

•  
  25

  Ilyce Glink

  10/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Denise Y
  
  I wish I had news or answers for you and everyone else who has left comments on this blog in particular. I know that there are folks at the OCC who are reading this and they're not happy. It isn't good when even one person falls through the cracks.
  
  It's been one of the great lessons of this recession that Main Street matters - even if Wall Street thinks it doesn't.
  
  My heart goes out to you and I'm hoping for a good result.
  

•  
  26

  NFerg

  10/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My husband and I too have been in home loan modification hell with WAMU. We originally applied for help for our single family residence in January of 09 when he was laid off. We called and were told that we would have to wait 60 days for receipt of our paperwork. Later, despite being told our application was received we were surprised with a request to resubmit our entire application in June of 09 since the department that previously handled our claim was closed. Of course we weren't notified of the closing and found out about the change while checking on the progress of our original application. We refiled and after multiple attempts to get some answers and being told that the paperwork was forwarded to the correct department (by the credit department), we were asked to repeatedly fax documents that Washington Mutual had already received by mail and fax. We have been calling daily and have been assured that our paperwork is now 'complete', the file is with an underwriter and that we should have an answer within another 60 days. Fortunately, and funnily enough, even in a dismal economy my husband was able obtain a new job faster than our loan mod file has able to be completed by WAMU. The issue still remains that during his period of unemployment we scraped by and missed payments and since he's making much less money we can barely afford our mortgage. We don't have an ARM and aren't one of those silly people that purchased a home they couldn't afford. We're a hardworking, highly educated young family that didn't anticipate a layoff and such a long bounceback period.
  Good news: Just a few days ago we received a call that we have been assigned a HUD counselor to help mediate the process. It sounds like a positive step but I'm not sure I have too much faith in this part of the process since many others are siting issues with this trial period. I'll keep everyone posted on our progress. N.Ferguson

•  
  27

  Ilyce Glink

  10/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @n.ferguson:
  
  I think mediation (if properly implemented) could be a huge boon for the loan modification process. Imagine - you could be sitting across the table from a real, LIVE, person who has the power to make something happen.
  
  It could stupendous!
  
  Or, awful.
  
  Some of the latest loan modification numbers seem to show that only a fraction of loans that are even granted temporary modifications are being permanently modified - even though the borrower is making on-time payments. I'll blog about this tomorrow, along with some numbers.
  
  I have to say, folks, it's a scary story worthy of Halloween.

•  
  28

  Ilyce Glink

  10/27/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Another hellish loan mod story, this time from Hawaii. (I have edited this comment for clarity.)
  
  I am in Maui, Hawaii, and yes it is bad here, really bad; the number of visitors is at 50%-almost all construction has
  stopped.
  
  My nightmare started Dec. 27, 2007! That was my personal nightmare. I had to file for divorce, because of domestic abuse. There went my entire income, because we had a company together, and he closed the bank account and left me high and dry. It was divorce hell.
  
  I had never been late, and I had been making payments as I got my life together, on and off. I was not in foreclosure, but late.
  
  In June 2008, I got a small alimony decree. In October, 10 months, later, I was contacted by a mortgage modification firm, that talked me into doing a modification, with
  them, and I thought they were reputable, as they were a law
  firm in Calif. There were no complaints against them as I looked it up.
  
  I sent them two payments, as they said they were making progress with my lender, Indymac. I believed them. However
  they instructed me not to contact the lender, they would do
  all the work. They were a law firm, so I assumed they were
  correct.
  
  I did not make my payments, they told me not to.
  On Jan 19, 2009, a man walked up to my house and tacked on a foreclosure notice. I was shocked and sick. I called the
  Rodis Law group, but no response. Finally I got the number of the head lawyer, he said he would give me 1/2 of my money back if I did not file a complaint! I was desperate. He said I should have just filed a Chp 13. I did not want to, that was why I hired them.
  
  I immediately called Indymac, they were sympathetic, and started me on a 6 month payment plan. I paid 2 months of the old regular payment, for the first installment, and the other 5 on time of $2900. My regular arm payment was $2200. I was on time, and in July I was told they could do a modificaton. There was a balloon of $24,000. that would be due otherwise. On about July 19th, of 2009, I applied for a modification, that was sent to me, which looked like the real deal. I signed it, and sent them all the financial info. they requested.
  
  I was in a panic, about the 24K, and being literally in limbo. I did my homework, and it looked like under the guidelines on the FDIC website, I definitely qualified. I sent them the down payment, of $1735 in a cashiers check, as they requested which was to be the first payment. I did not qualify for the HOPE program, as I had found out for the first time, that Inymac did not own the note, a (secret) investor did. I have requested the investor's name in writing, it had never been revealed to me.
  
  Anyway, I received a letter, in 5 days, I was declined. Not enough income. I had plenty. I had made the $2900. payments, now I was turned down for $1735? It was to be a fixed rate at 3% for 5 years. Now the principal was up by $50,000, in fees also. I did not question it.
  
  I am 56, no where to go, scraping out a living, got back with
  the devil man, just to exist. I can not even afford to move back to California. Also in June, I received a letter from the FTC, that the law firm, was under investigation, and their assets had been frozen. I was not the only one. I was in a panic mode. I called and called, and got a hold of
  a liaison, at the modification dept. of Indymac, and after 5 days in limbo, I got another temp. payment plan in Sept. 1, 2009 ,of $2000 per month, for 6 months.
  
  I just applied for another loan mod two weeks ago, on Oct. 14th under HAMP, and was turned down it looked like the same day. It was something about the NAV, and not enough income again. I have increased my income another $900 per month. The decline letter came 1 day after I faxed the information in.
  
  What to do now? This house is worth less than 1 year ago, when I started this process. I am lost. I have written my 2 senators, Daniel Inouye, and Daniel Akaka. I have written My Congresswoman, Maize Hirono. Daniel Inouye, has been the only one to write back. It was a form letter, telling me to call HUD, and the programs available like HAMP.
  
  My letter specifically addressed the problem that the government programs aren't working. HUD is no help either, not help for homeowners at the 888-995-HOPE.
  
  They said it looked like I make TOO much money. I explained the situation, and they argued with me. I don't know what to do? I am desperate.

•  
  29

  Ilyce Glink

  10/27/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Hawaii:
  
  I'll just offer a few thoughts: You should have filed a complaint against the attorney the moment he told you he'd give you back half of your money if you didn't file a complaint. Actually, you should have agreed - received the check, cashed it, and promptly filed a complaint.
  
  If the house is nearly worthless - or there is no way for you to make the payments and you're there, staying in a bad marriage, you should get out now. No house is worth this.
  
  My heart goes out to you. Let me know what happens. Thank you for sharing your story.

•  
  30

  danellealtrusa@...

  10/27/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My husband and I tried the modification done by ourselves. What we got from B of A was the same teaser interest rate we had for the first two years of our ARM mortgage, which was some help but not a lot. This "helpful" modification is only for five years then reverts to the ARM! We are now getting a lawyer, as our loan was predatory, we believe. We also truly believe the lenders and investors objective is to get the property for themselves, cheap, especially if there is homeowner equity or value appreciation in it. To that end foreclosure is in their best interests. So that is what the lenders are aiming for - they are determined to make the killing, not just a profit. Greed is the prevailing factor. The government needs to step in and regulate what credit scores = what interest rate can be charged, or put a maximum on mortgage interest rates and a minimum qualification set of standards that if a borrower meets, he/she/they qualifies for the mortgage loan at X rate. That is the ONLY thing that will trump this greed environment. The credit reporting agencies need to be on a tight leash of having to be at least 99% accurate, too.

•  
  31

  Ilyce Glink

  10/27/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Danellealtrusa:
  
  Thanks for the suggestions. There's no question in my mind that the lenders are looking out to recoup the most money. But I have no idea why they think that being one of 7 million foreclosures is a better idea than simply modifying loans.
  
  I hope this works out for you. Please keep me posted.

•  
  32

  Ilyce Glink

  10/29/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Steve just sent me this email:
  
  I was denied a HAMP loan modification on October 23, 2009. My lender Chase Bank denied me stating my Hardship is not permanent in nature. Further stating that because I make the same income then at the time of loan origination in 2007 which is false I make significantly less also, my wife who is the coborrower has been out of work for 12 months and continues to seek work.
  
  I applied in July and it took Chase more than 90 days to come to the conclusion that my hardship - significant reduction in income and Job loss (borrower) is not permanent in nature. Nowhere in the US Treasury guidelines does it state that your hardship must be permanent in nature at this point my salary is pretty much permanent and my wife has yet to find work. Please Help by getting the word out regarding my situation.
  
  I've contacted HOPE NOW and had my file escalated, Also hired an attorney to address the legal dept and sent a complaint to the Illinois attorney general because I truly believe that my lender is making up their own rules to qualify people who are in imminent default less than 30 days late on their mortgage.
  
  Thank you for taking the time to read my story and I am in Loan modification hell at this point.

•  
  33

  Ilyce Glink

  10/29/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Steve:
  
  You're doing all the right things. Keep working to escalate things. Don't let anyone tell you that your financial situation isn't "permanent" because until you and your wife are employed, it is.
  
  Good luck, and let me know what happens. One thing to do is to keep sending letters to the OCC. The OCC has jurisdiction over national lenders, like Chase, Wells Fargo and Bank of America.

•  
  34

  Florencia23

  10/29/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My home loan is serviced by HomEq and it has been a nightmare. My income has decreased significantly over the last year as a solo practicing attorney and due to family and unemployment circumstances, our credit rating has tanked in the last few years, as well, making a refi near impossible. I have tried on three occasions to obtain a loan modification from HomEq. I meet all the criteria established under the federal government?s making homes affordable program, but somehow, no matter what income I report to HomEq (since I am self-employed, income varies a lot), I get denied. What is most frustrating is that they refused to give me a concrete reason for the denial. They say I ?do not meet the financial guidelines.? However, I meet the eligibility criteria established by the government. I have asked countless times for a specific explanation of what exactly the guidelines are that I do not meet and how don?t I meet them (for example, is my income too high or too low; my debts too high or too low, etc.). They refuse to give me an explanation saying that they do not need to discuss their internal policies with me. It is frustrating beyond belief. I am now considering filing a federal lawsuit against HomEq to force them to disclose the guidelines to me and why I was denied. Any other folks out there experience anything similar to this scenario?
  
  

•  
  35

  wattpuppy

  10/29/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Barney Frank appears to making the sort of effort on the
  behalf of the tax payers that should have been taking place
  a year ago!! He has apparently written a letter to the those
  big bastards JPMORGAN/CHASE, COUNTRYWIDE etc. urging
  them to get their acts together and move these damn
  modifications ahead. This is ridiculous! The idea that these
  banks were given TARP dollars with no incentive to make
  good on these stupid loans just blows my mind. We need
  Judicial Modifications NOW! We need legislation to force
  these greedy bastards to do the right thing for the tax
  payers, the country, the economy.

•  
  36

  Ilyce Glink

  10/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @florencia23:
  
  Filing a lawsuit would certainly get their attention. But you might also escalate your request to the President or CEO of the company, and copy the OCC and FDIC on the request.
  
  A friend at the OCC told me that letters that detail (succinctly, with loads of paper-trail information) exactly what has happened and when, that are sent to the CEO or President of the financial institution, bank or mortgage lender, are getting looked at.
  
  It's classic customer no-service fightback training, Glink-style. Just jump over all the middle layers and get right to the top.
  
  So, write a letter that details who told you what, and when, make it short and well-organized, and overnight it to the corporate HQ. Make sure you copy Dougan at the OCC and Bair at FDIC. And be sure to include your contact information.
  
  I hope this helps. Let me know what happens.

•  
  37

  Ilyce Glink

  10/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @wattpuppy:
  
  I think bankruptcy judges should be able to modify first mortgages. Period. What's happening with loan modifications is a travesty. And this country will suffer from these "fake" loan modifications for years to come.
  
  Thanks for your comment.

•  
  38

  eaglett1111

  10/30/09 | Report as spam

  Sign this petition and send it on

  We need Congress to Act NOW!
  
  http://www.petition2congress.com/2/2564/petition-to-us-government-from-american-homeowners/

•  
  39

  anderscca

  11/02/09 | Report as spam

  Congresional Hearing Needed

  What does it take to have a congressional hearing on this? The banks typically don't own these loans - Fannie Mae and Freddie Mac do. Perhaps the modifications need to be taken out of the hands of the servicer.

•  
  40

  Ilyce Glink

  11/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @eaglett1111:
  
  Thanks for sharing this link. You should post it at my other site, Why Lenders Are Slow To Provide Loan Modifications..

•  
  41

  Ilyce Glink

  11/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Anderscca:
  
  I don't know how congressional hearings happen. A good start would be to start bombarding your elected representatives with complaints about how loan modifications are being handled. I think most people are so flipped out about their financial situation that contacting their elected representatives just doesn't happen as often as it should.
  
  The greasy wheel gets the oil - at least, that's been my experience. Thanks for your comment.
  
  Ilyce

•  
  42

  anderscca

  11/03/09 | Report as spam

  Any Success?

  I would like to know if anyone who posted months ago were ever successful at acquiring a loan modification. If so, what seemed to work.
  I have started my letter writing/email campaign, starting with my elected officials.

•  
  43

  Ilyce Glink

  11/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  It's a great question, @anderscca. Has anyone successfully done a loan mod?
  
  Plenty of trial loan mods have been done, but only a fraction of those seem to have been made permanent. Like 2 percent. Tiny, tiny numbers.
  
  How will these hundreds of thousands of trial loan modifications be verified? How will they become permanent? I don't know that anyone knows the answers to those questions yet.
  
  But I'll keep looking. If anyone has a success story to share, please do it here.
  
  Thanks.

•  
  44

  missworth310

  11/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Talk about modification hell.... I'm probably the queen and need to be crown. Still waiting for a response from CW/Bofa since June 08 and WaMu gave me a 1% interest only at $2,000 that I rejected ( i want at least 5 years!) then they put me in a trial mod that I rejected as well at $4,600.... insanity and now I'm about to sue their botttoms to get a principal balance reduction. My 2 houses lost over 60% of their value, going down from $3M to $1.3M one of them and the other from $2.2M to $1.1M or less... because of a builder the over built the neighborhood and liquidated it all at cost!!!
  
  Pray with me!

•  
  45

  anderscca

  11/04/09 | Report as spam

  Unemployment is Temporary?

  My husband spoke with Chase today after submitting our request for reconsideration.
  They told him unemployment is a temporary situation since at some point he will be getting another job. When he gets a job, we can re-apply.
  What's wrong with this picture?

•  
  46

  tryder2

  11/04/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I'm lost. After reading countless blogs, I have yet to read of anyone have a successful modification. I can't wait months getting the runaround to ultimately lose my home anyway.
  I sent in my application for loan modification 10/21/09, I'm planning on calling Chase here in about an hour to see where I am in the process. Not very optimistic at this point. I paid my November payment, but unless I find a job very soon (been out of work 7 weeks), I won't be able to make another payment.
  Should I just try to sell my home now? Let it go into forclosure? I'm upside down probably $30-40k . I have a high credit score (790-800), am current on all my bills, but this is just madness.
  I feel so bad for all of you, the stress on you and your families, the sleepless nights, etc. I'm not a very religious person, but I do pray for all of you during these trying times

•  
  47

  rbsutton1720

  11/04/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Oh, yes; add us to the list of those in HAMP hell. Ours is with Saxon Mtg.
  
  It seems as if all of the lenders and servicers got together and agreed to operate HAMP under the same "worst practices".
  
  Here's what I think the opening page of their training manual looks like:
  Step 1: request documentation
  Step 2: loose documentation
  Step 3: loop/repeat six times (minimally)
  Step 4: tell homeowner that you are in their corner
  Step 5: request more documentation
  Step 6: tell them they have been one of the "chosen few" to be considered for the HAMP
  Step 7: establish HAMP "trial" program-but don't provide any documentation to homeowner about how trial payments were calculated or better yet, how their loan balance was computed ($50,000 more...for what?)
  Step 8: repeat steps 1,2 & 4
  Step 9: tell them they have been approved, but ask for more money before telling them what their new monthly mortgage amount and principal is to be
  Step 10: repeat step 4
  Step 11: provide amounts but don't tell them how its calculated
  Step 12: tell them "Uh-oh. We're missing some of your documentation. We'll have to start you all over because of time limitations"
  Step 13: repeat step 4
  
  Am not trying to make light of what our experience has been, but after a while, you just shake your head and become numb to their antics.
  

•  
  48

  Ilyce Glink

  11/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @RBSutton1720:
  
  I wish I could laugh, but you're exactly right. This is how it feels to the average consumer.
  
  I spent some time this week with some of the heads of the consumer mortgage division of the biggest banks and lenders in the country.
  
  The guys (and, they're all guys at this moment) seem concerned about trying to do the right thing. Your problem, and the problem of consumers all over the place, is that you're talking to customer service reps who are about 25 levels down from the top guy - they may be poorly trained, exhausted, with not enough resources to adequately do the job.
  
  Bank of America, for example, had zero people in it's loan modification division when all this started less than six months ago. It simply didn't exist. Now, they have 11,000 people. It required going from 0 to 60 in a few months.
  
  It's not an excuse - just an explanation from the top of why things don't quite work out the way you envision they will - and a recognition that hundreds of thousands of people's lives are being destroyed along the way.
  
  Thanks for your contribution to the blog.

•  
  49

  Ilyce Glink

  11/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @tryder2:
  
  Sometimes I think prayer works as well as anything else.
  
  Seriously, I know that two things work:
  
  1. Call, Call, Call. Make sure you call frequently and keep track of who you talk to, what they say, what their name is, where they work and their employer ID.
  
  2. Escalate. Skip over the 24 other layers (see above comment) and jump to the CEO's office. Write a letter detailing clearly the contact with the company and what you were told. Then overnight it to HQ.
  
  This will work.

•  
  50

  Ilyce Glink

  11/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @andersecca:
  
  The comment that was made to you is insane. On the other hand, if you don't have a job, you won't qualify for a loan modification.
  
  It's a fairly awful Catch-22.
  
  Alice in Wonderland, anyone?

•  
  51

  Ilyce Glink

  11/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @missworth310:
  
  Your property prices are so high (>$1 million) that any hope you'll have for a loan modification has to come from the bank itself - you don't qualify for anything from the government.
  
  As I've just said, prayer is good, but constant calling might be better.

•  
  52

  ibeaber

  11/07/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hell is right, Indymac Bank Is just the most inconsiderate, non caring, lying ,canyving, cut throats I have ever been up against.We hired attorneys from california to do a loan modin the latter part of 08 with no result. Ihad to fight them with tooth and nail to get the 3,500 dollars back from them. Not long after I was laid off from my job. My wife was making all the money in the house.We applied for a loan mod. We were sent the packet and complied with all the wants and needs that they requested. The first check was in the form of a cashiers check, which they promptly cashed, the second was a personal check which they also cashed. The third one however was returned with a letter stating that they appreciated me trying to pay back past due payments but they could no longer accept personal checks but only those of a certified nature. We found out after calling that we were denied the same day that they got the packet back. Reason: I made a statement that my wife makes the same amount of money that she previously at the time we signed the mortgage documents. The funny thing is that I am not on the mortgage and can only speak to them with her authorization. Our second modification packet came on 10-15-09. We promptly submitted all the necessary paperwork along with a cashiers check and sent it off. They received the packet on 10-21-09. My spouse called on 10-22-09 to confirm, she spoke with a gentleman who stated that yes everything that they needed was there. She called again 2 days later and was told that the modification was being processed. On 11-05-09 we received a letter stating that they did not have the check, that they never received it. We have copies of th bank issued check which we faxed to them. So in essence they waited two weeks to tell us ,thus making the first trial payment late. I sent them another payment western union so it wouldn't get lost ha ha. But never the less they will deny this modification also because the first payment was not on or before the first of the month as stated in the modification packet. Not to mention that on 10-24-09, just three days after they received this new modification packet, we were served with forclosure papers.I think that its high tim we all stop moping around and file a class action suit against our lenders.

•  
  53

  itten94

  11/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Chase Hell!!
  
  We lost 2/3 of our income in 11/08, spent all our savings to stay afloat, hoping that job was just around the corner. It was in 2/09, but at a reduced rate. We started working with H4H in 2/09 and submitted all docs to Chase 3/09. They finally registered our package 3/22/09. Because we had late payments, even though we now had jobs we could not refinance. Why, we all ask, because when the meltdown occured the credit score requirements for refi went up about 100 points. So now we sit with Chase - idiots to say the least. In July and August our file was to be escalated, but it never happened. We apparently needed to submit the same paperwork over and over, but did they contact us to tell us this. Never have they called or contacted us directly about the loan mod, forebearance or repayment plans. It is now 11/8/09 and still nothing, we had to file bankruptcy in 9/09. Chase filed for relief from stay and received it from the court. So now I have dealt with homeowners assistance, loss mitigation, escalation, bankruptcy, and on 11/12/09 I get to talk to inactive bankruptcy to continue to discuss this non-appearing loan mod. It is all smoke and mirrors. We have not made payments to them, we have made a decision to not throw good money after bad, why pay the damn thing if they will foreclose anyway, I did that in late 2008, and it didn't help the situation. I have read horror stories of people making their trial mod payments, only to receive a foreclosure notice after making those payments. I have no faith or trust in them. I have never received the same information when speaking to them. I have even called with H4H on conference and to no avail, they really can't help either. I have spoken with attorneys and now am going to attend a NACA workshop to see if they can help. I have done so much research on the internet, how to save your home, blogs from other peoples troubles, etc. Not sure what will happen, but I will fight them to the death!!
  
  The thing I really don't understand about today's society, everyone complains about becoming a socialist society, or not wanting to become one. Do we not realize we already have!! Rules of capitalism would have let these companies fail, no matter how large, and the largest corporation of all if the american government!! Come on, get your heads out of the sand, IT IS STILL ABOUT GREED!!!! I wish the government had given me bail out money, held my hand through a 30 day bankruptcy and then given me more money to stay on my feet, like GM. Wow, I didn't sign up for this!
  
  November, 2008 was the first time in my life I decided to vote...for change...all I got was jury duty and $30.
  
  I wish everyone the very best in their fight - if we all banned together don't make our mortgage payments for one month and march on Washington, I wonder would we be noticed then?
  
  Kathy

•  
  54

  anderscca

  11/09/09 | Report as spam

  Response from Senator

  Just heard from my Senator who said in part
  "Fortunately, the ability to open an inquiry with a regulatory agency is not solely the prerogative of a United States Senator. You may bypass the time-consuming process of a Congressional inquiry and contact your lender's regulator directly." The OCC is the federal regulator for Chase.
  
  Office of the Comptroller of the Currency
  Customer Assistance Group
  1301 McKinney Street, Suite 3450
  Houston, TX 77010-9050
  Phone: 800-613-6743
  Fax: 1-713-336-4301
  http://www.occ.treas.gov/index.htm

•  
  55

  Ilyce Glink

  11/09/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @anderscca:
  
  The Comptroller of the Currency regulates all of the big national banks. They're completely overwhelmed at the moment with comments from consumers, but happy to try to help.
  
  I heard from one of my contacts there that last week, more than 100 angry consumers trekked to the Hill (I can't remember where he said they were from) to just detail their own loan modification from hell stories.
  
  The OCC seems well aware of the problem - but they don't seem to be able to solve everyone's problem immediately.
  
  I think what is working, is to send correspondence directly to the CEO's office of the bank, with a copy to the OCC.
  
  Thanks for your addition to the blog.
  
  Folks, please continue to leave your stories and comments. They ARE being read.

•  
  56

  feebrown6

  11/12/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Thank you for this post. I am in Loan Modification Hell. Bank of America services my loan I was formerly with Countrywide . I first went through the HOPE Foundation and was pre-qualified for a loan modification, the representative from HOPE sent the recommendation to BAC for processing on June 27,2009. I have called every week in the month of August and was told the modification is in process please be patient. I waited until October to start calling again and I was finally told the truth that there was no loan modification started on my loan. Of course I was steaming mad and I demanded to talk to someone about this I was transferred 10 times to different numbers, several of the transfer calls were disconnected. No one could give me an explanation. On Oct. 28, 2009 I called again and received a very honest person from the home retention department who started the process, she listened to me rant and she took my financial information and she confirmed the HOPE foundation did forward their recommendation for a loan modification but unfortunately no one there had made an effort to work on it. She promised to get it started. She told all that was needed from me to get the workout process started. Two proof of income, 2008 tax form, hardship letter, 2 months of bank statements. I made sure to confirm this is all I needed. I faxed all the documentation on 11/02/09 the representative suggested to call with in a week to confirm the faxed information was received and to find out the next step in this modification. I called today to be asked the same questions that I answered in October! And I was asked to fax the same information again. I reminded the young man this was faxed on 11/02/09. Which he looked and confirmed it was received. Now he is telling me that he has forward all the information to the workout team to review and that I should call back in two weeks. I am so frustrated and angry that I have made the effort to get this resolved so I can work on repairing my credit. Please tell me what else can I do. I just have this strange feeling I will be rejected. I do not know what to do. Please tell me I am not crazy!!! Please.

•  
  57

  Ilyce Glink

  11/13/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @feebrown6:
  
  I can understand why you're so frustrated. It feels like you're hitting your head against the wall over and over again.
  
  I'd like to suggest that you write a letter to Ken Lewis, at Bank of America's Headquarters walking him through the timeline, who you spoke with, and when. Tell him you've sent the documents, called back, etc.
  
  And then copy the OCC (See above) on your letter.
  
  Let me know what happens.

•  
  58

  jaigob@...

  11/13/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Great thanks so much Ilyce, I will do that.

•  
  59

  dfernam

  11/13/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  A blow by blow of one persons account of the loan mod
  process rel="nofollow" href>http://rantsofreason.wordpress.com/2009/07/14/long-
  time-customer-says-goodbye-to-etrade/

•  
  60

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @jaigob
  
  Let me know what happens.
  

•  
  61

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Folks:
  
  I've received a bunch of loan modification hell stories from readers. I'm going to post them here.
  
  From Cornelia:
  
  Ilyce I'm in a loan with Litton loan, they got my loan from popular mortgage in November of last year and at that time I owed for two months.
  
  I contacted popular to ask who I should pay the money too, them or popular. I did not get a answer from but Litton loan sent me a welcome letter in December of last year. I contacted them and ask should I send them the payment and they told me they could not accept the payment because they didn't have all my paper work from popular at that time.
  
  So I sent the payment to popular mortgage. Litton loan sent me a statement saying I owe the $4300 dollars, but my monthly payments were was 768 a month and late fee was $29.00. I asked how could two months be behind turn into over four thousand dollars?
  
  I applied for the loan modification 4 times and each time I call they give me a different story. I even went to a HUD office and they sent in all my paper work and still no modifcation.
  
  I was told to pay 3 months monthly payments which started
  in June and I'm still making payments. I agree with Martha they are trying to get as much money as they can out of us and It's not against the law.
  
  I'm a senior citizen, should I walk away and let them have this place? I'ts a old condo, the roof leaks,the gutters are rotted out and there is a tree that rotted in the back yard that is going to fall on it one day it is just a matter of time. I have critters that live in the attic. I can go on and on about this place that litton loan only want their money for.
  
  Ilyce you do not have to publish this whole story if it is too long and use just my first name because I'm still trying to get the loan modification. The Atlanta housing authorities have me on a list for seniors to help seniors but it's been a year and I've heard nothing from them.
  
  I also went to People helping People last year and this year and can't get any help. Went to NACC taken the training class last year but no help. What next. Thanks for your listening ear Ilyce. You are our Oprah.

•  
  62

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Cornelia:
  
  Follow this link to my website where I talk about how to write a letter to the CEO of your financial organization. Litton is regulated by the OCC (Treasury Dept) and you can call their help line to get some assistance.
  
  SHould you just walk away? Maybe. But if you want to save your home, you'll have to make some noise so you get some help.
  
  Let me know what happens.

•  
  63

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Mary Jo Writes:
  
  My lender was Countrywide which got took over by BOA. My husband was out of work from Aug 2008 til Nov 2008. I got laid off in Oct of 08. My husband's son died in Nov 08.
  
  I have been trying to get a loan modification for over a year. I contact a law firm out of California that I had seen advertise on CNN. Well, needless to say they turned out to scammers.
  
  After this I called BOA and tried to get them to work with me on a modification but after giving me the run around for over a year. They told me they were going to give me a partial claim which was not a loan modification. The partial claim would let us pick up our payments (which went from $981 a month to $1100 a month), no money up front.
  
  They would put the payments we are behind on a separate note that if we sold the house we would half to pay FHA this money back. They were suppose to take off our credit record the payments we had been behind on.
  
  When we received the papers in the mail, they gave us 3 days to come up with $3,500. We would have to make a payment by the middle part of November. That would have been $4,600.
  
  If I could come up with that kind of money in matter of days I wouldn't need a modification. So I called them told them that there were not supposed to be up front fees. She said she could close the file. So, they closed the file and they foreclosed the 3rd of this month.
  
  They refuse to try to help me. Now they can't get us out of the house fast enough. Oh yeah, they offer to rent us the house for $730 a month. Ain't that a joke. Something needs to be done about BOA and I'm going to try to see what I can do.

•  
  64

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Mary Jo: Thanks for sharing your story. I can't figure out why so many people seem to be slipping through the cracks.
  
  Let me know what happens.
  
  

•  
  65

  Ilyce Glink

  11/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  FROM LAILA:
  
  Does an NOD expire after one year and a lender has to file a new one? I own a loan modification company and I am pretty much an expert. I also run the loan mod department of a law firm, but I couldn't find an answer to my question.
  
  I have an NOD on one of my houses, but the other one that i purchased next door for my family had an NTS for Jan 2nd which forced me to file a BK, which i delayed and played with for 9 months until I had to cancel it on Sept 5th. My NOD on my second house was posted Sept 10th, which is over a year. In the title search it doesn't show a red flag anymore as if the house is in foreclosure. But i'm scared they might sell it at any minute without previous notice.... I'd hate that.... i want to know if it's true that after an NOD expires after 1 year, they'll have to start the process all over again. I'm in Los Angeles, California. and my houses are worth $2M & $3M....
  Thanks!

•  
  66

  Ilyce Glink

  11/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From LINDA:
  
  I need some help on who to contact about my loan modification which has been with Chase since April 2009. They are dragging there feet. I was told last week my loan was in the final stage, with an underwriter. I really do not belive them.

•  
  67

  Ilyce Glink

  11/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Shelley:
  
  Ms. Glink, I sure hope you can help us. I don't know quite where to turn. We started our loan mod process in April this year. Our loan is with Countrywide/BofA.
  
  After being stonewalled for 2 months in direct talks with Countrywide, we hired WMG to help us in this process. They charged us $3,500 upfront and we submitted all our paperwork. We were told that the process would probably take us no longer than 30 days. Over 7 months later, and here we are. Today we received a certified letter that our loan is in default and will go to foreclosure if we don't pay over $10K by 12/10/09.
  
  We did everything right. Responded quickly and completely. We ended up submitting our paperwork a couple of times, only to be told that the CW/BofA merger caused major delays. Meanwhile the company we signed up with was acquired by Financial Litigation Law Group, and we were assigned all new case workers.
  
  I called nearly weekly to find out status on our case. We received assurances that our process would be completed in 90 days (by 11/25/09). And now we are in default.
  
  When Obama came out with his loan mod plan, we thought he was speaking directly to us after suffering severe financial hardships late last year/early this year.
  Yet we tried month after month to keep up with our payments (never have had bad credit), and in doing so accumulated significant debt. We held back one payment thinking it would help us progress things along. And then then last three months made partial payments, having been told that it would all be resolved when the loan mod was completed.
  
  Please, if you would give me some advice on the steps you would take to rectify this situation and resources that are available to us, we would be forever grateful. We have two children that have enjoyed growing up in our home. We want to rectify this situation, save what we can, and move on.
  
  Thank you in advance for your consideration.

•  
  68

  Ilyce Glink

  11/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Jason:
  
  Hello, I just heard you speaking about this subject on the radio here in Atlanta. After reading all of these stories, I'm wondering if it's worth it to try this program.
  
  I have contacted Wachovia / Wells Fargo and have received the paperwork explaining what documents need to be submitted.
  I'm currently in the process of filling out financial statements and gathering the necessary documents to be submitted.
  
  I have a decent credit score and all my payments are up to date,however, I have had three pay-cuts this year and am looking at a possible fourth. Every bit of revenue I'm bringing in is being used. I have recently cut off my telephone service and cable TV service as well. I am living on a very strict budget, all non essential expenditures have been stopped.
  
  I believe that my home value has dropped below what I paid for it.I owe approximately 135,000 and I think it's probably worth about 125,000. I have an 80/20 and my 80 is at about 6.5% and my 20 is 8.75.
  
  My question is, Should I submit this paperwork for the loan modification? Or should I focus on trying to secure a traditional refinance?
  
  Your thoughts are greatly appreciated.
  
  thanks in advance for your response.

•  
  69

  Ilyce Glink

  11/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Jackie via email:
  
  I am currently past the 3 month trial period and have a new agreement with my lender. GMAC mortgage was great with me and did things in a timely manner and always had good info for me when I called.
  
  Originally, I hired attorneys Fransen & Molinaro out of Corona, CA. They advertised on the radio show House Calls and I paid them $3200 to help me with my loan mod. I nearly lost my home because of them.
  
  They fired the first person handling my case and then shuffled me around so much that i never even knew who was my current rep. The owner straight up lied to me on the phone when he told me that he had spoken with my lender on the phone and all the paperwork was in. I hung up and called my lender myself and they told me that no, they were still waiting on paperwork from my attorneys.
  
  I finally took it over myself and it came down to finally being approved for the Obama plan 10 days before the foreclosure sale date. I filed a complaint with the bbb about these people and I don't have the money to sue them but i am just thankful that i thought to keep track of the people doing this. They failed me all the way around.
  
  I told the lender to take their name and number off as contacts and these people have never even called me to see how it's going or what's going on. I just stopped using them. Just wanted to let you know that GMAC mortgage was great with me but those attorneys almost made me lose my home.
  
  Coming down to 10 days until the foreclosure sale date is ridiculous.

•  
  70

  Ilyce Glink

  11/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Jackie:
  
  I have to tell you, this is just awful. I think you should call the State Bar of California which regulates attorneys and file a complaint. You may get your money back from them or not, but in any case, you should file a complaint.
  
  I also am really glad that you wound up having success in getting GMAC to work out a loan modification for you. And, I'm happy to give them a shout out.
  
  Thanks for sharing.
  

•  
  71

  feebrown6

  11/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ilyce,
  
  Thank you for your advice writing to the President of BAC, I contacted the Pres. BAC Home Loans via email yesterday. I received a call from the workout department today to start my request. Your advice is valuable.
  I will give an update.

•  
  72

  Ilyce Glink

  11/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @feebrown6:
  
  I'm thrilled to hear that you've made contact! Really good news.
  
  Let me know what happens.
  
  Ilyce

•  
  73

  Ilyce Glink

  11/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Folks:
  
  Contacting the CEOs of your lender will work. Please see Comment #62 for a link to my ThinkGlink.com site where I have outlined in letter form how you should correspond with your lender.
  
  I'd love to help you turn this around. Let me know what happens and please continue to submit your stories. I know from the emails I cannot post (because they're on "background") that they are being read by people at the highest levels in these companies and in the federal government and your concerns are noted.

•  
  74

  Ilyce Glink

  11/20/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Kathy via email:
  
  I have a home loan with wamu/chase. I started with a loan modification back in may 09. I was asked to continually send the same things in over and over again. Also when I called I had to talk to several different people, and most of them didn't even know anything. To make a long story short my modification papers arrived today to sign and send back. Guess what? My payments are higher than before the modification. And the interest rate stayed the same. Big Help they were. The trial period my payments were 542.50. My payments before were 880.32. and now they are 900.00. I guess they will just have to take the house.

•  
  75

  Ilyce Glink

  11/20/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Kathy -
  
  This is not supposed to be happening. Your payments in the permanent modification are NOT supposed to be higher than your trial period loan modifications.
  
  I urge you to contact Jamie Dimon's office (he is the CHASE CEO) immediately to let him know that this isn't right and you are perfectly happy to continue with the trial modification amount on a permanent basis. Let him know you cannot afford the higher amount and will otherwise have to go into foreclosure.
  
  Here is the contact information for Jamie Dimon:
  
  JPMorgan Chase & Co.
  270 Park Avenue
  New York, NY 10017
  United States - Map
  Phone: 212-270-6000
  Fax: 212-270-1648
  Web Site: http://www.jpmorganchase.com
  
  Send the letter return receipt requested, or overnight, and copy the Treasury Department and the OCC on it. Let me know what happens.

•  
  76

  kimbow

  11/21/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We have been in loan modification hell since February 2009.
  My husband was laid off in January. Thus the reason we
  applied. We were never late on any of our payments. In
  August 09 we started the 3 month trial period payments
  which was half of our original payments. In October I kept
  calling to find out where our package was on the loan
  modification (which we never got). Asked them what to do
  for the November payment and they said to pay the trial
  payment amount if we did not get our package. Called the
  bank November 2nd to pay the mortgage and were told we
  had been denied and we were behind now by 2 months.
  There goes the credit rating. The reason being they had
  used my husbands unemployment check as his income and
  now he only has 9 weeks left of unemployment which is not
  satisfactory, he must have 9 months worth when applying.
  He did when we started the process. Fortunately, one of the
  people at the bank called us back the very next day (which
  is the first time that has happened) and said we could
  reapply but we would have to do trial payments again for 3
  month, but it won't start until January. In the meantime he
  got a job, although his pay is half of what he was making.
  So we are continuing the loan modification process. Will
  post more after we talk to the bank again.

•  
  77

  Ilyce Glink

  11/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Kimbow:
  
  Thanks for sharing your story. Let me know what happens.
  

•  
  78

  Ilyce Glink

  11/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Nicole and Troy via EMAIL:
  
  Our family (Myself, husband and two year old daughter) face foreclosure in December 2009. We are a middle class, hard working family who strived for the American dream. When the recession hit, one of us was laid off, and we scraped by on one salary and unemployment.
  
  Now, we can no longer scrape by and have been refused a loan modification from our mortgage servicer, Bank of America. We sent the paper work to Bank of America in August 2009. Every week they stated our application was being processed.
  
  Finally-4 months later, I called BofA and got someone in India. I demanded to know what was taking so long with our pre-approved loan modification application and they stated our application was cancelled due to information they requested from us but did not receive. I informed them I received no requests and we mailed them a completed application via USPS overnight return receipt! So, basically they stated we are facing foreclosure December 11th!
  
  With no place to live and no family to turn to - our American dream has become a nightmare. We want to know why no one is reporting about the illegal acts of the mortgage companies??
  
  This situation is getting worse and the papers and media are setting forth biased reports or nothing at all. We would like to speak candidly to a reporter about our experience with Bank of America.
  
  We have included our contact information below. If we do not answer, please leave a voicemessage with number and we will call you immediately.

•  
  79

  Ilyce Glink

  11/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Nicole and Troy:
  
  I have pasted your comment that you emailed to me into this blog because I know there are folks at Bank of America who read it. I have also deleted your contact information because I don't want you to be bombarded.
  
  The treatment you describe is what I call CUSTOMER NO SERVICE. I suggest you write a letter to Ken Lewis, the current President of Bank of America detailing the treatment you've received. Ask why you are not eligible for a loan modification.
  
  I'm going to say that if you don't have any income, you won't qualify because you need to have some income coming in. But if the lender believes that it will make more money by forcing you into foreclosure, then you won't get a loan modification. Why? Because HAMP is voluntary.
  
  Here are some links to explain things:
  
  Foreclosure Mediation Aren't Working Because of Net Present Value (NPV) Calculations.
  
  Calculating The Net Present Value (NPV) Of A Foreclosure Vs. A Loan Modification.
  
  And, if you want to know how to write an effective letter to the President of your loan company, try try this suggestions in this article.
  
  Good luck, and let me know what happens.

•  
  80

  Ilyce Glink

  11/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Mitchell via EMAIL:
  
  I have a primary residence and 2 rentals. All with 1st and 2nds. 2 are probably negative equity. lenders are Wells fargo, Citi and GMAC. I can't refinance and hear different stories about modifying rentals. Can you help?
  Thank you.

•  
  81

  Ilyce Glink

  11/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Mitchell:
  
  I don't really hear stories about lenders modifying rental property loans. The lenders feel that if it's an investment property, you're stuck for what you borrowed.
  
  You might get your primary loan modified, but it depends if you qualify with income and how much underwater you are.
  
  Contact your lenders by calling the toll-free number listed on your statement. If you don't get a response (either a yes or no) then follow the advice and links in comment #79 for information on how to write an appropriate letter to your lender.
  
  Let me know what happens. You can follow my updates on Twitter @Glink.

•  
  82

  anderscca

  11/22/09 | Report as spam

  Rental Modification

  After being 6 months delinquent with our rental property, Wells Fargo offered us a modification at 4% for 40 years.
  

•  
  83

  Ilyce Glink

  11/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @anderscca:
  
  Yours is just about the first rental loan modification I've heard of. And, while I don't like a 40-year loan (and WF will do fine out of a 40-year loan interest-wise) 4 percent should make that rental much more doable.
  
  Congrats. Kudos, Wells Fargo.

•  
  84

  Ilyce Glink

  11/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Nicole and Troy, Via EMAIL:
  
  Words do not do justice explaining how we feel right now. I just thank god my husband still has his job. I think at this point, since my husband and I will lose everything we have worked for in the past tens years - in the next two weeks, your reply is helping us fight a little longer. We feel as though we may get some answers now, but there will never be closure. I tried to research the BofA headquarters on-line and there are at least half a dozen addresses. If you could forward me the most effective I would greatly appreciate it. Also, we will try the Making Housing Affordable government hotline again as they are not open on the weekend. I will do my best to stay in touch and follow up with you as to how we will be doing, since we still do not have anywhere to live with our two year old beginning December 11th, 2009, right before Christmas.

•  
  85

  Ilyce Glink

  11/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ken Lewis, President and CEO
  Bank of America Corporation
  Bank of America Corporate Center
  100 North Tryon Street
  Charlotte, NC 28255
  United States - Map
  Phone: 704-386-5681
  Fax: 704-386-6699
  Web Site: Bank of America.com
  
  

•  
  86

  Ilyce Glink

  11/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  How to Find CEOs and Corporate HQs of Publicly Traded Companies:
  
  Go to this page on Yahoo Finance and type in the name of the company in the "Get Quotes" search box.
  
  I typed in "Bank of..." and Bank of America popped up.
  
  On the left navigation (blue bar on the left side of the page) look for Company and then choose profile.
  
  Under Profile will be the company headquarters. Middle of the page, on the right, will be Key Executives. You should address your letter to the President and CEO of the company.
  
  Hope this helps.

•  
  87

  CHOPPER88

  11/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am with Wells Fargo and since February 2009 I have been trying to get a loan modification. It is a complete joke ! First they offered forebarance and of course that does not help you. Then from May till August the loan just sat in ther office with no one doing anything. So then they said ok we got and offer for you , now I have a payment of $3850. They said mail in $3000 dollars for 3 months then after you do that we will take a look at modify your loan. Man what a deal. So they were set up to foreclose on September 16 2009. I sent in the $3000 then 2 weeks after that I got a letter from them indicating you may qualify for the Home affordable plan call us, and I did. I set up the first payment then they did nothing else nothing they were to send me a packet of info in 7 days and did nothing. So I called 4 time and they said they sent it out and no package a month now has passed. I called Hope now for help well she put me through her couseling course and sent it to the lender and so what. Then I call Wells and they said well you been kicked out of the program I said why and they said you were to complete a couseling program. I told them I never new Iwas supposed to. She said let me see here oh! I see that you have I said I did ok well by the sheer luck I did. So she let me submit it. I ask if they were oing to draft they said I been kicked out. So me and the Hope now person called them they said that the letter was sent out to drum some business and interest in the program and that your file was never pre qualified. Wow! I am a commecial mortgage broker and business has been very slow buy I know what I am talking about and I have never ever seen such a mess in all my life. I am hoping they get it right not just for me but all of us.

•  
  88

  feebrown6

  11/24/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hi Ilyce I promised to give you an update on my Loan
  Modification, unfortunately I was told today I did not qualify
  for the FHA/HAMP program because the amount FHA will
  hold for a Partial claim is $117,159 and my amount was
  under @ $76,710. I asked for an explanation and he was
  incapable of helping me understand the process he kept
  saying it was too complexed to explain!!!! Oh, plus I am only
  two months behind so when I have reached 4 months in
  default or more I can re-apply. Do this make any sense?
  Where do I go from here! HELP........ (I am drowning in grief)

•  
  89

  auroranae

  11/24/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Regarding post #74-75-
  Like the person in #74 U am being given different info after being told the modification was finally done. Now
  I have not heard from my Loan rep at EMC/Chase in over a month - my calls are not being returned. The last I heard the modification payments were to be 3185.00 a month instead of the 2898.50 set in the trial period. Also the interest rate is staying the same... and the payments I now owe from not making full payments are being added to the loan amount ...
  my regular payment is only supposed to be 3065.00. Initially I was told the interest rate would drop from 7.6 to 5.5 % and that the payment would never be higher than the trial period payment...
  The last contact I was told the interest rate would be 7.69 and to expect documentation to arrive in the mail... that was mid-October.
  The Info in post #75 will be put to use by me ASAP.
  Thank you for trying to help.

•  
  90

  Ilyce Glink

  11/25/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @auroranae:
  
  I am BEFUDDLED by this new trend of having the permanent modification payment amount RISE instead of stay the same. This makes no sense to me and I'll start looking into it next week.
  
  I will also ask someone I know at Chase to perhaps provide an explanation.
  
  Please let me know what happens after you send a letter to Jamie Dimon, CEO of Chase. I'll be waiting to hear from you.
  
  Good luck, and Happy Turkey Day!
  
  

•  
  91

  Ilyce Glink

  11/25/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @feebrown6:
  
  My go-to guy for FHA explanations said he has no idea and would have to do a lot of digging to get a real explanation. I'm going to be on-air for the Clark Howard Show shortly, but will tackle this as soon as I can. Happy Thanksgiving (in your grief!).

•  
  92

  Ilyce Glink

  11/25/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @chopper88
  
  This sounds like a doozy. I want you to take the advice in Comment #75 and Comment #86 and send a direct email to the CEO of WellsFargo at his company HQ:
  
  Mr. Richard M. Kovacevich, Chairman
  Wells Fargo & Company
  420 Montgomery Street
  San Francisco, CA 94104
  United States - Map
  Phone: 866-249-3302
  Fax: 651-450-4033
  Web Site: http://www.wellsfargo.com
  
  Also, send copies of the letter to:
  Mr. Mark C. Oman, Sr. Exec. VP of Home & Consumer Fin.
  and the OCC, which regulates Wells Fargo.
  
  Be clear and concise (follow the directions on how to write the letter). Overnight it (for delivery on Monday) and be sure to be polite and include all of your contact information and loan number.
  
  Then, let me know what happens.
  
  Good luck, and Happy Thanksgiving.
  

•  
  93

  downnout

  11/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I was working with a local program in georgia to try to help me save my home. It is fianced with bank of america. I was only 3 months behind when I asked for help, Im self employed,single, and the economy hit me hard. Now 6 months later they sold my home on the courthouse steps, and have 3 months to vacate. I thought Obamas plan was to help us try to keep our homes. Thats the biggest joke Ive ever heard...

•  
  94

  downnout

  11/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am a hair stylist, business owner, single female 50. I recently lost my home to foreclosure(bank on america). I was only 3 months behind when I tried to get help, now 5 months later its gone, and have 3 months to move. Who is benefiting from this program of Obamas, ?????

•  
  95

  auroranae

  11/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I got a Fed-Ex package yesterday with the modification docs that I had no idea was coming as I have still not had a return call from my loan rep. In the package it says that we are going to have a 6.99 interest rate with an interest only loan for 10 years then years 11-26 ( when the loan will be paid) it will be principle and interest at 6.99%. Our current interest rate is 6.88% so I am confused as I was told the rate would be reduced to lower the payment-- oh and the payment it says we will have will now be 3151.00 a month ( which includes 382.00 escrow monthly). of course getting the package yesterday I now have to wait until Monday to call to clarify some of the things it says and find out why it is interest only at the same rate ... and 19k was rolled into the loan amount to cover the shortages from the last 13 months of reduced payments... and according to the docs the loan is serviced by EMC for Wells Fargo - this is the first time I have heard this too. So now who do I contact to get better terms for this modification? And now that they have drawn up this modification can I challenge it or change it? I need to know what to ask when I call on Monday and who to email /send a letter to about the horrid service I have had... it will take 10 pages to document the mess this has been!

•  
  96

  auroranae

  11/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  sorry- the current interest rate is 6.99% so there is no reduction in the interest rate and an increase in the modification payment... our regular payment is only 3065.00 so the modification payment is more than the trial payments AND my regular payment!
  Why? Can I ask for a reduced payment or interest rate?
  Thanks!

•  
  97

  Buildblue

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have faxed Chase Over and Over And Over about my Modification. I have spent countless hours on the phone with them too.They either lose my paperwork or it goes into a black-hole. This has been going on for over a year now. They have made numerous errors in dealing with my escrow account and they seem to be either totally inept or just plain corrupt.
  I am a part of some class action suits against them and I just can not believe how many other thousands of people are in the same situation as me. This has gone on way too long,is there Nothing we can do ??

•  
  98

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From MATT VIA EMAIL:
  
  Loan Modification hell? I would say definately yes. I have hired 2 outside agencies, total investment $4500.00. Neither one did me a bit of good. I'm now in weekly contact with the bank directly and still cannot get a decision on weather or not they will modify this loan. My stats are as follows.
  Property value $300.00 (approx)
  loan ballance $417,000 but with all the arrears payments the balance has balloned to $465,000
  I have been out of work since march 09, but my wifes income can support a reasonable modification mgt payment.
  First mortgage holder - B of A, formerly Countrywide.
  This process started in July of 2008, my home has lost approx 50% of its value, I saw the writting on the wall as too the future of my job, so I started the loan Mod process as to get ahead of the curve. So much for that strategy. The bank has postponed 3 sale dates. I have another coming up in December. Needless to say we are very frustrated and living with this over our heads has taken a toll on the marriage relationship, our lives have literally been on hold for well over a year.

•  
  99

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @downnout:
  
  I think President Obama does feel as though he is trying to help Americans save their homes but as you point out, without a job, it doesn't amount to much.
  
  Today, I blogged about the Treasury Department's new effort to keep people from falling into foreclosure and turn temporary loan modifications into permanent modifications but we'll have to see how it all turns out.
  
  Read today's post: It's all about how the government is going to either embarrass the lenders or penalize them in some way if they don't do a better job with loan modifications.
  
  And yet, loan modification hell continues for so many.
  
  Thanks for your comment.

•  
  100

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @auroranae:
  
  What you received in the mail is simply offensive. There's no other way to describe it. What are the lenders thinking? It makes me so mad I could tear my hair out.
  
  I'd keep fighting. Write to the Treasury Dept. Ask them how this kind of response helps anyone. And, read today's post. One  

  101

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @auroranae:
  
  What you received in the mail is simply offensive. There's no other way to describe it. What are the lenders thinking? It makes me so mad I could tear my hair out.
  
  I'd keep fighting. Write to the Treasury Dept. Ask them how this kind of response helps anyone. And, read today's post. One law school professor thinks 15 million Americans should walk away from their mortgage.
  
  

•  
  102

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @buildblue:
  
  Contact Chase at its corporate HQ.
  
  Jamie Dimon, CEO
  JPMorgan Chase & Co.
  270 Park Avenue
  New York, NY 10017
  
  Phone: 212-270-6000
  Fax: 212-270-1648
  Web Site: http://www.jpmorganchase.com
  
  Send the letter return receipt requested, or overnight, and copy the Treasury Department and the OCC on it. Let me know what happens.

•  
  103

  Ilyce Glink

  11/30/09 | Report as spam

  How to Reach the OCC

  It's worth repeating this information from Comment #45:
  
  Office of the Comptroller of the Currency
  Customer Assistance Group
  1301 McKinney Street, Suite 3450
  Houston, TX 77010-9050
  Phone: 800-613-6743
  Fax: 1-713-336-4301
  http://www.occ.treas.gov/index.htm
  

•  
  104

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Sharon, VIA EMAIL:
  
  I would like to add my Wells Fargo horror story to your list.
  
  I contacted the bank as soon as I knew I would have a problem. I have been trying to work with in the Wells Fargo system since January 2009.
  
  Thus far I have had my paperwork lost, destroyed or ignored six times, I have had my information miss-entered at least twice, once on my budget information and once on my alternate telephone number. The change in phone number just cost me my first real offer. The correct phone number was in their system on Nov 12 because a WF rep called me on it.
  
  I have a complete phone log and fax record of every call I have made or received. I have been told out and out lies on a number of occasions
  
  Their game plan is they want new data every 30 days and they put the entire process on hold until they get it. The previous month's information is deleted meaning each month is a new start. The criteria keeps changing, I sent the same document in every month and, in November, I needed to send a newer addition of my husband's social security award letter.
  
  THIS INFORMATION NEVER CHANGES!
  
  It also cost me 10 days in process time. I have learned to call in 2-3 times a week to get a status report. They say to call in every 7 days but I can guarantee that they will delete your data if you are not on them more often.
  
  It is also very distressing to be at the mercy of "customer service" people with the speech patterns and grammar of a fourth grader who have your financial life in their hands.

•  
  105

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Sharon
  
  Your story is horrifying and scary. Although you probably know what I'm going to say if you're reading this blog, you should immediately contact the Wells Fargo CEO and detail the specific timeline of events.
  
  Mr. Richard M. Kovacevich, Chairman
  Wells Fargo & Company
  420 Montgomery Street
  San Francisco, CA 94104
  United States - Map
  Phone: 866-249-3302
  Fax: 651-450-4033
  Web Site: http://www.wellsfargo.com
  
  Also, send copies of the letter to:
  Mr. Mark C. Oman, Sr. Exec. VP of Home & Consumer Fin.
  and the OCC, which regulates Wells Fargo.
  
  Here's the OCC address:
  
  Office of the Comptroller of the Currency
  Customer Assistance Group
  1301 McKinney Street, Suite 3450
  Houston, TX 77010-9050
  Phone: 800-613-6743
  Fax: 1-713-336-4301
  http://www.occ.treas.gov/index.htm
  
  Please send this information overnight or with return receipt requested and include copies (NOT ORIGINALS) of all your paperwork.
  
  Your story, and the others on this blog, are breaking my heart.
  
  Let me know what happens.

•  
  106

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From CMONGE via EMAIL:
  
  wells fargo is unable to adjust terms of our mortgage....we completed all paper work properly ...paid modified loan payment for three months on time...they recommand short sale or transfer ownership of our home to wells fargo...we have paid 60,000 dollars on adjustable mortgage for the last six year and have never missed a payment..we had asked help on our mortgage because of health reasons..we do not know if we can continue our old mortgage or if we no longer qualify for our old payments... who can help

•  
  107

  Ilyce Glink

  11/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @CMonge:
  
  You need to send a detailed timeline of what has happened to you along with copies of all paperwork to:
  
  Mr. Richard M. Kovacevich, Chairman
  Wells Fargo & Company
  420 Montgomery Street
  San Francisco, CA 94104
  United States - Map
  Phone: 866-249-3302
  Fax: 651-450-4033
  Web Site: http://www.wellsfargo.com
  
  Also, send copies of the letter to:
  Mr. Mark C. Oman, Sr. Exec. VP of Home & Consumer Fin.
  and the OCC, which regulates Wells Fargo. (See #105 for the OCC's address)
  
  Be clear and concise. Overnight it (for delivery on Monday) and be sure to be polite and include all of your contact information and loan number.
  
  Good luck and let me know what happens.

•  
  108

  cramos101

  12/01/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  It took 8-9 months for my loan modification to go through with WellsFargo. It was a nightmare and it has destroyed my credit, my home was almost foreclosed and now that my loan modification went through the amount that they told me my loan would be apparently isn't correct according to the Escrow Department with WellsFargo. They say I am short and it will go up significantly which puts me back in the same boat I was in before I asked for a loan modification. WellsFargo is a terrible, horrible and unprofessional company. I have never seen anything like this before in my life. They say they want to help First Time Homeowners to purchase a home but it seems as if they are making more money by Foreclosing on your home. I am going to have to sell by home because WellsFargo are trully incompetent and a unethical company. Please warn people not to finance under WellsFargo. You will loose your home with them.
  
  Cynthia

•  
  109

  heather225

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am too lost and don't know where to turn in the loan mod. hell!!! My loan is Fannie Mae owned and our servicer is Indy Mac...horrible. Endless phone calls, notarized letters, faxes, updated financials...have gotten us nowhere. Ignorant, rude cust. serv. reps that refuse to put you on the phone with someone who actually knows what they are taking about...or does such a person exist?! As of yesterday I was told...don't bother...because you will fail the NPV again. Don't know where to turn...they have started foreclosure proceedings on our home during the 5 month HAMP review. Our mortgage payment is 3900/mo and we are underwater. We fit all the qualifications... there is no way the bank will profit from foreclosure...we can afford a modified payment...our gross monthly is 7200/mo. I will take any guidance...anyone else have a Fannie Mae backed loan with the same issue? We are considering hiring an attorney...don't know where else to turn?!

•  
  110

  itten94

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Update to Post # 53 -
  
  Now that our file is in the inactive bankruptcy department, I spoke with someone there today who actually offered a 3 month trial mod. I also received a phone call last week from the executive resolution group at Chase, but she has not returned my call. The payment amount was $1890, now with the 3 month trial mod $1598 based solely on gross income, not expenses which he said is calculated during the actual review process for a final mod.
  
  I have been dealing with this since March, 2009 and this is the first person at Chase that has offered anything.
  
  My question is, do I proceed down this road with Chase struggling to even make this $1598 payment? Is it just an avenue for them to get 3 months of payments from us, and then say we don't qualify for a mod? Or should I proceed with working with NACA, which is what I have started to do, but Chase doesn't know that yet. I don't trust Chase and need some serious advise.
  
  Thank you
  Kathy

•  
  111

  heather225

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I, too, am lost and also in loan mod hell! Endless phonecalls, notarized letters, faxes etc have gotten us nowhere. Our loan is Fannie Mae securitized and serviced by Indy Mac. My latest phonecall has resulted in me being told not to bother...because the mod. will be denied again due to the NPV...I hadn't known it had already failed due to the NPV. I don't think the ignorant, rude cust. serv. rep. even knew what the NPV meant. We have been told that foreclosure proceedings began in Oct. when we were still in review for HAMP...little did we know. There is no way it is more valuable for the bank to foreclose on our home...our payments are 3900/mo and we are underwater...our income is suffucient to make modified payments at 7200/mo. Inconsistent answers, re-review, calls to HOPE...get us no answers. HOPE connected us with HUD counselors who tell me they are so busy no one is available to speak to. I wouldn't continue to pursue this tirelessly unless I believed that we really should qualify for HAMP. If anyone is in a similar situation with Fannie Mae as their mortgage owner...any guidance would be appreciated. I'm not about to give up on a home that we paid for 9 years...never late...and only defaulted this past July, after trying to get help from IndyMac for 7 months!!! Any and all suggestions welcome. I will contact anyone that might be of some assistance...we're trying to avoid a lawyer...but I'm starting to think that the laws are not being adhered to as they should!

•  
  112

  Ilyce Glink

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @cramos101:
  
  You need to immediately contact the CEO of Wells Fargo and overnight him a succinct letter with your story. Here's a link to a post I just put up with the CEO names and HQ addresses for CHASE, WELLS FARGO and BANK OF AMERICA.
  
  Loan Modification Hell: How To Find Your Mortgage Lender Or Bank CEO.

•  
  113

  Ilyce Glink

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @itten94:
  
  Kathy: Did you get the offer because NACA is involved? NACA says it has a high closing rate on loan modifications, but it's hard to quantify their numbers.
  
  I'd work both sides of the aisle for a little while and see if you can get Chase to be a little more reasonable. Be sure to contact the Chase CEO at this link.
  
  And, let me know what happens.

•  
  114

  Ilyce Glink

  12/02/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @heather225:
  
  First, you have to know there AREN'T ANY LAWS. All of these loan modification programs are voluntary.
  
  Yes, Obama's team took the big mortgage lenders to the woodshed last week for not doing more, but THEY AREN'T BREAKING ANY LAWS THAT I KNOW OF.
  
  It's absolutely insane.
  
  What can you do? Who took over your loan when IndyMac bank when out of business? You need to contact the CEO and let him know what's happening.
  
  You might also want to send Shiela Bair at the FDIC a little love letter as well.

•  
  115

  heather225

  12/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  When IndyMac went out of business, One West Bank took over as our servicer...just as bad. The question is...when your loan is securitized by FannieMae, who are you ultimately dealing with...One West or FannieMae?! I also put another phone call in yesterday and ,of course, spoke to cust. service...who told me we were never actually denied yet and recommended that I send all the info. AGAIN!!! So, we've been told we were denied on 9/18, not denied yet on 11/1, then denied on 11/2 and then not denied yet yesterday. Each rep. is supposedly reading the same screen...I just don't get it!!!

•  
  116

  Ilyce Glink

  12/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @heather225
  
  You're supposed to be working with One West Bank, but it sounds as though their software isn't working and their people aren't well-trained.
  
  I wish I had some more answers. But sense is that no one really know what is happening here.

•  
  117

  Ilyce Glink

  12/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Heather225:
  
  One West Bank is regulated by the Office of Thrift Supervision (OTS) which is a part of the Treasury Dept. Here's how to contact them:
  
  Office Of Thrift Supervision
  John E. Bowman, Acting Director
  Anita C. Tyndall, Acting Ombudsman
  1700 G Street, NW
  Washington, DC 20552
  Phone (202) 906-6000
  OTS.gov
  
  The OTS regulates lenders that are state-regulated, not nationally-chartered.

•  
  118

  dexter999

  12/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Thank you for providing this forum. I began my loan modification process in November of 2008, now over a year ago, and have taken over 15 pages of notes detailing each call and how the process has changed over and over. My intent is to type it all up in to a blog and have the link available for reference. Good advice here to contact the CEO and cc the regulatory agencies as well.
  
  Actually I began this process by contacting the CEO of Chase back in January of 2009, and quickly I was assigned a rep from the Executive Resolution group. She was helpful in getting an analyst assigned to my case, but once that was done she stepped out of the picture and it was up to the analyst who was so overwhelmed that I never got any updates after that. Also, none of the other customer service reps would help because they said only the analyst could help me - but that was a dead end. Ultimately the analyst did offer me a 3 month trial loan mod that I continued to pay for 6 months because nobody at Chase had any different news to offer except "just keep making the trial payments until we get back to you". During that period Chase changed their process again and said that the analyst as the single point of contact was ending, so my "relationship" with my analyst was severed, and anyone would be able to help after that. Unfortunately, nobody has been able to help and their processes have changed again and I am enrolled in to another trial period now, with no end in sight.
  
  So here after 1 year of stress and anguish I am dealing with horrible credit damage and a low credit rating and maxed out credit cards and no savings. At this point it is really making sense to just declare bankrupty and take the credit damage for 5-10 years. In that time I could reduce payments and actually save money rather than riding this hamster wheel.
  
  Instead of hiring a lawyer, I am considering hiring a financial analyst to help me build a few alternate scenarios and see where I would be in 5 or 10 years if I go through with foreclosure or bankruptcy.
  
  Good luck to all and I still am hoping to see some success stories here!

•  
  119

  Jewdy

  12/03/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Yes I am in mod hell with Bank of America. I really really thought it was just me. I started asking for a loan modification in March 2009. Anyway, I was offered a trial modification in July for 3 months. It was great terms and I was told the loan would be converted to a permanent modification at the end of that period if I payed on time for those 3 months. My hardship was my hours were reduced at work. I never ever had a late payment, and I was looking to reduce my payments so I would keep the house. Anyway when the 3 months were over, I received no communication or instruction as to what to do know. I called BofA, and asked for instruction. Basically they told me I owed all the money I saved during the trial mod period. I was shocked thinking they must not understand. But they did understand, so I paid the over $1100 I saved during the 3 months of the trial mod. I was then told by a supervisor not to make another payment until the end of Oct. because a permanent modification would be done by then and I might not need to make a payment until December 1st. He assured me he was notating my file and I would not get a late payment and they were not reporting to the credit bureau. Mind you I have only sent in a letter of hardship, 2 paystubs and a verbal expense list. They said that is all they needed. A new analyst was assigned to my file on Sept 8th. I called as instructed on October 20, and was told the analyst had not even looked at my file. They escalated by case twice with no contact from the analyst. I paid my full payment on October 30. I did mess up and sent in $20 less than the full amount. Mind you I was told such ridiculous things by supervisors etc. that my file was sent to Fannie Mae for approval. I find out later that is impossible as they have not asked me for the documents that Fannie May requires and I learned I did not have a Fannie Mae trial mod, it was a BofA trial forebearance ( someone said that is what BofA is doing and not participating in the HAMP program even though I have a Fannie Mae Loan at totally qualify). The analyst finally reviewed my account on November 13. I was told then not to make any more payments by a supervisor, I needed to be 60 days behind to qualify for the MHA. Then I was shocked to get a certified letter of default on November 23. Remember I was told they were not reporting to the credit bureau and I was in review. I was scared and made what I thought was full payment on November 25 over the phone with another supervisor. This Supervisor told me exactly how much to pay to bring my account current. I find out later, that I was charged two late payments, I was considered late for October and November and my credit was dinged even after I was told it was not being reported to the credit bureaus. I was told this many times they were not reporting. I made a full December payment today with all the late fees. Someone actually told me today that I should only be paying the reduced trial modification amount until they work something out with me. The analyst by email told one supervisor on Tuesday December 1, that I was "good to go" and to call back in 2 weeks. She stated that only the conversion of computer systems was holding things up. Yeah right. Regarding paying the reduced trial modification payments, I said are you crazy to the supervisor, if I don't get a permanent loan mod, I am going to owe all that money with late fees? I also learned today that I wasn't in the HAMP program at all. I know I am qualified so I asked why not, I was told they are reviewing my case to see which program to offer me. Anyway, in the end participating in trying to get a loan mod has cost me more money, and hurt my credit. I am getting advice that could have possibly cost me my house. The bank was very quick sending me a notice to default and I wasn't even a full 60 days late. Also the November payment I made with a Supervisor, wasn't credited the account correctly causing me to look like I didn't make a November payment. Frankly, I have 2 masters degrees, I am a Social Worker and navigate systems all the time, but I have never seen something that felt more like a con game than this. I have cried on the phone out of frustration. Sometimes the supervisors are very nice, I am not sure if they know this is a scam. I am not sure if my negotiator knows. Anyway, every time I call I get a new piece of information, I heard today from a representative that my negotiator gave herself until May 2010 to finish my loan mod. That would be over a year of trying. Can you imagine if I only paid the trial modification payments until then, accrued all those late payments and owed all that money that I would saved paying reduced payments. One representative in the imminent default department said, "we would work with you, we wouldn't hang you out to dry" if you didn't get the loan modification. After reading everything here, I would be in foreclosure before May 2010. Is ultimately that the goal of BoA??? I would like to know. Judy

•  
  120

  lindseyalee

  12/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We are in Modification Hell with CitiMortgage right now. We were approved for a Modification on May 4, 2009. We were told that all we needed to do was wait for our loan packet to arrive and a phone call from Citi with our modification offer. Seemed perfect, our hopes were high...how wrong we were. After almost 3 months of calling Citi everyday, we finally got our offer over the phone on July 28, 2009. We were to make 3 modified payments of $1361 while they finished our paperwork and, if we did this, they would permanently modify our loan. Well, we made our three payments on time. Collection calls started because we weren't making the full payments. We explained that we were on a modification program. The collections people could see that in the computer, but since it was automated, there was nothing they could do. We have been getting collections calls everyday for 4 months now, sometimes 10 calls a day (we have the call logs to show it). After we made our third "on time modified payment" we called to inquire about making it permanent. We were quite shocked to find out that "a mistake was made by Citi, and the accept box was never clicked in the system" so our modification was never processed. This was contrary to the 30 calls we have made verifying our modification was in progress (we have dates, names, and ID numbers of each call). At one point, they even told us to watch the mail for a packet from the US Treasury. So, to make matters even worse, Citi informs us that we have to start all over with the modification process. Our new "trial period" will start on Jan 1, 2010. We also just found out that all the trial payments we have made we considered "partial payments" and they have been racking up late fees and penalties. We have also begun to get notices of foreclosure. AND, if we make it through the next trial period, all the late fees and penalties will be rolled into the new loan! HOW CAN CITI DO THIS??? They made the "mistake" How come we have to pay for it? When my call was elevated to a supervisor. The supervisor told me that there was nothing he could do and that if i didn't like the program, he would drop us from it and they would foreclose on our home, since now we are behind from all our "partial payments." Can someone please tell me what to do now? This seems like a scam. They approve us, we do what is required, they make a mistake, and we just have to take it.
  
  Oh, I almost forgot. Since we are now considered behind on our mortgage, because the past 4 months payments weren't counted as modification payments, Citi has refused to release our Escrow money for our property taxes! As of December 1st we are behind on our property taxes too because Citi is holding our money. This is a nightmare.
  
  If there is a lawyer that can help us with a lawsuit against CitiMortgage, please contact us: lindseyl1225@yahoo.com. We have every contact noted, names and ID numbers of every person we talked to, and a video recording of the conversation with the supervisior.

•  
  121

  Jewdy

  12/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Lindsey,
  I am so sorry to hear what happened to your family. I had a sinking feeling that was the path Bank of America was leading me too. They say all collections would stop on the email sent to me, yet I received a notice to default. I was told to stop paying my payments to qualify and sometimes told by others in the loss and mitigation department to continue paying the trial modification amount even though that period had expired. After getting the notice to default and late payments I thought to myself I am taking over this process and not listening to anyone except my intuition. Anyway, yesterday I went into a branch to try and correct an incorrect postings BoA had of a mortgage payment which resulted in two late payments $178 that I need for my family. Anyway a bank employee connected me to the first mortgage department and it appeared that they have some power there. I told the helpful person what happened and what I was being told by the loss and mitigation department, and she is actually working on getting the late payments reversed. I don't know if she can, but it seemed that she had a lot of access and it was more of a direct route than speaking to the under trained people in loss in mitigation. I will let you know if it works, but I do think there are other departments in the bank that might be more professional and the branches know the inside numbers. The person I spoke to actually called back after our line dropped. I was amazed! Anyway worth a try, the loss and mitigation departments at these banks are either very corrupt or just have no power at all. Good luck!

•  
  122

  itten94

  12/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Update to Post # 110 -
  
  Chase has no idea I am talking to NACA. After some more research, I am holding off on NACA because once you start with them Chase won't talk to you.
  
  I sent an email complaint to the OCC a month ago and received a nice letter from Ms. Price in the Executive Resolution Department. A letter now I consider to be priceless. To no avail for over a week attempting to contact her. NOTHING!! After leaving 4 messages in one day Karen Holland called and said Ms. Price will call you today she is handling a crisis. Okay, but hello, what about my crisis! But no phone call ever came.
  
  After your reply to me I have also emailed the CEO at Chase. Next week formal overnighted letters will go to the CEO and OCC, with some cc emails to the media. I have already sent many emails online to different media avenues.
  
  But here is the best story I have come across in my research. Jeana Keough a former Real Housewife of Orange County has publicly announced her wonderful loan modification issued by WASHINGTON MUTUAL AND CHASE!!! On a 6.5 MILLION DOLLAR HOUSE THAT IS ONLY WORTH 5 MILLION!!!!!
  
  Can we please take this to a media level?? So the rich keep getting pampered as Ms. Keough has so many wonderful thank you spots for all the people that have helped her in her struggles. I know sell all your Gucci bags on ebay and start to live like the rest of us!
  
  I think I would like to go and personally throw up all over Jamie Dimon's desk.
  
  HOW CAN WE START A CLASS ACTION LAWSUIT AGAINST THESE IDIOTS!!
  
  Ms. Glink this blog site is wonderful, but how do we take it to the next level. I would be more than happy to go to DC and sit in a senate hearing about the outrage that has occurred.
  
  Maybe the government instead of giving Wall Street bail out money, should have done it in incremental trial period payments, with a promise of a permanent one, but then make a mistake in the computer and ooopps, you'll have to start all over, sorry Chase! Can you fax those documents again? I'm sorry we lost your p&l for the last three years. We'll be sure to send your file to escalation once we get those docs!
  
  I mean really, it is all a scam.
  
  Kathy

•  
  123

  Christinadrpm

  12/05/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  This is an answer to Ilyce Glink's suggestion to write to the CEOs of the banks.
  I have been in modification hell with WAMU and JP Morgan Chase since Sept. 2008, when due to my sudden permanent disability (in Feb. 2008) we started falling behind.
  We used a modification company for the first 6 months, without any luck, our home had been bought for $2.2 million. In May 2009 I took over from the modification company(they had not been able to get any results or answers from Chase). Chase lost our documents numerous times, the second mortgage (which was also owned by Chase) put us on a verbal pretend trial payment plan(we found out after 6 payments that the Chase employees were lying and it was their collection? department that was calling each month to just collect past due payments , although at several occasions I had asked them for documentation for the trial payment plan on second , they and the heads of the department claimed that they never provided it for the second mortgages, later I found our that the collection department was just sitting on the modification documents and had not even forwarded it to the modification department while the foreclosure process was moving forward, despite our payments.
  We received trial payment plan on the first mortgage which included the escrow, the payments was over $8500 a month(our original payments were at $7800). We finished the trial period successfully only to hear from Chase that the trial plan was unsuccessful???(I have signed documentations that the cashiers checks were received by Chase 10 days prior to each due date).
  Meanwhile , I finally received the long awaited disability payment for the prior year that my private disability income company was unreasonably holding on to.
  At this point because of failure of my medical practice and personal guarantees on business loans I had no option but to file for Bankruptcy, I had several months ahead of the time informed Chase about the bankruptcy date in Sept. and they had assured me that the modification would be finalized well ahead of the date. Finally in Sept. 2009 and just one week before the bankruptcy and over 60 days after having successfully finished the three trial payments ,I heard our modification request had been denied based on our credit report and that we had insufficient income(however they later admitted that they had entered the wrong numbers for our income, the numbers were half of the income numbers that I had sent out to them).
  Just before bankruptcy I tried to speak to someone at loss mitigation to try and bring the mortgages current , all that I asked for was a change in the rate to a 30 year fixed rate and I would pay all the delayed amounts(I had received the delayed disability payments). The loss mitigation lady denied my request and said I had to refinance when I had equity and good credit in a few years(I was filing for BK and our mortgage was under water and my down payment of over $250,000 was all gone due to the housing crash).
  To make a long story short, we filed for BK(due to all the business debt that we had no way of repaying ).
  I started writing to Jamie Dimon(Chase CEO) , and the CEO of the lending at Chase(David. B Lowman). I e-mailed, faxed and sent certified letters asking them to give us the terms of a finalized mod. so we could reaffirm the loan (our rates on the first and second could go up to 13% and 23%) each if we just reaffirmed the loan without change of terms.
  They refused to acknowledge the letters although I had mentioned the managers(with name and details) that had put me on the fake trail plan on the second and everything else that happened.
  The Ceo's secretary assigned my case to executive resolution department that had no authority, finally after not hearing back from the lender we suggested to buy back the house(with the help of a cash down payment of $500,000 paid by my parents and and grandmother and a $1,000,000reduced loan at a fixed low 30 year payment which would bring the loan to $1,500,000 instead of 1,900,000) .According to chase valuation the sale of house could bring them possibly $1400,00-$1,500,000 after all the costs, and only if the high end market would not go down further in value(not very likely, because there is no help for the more expensive houses).
  Chase told us they would not consider any proposals and they also are removing the automatic stay the day before Christmas eve.
  I'm just exhausted and can not fight anymore for a house that has lost so much in value(although we never even wanted principal reduction initially and just had asked for a modification).
  Another high end house on our block (2 houses up from my house)has gone into foreclosure and has been sitting on the market for over 160 days on the market with no offers although the bank has cut the price by over 30%.
  What I'm saying is that I do not think there is any help out there, the CEOs are part of this mess and well aware of it , the trial payment plans are to collect taxes and insurance while the banks continue to foreclose, why put yourself in this tremendously stressful position, just walk away , I certainly intend to do that in two weeks and will rent a house comparable to mine for half of the mortgage payment.
  The banks and insurance companies run this country, no matter who our president is. This should be obvious by now and whatever the bank does has no real consequence to them, I'm sure if the actual investor of mortgage note would have been informed they would have taken the deal offered by me.
  The real loosers in this game are the home owners and the investors, but not the banks.
  Have I known what I know now , I would have walked out the day my disability began and not wasted so much time under such tremendous amount of stress not knowing if I would have shelter the next month.
  Good luck to all of You
  Christina P. MD

•  
  124

  itten94

  12/06/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I must say I have to agree with Christina P. MD.
  
  I have spent this year in hell and uncertainity. Is it worth it? From where I sit today, the answer is clearly NO! I read these stories and stories on other sites and it makes you realize the banks are not going to help you. Stop believing they will, it just becomes an internal insanity. I have spent god knows how many hours researching, calling, faxing, overnighting and stressing. For what?! I certainly am not living my life or enjoying one moment of it. As I am sure this is the case with most everyone in this situation.
  
  Actually now thinking about downsizing to a mobile home and letting the bank have the house. Already have claimed BK so they can't come after me for anything.
  
  Maybe a simplier life is not such a bad thing.
  
  The only thing that gives me joy is to hope that their is a really special place for Greed in another life. I won't get to see it, but these people will suffer for what they have done.
  
  Good luck to all!

•  
  125

  kgeorgi121

  12/07/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am also in Loan Modification Hell! I consolidated all of my debt into one mortgage through Lend America. The beginning stages went very smoothly, and we went to closing on November 12, 2009. Since then I've been waiting....waiting fort them to cut any checks! Now it is Dec. 7th and we still haven't received anything. Of course, the entire company Ideal Mortgages was put out of business by the FHA on December 1st, and so it has been unbelievably frustrating trying to find out what is going on. We have been assured that they will eventually pay off our loan...they just don't know when. This is all happening right before the holidays, and I worry that they are going to want us to pay for a mortgage that they have not paid out on. I've researched Lenders Liability and know that they are currently in breach of contract because they did not pay us one cent, so therefore the loan did not actually happen. Does anyone have any advice as to what action to take about this situation. I am hoping that it will be resolved, but I am thinking I may need to seek legal council.

•  
  126

  cherold598

  12/07/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ditto to most of the above comments. I have been in loan
  modification hell since May 13,2009. I also started a blog and
  signed a petition to Congress to help American homeowners
  with the loan modification crisis. Here is the link to sign the
  petition:
  http://www.stumbleupon.com/su/7xNigU/www.petition2congre
  ss.com/2/2564/go/769233/
  Link to my blog:
  http://nacamortgagehelp.blogspot.com/

•  
  127

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Andrew via EMAIL:
  
  Dear Ilyce,
  
  Your articles are very helpful. If you would like feedback on the current process: I was just denied a HAMP Mod by Chase based on NPV being negative, and denied a Chase internal Mod based on Housing Ratio too low.
  
  They said I can afford a 40% payment based on income, yet my hardship is medical expenses for my disabled daughter (8yrs), but that didn't count.
  
  Worse yet, I now have to go to collections where my payments inc repayment may be 50% plus of income!
  
  This is the trap for people who have a hardship - the banks are not really interested in the situation, only if they can make money!
  
  My "Trial" payment is $3,300 vs current mortgage of $4,150, but now I will have to pay close to $5,000 for a period of time!
  
  Even though I pointed out that we have had to suspend some treatments & therapies for my developmentally disabled daughter; as we cannot afford them, and will certainly not be able to afford them in the future....That does not matter.
  
  This is not HOPE; it is slow torture!
  
  This just happened, so I thought you may like some 'Facts' about the true failure of this program, and potential huge increase in Foreclosures, as I know we are not alone!

•  
  128

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Andrew:
  
  I am so sorry to hear about what has happened to you. I wish I had some advice other than to tell you to re-apply to chase, although I'm not sure this will do any good. Is there any chance you could refinance with an FHA loan? Or, are you more than 125 percent LTV?
  
  Let me know what happens.

•  
  129

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Wayne, via email
  
  My understanding is that hard data exists of how many permenant mods have been issued versus the number of mods in some sort of whacked out trial period. I have read that the number of permemant mods nationwide that have been issued is 1200. No idea if that is accurate but I would believe it.
  
  I would believe that number based on my personal experience as well as being in the trenches helping others (I am in the real estate business).
  
  If these figures are even close to the truth, then this whole effort is a giant ponzi scheme in itself.
  If you could brake a story like this you would become a superstar to the media overnight as well as help a great number of people.
  
  Please feel free to email or call me with questions.
  
  Wayne Robinson, ForeclosureU.com

•  
  130

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Wayne:
  
  I do believe the true number of permanent mods is 1200. I have seen that number in several places. I do talk about this all the time. As for "breaking" this sort of story and becoming a "superstar", I think the story is already out there. If you follow this blog, you know that I respect what the big lenders are trying to do, I simply believe that the HAMP program is a failure.
  
  What is it you are proposing?

•  
  131

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Wayne, via EMAIL:
  
  I don't think I was proposing anything, but give me some time to think of something and maybe I will .
  
  I cannot say I agree with you on respecting the banks efforts. Their models relative to loan mods are regressing toward strict loss mitigation and risk analysis ways of old. As I believe you mentioned in one of your blogs regarding the application of NPV matrices as well as other magic formulas they are applying.
  
  The fatal flaw in HAMP was the lack of accountability. We have already learned ever so clearly that hoping banks adhere to implied responsibility principles will fail every time. They will determine what they believe is in their best interest and implement models to execute those interests.
  
  After learning of the "1200 figure" and coupling that with what I know is going on in the industry, my opinion of the
  banks, (relative to loan mods) has been turned upside down.
  
  Pre-last week I was under the belief that banks were aggressively moving forward locking in as many loan mods
  as possible. I thought that there was definitive understanding that they would lose less with this approach. I believed that HAMP was playing the smallest role in their strategy.
  
  The first hurdle, in my opinion, was when S.896 was signed into law in May of this year. This gave lenders the freedom
  they needed to disregard "pooling and servicing" contracts being held by the actual investors that once precluded loan
  modifications without written approval.
  
  The second was the change in Mark to Market (about the same time) which now allows banks to keep old asset values on their balance sheets. I thought this was a clincher for loan mods as they could maintain strong balance sheets while maintaining an income stream from those assets.
  
  After learning about the 1200 number I think all these well thought out theories are garbage. The banks have initiated
  models that we do not know about but that they believe are less risky than loan mods.
  
  We will see.

•  
  132

  Ilyce Glink

  12/08/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Wayne:
  
  
  I agree with you that a big flaw in HAMP was the lack of accountability. But, it was also the government's decision NOT to force banks to comply as a term of receiving TARP funds. So, they haven't. It isn't really a big surprise.
  
  Thanks for your comments.

•  
  133

  heather225

  12/09/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Correct me if I'm wrong, but if your loan is owned by FannieMae, your servicer must participate in HAMP and evaluate you based on FannieMae's guidelines? IndyMac is passing the buck to FannieMae when it comes to our mod. review that has been taking almost 8 months. They tell me that they get monthly updates from FannieMae and will read them to me saying things like..."according to this month's update, you won't qualify based on the value of your home." What does that mean...next month I might?! There is no end...we are never approved or denied...it is in perpetual review! I need help with the NPV term...my extensive research on the topic has gotten me no answers. Basically, if there is no way to calculate your own and the bank won't give you a straight answer about it...how do you really know? So my question is...if you have enough income to make a modified payment...you are underwater with no equity...your LTV is not more than 125%...are you more likely to be + or -. Isn't it more beneficial to the bank to modify than to foreclose in that situation? Help, please!

•  
  134

  itten94

  12/09/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I believe what Wayne is saying about bringing this horror with the banks to the media lime-light, is all of us that suffer know about it, the money related news stations know about it and so does the government. However, I have never turned on the news, local or national and seen the headline, "Government Bailout for Homeowners has Failed". I don't turn on NBC Nightly News and hear a 4 minute story about these very real figures 1,200 completed permanent mods. I don't see the everyday person being interviewed. I also don't see any stories of the banks lies and deceptions being focused on in the main media. It is wonderful we have these blog sites to complain to each other and share ideas, but that doesn't change the outside perception to America of what is happening.
  
  The stories that we have to share need to be shared more publicly to the people that can make a change. I applaud NACA, shutting down Fannie Mae for entire work day by protesting out front, dropping furniture on the lawn in the front the building to make their point. Picketing at the CEO's houses embarassing them publicly. If all of us rallied, marched, protesting and did more than blog, we would see results. I have sent emails to at least 10 different media sources, emailed various politicans and have sent complaints to the OCC.
  
  I want to find a attorney that would take on a class action lawsuit of any of the big banks, although I prefer Chase since they are my personal demon. All you have to do is go to these banks websites see the promises they make of how they help families and then have all these same families they haven't helped, actually instead have nailed to the cross in the name of the banks greed, take their volumes of paperwork into Federal court for a judge to decide.
  
  I believe possibly that is what Wayne means.
  
  Kathy

•  
  135

  nbj914

  12/09/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Kathy:
  
  Today's news brings word that just 10,000 loans were officially turned from temporary to permanent status. I don't know what green shoots Washington is smoking, but I have a hard time believing 350,000 loans will be turned from temporary to permanent status any time soon.
  
  I do know that key executives from the big box lenders are reading this website. They know what is happening. They also know that the Treasury Dept is encouraging writers like me to tell borrowers to send emails to the CEOs of these companies. It is not going unnoticed.
  
  But you're right. More needs to happen. And, soon.
  
  Thanks for your comment.

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  136

  nbj914

  12/09/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Lori via email:
  
  I have stumbled on this site and couldn't belive how many people are out there with the same problem we are facing! We started this last feb. and now we are on our 3rd company trying to get this down!!! first with flagstar bank they were the servicer for the loan they where so overwhelmed with people trying to do modifications they sent us in may to sterling home retention center this company was working with flagstar to try and reduce the overflow is what we had been told we made a payment in june, july and was told our paperwork would be sent out to finalize and then we would start regular payments on aug 1st we waited for just over a week for the paperwork that was to be sent fedex and nothing came, when I contacted sterling to talk to the man we had been working with I was told he no longer worked for the company and now we would have to work with yet another person. When I spoke to this new person she said that she would be working on our case and was checking into what was left
  un-done many phone calls and emails later I was told that there was a problem with the title and that was the hold up this went on until the middle of september. Then I was contacted and told by someone at flagstar that our loan had been sold to another servicer starting in october we would be with nationstar! The woman that was working with us from sterling said not to worry they were trying to put a rush on this and hopefully this would all go through before the loan transferred we where. She had told me verbally that our house payment would go down from 1700.00 to 936.00 and our interest rate would drop from 6.7 to 2.78 for the first year, 3.78 the 2nd yr and finally would lock in at 4.78 the 3rd and that is where it would stay for the life of the loan needless to say we couldn't belive it, she told us that everything would be sent off to nationstar and they should step in and finish the modification with fannie mae,this is not what happend!!!! I have now had to once again
  start
  all over with the modification all the paperwork that needed to be sent and we are now being told that our modification that they had set up had never been booked with fannie mae (whatever that means) and what they had to offer was not as good. interest rate for 5yrs at 3.75 and 6th yr would go up to 4.75 and would lock in. Now dont get me wrong that is fine and still is a big drop in what we had but the problem now is the paperwork is being sent this week for us to sign and my husband has been laid off and I am the only one getting a paycheck beside his unemployment and we had been told that if he got laid off we would not be eligible for a modification, now that had been told to us back in march when this was still with flagstar and we are afraid to tell nationstar that he has been laid off because of voiding our modification and in turn loosing our home this has been a nightmare since from the start and now it looks to be getting worse!

•  
  137

  tryder2

  12/10/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have decided to have one more Christmas in my home, surrounded by my friends and family. After the first of the year, I am putting my house up for sale. I will be lucky if I can even shortsale it (I live in Arizona). If I can't sell it, the bank can have it. If I can't sell my car, they can have that too. I will kiss my credit score of 800 goodbye.
  
  It is stressful enough being unemployed, fighting for my benefits (I won), trying to sell my "stuff" on Craigslist to make ends meet, no health insurance, accepting money from friends and family, finding out if I go back to school, I will lose my unemployment. I had the same career for thirty years, WHAT was I thinking?? Etc, etc, etc.
  
  I am fortunate that my children are grown and out of the house and I will have some place to go. I've also learned from all of this to swallow my pride and accept help from others. I'm with itten94 (124), maybe a simplier life is not such a bad thing.
  
  I sincerely wish all of you the best of luck, it's scary out there. I just don't have the stomach for it anymore.

•  
  138

  Ilyce Glink

  12/10/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From KATHY VIA EMAIL:
  
  This is an update to Comment #74:
  
  I wrote to the attorney gereral's office of indiana and just received this letter. The division has reviewed my complaint and an investigation is pending. We have to cooperate with their attorneys and investigators. At the conclusion of their investigation i will receive a disposition letter indicating what action will be taken. It also states that our remedies may not be limited to division actions. A private attorney may obtain remedies for us beyond the divisions's legislated authority. Hopefully I am on the right track to saving my home. I encourage everyone in this same mess to contact their states attorney generals office. thank you

•  
  139

  colammy

  12/10/09 | Report as spam

  Yes - With Wells Fargo

  I have read several articles about the limited number of
  HAMP modifications that are being processed through the
  banks. I have also read the bank's responses saying that
  borrows are not turning in the required paperwork or
  making their trial payments on time.
  
  My husband's salary was reduced in January'09. We
  contacted Wells Fargo and immediately applied for a loan
  modification, sent in a hardship letter, a financial
  worksheet and paystubs. In March when HAMP came out,
  and we had still not any news, we contacted Wells Fargo
  and told them we wanted to be considered for the HAMP
  program as well - sent additional W2's, paystubs, hardship,
  etc... It took nine months, and us missing two payments
  before Wells Fargo would hear our cry for help. They finally
  put us on a three month trial plan in Oct, but with no
  promises of a long term solution. (We just made our last
  payment, so we are anxiously waiting to see what they will
  decide.) However, the program they finally approved us
  for, was not the HAMP program, it was an "in house
  modification", even though we met all the guidelines for the
  HAMP program. INTERESTING: we were told that "our
  investor" was not participating in the HAMP program. We
  later found out, that our investor is Wells Fargo. (WF tried
  to keep us in the dark and use an excuse that our investor
  isn't participating.)
  
  Wells Fargo has also reported us to the credit bureaus as 30
  days late for every trial payment we have made. We have
  been told that this is because the trial is not permanent and
  the payments we are making are less than our regular loan
  amount. Also, despite our early warning and requests for
  help in January by June we missed our first payment, in
  August we missed our second payment. Being 60 days
  behind, plus the three months of being reported 30 days late
  for our trial payments has made my husbands credit score
  drop by close to 200 point. (He originally had over 800+
  credit rating, now has a score in the low 600's.)
  
  We have been homeowners for 12 years, have had a perfect
  payment history in those 12 years until now. I don't know if
  Wells Fargo will ultimately decide to modify our loan, but I
  can tell you we have submitted and resubmitted all
  requested paperwork, called numerous times, made our
  trial payments on time and gave them early warning of our
  hardship. They have crushed our credit and have gone out
  of their way to be misleading (referring to the part about
  our investor not participating in the HAMP program; than
  later finding out that WF is the investor.)
  
  I am curious to see what WF will do with our loan in the
  next few weeks. I am still hoping they will reduce our
  payments and we can stay in our home, but either way our
  financial health has been profoundly damaged. We are
  upside down on our loan, and already have credit scores
  that reflect a severely irresponsible borrower. We will be
  unable to get another loan for many years to come. I guess
  you can say, the damage is done.

•  
  140

  jjust2jazzy@...

  12/11/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have formaly work for Wells Fargo and the are not concerned about the little people .I had a Mod done with countrywide before they turned to BOA . It was a long wait .But it got resolved after four months .It was Very costly it add closing cost up to 7,500 dollors . After paying extra for year the extra eatin up really fast. I'm greatful now Ican pay it with less strain . I will tell the people and LAW maker.Don't kill the Dream of home Owenership . The Good old american dream has become a nitemare .We need to get some law about the leanders time lines and someone to look at the way they are cleaning up their BAd leanding . we are Paying twice . Pay through taxes and Equilty in our home be Modified . I beleive some people will still lose in the Long term.

•  
  141

  underwateranddrowning

  12/14/09 | Report as spam

  HAMP

  I stumbled onto this blog while researching forclosures. My father has told us for months to let the house go, it wasn't worth keeping...I didn't really understand until I read the article "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis" by Brent T. White, law professor at University of Arizona - James E. Rogers College of Law. We are in the same predicament as 98% of your bloggers. Loans with Bank of America (formerly Countrywide), we've been working on HAMP since August 2009, we've made our 3 payments and some, and are still waiting. The biggest aggrivation is 1) they keep asking for the same paperwork over & over & over, and 2) they originally said we would be taken out of forclosure while in the trial period, however we had forclosure papers served early November. I called the law office representing Bank of America's to get some answers and they said we were still listed in forclosure status and only BA could remove us, so I called the Hope team. They transferred me several times until a nice gentleman put me on hold and called BA lawyers. He came back on to tell me we were in foreclosure, but there was a hold on it, well the Collins center (mediation group for FL), wasn't aware of the hold because they informed me yesturday that they would send the foreclosure back to the courts...horay! There is so much more, but now we are beginning to conclude that stratigic default might be more beneficial!! We purched in Aug. 2006 for $235K, now valued at approx. $175K, we owe $188K (not to mention $25K 2nd mortgage) and did I mention we are interest only for 7 more years, and oh yeah we are greatly behind on our mortgage thanks to the declining economy (we're self-employed) and a scam law firm that was going to "help us". We are young with 5 children, the house is old (1950) and has too many problems (great lot and area though), our credit is already damaged and we are fortunate to have great family nearby to help. I think we are going to take the professor's advice and get out...what do you think of the stratigic default?

•  
  142

  underwateranddrowning

  12/14/09 | Report as spam

  Bank of America's Joke??!!

  I went to my BA account to see if there were any updates, here's what I found:
  Documents ReceivedProcessing Date Workout Type Document Type
  12/04/2009 Modification TAX RETURN/FORM
  12/04/2009 Modification PAY STUB
  12/04/2009 Modification FAX COVER SHEET
  12/04/2009 Modification FAX COVER SHEET
  12/04/2009 Modification VERIFICATION OF EMPLOYMENT
  12/04/2009 Modification PAY STUB
  12/04/2009 Modification TAX RETURN/FORM
  
  The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience.
  
  Current Workout StatusOur records indicate that there is more than one workout plan associated with this account. Please select the "View Details" for each section below to expand the page. You may collapse individual sections by selecting the "Hide Details".
  Loan Modification Hide Details Workout Status Detail: Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 01/18/2010, please contact us. Please do not call back before 01/18/2010 as that may delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
  Information as of: 11/19/2009
  Workout stage: Approved
  Loan Modification Hide Details Workout Status Detail: Your request for assistance has been received and will be reviewed for potential Workout Assistance programs. Please be advised that all collections activities are continuing for your loan, as your loan has not yet been pre-qualified for a Workout Assistance program. We expect more information to be available on 12/22/2009. If your status remains unchanged after 12/22/2009, please call and speak to a customer service representative. Please do not call back before 12/22/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
  Information as of: 12/08/2009
  Workout stage: Referred
  
  If you notice, they did receive the paperwork I sent in on 12/02, I received a phone call just this Friday stating they needed the same documents asap because they had not been received. The next two paragraphs are dated November and December, and they totally contradict each other!! In November we were "Approved" and collections would stop, but in December we are "Referred" to the workout department and collections are continued...what kind of craziness is this????

•  
  143

  MD4739

  12/15/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  OMG reading these stories is my life for the past year! I started with Chase Home Finance LLC (which is just part of all the other Chase names you hear) - I started 9/08 - finally got approved - docs came - dates wrong - had to wait three more weeks to get corrected - sent signed notarized docs with May and June (09) payments as stated in modification agreement along with $300.00 check for the priviledge - now everyone is saying that they should not have charged me - they kept telling me - my copy of the docs would be coming, but they were "swamped" - just keep making my new payment on time - which I have done - I am now getting two to three collection calls a week-they are rude and try to get me to pay #17,000+/- in "past due" amounts and start the modification process over - they have (as per the modification agreement) already added the past due amount to the life of my loan - BUT I have no signed agreement by them!! I'm 61 and my Mom is helping me make the new payment because in November, 2008 - - I lost my job! There has to be some help for us, someone has to be able to help people keep their home from these vultures - they are telling me "if I don't cooperate and catch up the back amount" I could lose my home-THAT was the idea of the modification agreement!!! Someone has to be reading these posts that can help in some way or tell all of us what to do to get them to acknowledge what they have done and agreed to - you're not telling me all these different modifications have been "lost" Please someone step up and help.

•  
  144

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Collamy:
  
  Yes. The damage to your credit score is done. I'm wondering what creditors will do with a generation of people who all have severely damaged credit.
  
  What Wall Street doesn't seem to realize is that it is setting itself up for a big problem 3 to 5 years from now. The big box lenders will either have to come up with products that meet the needs of consumers with damaged credit, or do without.
  
  Good luck. Please let me know what happens.

•  
  145

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @jjust2jazzy
  
  I agree. Life has become nightmarish for anyone who is delinquent on their mortgage, in foreclosure, or trying to do a short sale.
  
  The process isn't working. The so-called pressure the President is putting on the big box lenders isn't working either.
  
  Is it just lip service? I mean, REALLY?

•  
  146

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @underwateranddrowning:
  
  Your story is horrific. I will send a note to my contact at BOA and ask him to look into it. Better - please send me an email with this information to ilyce@thinkglink.com along with your loan number and I will forward it to my contact at BOA.
  
  BOA is having a press conference this morning to discuss their loan modification program. I will be listening and will post as soon as I can - probably later this afternoon.
  
  Stay tuned.

•  
  147

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @MD4739:
  
  I have been using my contacts with Treasury and the big box lenders and pointing them toward this blog post. I know they are reading it. I just don't know if anyone has any answers yet.
  
  Honestly, I thought there would be more action. Perhaps we need some sort of mass movement to get the banks and WAshington DC moving.
  
  Perhaps everyone who is underwater with their mortgage should consider walking away from their home.
  
  A strategic default by 15 million Americans would certainly be a wake-up call to Washington and remind the Senators and Representatives who REALLY elected them (hint: it isn't the banking or real estate lobbyists).
  
  (Can you tell I'm a little frustrated by the inaction?)
  
  Thanks for sharing your story. Let me know what happens.

•  
  148

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Denise, via Email:
  
  Ilyce, I found your articles online, very snappy! I am a Realtor, selling homes for 20 years. I worked for some of our nations top home building companies for 15 of my 20 years real estate experience.
  What you mentioned about 21 percent unemployment rate, is interesting. Approximately 14 percent of our nations employment is tied into "home building." Currently, almost everyone I know that used to work for builders is unemployed or barely getting by. No wonder, that so many people are unemployed and nothing is looking up.
  
  My thoughts regarding "loan mods..." My mom always told me, "If it looks too good to be true, it's probably is." Funny, I speak to clients all the time who tried to "work" with their bank, can afford a reduced payment, but for some reason or another are denied a loan modification. I have even heard of people being promised a Mod, signing their Mod documents, and having the rug yanked out from under their feet.
  
  If you ever read thru some of the HAMP guidelines (which I'm sure you have) it would blow your mind. No bank I know has ever followed the rules. And, the telephone service centers... don't even get me started on "phone monkeys."
  
  There is a tremendous shortage of housing available for sale in my local selling area of Southern California. (A couple of the builders I worked for recently went BK, so I sell resale now.) I am perplexed that someone in Washington, could decide to dish out billions of dollars to banks (who got us into this mess) for loan mods, without first understanding the "big picture."
  
  Dorrr... how many people are not working? Gosh, banks got their bail out, where's the bail out for the home building industry?
  
  If 14 percent of people are "unemployed" that "used to work for builders," AND, there is a "shortage of homes for sale," why couldn't someone, somewhere, figure this out? We need to put the Home Building Industry back to work. Market is stable enough now, after all the "loan mod hell."
  
  In lieu of "rewarding" the greedy, unscrupulous banks, that got us into this mess, let's take off these rosy colored glasses and look at the reality, into our future.
  
  If billions were given to Home Builders or some very smart groups of people (lets say, me and my friends) who are capable of building, jobs would be started and people would be back to work. We need affordable housing for families across our nation, with strict limitations on the types of loans that these banks can generate... gosh... what a fast improvement we would see. We'd be moving forward at lightening speed to a full blown recovery.
  
  Problem is the banks. Always has been and always will be until regulations are put into place that prohibit their deceptions and money grubbing.
  
  For the record, a Wells Fargo rep told me recently, "We are Wells Fargo, and we don't have to follow any guidelines or do anything that other banks are doing."
  
  Wells Fargo... "servicer" for the investor... straight off the lips of a true expert... a phone money, telephone service center.

•  
  149

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Denise:
  
  Thanks for your thoughtful email. My problem is that what the CEOs, Presidents, and Senior Vice Presidents of the big box lenders are saying isn't translating down 15-20 levels to the customer (no?) service reps answering the phones.
  
  It's frightening that a Wells Fargo rep would tell you that. But it is a window into what is really going on (I think) at most of the big banks.
  
  Lip service?

•  
  150

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Heidi, via EMAIL:
  
  I applied for my modification with EMC/Chase in March 2009. I was told what to send in and sent it.
  
  I am an assistant teacher who used to be a mortgage underwriter.
  
  I am working on certification in teaching so took a huge paycut due to being laid off from mortgage industry after the downfall.
  
  I was told over 50 times that my loan was perfect and their were no problems, they were just waiting on the investor to figure the interest rate and term.
  
  I made 6 payments on the plan and when I did not make one the next month, I kept calling and calling and they asked me to send over bank statements to prove income at which I was not depositing all income due partly to income comes from a couple of different sources. T
  
  hey denied the modification and said they may or may not do the mod over. I may face foreclosure.
  
  They will not count my tenant's income of who lives with me which I count as part of my income. There has to be some type of legal recourse the borrowers that are having
  problems with these same type of issues.
  
  Can you give any suggestions of attorneys that can help?
  
  There has to be something we can do in order not to allow these mortgage companies not to get by with this.

•  
  151

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Heidi:
  
  I'm not in the business of recommending attorneys, but you should start by calling the Treasury Dept. and lodging a formal complaint.
  
  Go to my post, Loan Modification Hell - How To Find Your Mortgage Lender Or Bank CEO to get the numbers.
  
  Then, contact the state regulator for banks and mortgage lenders and file a formal complaint. Then, you can call the attorney general's office.
  
  I think what needs to happen is some sort of mass demonstration that shows the lenders and Washington just how mad you are. There won't be change unless Washington understands that votes are on the line.
  
  Remember, 2010 is an election year.

•  
  152

  mscheri

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Back in August my husband I a were current on our mortgage, our payments started out last September 2008 at 1400 per month and had gone up to 1550 a month by June. We were told we were 40$ short in our escrow account. Anyhow, due to the economy my husband who is self employed ran out of work and he was getting very little work on the books. We called CitiMortgage in August because we knew that our next payments would be really difficult and were hoping to qualify for the new government HAMP program. Our loan was 162,569.46. When they finally called us back, we still hadn't made a payment late, ever. The lady said that they could cut our payments down to $800 a month for four months and in November we would be able to rework our loan then. We were so excited. We paid every payment on time (stopped paying some CC's which stunk but we do what we have to).
  
  I started calling at the beginning of November and our case worker would not answer the phone or call us back. The week before thanksgiving I googled some topics related to this and found a different number. The guy was super nice and said not to worry he'd take on our case from then on. He also informed me that our house note was now 4 months behind and in danger of foreclosure. We had received notices but were told to ignore them. At first he said they had made a mistake and then he said that she put us behind on purpose. He called back and said they had reworked the loan it would be to us by the friday after thanksgiving and we had to get it in by that Monday or else we would have a down payment. I asked him if this was part of the HAMP program because I was under the impression it was and he said no, that they do not do FHA loans in the HAMP program. I was stunned because our payments were exactly the same as they were before. We never received the paperwork and so I started calling him and he didn't get back with me for over a week. When he finally did he said we would have a down payment because we didn't get the paper work back by that Monday. I explained how could we when you didn't send it. Any how, he said it'd be here the following week, this week. I received it today and I am so disappointed. I found out the $800 we had been sending in was never applied to the principle. The loan is now for 173,045.67. It has gone up over 10K!! They added $4656 for delinquent interest and 5819$ for escrows. Had we known in the beginning that this was going to happen we would have found another option.
  
  Is this the norm? I feel trapped in this and I guess we have to do it. Our 1550$ payments are now 1548$. Our interest rate is now 4.75 which is good because it was 6.87.
  
  This has only hurt us. I feel betrayed.

•  
  153

  Ilyce Glink

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @msheri:
  
  I understand your pain. What has happened to you is insane. And you're getting this treatment from Citi, which is owned in large measure by the U.S. Government.
  
  Please contact the OCC immediately to see if they can intervene on your behalf. I would suggest you also write a letter detailing who you spoke with and on what dates and what was promised to you and address it to the CEO of Citi. Copy the OCC on it. Send it overnight, return receipt requested.
  
  This is just insanity.
  
  Click on this post: Loan Modification Hell: How To Find Your Mortgage Lender Or Bank CEO for contact information.
  
  Let me know what happens. Good luck!

•  
  154

  MD4739

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  The more I read - the more horrifying it gets - BUT I worked on e-mails, etc today and decided I needed a break - was on facebook - guess what "ad" I saw off to the side? Chase is giving $25,000. to 100 charities!!!!!!!!!!! lol Wonder if that's where the $300 fee went I paid for the LM I don't seem to have now - here is the link: http://apps.facebook.com/chasecommunitygiving/home/about?_fb_fromhash=a50ebd350eec7e2862d29f1873a2685b - So everyone knows - this is what I've done: I have been keeping a log of every thing I do with Chase - I keep e-mailing the last two people I worked with - with read notify - they don't answer me, but I have proof I sent it and they read it; I wrote Congressman Bartlett and Senator Milulski; I sent an e-mail to Gov. O'Malley because he was having a TV "ask the governor" tonight-I told him the stories, gave him the sites and told him to check it out - I couldn't watch because we let our TV service go in June-it was just too expensive with me on unemployment; I filed a complaint with the BBB of Ohio; I posted on RipOff Report; today I reported to the OCC - and tomorrow I will research and do more - they may take me down, but not without some well placed kicks! So this may give some of you a start - as I come up with others I will post - perhaps if we bury them with e-mails, etc we may get someone's attention - there HAS to be someone out there in cyber land that can help us all - wouldn't that make for a Happy Holiday for all?

•  
  155

  Kbrian228

  12/16/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  
  
  Bank Of America in my case is simply evil
  
  Imagine, each one of us get 5 relatives, friends, and fellow church members to not do business with those evil banks.
  
  Hint : check out the Credit union And community bank
  
  This translates into 75 milions at least; we then would not need to beg those bought and paid for senators and others of their ilks to help us.
  
  Let us have long memory and not forget
  
  Let us take those parasites down even when they change their corporate names.
  
  Be Brave!

•  
  156

  auroranae

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Well- have been calling Chase since Monday and they keep saying the computer system is down. It was recommended that I go to a local Chase branch, but here in Maryland there aren't any. So a friend in Utah went to her local branch and got some info for me. Basically the manager said I should stop dealing with EMC and go directly to Chase for servicing of my loan. He spoke with his mortgage manager and neither one understands the loan mod agreement that I was sent by EMC either.
  I will continue to call Chase today - perhaps the computer system has been repaired.
  I have filed a complaint with the BBB against them and am working on a letter to send to the CEO of Chase and will cc it to the others that Ilyce has recommended. A letter covering 14 months of being lied to and jerked around and belittled is very difficult to write, especially as in hindsight I can see where I should have questioned the process more.
  I hope others who are just getting into this process will take heed of the warnings of those of us who have been dealing with this mess for over a year... and who are still no closer to the solution that was promised to us.

•  
  157

  Ilyce Glink

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Bill via EMAIL:
  
  I just spent some time reading thru a lot of the stories of people in Loan Mod Hell. this is totally unacceptable and I'm recommending that you fwd all of this directly to Obama, Geitner, and Congress. Who knows if it will actually get read or acted upon but it can't hurt and coming from you vs individuals might make the diff.

•  
  158

  Ilyce Glink

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Bill:
  
  Thanks for the vote of confidence. Believe it or not, I HAVE BEEN forwarding these emails to Treasury and pointing people in the blog's direction.
  
  I think everyone needs to start bombarding Treasury and FHFA with letters about how this system is failing.
  
  I know the government knows - I just don't know if they realize how much pain is out there.
  
  BTW: For those of you with CitiMortgages, Citi announced this morning that it would be suspending its foreclosure activity for 30 days, which will affect about 4,000 homeowners, according to published reports.

•  
  159

  Ilyce Glink

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Tammy Via EMAIL:
  
  I have been reading over some of the previous post and decided maybe finally I could get my word out.
  
  My husband and I contacted our mortgage company in December 2008 to see if we could possibly refinance our home due to lack of work and cut in hours from his employer. We gave them (IndyMac Bank) our information about monthly income and expenses and they said they would get back to us.
  
  Three months later after numerous calls they said we did not qualify but wait until after March 16, 2009 and the Obama, Hamp plan would be in effect and we could see if we qualified under this plan.
  
  Middle March came along and once again my husband and I called the bank and they told us to go to the Indy Mac website and fill out all the appropriate papers and fax them in. Feeling I was getting somewhere now I did as the bank representative asked. After another three months we were told we would have to redo the paperwork because Indy Mac Bank became Indy Mac Federal Bank (bail out bank) which is now One West Bank had all new paper work to be filled out for the Hamp program.
  
  Once again I filled out all the paperwork and faxed the copies needed. FINALLY, August, a fed ex package arrives and inside the envelope is a bunch of paperwork that is being requested and our three month trial period payment arrangements.
  
  Starting in September we were set up to make payments which was about half the normal mortgage payment and due the first of month September, October, November. I once again faxed all the documents the bank asked for and started making the trial period payments.
  
  Everyday two or three times a day beginning in October a person from their collections department would call us saying we owed such and such dollars. Granted when my husband and I first started this trial period payment plan we were only two weeks late on our house payment. Every month I would call and the loan representative would say we need such and such documents.
  
  I know I faxed their stupid IRS form to them three times. The first week in November I once again called the bank and the loan officer said, "We need you to fax the IRS tax form, your husband and your pay stubs for the last two weeks to update our file, last two months bank statements and a letter of award from Social Security to verify our sons SSI payments, even though a copy of his check was sent in every month".
  
  Aggravated I politely asked what I was supposed to do about December payment since it would be passed the three month trial period. He said,"Go ahead and make the same payment and when these documents arrive and looked over it would be a matter of days when the bank redoes your loan."
  
  December 1st, 2009 I call my trial period payment in and once again ask about our loan modification. I was told this time that as of November 16, 2009 all paper work was in and I needed to send in no other information, I verified this with him several times and he assured me that my husband and I should be hearing from the bank soon with our new loan information.
  
  Today, December 16, 2009. My husband called the bank and asked about our loan modification application this is what we were told. Sorry to say, your loan has been denied because you (us) didn't send in all the appropriate paperwork needed and we needed to send them an amount equal to almost six thousand dollars to cover the cost of late fees and the past four mortgage payments.
  
  I am furious and asking what paperwork was missing after I just spoke to someone two weeks back and assured me the bank had all they needed. She politely says, the award letter from Social Security was never faxed (which I have the conformation where it was). She then puts me on hold after I tell her that I sent this.
  
  After five minutes she comes back on to tell me her Supervisor, Stacy, who has no Ext. or phone number who I can personally speak with told her to inform me I can call back in five business days so she can see where my paperwork is or my best option would be to refile and try all over again.
  
  I am beyond furious now and tell the representative that first of all I am not at fault for not producing the correct paperwork and second of all I am not at fault for being almost six thousand dollars behind in my mortgage payments.
  
  I informed her that the bank she works for is the one to blame because I was only two weeks late when the bank told me to start making my trial period payments. Third of all if I had six thousand dollars do you think I would be trying to re modify my loan?
  
  Now the question is, what the heck am I supposed to do? I don't have six thousand dollars and I see myself getting the foreclosure papers in the mail before my five days are up to call the Supervisor, Stacy, back from IndyMac Bank now One West Bank. If anyone else is trying to re modify their home loans through this bank, one might just want to send them your home keys and file for bankruptcy.

•  
  160

  Ilyce Glink

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Tammy:
  
  Your story is just horrific. I can't believe how lousy all of these mortgage loan servicers are at customer service. The document loss/misplacement thing is getting very old.
  
  Have you contacted the FDIC or Treasury?

•  
  161

  feebrown6

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  The Washington Post Article was interesting which explains why so many of us are being turned down by BAC, it states:
  "Only about 340,000 of the 1 million delinquent borrowers identified by Treasury are likely to survive the qualification process, Jack Schakett, Bank of America's credit loss mitigation strategies executive, said on a conference call with reporters. Many of the remaining distressed borrowers have abandoned their home or rented it to tenants, making them ineligible, he said. Others are unemployed and can't afford even lowered payments, he said.
  
  The bank's backlog of delinquent borrowers has also been inflated by foreclosure moratoriums that it implemented starting late last year and a risky portfolio of loans acquired as part of its purchase last year of Countrywide Financial, company officials said. "We're being [judged] as below average, and we really aren't when you look at the numbers," he said. "On average we have more customers that fail the eligibility requirements than competitors."

•  
  162

  feebrown6

  12/17/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ok I just checked my BAC Mtg account and now it states:
  11/02/2009 Modification FAX COVER SHEET
  11/02/2009 Modification LETTER OF EXPLANATION
  11/02/2009 Modification PAY STUB
  11/02/2009 Modification BANK STATEMENT
  11/02/2009 Modification TAX RETURN/FORM
  11/12/2009 Modification FAX COVER SHEET
  11/12/2009 Modification MI OTHER
  11/12/2009 Modification WORKOUT LETTER
  11/12/2009 Modification FAX COVER SHEET
  11/12/2009 Modification MI OTHER
  11/12/2009 Modification MI OTHER
  11/12/2009 Modification WORKOUT LETTER
  11/22/2009 Modification FAX COVER SHEET
  11/22/2009 Modification TAX RETURN/FORM
  11/22/2009 Modification TAX RETURN/FORM
  11/22/2009 Modification CHECK/RECEIPT
  11/22/2009 Modification FAX COVER SHEET
  11/22/2009 Modification TAX RETURN/FORM
  11/22/2009 Modification CHECK/RECEIPT
  11/25/2009 Modification FAX COVER SHEET
  11/25/2009 Modification CHECK/RECEIPT
  11/25/2009 Modification TAX RETURN/FORM
  12/03/2009 Modification BANK STATEMENT
  12/03/2009 Modification CHECK/RECEIPT
  12/03/2009 Modification FAX COVER SHEET
  12/03/2009 Modification INCOME ANALYSIS
  12/03/2009 Modification LETTER OF EXPLANATION
  12/03/2009 Modification MI OTHER
  12/03/2009 Modification PAY STUB
  12/03/2009 Modification TAX RETURN/FORM
  12/03/2009 Modification WORKOUT OTHER
  12/03/2009 Modification WORKOUT LETTER
  
  The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience.
  Current Workout Status
  
  * Loan Modification
  * Hide Details
  
  Workout Status Detail:
  Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from Home Retention Department during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 01/11/2010. If your status remains unchanged after the 01/11/2010, please call and speak to a customer service representative. Please do not call back before 01/11/2010 as that will delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
  Information as of:
  12/07/2009
  Workout stage:
  Processing
  Phase/Sub-phase:
  Active Processing
  
  Now this is totally confusing to me, on Nov 28, 09 I received a overnight letter stating I did not qualify for a modification. How should I interpret this? I am afraid to call based on the instruction not to call until after 01/11/10.

•  
  163

  Ilyce Glink

  12/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @feebrown6:
  
  I'd call anyway. I was on that Bank of America conference call yesterday (or Wednesday, whenever it was).
  
  Here is some more detail on what was said on the Bank of America conference call.
  
  Bank of America says you should call in and talk to a customer service representative whenever you have a question. They are designing a new process where 550 loan officers will be assigned a case and then follow it through.
  
  It would be great if it works that way.
  
  In the meantime, continue to keep track of what is happening and if all else fails, contact the CEO - Until the end of the year, that is Ken Lewis.
  
  Here's how to find your Mortgage Lender or Bank CEO's contact information.

•  
  164

  Ilyce Glink

  12/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Tracy Via EMAIL:
  
  I am! And after 8 months of doing the bidding of the mortgage company, ie., sending in documentation, sending them good faith payments and making payments on a temporary agreement, they finally agreed to permanantly do a loan modification- or so we thought.
  
  In exchange for doing the loan modification, they wanted additional money, which we sent to them along with the signed and notarized loan modification agreement.
  
  After making the first loan payment for the agreement, they still had not taken our home out of foreclosure and then said that we had signed the documents incorrectly. They finally sent another set of documents, which we promptly signed and returned (after verifying that they were correctly signed with their local branch).
  
  After two months passed, we then received a letter from someone claiming the be the president of the mortgage company, stating that after after careful consideration, they could not offer us the loan modification because we did not follow the dictates that they spelled out in the "temporary payment plan".
  
  We are thoroughly confused and thought we had gotten the permanant loan modification (as per the documents they drafted and we signed), and now after paying them almost $25,000 in fees and good faith payments over the course of 10 months (not including mortgage payments), they want to deny us the modification that we were given a contract for already.
  
  We are devastated and feel abused and helpless.

•  
  165

  Ilyce Glink

  12/18/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Tracy:
  
  I don't know who your mortgage company is, but it sounds as though you have been churned up and spit out by a system that doesn't care at all about individuals.
  
  Because you didn't say who your lender is, it's possible you were working with a scam company that never had the power to get your loan modified. Have you been working directly with your loan servicer or with a third-party company?
  
  If you were working with your loan servicer and paid them $25,000 and now they're getting ready to kick you out of the house, it's outrageous. Please contact your attorney general's office, the state regulator for mortgage finance companies, FHFA.gov and the Treasury (if it is a national lender).
  
  Please see my blog post How To Find Your Mortgage Lender Or Bank CEO for contact information.
  
  You're going to have to fight for yourself right now. That takes time and energy but you're going to have to do it.
  
  Let me know what happens.

•  
  166

  MD4739

  12/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  OK I am not breathing comfortably yet - but I have gotten TWO phone calls FROM Chase reps! Now I'm being told that these two ladies are going to help figure this all out and that I was "approved" during a period when they had a "data loss" and there were other loans affected also - They both are investigating, supposedly, and will both get back to me on Monday. The first call acted like she was just responding to "all of your (my) e-mails" but she didnt bother before- the second lady said she was responding to the BBB report I filed. So, no, I'm not resting easy and I will continue to fight however I can until I have signed docs and no more phone calls - but at least I'm being acknowledged that I exist - thats new! I also reported to both the actions of the "customer service" reps and she said that they have other reports - so make sure you report any hostile efforts by their reps too!

•  
  167

  auroranae

  12/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  MD743- when did you file the BBB complaint? I filed one for EMC/Chase last week and am hoping that gets something going... we are behind- because the mortgage company rep told us not to pay in order to qualify for the modification... but we still live in our homes, have not been delinquent since December of 2008 and have provided all documentation to prove we have the income to pay the modification payments... so we should still qualify like we did back in January of 2009...

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  168

  MD4739

  12/19/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I filed w/BBB Ohio on November 30, 2009 - I kept checking on my compliant - first they gave them till the 11th of Dec. - nothing-then they gave them till the 23rd and I got the calls yesterday - one in the afternoon and one in the evening - the last lady said she works in corporate and works nights till 1:30am - Whatever you do - KEEP calling - they told me I didn't have to about 6 mos ago because my cause "didn't speed anything up" but I wanted in my records that yes, I did call. Make sure you tell everyone you talk to that they told you NOT to make payments during the process - they told me that and that if I did I could lose my LM - the lady from Corp. seem shocked that someone from Chase would tell me that - Glad to know I'm not the only one. Call, fax, write e-mails - keep the paper flow going - document everything you do-the one lady seemed shocked when she adked me a question and I said wait until I bring my computer up - I keep a diary of everything I've done, the people I've talked to, phone #'s, extensions, e-mails everything! Its a pain, but the only way to fight is to be able to document everything you do, did and say. If I can get more info I will post - If I can help others - it would make my holiday!!! This is not the time of year everyone should be worried about having a roof over their head come the New Year!! Hang in there and keep working on it!

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  169

  truck33

  12/19/09 | Report as spam

  hi

  I wrote to the attorney gereral's office about one west bank of calfornia and just received this letter. The division has reviewed my complaint and an investigation is pending. We have to cooperate with their attorneys and investigators. At the conclusion of their investigation i will receive a disposition letter indicating what action will be taken. It also states that our remedies may not be limited to division actions. A private attorney may obtain remedies for us beyond the divisions's legislated authority. Hopefully I am on the right track to saving my home. I encourage everyone in this same mess to contact their states attorney generals office. thank you

•  
  170

  Ilyce Glink

  12/20/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @MD4739
  
  You are exactly right! You MUST KEEP WRITTEN RECORDS of everyone you've spoken to (employer ID, name, office, numbers, dates, times, etc.) to document what has been happening.
  
  I think contacting the BBB is a GREAT idea. But I also think that people who are in this position must start making noise with their state mortgage regulators and the Attorney General's office.
  
  With enough complaints, these bodies will investigate. There is just starting to be the right kind of pressure to get these problems resolved, but you have to be out there advocating for yourself.
  
  I will post in a moment an email I got from Treasury about what people should do if their credit has been adversely affected by negative reporting by lenders when they had on-time payments.
  
  Treasury is paying attention, folks. You have to do your part and step up the complaints.
  
  Thanks for your comments and helpful suggestions.

•  
  171

  Ilyce Glink

  12/20/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Truck33:
  
  Thanks for letting us know. Please keep me updated as to what happens with your AG complaint.
  
  Folks, you don't have to pick and choose - you have a wide range of places you can file complaints. I urge you to do it as widely as possible, so you get heard.
  
  I hate to keep saying it, but the squeaky wheel gets the grease.
  
  @Truck33 - let me know what happens.

•  
  172

  andrewpeterson

  12/21/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Utilizing the equity you have built in your home over the years is a great idea.
  Home loan interest rates

•  
  173

  MD4739

  12/21/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have written my Congressman, my Senator and filed with the OCC also - I intend to keep working on it even since they contacted me Friday - nothing so far today as promised but its early here so I'll give them a few hours - but I'm not going to relax - this has been so many ups and downs that I can't trust them any more = so until I get the signed docs back this time - no relaxing, no letting up - someone has to hear and teh more of us that make noise....the better!! I feel better just knowing this board is here now - I know I'm not alone where before I thought I was -

•  
  174

  MD4739

  12/21/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Well I received yet another call from yet another lady from Chase - BUT - the two that spoke to me on Friday - nothing yet and its 4:45pm here - however, the one did say she works nights - but, like I said before they've told me things before and then changed them - so I'll just keep complaining to whoever I can to see if someone will listen and actually hear about all of this - keep your fingers crossed - we aren't just one any more!!

•  
  175

  MD4739

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Well, I received one of the two return calls-and it was as I thought - nothing- she basically kept me on the phone for 35 min telling me nothing new and rehashing the hell they've put me thru for the last year - then she put it off on the fact that two of the people I worked with didn't get back to her, so she "guess I (she) has not alternative but to go the their manager" - Ya think? So later today I'm going to contact the second lady that claimed to be from Corp. even though the one last night said she was going to keep her in the loop - just more run around -

•  
  176

  anderscca

  12/22/09 | Report as spam

  Letter Writing

  I emailed my Congressman, Senator, Governor and OCC.
  
  Senator and Governor responded by asking me to send info by "snail mail" and include loan number.
  
  Congressman was the only one to respond. He forwarded my letter to Jaime Dimon (Chase) who assigned my case to an Executive Manager.
  
  Executive Manager called and said when my husband gets a job and no longer draws unemployment, we can re-apply, as unemployment is not permanent. At this time there is nothing they can/will do for us.

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  177

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @anderscca:
  
  If you have nine months of unemployment left, the lenders are supposed to count it. If you don't, then it doesn't count.
  
  I'm glad you were assigned an executive manager. And, suddenly, after months, you received an answer.
  
  It may not be the answer you wanted, but my feeling is that any answer is better than waiting.
  
  Let me know what happens and I'm sending my good wishes for a job for you or your husband for 2010.
  
  Ilyce

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  178

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @md4735:
  
  You just have to stay with it. No other way to do it.

•  
  179

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Marilu via Email:
  
  i was approved for a home mod program thru wells fargo on 9/22/09, my drafts were set up for 10/20, 11/20 and 12/20/09. 1st trial drafted 10/20/09 and 5 days later wells fargo sent me letter that my mod was cancelled due to no payment. I was so upset. i made at least 10 calls to clear situation with no resolution. Sent complaint with copy of bank statement to Executive office at wells. Received a letter that my payment was INADVERNTLY applied to a late charge. 2nd pymt taken 11/20/09 again applied to late charge.
  
  MY QUESTION IS, IS THIS LEGAL. CAN WELLS FARGO APPROVE ME FOR A TRIAL AND THEN TAKE MY MONEY AND APPLY TO LATE CHARGES. I HAVE THEIR LETTERS STATING THIS. PLEASE LET ME KNOW. THANK YOU SO MUCH.

•  
  180

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @marilu:
  
  They're not supposed to do this for the trial home loan modification.
  
  Please write a detailed letter with dates and notations from your paper trail and send it to me and to the CEO of Wells Fargo and ask them to fix this at the executive level.
  
  Please send this also to the regulators: How to Find Your Mortgage Lender Or Bank CEO.

•  
  181

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Cynthia Via Email:
  
  After going through the Loan Modification and Payment Plan with JP Chase our chase was denied. I called them on Dec 5th to see what could be done and after the rep and her supervisor went over the account they stated that short sale was our only option. I also received a letter on Dec 7th and another on Dec 8th just stating that there could be other opitions beside loan modifications but nothing regarding a sale date. I know people that receive tons of letters and notices on there door. We received none of that, we received nothing. We understood that nothing could be done so we started went to an agent to start the short sale process but on Dec 11th our house was sold. The only noticed that we got was a 3 day notice posted on our door by the new owners. They are not giving us any time so we moved all of our things into storage and putting our clothes in clears storage boxes because the new owners stated that since they served us the three day notice they could close u
  s down any time that they wanted. We have two sons and instead of XMas Shopping we are packing and all sleeping in one room. We took all of our things just in case they closed us down. Is there anything I can do against Chase for no 30 day notice, for leaving us homeless?

•  
  182

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Cynthia:
  
  I don't know what to tell you. I don't know why you had no notice. You can certainly petition the CEO of Chase. You can contact your state mortgage regulator and attorney general's office and file a complaint. You should file a complaint at the Better Business Bureau and with the Federal Trade Commission. You should also contact the OCC.
  
  But ultimately, Chase doesn't have to grant you a loan modification. There is no legal requirement. It would be nice to think that they'd treat you with dignity and respect.
  
  Keep your paperwork together and try to contact the CEO of the company.
  
  I'm so sorry.

•  
  183

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Tracy Comment #164 via email:
  
  The mortgage servicer is Wells Fargo. I have been working with an attorney as well as Wells. The attorney never got any of the money, it was sent directly to Wells, as per their requests/agreements, which were written correspondences sent directly to us from their loss mitigation department after the negotiations were made with the attorney. We have a contract that reads "Loan Modification Agreement".. "term of the loan ends 2039.." That means permanent to me, not temporary.
  
  I have read the other's stories and recognize that we are going to have to fight them, although we do not have any money to spend fighting them in court. We are taking some of the suggestions that you made to contact the treasury and the CEO, etc. and we are currently writing a letter including a timeline to send to them. I just hope something can be done before they auction off my house. My whole family is devastated and their will be no happy holidays this year, as we do not know where we will be next year.

•  
  184

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Tracey:
  
  I think lenders are going to start moving faster to get homes into foreclosure. I read today that 1 million homes are now going through the foreclosure process. The game of loan modifications is almost over I think - although there are millions of people like you who need the help.
  
  Hang in there - and let me know what happens.

•  
  185

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Kent via Email:
  
  Can you give me a contact department and number in the Treasury? California?
  
  Same situations you are reporting. The loan modification application had been canceled - they said because the owner moved out - not true. Owner called and sent letters several times a week asked for modification process to continue. Now today a date in February was set for sale by a different contractor. Owner has been ignored. What to do now? The loan mod group is not talking with the foreclosure sales group .

•  
  186

  Ilyce Glink

  12/22/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  This is email is from a correspondent who asked to remain anonymous, so that she wouldn't be targeted by her lender:
  
  I called Wells Fargo Exec Offices today to request an email address for Mr. Kovacevich. I was told they could not give out his email and that there was not a public email to reach him by. Guess after an hour of internet searching, the one I found is 'not public' :P. Typed out a nice lengthy email to him regarding both my personal loan mod nightmare as well as many others that I have read about. Then I forwarded a copy of that email to the VP and another person in the HM department. I wonder what would happen if they all received a weekly email update from me regarding the current situations of their customers? :)

•  
  187

  Ilyce Glink

  12/23/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Anonymous just sent me a follow up: She got a call back from the executive suite. I'm telling you, folks, making noise will work.
  
  So, deck the halls and be as noisy as you can!
  
  Ilyce

•  
  188

  MD4739

  12/24/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Update: I'm getting daily calls from my one contact at Chase - they are now saying that they have "back researched" and found that the problem lies in the "closing" dept - and they have escalated the research to "finalize my complaint" - Am I an more comfortable - not really, but at least I'm getting communication where before I couldn't get anyone to talk to me and have ONE person to stay in touch letting me know where I was in the process. I figure I'm not going to get the Holiday resolution I was hoping for - but I am getting the attention I've been trying to get for a year - CALL, CALL, CALL - write who you can when you can - harrass them the way they harrass us when we're late - this time it's in their laps!! Please all, have as happy a holiday as you can under these circumstances-value your families and keep the faith that we will get them to listen - it just takes a lot of us and a lot of noise!!!!

•  
  189

  anderscca

  12/24/09 | Report as spam

  Fannie / Freddie Involvement

  Since the banks are only the servicers on many of these loans, cant Fannie Mae and/or Freddie Mac push for more modifications. In the end, aren't they the ones who end up "eating" the short sales and foreclosures? Aren't the servicers (Banks) doing a dis-service to Fannie & Freddie?

•  
  190

  itten94

  12/26/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Update:
  
  12/26/09 received a call from Chase, Ms. Price in the
  Executive Resolution Department. Denied a HAMP
  modification. Now being submitted for the internal loan
  modification program, I assume for immediate denial as well.
  Only said we didn't qualify because our income is too low. I
  make more money now then when I bought the house 18
  years ago, even with our serious income reduction. All we
  need is our mortgage payment to change from 15 year fixed
  to 30 year fixed, which would bring our payment on the first
  and second at the 31% ratio. It seems like they really just
  don't want to do this at all, which has always been the
  obvious, but you just hope you might be the exception. Our
  note is held by Bank of New York. Interestingly enough, Ms.
  Price said the investor is not willing to accept the mod via
  HAMP, so why then would Chase be able to do anything
  internally? Our next option according to her is a
  forebearance or repayment plan. Well lets see would these
  things really help if our income has been lowered? A big NO!!!
  So now our only option left is using NACA. Have to send
  them all our docs ASAP as I have a counseling appt set up for
  12/31 - HAPPY NEW YEAR!!
  
  I think Ilyce is right, it seems like the tide of "helping"
  homeowners with mods is over and they just want to
  foreclose.
  
  I got to this point by complaining to the OCC, did send emails
  to Chase and State Senators, which might help as well as I
  have a new phone number for the senators office if I need
  immediate assistance. Which I sense I might be calling this
  week.
  
  Any ideas on who else to contact or other steps to be taken?
  
  May everyone have a safe and peaceful New Year!! (except
  the greedy bank execs who should all be burned at the
  stake!!)

•  
  191

  morggan

  12/27/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We got the three month trial with Wells Fargo. Just before paying the third month, we got a letter from WF requesting information update (hardship letter, financial worksheet, etc) within 10 days. Between the day the letter was written and it was mailed, five days had past. By the time the letter was received by us we only had three days to reply so I called the bank and got a few more days of grace. Papers were sent, we thought that was it. The bank cashed in the third payment of the trial. A few days later we got a letter from the bank saying that they withdrew us from the process because we didn't send the papers on time. Called the bank and asked what they were talking about if we had sent the papers. Spoke with a dozen people, finally one guy "escalated" our case and said it would be reviewed. Talked to our Representative through case worker who sent our case to OCC (whatever that means) In the meantime, we can't make payments. We are in active foreclosure, anything can happen. We just want to go back on track and keep making payments. Any idea?

•  
  192

  danellealtrusa@...

  12/28/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ilyce, are you hearing anything from the regulators, Senators, Representatives in Congress and the other high-up monkey munks that you claim are reading this blog, like the OCC and Treasury Department, that anything will be done to reign in these mortgage investors and servicing banks, to help us consumers? Or are we all just whistlin' Dixie out here?
  
  - Concerned Bank of America loan service customer and former Countrywide mortgage loan borrower

•  
  193

  MD4739

  12/29/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Well I haven't received another call since X-mas eve - so maybe they were just trying to pacifiy me - so tomorrow if they don't call by COB today its back to the phone calls and e-mails - I knew it was too good to be true but was just hoping for the best.

•  
  194

  MD4739

  12/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Got a phone call at 8pm my time from the same lady that has been calling me with updates-problem is that "everyone of high authority is on holiday" - well, our holiday was filled with worry - but now she says she is going to her "manger" who is actually VP of the Dept - to "escalate" my LM research - well so far its been escalated about ten times and I no closer to resolution - I've figured out these banks and loan companies problems - there are way too many "high ups" and not enough people that actually know what they are doing! I got an e-mail from the BBB this morning-there has been no response from Chase so "unfortunately" there is nothing else they can do for me....ummmm HELLO - what good are they if they just let our cases drop because Chase doesn't respond? Guess I know now why the BBB didn't scare them at all.

•  
  195

  mmrfust17

  12/30/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have my home mtg with WELLS FARGO. I've been dealing with them since APRIL 08 when my loan was still current; **Ironically, I've been working in the mortgage servicing industry for the past 16 years & dedicated the past 10 to do Loss Mitigation **
  As brief as I could be, here is my story & SUGGESTIONS:
  4 loan mod requests were sent since April 08.
  -1st one denied
  -2nd one PMT miscalculated on their end (amortizing loan over 10 yrs rather than 30)-pmt would increased by $1K
  - 3rd one denied (they had the wrong financial info from the 2nd req)
  - Finally the 4th req was approved 9/14/09 (year & 1/2 later)- I signed the agreement, sent to down pmt & I have made 2 regular monthly pmts after that (11/09 & 12/09 pmts) - YET
  - THE MODIFICATION HAS NOT BEEN FINALIZED, foreclosure remains on hold (this is a public record everyone has access to) and my credit continues to get damaged unnecessarily
  
  Things to point out:
  * after the 2nd mod req, loan went into foreclosure (12/08)
  * after the 3rd mod req I decided to hire an atty to contest the fcl while I'd continue to work on the loan MOD
  
  What got the MOD process moving????
  1) I filed a complaint with the Better Business Bureau (online & very easy to do)
  2) I filed a complaint with the State Attys office in NC (where WF is located)
  3) I litigated the fcl process
  4) I have sent everything certified mail, kept all letters & a call log
  
  SO-with that said- Since as of today 12/30/09 my loan modification has not been finalized, i am getting ready to file complaints again.... this time, following your advice to send it directly to the chairman at Wells Fargo & cc OCC.
  
  Good luck to all of you.. May the New Year bring some good energy & needed changes so the American Dream does not turn into the American Nightmare..
  Blessings to everyone.... FUSTER

•  
  196

  MD4739

  12/31/09 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I got a call last night from yet a NEW person from Chase - now she says with the holiday it may be next week before I get l researching - HOWEVER - it may still come to the point where I have to reapply - so - I've wasted a year and three months - my credit is toast - they show I owe over $17,000 in "past due payments" which I've been making the "Loan Modification" payment since May - they are totally messed up, but yet will NOT say - we are WRONG, what can we do to make this right. This whole mess is unfair to all consumers and our stories as so very similiar - why can't someone put a stop to it?

•  
  197

  MD4739

  01/01/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Received a call New Years Eve from my normal contact - NOW they say I have to start over and go with the Obama Plan - I'm SO scared - now I'm unemployed - I just know that this is going to come back and bite me in the butt and there isn't a dang thing I can do - all the work I put into the LM and all this follow up and there is a very good chance I'm no farther ahead - I thought the New Year may bring me somethng encouraging, but I guess not.

•  
  198

  tamcoastgal3

  01/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Have made 9 monthly "trial period" payments under HAMP Program w/my mortgage co, Saxon Mortgage.
  I received a call New Years Eve 2009 from a HAMP rep telling me to fax "docs" immediately as they want to process loan mod before end of this year...she stated I had 3 hrs to do so...
  I asked, "What docs?" and was stunned when she stated the ones that I had received. I explained that I had received NO docs, to which she argued that I had. I requested the UPS tracking# so I could see if the docs were in route, she told me there was no record of a tracking#, but that I could
  see what the # was as that it was on the front of the envelope!?! WTF!!!
  Frustrated & concerned, I asked about the terms of the modification to which she explained that my interest had been dropped to 4.375% from 6.750% (Adjustable arm).
  NOTHING close to what had originally been stated at the beginning of the trial period, which was 2% the 1st year and an additional 1% for 4 years, locking in around 4.5%.
  She mentioned how "Lucky" I was.
  My NEW mortgage payment would be $2383.89...UP almost $140.00+ from my ORIGINAL mortgage payment!!!
  I have been paying $1669.16 per the HAMP Program. I took it upon myself to budget in another $250.00+ for the escrow amount when the trial period was completed as I never could get clarification to the ?'s I had re the Escrow Acct.
  I won't even bother to tell the tale of the last 9 months of lost docs (ON THEIR PART!),unanswered calls,contradictory and differing answers from the same questions, over $300 in faxing and re-faxing, etc,etc,etc. And the best, being told repeatedly that the $1669.16 would be the new mortgage payment amount. ABSOLUTELY, NO QUESTION ABOUT IT!!! And I was foolish enough to believe them. Silly me!
  From where I sit the HAMP program works great for Saxon Mortgage.
  But has tanked me and my home of over 30 years.
  Oh FYI, NO DOCS YET!!!
  I imagine that I never will receive said docs, and imagine I will more likely receive a foreclosure notice instead.
  As I am on permanent disability, and as everyone else on a tight budget, I will not be able to qualify for renting a place.
  My home is in one of the most inflated real estate markets (Marin County, CA) in the country, (and no I don't own a BMW or 4000sq ft home) and I owe more than the home is worth.
  Thanks to Saxon and the HAMP Program, the hope I had in getting back on track and saving my home are gone.
  Happy New Year!!!

•  
  199

  BandDwell

  01/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We have just finished making our 3rd trial payment. Flag Star has jerked us around since Feb.08 and they just service it for FreddieMac. Like many others we had sent papers over and over again. We called and asked about the final loan mod through MHF and they said another 30-60 days and we should know if it is final WTF!
  That will put us well into a year and 2mos of starting this whole process. In the mean time my wife is so stressed out that her mental health over this worries me. Why can't the banks just do the job they were charged with. Don't they know or care how people, good people are suffering?
  In our 50's we put everything we had into this home.
  Now I am looking at tents, really.

•  
  200

  1901sparky

  01/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  simple but brilliant video...time to fight back
  
  http://www.youtube.com/user/moveyourmoneyproject

•  
  201

  ajean87

  01/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I was laid off in April. Immediately contacted my loan sompany (Suntrust Mortgage) for a loan modification. I called just about every monday. 4 Months later i finally received my packet with my trial period payment info. It said I would only be making 4 trial period payments. The last one was December. I contact Suntrust as I have many times before; no update on my mod of course and they told me to continue paying the trial period payment. Online, my account shows that I have paid NOTHING those four months, where is my money going to? Its not listed as interest, does that mean i won't be able to deduct it from my taxes? I did pay these amounts, am I in danger of my property taxes and other bills not being paid by Suntrust as they are suppose to be?
  
  Has anyone had any success with filing a complaint with the treasury regarding their loan mod or by contacting senior officials? I was just curious if any people had updates on a lot of these horror stories.

•  
  202

  BandDwell

  01/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I meant Feb 2009 we started MHA, HHO not 2008.
  How will I know if I actually have the final loan mod.?
  And what about the mort.Ins. the bank required it and it is deducted from the escrow account?

•  
  203

  MD4739

  01/04/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I spent all weekend "refaxing" docs now to see if I can get the Obama Plan - but yet just a few minutes ago there was yet another car in my drive taking pics and making notes - so I'm figuring another one of the goons making sure I haven't trashed the place. I just want to stay in my home, give them their paymetn each month like I have been all along - and forget this stupid nightmare they've put me in. Ofcourse when they call there is still no mention of "locating" my original docs I sent back to them WITH my $300.00 payment - The BBB says they can't do anything because Chase didn't respond - - DUH! So they were no help at all and I have not heard anything from any of my other complaints I placed - its like I lost control of my life and its all in the hands of Chase now - so what have I worked for all these years? If people in the know are reading these - please step up and help us all - this is not fair and I feel not legal - there has to be someone out there that knows where or who we should all go to - we can't all be wrong!

•  
  204

  MD4739

  01/05/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Okay - I'm nervous - since I don't understand their lingo, plus not trusting them anymore - They are giving me a "forebearance modification" Feb-April - Then loan mod. for trial months - They had told me that my payment would be about 1/2 of what it is now - well, that's not happening - it is cheaper but not a whole lot - they are saying that because I had a loan modification in 2002 it HAS to be this way but I didn't think about it - what happen to the Obama Plan for me? Just afraid to trust anything they tell me anymore and not understanding all the ins and outs of lenders makes it worse - can anyone tell me if what they are offering is okay?

•  
  205

  happyassacres

  01/06/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We too our in home loan mod hell! Lost my job in March 09. We applied in April, June, August, they turned us down all 3 times because they said we didn't have enough income! Well duh that's why we were applying. When we got our orginal loan it was with a people friendly bank now that our loan was transferred to Bank of America we have had nothing but problems trying to communicate with them. they are often rude, hang up on you, one person even told my husband he was stupid and then hung up on him. ( we were trying to get our online banking username/password and I handle all the financial stuff but had lost our loggin info they refused to talk to me so I was giving him the info). Ok so in early November we reapplied the 4th time and didn't hear anything til Dec 15, 09. Oh let me say we have never been behind or missed a payment. They were just getting harder to pay going from 2 incomes to 1. We exhausted our savings, borrowed from family, and withdrew from hubby's 401k plan. Our payments weren't even that high they but they still were just getting harder to pay because of added medical issues (that's the reason I lost my job. was in the hospt with collapsed lung, had a letter of disability, even worked for my employer from the hospt bed, talked them daily but when i got out they fired me said it was un autorized time off, filed complaint with EEOC which I am still waiting to find out their ruling. So back the mod. we recieve a packet December 15th saying that we would be doing a 3 month trial period and to call that day and make our payment. So we did. We also have sent in our Jan 2010 payment. So we call today to find out the status of things. BofA told us that nothing will be decided until we make all 3 trial payments, then our modification goes to the investors (oh yeah our loan is serviced by bank of america but not owned by them they refused to tell us who owned it) but after the 3 months then it takes 45-60 days to finalize the mod. during this time period we continue to make the lower loan payments. But the thing is all of our payments go into a an escrow account they are not being applied to loan yet, so we are being accessed late fees, reporting to the credit breaus saying we have not paid, so it looks like we are behind. This is all so stressful, I don't understand it, and why did it take 4 times for them to work with us? Nothing had changed income wise. My fear is that we are going to go thru all these trial payments and then they will back out, and we will be stuck paying the left over mortgage payments to catch up. So I asked the lady today on the phone if the trial mortgage mod means we are approved and the lady says not really it means you qualified for the modification. So it's very stressful not knowing what will happen.
  When we had our orginal loan company LaSalle bank they were the nicest bank, never had problems with them, they had compassion. these big banks have no compassion. and they really need to retrain their employees with better customer service skills. that's our loan mod. hell. thanks for letting me get this out! feels much better now.

•  
  206

  happyassacres

  01/06/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Oh forgot to that in our application packet that is said the bank would be more willing to help us if we put that we thought our situation was a temp problem and that we didn't feel that it would be a long term issuse. So in our hardship letter we wrote that we felt our situation might just be temp if my health improved and that I was activley seeking employment but have been unable to find employment yet to this date. Hope that doesn't hurt our application status and prevent us from getting the perm monification. I also told them, wouldn't they rather help a customer save their home, which in the end would save them money so they didn't have to go through the foreclosure process, lawyer fees, paying a realstate agent fees. Hope that my letter convinced them and that I didn't hurt our possibility of getting the long term modification.

•  
  207

  happyassacres

  01/06/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hi,
  Modification payments are due on the 1st of each month. So what if they don't recieve them until the 5th. Is that going to knock you out of the long term modification? I guess what I am saying they say they are due on the 1st of each month, if they are mailed out on the 1st they are not going be recieved for maybe a week. Is this going to have a negative impact on the loan modification program? Will this prevent the modification from becoming permenant? Due to the holidays mail didn't run on Jan 1st 2010 so it was postmarked another day and they won't receive it on the 1st. Oh all these negative thoughts and stresses, I would hope that the banks/lenders give you a grace period so that the payment has time to make it to them. Any comments from any one on this please do advise what you think. I am going crazy with worry now. Thinking I messed it up! YOu try so hard to get this done right, you fight for it, so I hope they don't just disqualify because it was received on the 5th instead of the 1st.

•  
  208

  lisabielawski

  01/07/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My heart breaks for each and every circumstance here. I have been either a science teacher or school administrator for the past 10 years. In June I received notice that my position was being abolished due to budget cuts. We have our mortgage with Chase. Simultaneously Chase added 500.00 to our current mortgage payment ( paid regularly for 1.5 years) stating they "noticed" a deficit in escrow? No explanation..no prior notice..so our payment increased from 3,464 to 3,964 the same month I lost my position. Thankfully my husband still has his position, however, on Long Island, dropping to one income with three kids in college left us unable to make the regular payment, let alone the increased payment. We started the loan modification process in July and were notified our three trial payments would be close to what the reduced payment would be once approved for final modification 2,800. The 3 mos turned into 7 mos. During this time I am still unemployed and receive the maximum 405.00 weekly in unemployment. We faxed and resubmitted the same documents time and again. Every month we received late statements with no record, other than my bank statements, showing the reduced payments made monthly. Finally we receive the fedex with the final paperwork. I will not waste time including the hours and hours on hold, talking to representatives that had conflicting stories on the same day, and the emotional and physical impact this has had on our lives. I see we have all experienced the same incompetence and lack of decency provided by Chase. I open the FEDEX with trembling hands, tears of joy streaming down my face....yes the 2800.00 monthly will continue to be a struggle but we can remain in our home right??????
  Chase added over 21,000 to our principal increasing it from 354,000 to over 370,000, our monthly payment ongoing will be over 3,400 a month. 67.00 a month less than when we started this whole process. Mind you, it arrived stating I have 12 days to sign and return. I left 27 messages for the loan negotiator. Not one returned. I spoke to 9 chase employess in the loss mitigation office before one connected me to the negotiators supervisor voice mail. I left 6 messages with him without response. Finally another Chase representative emailed the loan negotiator internally and her supervisor. The negotiator finally called me. When I questioned her figures... we were given a drop in interest rate from 6.75% to 4.75% and yet the monthly payments were 67.00 less? She stated that we have a balance of 39,000 dollars due and that was the best they could do for us. When I got up off the floor...I asked her how we had a 39,000 past due amount when we have been making the required payments and had not been late at the onset of this process, she could not answer. 3 days and a nervous break down later,I contacted the executive office for Chase today at 3:00 PM EST. By 3:45 the negotiator called me and said that even though she knew nothing would change..she would have her supervisor( the one who did not return over 16 voice mail messages from me prior) look over the account!!! I have 4 days left to sign and return this modification before the whole thing expires. What Chase is doing to loyal, hard working and honest customers is criminal!!

•  
  209

  Ilyce Glink

  01/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @LisaBielawski:
  
  I'm so sorry that has gone so badly for you. The additional principal is likely all of the fees and unpaid principal that has been adding up, with interest. Even so, what's happened to you is the same as what has been happening to hundreds of thousands of other homeowners.
  
  Makes you wonder if the banks really do want to take back all of these houses and resell them for 40 cents on the dollar.
  
  Try contacting the executive office of Chase. Maybe someone there will wake up and help.

•  
  210

  TigersMom

  01/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I'm in the same boat as everyone else here.
  
  Requested a loan modification from Bank of America in the beginning of October. I have called repeatedly with no luck (still calling). They say the file is 'under review'.
  
  Early this week, I received a notice that Bank of America was creating an escrow for my real estate taxes. I've never escrowed my taxes; I pay them directly. This will increse my payment from $916 to $1531. When I called B of A about this, the customer service people, default prevention people (etc) THINK it is because they are probably going to send a loan modification package to me. Again all they can is is that my file is "under review'.
  
  I asked what happens to the money in escrow if I don't get a modfication - do they pay the taxes or give the money back? Again, no one knew the answer.
  
  All of closing documents show that I have no escrow. I'm going to call them tomorrow and ask them to clarify in writing two points: 1. what happens to the escrow money if I don't get the modification and 2. since my closing documents show that I don't have to escrow my taxes will they stop escrowing and return my payment to $916.
  
  Any ideas on this escrow situation?

•  
  211

  notsopleased

  01/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  First, I don't have the emotional strength to go into all the
  details of our "Hell". And, honestly, after reading these blogs,
  it is quite "similar" hell, so what's the point? Second, I am so
  sorry to hear that there are so many hard working, tax paying
  american citizens, like our family, that have come on troubled
  times that will be tossed out of their homes like yesterdays
  garbage. What is wrong with this picture? Isn't this the
  same 75 billion dollars that our government spent with our tax
  dollars to help homeowners? Where is the help? My husband
  and I were thrilled three weeks prior to Christmas when we
  received a trial making home affordable mod. What a
  Christmas present! However, after reviewing the modification
  paperwork we noticed the dates of our trial modification were
  LAST YEARS dates. We called, and they sent new
  modification paperwork with the correct dates. Thank
  goodness, not so quick! We had just signed up for the
  mediation program through the Connecticut court system. I
  brought the paperwork to the court because we had planned
  to reschedule our mediation after our trial period. I showed
  the modification to the mediator and she noticed our payment
  wasn't right. The HAMP is supposed to be 31% of your
  income, our HAMP was about $500.00 more. To make a long
  story short, we had a mediation. Our servicer, MIDWEST
  LOAN SERVICES, OUT OF HOUGHTON, MICHIGAN, didn't even
  have a loan servicer available to speak to their own attorney,
  let alone our court appointed mediator as required by state
  law. But, what the heck, who follows laws anymore?
  Anyway, we finally got someone to speak to, who indicated
  the payment discrepancy was probably an error and they
  would send corrected modification paperwork soon. WRONG!
  Just like so many others on this blog, they sent us a one
  page letter (no date, no signature) saying we no longer
  qualify for the HAMP. When I called to asked why??? They
  said they put us in their government website and it said "NO".
  Oh, that makes me feel sooo much better. They called
  yesterday, to tell me we qualify for a forbearance pmi
  modification which will reduce our payment by a whopping
  two hundred and something dollars. Even though our income
  was reduced by 25%. Gee, thats swell! I guess my ex-
  olympian, former CT state athlete of the year husband, who
  suffered a heart attack at age of 40, and our two young
  children can live in a card board box on the side of the road.
  So much for trying to live the american dream. To HELL with
  this phony help for all of us hard working americans. We will
  make it, and be stronger for it even if we lose everything for
  exactly that reason! And to our self serving politicians, who
  don't give a hoot about anyone else but themselves! What
  comes around, goes around. The 2010 elections will reflect
  how we, americans feel. I think what Washington tends to
  forget is, they work for us, we don't work for them. God
  bless you all, and we hope we don't meet up on the streets.

•  
  212

  notsopleased

  01/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Check out "mod in a box" the FDIC guidelines for making home
  affordable modification. Good luck. Google it.

•  
  213

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Jeff via EMAIL:
  
  Dear Ms. Glink,
  
  Just came across your web page and thought I would send you this about our B of A experience to date.
  
  We submitted ALL the required documents, including doctors letters of support regarding wife?s serious and sudden illness that forced me to stop work ( 3 months into newly started business after an injury forced a medical disability retirement after 22 years) and become her full time care taker for over a year now. Both our credit scores just shy of 800. NEVER late on a mortgage payment and hardship letter explained temporary loss of income, to improve as she recovers in the next coming year or two. Retirement and savings now gone keeping us current during her illness while I could not supplement. Told for over 3 months ?in review for Forbearance?.
  
  Then, On Dec 24th, we?re advised application switched to ?Loan Mod? status as of December 2nd, 2009 and ?in review?. Suddenly Jan 4th (awfully fast) we received ?Loan Mod? offer. THEY CHANGED NOTHING. Kept same interest rate, AND tacked on past due amounts to back end, INCREASING principal. Plus, they added in a property tax payment reimbursement (listed as Escrow) we were never told they paid. Because we ALSO paid it when it was due.
  
  Our new ?LOAN MOD???,, monthly payment due is now $1,111.07 HIGHER than what we cannot pay now!!! To top it off, we both have a GUARANTEED retirement income, so we can make payments, we just need them reduced for a few years. THAT?S IT!!! B of A said it?s a ?take it or leave it? offer. WOW!!
  
  Sure seems to go totally against all their ?We?re here to help? ads you see on their and other media pages. We do not believe they ?REVIEWED? anything we sent them.
  
  What now??

•  
  214

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @happyassacres:
  
  You're probably okay, but next time, you should get an auto-debit or send your check by snail mail on the 20th or 21st to make sure it is there.
  
  You should call the lender to be certain that the check was received, and deposited appropriately.

•  
  215

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From April via Email:
  
  Our story is similar to many of the others I have read, but here it goes.
  
  We purchased our home in March of 2008 shortly thereafter my husband was laid off. My husband is the only one that works as we have three children and it is cheaper for me to stay home than it is to pay for childcare. My husband went back to work in June and worked for 10 weeks before being laid off again due to lack of work. After being on unemployment for another 8 weeks he found another job (Sept. 2008) inwhich he has since been employed. We contacted Wells Fargo in Oct. 2008 when we foresaw a problem and we were told that we needed to send in a letter of hardship and financial information. We sent in the requested info and waited and waited but never heard anything back. We contacted them only to be told that the process took some time and that someone would contact us within X amount of time. We went ahead and made our Nov payment while waiting to hear back.
  
  After several weeks of nothing even when we called them we finally got an answer... which was that since we made a payment the process was canceled and we would need to start all over, so we did. Again we played the waiting game to no avail. When we called them we couldn't get any answers except that it was still being reviewed and that someone would be in contact. When they did finally contact us it was to tell us that our paperwork had been lost and needed to be resubmitted. We resubmitted it and were told it would take 30-45 days as they were busy. We waited and continued to call at least once a week just to get the same response or to be told they needed updated info. We sent in updated info more times than I care to mention only to be told that our debt to income was too high and that we needed to lower our debt. How? we don't have credit card debt, we don't go out to dinner, we don't go handing out money... well WF's answer was that we needed to cut back everywhere possible especially on our grocery bill which runs about $550 a month for a family of 5. WF said that the grocery bill for a family of 5 should not exceed $465 and that was high.
  
  This went on for months and months, we contacted HUD and FHA because WF would not give us any answers and they were dragging their feet. In the meantime we are falling further and further in behind trying to make ends meet. HUD and FHA both tell us that the lender is not required to work with us unless we are 90 days past due which is not what we wanted to have happen because that means foreclosure. Well we had no choice but to give in. In April 2009 we missed our first payment and still couldn't get any answers out of WF.
  
  All during this time we were receiving letters from WF stating either the LM had been denied due to reasons such as missing information or information not being received on time. But we were also receiving letters stating that help was available and to call to see what type of help we could qualify for. NONE OBVIOUSLY!!
  
  Then in June 2009 we missed our third payment putting us 90 days behind (now they will help us right?? WRONG). We are still receiving letters from them along with phone calls all while still contacting them and trying to get something worked out. No such luck. We are finally approved for loan modification trial however our payment GO UP NOT DOWN...hmm how is this suppose to help us if we couldn't pay the original amount how in the HELL are we suppose to be able to afford MORE??? We make the 1st trial payment and the 2nd one bounced. Then we start the process yet again but now are receiving notice of foreclosure. We call HUD who refers us to a housing counseling agency that is suppose to mediate modification for us. We call them and the first question was who was our loan with and the lady said and I quote "please don't say Wells Fargo" well yes it is WF. She continued stating that they have been having MAJOR problems with WF. We meet with them and they send in the information and tell us we should hear from WF within 10 days and if not to call WF.
  
  We don't hear anything from WF so we call them only to be told they never received the information from the mediator which was WRONG because the my husband was at the mediators office and part of the original call to WF and was there when the information was sent to WF and received by WF as was stated during the phone conversation between the mediator and WF in my husbands presence. So the mediator resends the information and we start playing the waiting game yet again however, the foreclosure has been stopped at this point. This was in Sept. 2009 and we continued with the run around for several more weeks. In late Oct. after playing the waiting game my husband calls WF to find out the status of the modification and we are told it is still being process but that they can tells us that our payments will be dropped from $1744 to between $1300-$1350 but that it hasn't been finalized. We wait another week or so and call
  back only to be told that the modification has been approved but the payment will be $1688 not the $1350 we were previously told. My husband calls the mediator back and asks what we need to do because this wont work and she tells him that he just needs to accept it and deal with it that there is nothing else she can do. HELLO you mean to tell me we have been fighting for a year now over $66 a month?? Doesn't seem possible or worth it.
  
  Well we cannot afford $1688 so now what do we do? WF says we need to resubmit all of our paperwork yet AGAIN. Remind you we are still getting letters stating that we have either been denied modification or that they have programs that can help us if we would only call and let them. What the HELL have we been doing for the past year? Then we receive a letter from WF stating that they are sorry but due to our delenquincy they are no longer able to accept a partial payment that payment must be made in full. HELLO we have NOT MADE A PARTIAL PAYMENT we haven't made a payment at all.
  
  In December we contacted the FHA yet again to see what we could do to possibly save our home. Well we are assigned to a caseworker and told that we need jump through more hoops and send in financial information, hardship letter, and this that and the other to them and we do. Now we sit and patiently wait to see what they are going to say. We hear NOTHING FROM THEM so my husband calls them back but can't actually get his caseworker to answer the phone, it always goes to voicemail and the caseworker will not return his phone calls. We were told if we receive any more papers regarding foreclosure to contact them immediately. About a week later we receive another set of foreclosure papers our home is set to be auctions the first Tuesday of Feb 2010. We contact the caseworker who will not answer nor return phone calls so now we are at a loss as to what to do. We do not know how to stop the foreclosure at this point in time and sure as hell do not want to lose our home. We are less than 4 weeks from the house being auctioned and cannot get anyone to talk to us.
  
  Everything that I have read about loan modification states that we are eligible for modification. It also states that the mortgage should not exceed 31% of gross monthly income which for us would be right around $1350 and that mortgage companies can drop the interest rate of an existing mortgage as low as 2% in order to achieve making the monthly payment not exceed 31%.
  
  If that is the case then why do they refuse to do this? We currently owe approx. $220,000 on the loan and the value is not near that. There are 2 other home in the cul-de-sac that are in the foreclosure process one is pre-foreclosure the other was foreclosed on this week. Both were listed for short sale at around $188,000 and are both larger homes. How in the world does WF think that they would be better off foreclosing on our home than they would be working with us to make our payments affordable? I really do not understand and I am at my wits end and so stressed out that I don't know what to do anymore. Do we just walk away and disrupt our children's lives because they do not understand what is going on nor would they understand why.

•  
  216

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Sally Via EMAIL:
  
  January 8, 2010
  NationStar Mortgage
  Attn: Foreclosure Prevention Department
  350 Highland Drive
  Lewisville, Texas 75067
  
  Dear Sir/Madam:
  
  Since February 2009 I have been working with my lender to re-modify my loan. In February2009 when I started the loan modification my loan was with Flagstar, 5151 Corporate Drive, Troy, Michigan 48098-2639. After working with Flagstar 7-8 months and after I was told by telephone that my loan modification was approved, they canceled my loan modification and sold the loan to you. You have owned my loan since October and I have called your office several times to try to work out a loan modification and up to this date you have denied me on the grounds that I don?t make enough money. Well that is the purpose of loan modifications! For people whose income has dropped and who can no longer afford the old payment. My income was lowered in February of 2009 due to reduced work hours and then in May of 2009 my company offered me retirement of be laid off. I took the retirement because this offered me lifetime health insurance coverage.. This happened in May 2009. Since that time it has been a fighting battle to keep my home. If I was still working and making as much money as I used when I was working, I wouldn?t have need of your assistance. I need your assistance now.
  
  My loan payment is $1,300 Interest Only. I also have to pay over $2,000 a year for property taxes and approximately $700 a year for property insurance. I was given a forbearance agreement for the months of May, June and July 2009 of $700 a month and kept my payments faithfully with Flagstar. Unfortunately Flagstar was dishonest by selling my loan two days after a loan modification was approved. I am requesting that you give me this payment to include taxes and insurance now and I will keep my promise and commitment to make this payment faithfully each month. Prior to my work hours being affected, I kept made all my payments on time and was never late. Check my past records if you would like to see this information.
  
  I have enclosed copies of my retirement checks and hope that you will work with me to keep my home. I think it would be in the best interest of your company to help people keep their homes when they are willing to make the payment instead of taking people?s homes. I also have a very good chance that I will become employed in the near future and making more money. You can then consider given me a higher payment according to my income.
  
  Thank you for your anticipated assistance.

•  
  217

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Debra L Via EMAIL:
  
  When we applied for our modification after trying 3 previous times. There was letter in our mod application packet saying that the bank is more apt to help someone that has a temp problem other than someone who has a long term hardship. they felt that someone with a long term hardship would be more of a risk and a waste of their time with the home modification process.
  
  They said that if it was temp situation that it would benefit the bank more to do the modification. So in our hardship letter we put that we thought our hardship problem would only be temp since I was actively seeking employment and we were hoping that my health issues improved. Do you think that this will hurt us putting we felt it was only a temp situation verses and long term hardship? We really need this modification to become perm so that we don't loose our home, lets face it I have been looking for work for almost yr now and have yet found anything that was perm, also my health has not improved as the doctors thought.
  
  So do you think the bank is more likely to approve a temp situation over long term situation? Please help. This has been total hell for me, the stress it has caused my husband and I is unreal the strain it has put on our marriage.
  
  So I would really love a reply if you have the time. Also I could send you copy of the hardship letter if you are interested.

•  
  218

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Debra L:
  
  Debra:
  
  I am so sorry that you've been going through this and even sorrier that it has had a negative effect on your mortgage.
  
  I have no idea why the bank would want to help someone with a temporary problem rather than a long-term problem. From the mail I'm getting on the blog, it looks like they don't really want to help everyone.
  
  You should write a letter to the CEO of your lender, and give a detailed list of the contacts you've had with the company and what the response has been. Hopefully you've been keeping good notes and have the names and employee identification numbers of the people you've spoken with. Copy your state Attorney General's office, the state mortgage and banking regulator, your governor, the OCC, FHFA, HUD and the FDIC.
  
  You might even want to copy the White House.
  
  I don't know if you can save your home. You might be much better off five years from now if you give the house back to the bank and move on with your life.
  
  But write the letter first and see if you can get someone to pay attention.
  
  Good luck, and let me know what happens.

•  
  219

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Tim via email:
  
  I'm not wanting to lost my home. We've got behind because of double-bypass. my wife had to have then i hurt my shoulder and was on light duty. I file chapter 13 they were taking my hole pay check I got let go from my job so 13 dropped me. Doing so I lost my car and now I'm losing my home. when the first job let me go I found another but he only worked me a month half. causing me not to get unemployment. So I need help to save our home.

•  
  220

  Ilyce Glink

  01/11/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Troy via EMAIL:
  
  Recently my wife and I tried to have our chase bank HELOC increased (which was reduced a year ago like almost everyone else). Ours was reduced from 93,000 to 11,000 based on an electronic appraisal chase did that showed our home value had dropped from 250,000 to 178,000.
  
  So they took 178,000 and multiplied it by their 80% loan to value and got 142,000 then they subtracted our mortgage amount (which according to there records) was 131, 000 and got 11,000 so that is our new limit.
  
  But in reality our mortgage amount had been paid down over 30,000. They used our original info from the time of our application 3.5 years ago to calculate our reduction. They didn?t request current info at the time of the reduction.
  
  They simply sent out the reduction notice and hope that you don?t appeal it. In the notice they don?t tell you that they used inaccurate info so we didn?t know they used our original mortgage amount. We found out by calling multiple representatives and asking how they arrived at 11,000 and one slipped up and told us.
  
  When we informed them of our true mortgage amount we were told to fax in a recent statement and it would likely make a big difference but it didn?t they said they used the info they had at the time and it was our fault for not appealing it sooner. They say our only option is to pay for our own appraisal $400 and if it comes back high enough they will consider and increase now at a 70% loan to value.
  
  My concern is how many chase HELOC customers limits where reduced with inaccurate info to calculate them. I went into our local branch and convinced the young branch manager to give me several high positioned chase executives phone numbers that she apparently wasn?t supposed to.
  
  Because now they are asking me how I got these names and numbers of these executives but I cant get past their secretaries. I tried the proper channels and am not looking for a hand out.
  
  We have 2 checking and 3 savings accounts as well as our HELOC all in good standing all payment have been on time and above the minimum payment. We have great credit and plenty of equity in our home.
  
  I believe this is chases way of trying to get people to not be able to take advantage of the low interest rates they gave with these loans ( ours is 1.25 above prime) I really believe this has affected many peoples lives and is something alot of people care and would like to know about. And deserves more attention. Not just for me but everyone chase has misled.
  
  PHONE NUMBERS YOU ARE NOT SUPPOSED TO HAVE:
  
  KERVIN HILL 318 340 3460
  his boss SANDY GREENWALD 318 329 1486
  her boss LARRY THODE 318 329 1815
  his boss ALEX KRANTZ 614 422 0538
  his boss DAVE LUCCHINO
  his boss RYAN MCINERNEY
  
  CALL AND MAKE SOME NOISE AND LET THEM KNOW WHAT YOU THINK ABOUT THEIR POLICES ON CUSTOMER SERVICE

•  
  221

  mscheri

  01/14/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Update for post 152-
  We were forced to sign the loan docs, we were threatened with possible foreclosure if we didn't sign them within two days and have them returned. I filed a complaint with the Attorney Generals office. My husband received a call from the Executive Response team, he explained the situation and she told him that was to bad he was misinformed. Same day we received a letter stating our payment was going up. Next day we received a letter for our first payment that is due Feb 1. It included Delinquency fees, late fees, fees, fees, fees. This just about did me in. I called and was immediately transferred to the executive response team office. I spoke with someone who was really nice, actually gave me some hope. She said that what they did to us was unacceptable. She stated this several times and apologized. She said our file was under investigation and she would send the information back to the case worker and tell them to make it right. I felt much better. The following day, yesterday, the caseworker called (same lady my husband spoke to). Her attitude seemed to have changes and she said she would see what our options were and call me back today. I received the call from her today and she told me that they could not help us since we signed the loan papers already. Can you say kick in the teeth? I'm suppose to be working, battling this lump in my throat and the tears in my eyes. I'm broken.

•  
  222

  Ilyce Glink

  01/14/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Eric via Email:
  
  I read your blog and was praying you could point me in the write direction. I have made FIVE "trial" payments to Bank Of America now and they continue to ask for the same paperwork and that I haven't sent it (which of course I did NUMEROUS TIMES *sigh*).
  
  Do you know anyone at Bank Of America that I can contact to "request/demand" either a denial or approval of the load modification now that I have made the 3 required trial period payments PLUS 2 more. I am loathe to keep sending money to a black hole while all the time being told my paperwork is not up to date and while foreclosure continues to move forward and while my credit is further impaired by what BOA calls "partial payments" referring to the trial payments.
  
  I just need to get them to approve or deny my HAMP so I can either keep the house OR stop wasting the trial payment money and just walk away.
  
  Is there anything you can do to help me PLEASE? Someone to call or email or send a letter to? Aren't they in breach of their own trial period contract by NOT having made a decision after my completion of the 3 payments on time? Any direction you could point me in would be so helpful and if it helps me, I can, in turn post here about others like now have a path forward as opposed to talking to 5 different people in 5 different departments with everyone saying something completely different. THANKS AGAIN!

•  
  223

  Ilyce Glink

  01/14/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Eric:
  
  Have you written a letter detailing your contacts with BOA and sent it to the President and CEO of the bank? I suggest as much in this blog post.
  
  You should also copy the OCC, your state banking regulator, your governor, senators in Washington, Congress representative, the Attorney General of your state and anyone else you can think of.
  
  The letter should be clean, clear, and contain as many dates and information about those you've had conversations with about this issue as possible.
  
  When you've done all that, let me know.

•  
  224

  itten94

  01/16/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Updates -
  
  Well a new priceless letter has been received from Ms. Price
  at Chase's executive resolution department. Our request has
  been submitted for an internal loan modification, and this is a
  lengthy process. LENGTHY!! are you kidding me almost a
  year?? Has anyone been following the bank commission
  hearings? These jerk executives are kidding right. Whining
  about a tax on bonuses, it's not our fault. Really, I've said it
  before and I'll say it again. Hell has a really special place for
  these people.
  
  So now we wait on Chase some more. Also starting to get
  the paperwork together with NACA for their submission. We
  will see.
  
  I have been doing some research on forensic mortgage loan
  audits. Does anyone have any input or experience with this?
  After going back and reviewing my documents with both the
  first and second it appears I was a victim of predatory
  lending, due to prepayment penalties with no benefit to me
  directly and who knows what else given I am not educated in
  this field. I would like to know if this truly will benefit my
  position to pay for this type of service.
  
  Any advice would be great!
  
  And just as a comment to some of the blogs I have read
  regarding people receiving their "mod" documents with higher
  payments. It appears the months you are paying the lower
  payment are simply forbearance, and then when you get the
  loan docs for signature it is a repayment plan. That would
  explain the higher payments with no other changes to the
  loan terms.
  
  What I find extremely odd is I have never been offered
  forbearance, trial payments, or anything else. I have never
  received any papers about foreclosure either. I wonder
  either how far lost I have become in the system, or if they
  have no idea who holds the note, which would be another
  positive in my favor.

•  
  225

  gimbetton

  01/19/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I can't believe that soooo many people are having such hell trying to get a loan modification! My God! Why not get the general media involved?
  
  I am in the process of trying to get a modification with Wells Fargo too(they seem to top the list with problem loans) I have been denied twice. My hardship is too much credit card debt--I don't think that they really care about our hardships it's all about the numbers and the luck of the lottery.
  
  I have 2 investment properties and a primary I am trying to get all modified.I don't need it for my primary but the second lien with Chase is at 8.15%. Iwrote to the CEO and my congressman. Well I got 2 calls the same day from Chase's Executive Resolution group and a 3rd letter the next day all from different parts of the country. I speak one of their resolution analyst who was quite nice, and left his email and # he said to get a denial from my 1st lien, GMAC which I got and then contact him. I sent several emails and calls with no further response.
  
  Well my letter to my congressman I got a call from his office, visited went to see an attorney they sent me to and he gave me a # for a counselor called the number and no response.
  
  I think this is all a game all of them play because they think that we are all idiots.
  
  Well I am no fool and I am strong and will fight this to the end. I am now 2 months behind on my payments but the fight is on.
  
  What do you suggest?
  Frustrated Grace NY

•  
  226

  Jewdy

  01/21/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I would just like to say, that I tried to get a loan mod from B of A since March 09. I finally wrote the Office of the President and got a call within two hours. I now was able to get overtime hours at work and am able to pay my mortgage for now, so I don't want to pursue this further. My question to the consumer advocate, is "What was happening for those 9 months I was trying? What was the negotiator doing when she actually said I was good to go." I couldn't get an answer. The consumer advocate said "you did the best thing for yourself writing us." I think she was implying going through the regular route was going to do nothing for me or anyone else. I think this is where the story is. What are those people on the phone trained to do.? Many told me to stop paying, I would have lost my house or at least ruined my credit, and added to my loan without any benefit to me, all while telling me I was an excellent candidate. To just wait until the computer system changed over, just wait just wait just wait. The real story is the customer service advocate you strongly implied that nothing was going to come of that process. What a scam, how awful for all those people still waiting.....

•  
  227

  MD4739

  01/22/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I have decided that there is NO one listening - Now I am going through "forebearance" - then modification which I have read on here - leads to just another disaster - I got an e-mail from my Senator - basically giving me all the info I got on here - I e-mailed her back and basically begged her to have someone in her office come here and read each of these posts - I did that in my first e-mail - so maybe the second one will get someone to come here - Chase has put me through hell and back again now for 16 mos and I'm still in limbo - I still say they do NOT want to help and are waiting for things to straighten out so the interest rates go back up - meanwhile we are suffering and being led on constantly - getting deeper and deeper - at 61 I dont' know how much deeper I can go - if there are some people out there reading these that are in a position to help, why aren't they posting to tell us what to do - whey isn't someone calling these banks out on what they are doing to consumers - they should have to answer to someone - And, stop advertising the "Obama Plan" - because it sucks and is no help to anyone!!

•  
  228

  mscheri

  01/23/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  MD4739 - I couldn't have articulated that better myself. Thank you for that.

•  
  229

  mscheri

  01/23/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I received this yesterday and have started writing. Just when I am ready to give up, something else comes in. I've already tried FHA and HOPE - No help but I am willing to try the others.
  
  Dear Ms. Stewart:
  
  Thank you for your recent message to the Office of the Attorney General.
  
  Your letter has been forwarded to our Consumer Protection Division (CPD) for review. If additional information is needed, CPD will contact you. CPD monitors business practices and determines priorities for enforcement. When appropriate, CPD takes action to stop violations of
  Texas consumer protection laws. We appreciate your assistance in this effort. You may also wish to read the consumer protection section of our website for more information on the complaint process and for additional
  options at www.texasattorneygeneral.gov/consumer.
  
  You may wish to contact the Texas Department of Savings and Mortgage Lending (SML) with concerns about state savings banks, mortgage brokers or mortgage bankers. You can contact that agency at:
  
  Texas Department of Savings and Mortgage Lending
  2601 North Lamar, Suite 201
  Austin, TX 78705
  (512) 475-1350
  (877) 276-5550
  smlinfo@sml.state.tx.us
  www.sml.state.tx.us
  
  The Federal Trade Commission (FTC) also accepts mortgage complaints in most cases regardless of the type of lending institution. This includes complaints concerning most non-bank lenders such as mortgage and finance companies and state credit unions. The FTC can be reached at:
  
  Federal Trade Commission
  CRC-240
  Washington, DC 20580
  (877) FTC-HELP (382-4357)
  www.ftc.gov
  
  You may also wish to contact the U.S. Department of Housing and Urban Development (HUD) to share your concerns. This federal agency enforces the federal Real Estate Settlement Procedures Act (RESPA). You can
  reach this agency as follows:
  
  Director, Office of RESPA and Interstate Land Sales
  US Department of Housing and Urban Development
  Room 9154
  451 7th Street, SW
  Washington, DC 20410-8000
  (202) 708-0502
  www.hud.gov
  
  Homeowners with problems that could result in mortgage default or foreclosure on their property should consider contacting a HUD-approved housing counseling agency at (800) 569-4287. The Homeownership Preservation Foundation also provides foreclosure information and
  counseling at (888)995-HOPE (4673) or www.995hope.org. For additional information from HUD regarding foreclosures visit:
  www.hud.gov/foreclosure/index.cfm and
  www.hud.gov/faqs/faqforeclose.cfm.
  
  You may also wish to contact NeighborWorks to find a foreclosure counselor in your area. They can be reached at:
  
  NeighborWorks
  1325 G St., NW, Suite 800
  Washington, DC 20005-3100
  (202) 220-2300
  www.findaforeclosurecounselor.org
  
  Again, thank you for writing.
  
  Carlos Iba?ez
  Public Information & Assistance

•  
  230

  itten94

  01/23/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Updates -
  
  I like the idea of sending correspondence to the Office of the
  President.
  
  Anyway, well now I have been denied an internal loan mod at
  Chase, lack of income. Strange as many have said, that is
  the purpose of getting a loan mod, hardship. So now I am
  filling out a new financial package to them because they do
  not have accurate financials since our scenario changed
  greatly due to bankruptcy. I have known for months that
  they do not want to help. So they said forbearance would be
  the only way to bring it current. Interesting how I
  supposedly could afford that, but not cutting my payment in
  half.
  
  I came across articles about having a forensic loan audit
  done to prove fraud in your loan and laws being broken
  months ago. I have continued to do research in this regard
  and decided this is the best avenue to approach. So they
  handle your audit, wherein my loan has predatory lending via
  a pre-payment clause which is against the law. Along with
  who no what else. Then the company handles your loan mod
  as well.
  
  So if I continue working on, NACA works on it, and I have this
  company prepare an audit and work on the loan mod I am
  hoping their heads just pop off from being attacked from all
  sides.
  
  Just make my loan a 30 year fixed, that is all I am asking, I
  don't even care if they reduce the interest. Just take the
  damn thing from a 15 to a 30 and cut the payment in half.
  
  I really believe they can't find the note...
  
  Good luck to all, check our forensic audits!! It might help
  more people than you realize.

•  
  231

  Ilyce Glink

  01/24/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @itten94:
  
  Just so you know - prepayment penalties were outlawed in a number of state - but for lenders with a national charter (Chase is a nationally-chartered lender), those state laws did not apply. It may have been perfectly legal for you to have a prepayment penalty attached to your loan.
  
  A lot of folks chose prepayment penalties because the lenders agreed to a quarter point or half point reduction - if you would tie yourself up and not bother refinancing for a period of years, usually 4 years.
  
  Most folks didn't expect interest rates to fall as far or as fast as they have - or that they'd lose their job and need to sell.
  
  Just a word of warning to anyone out there who is thinking that they'll use an auditor and a case against a lender for using a prepayment penalty. It might have been perfectly legal at the time.

•  
  232

  Ilyce Glink

  01/24/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Mscheri:
  
  Thanks for taking the time to include your letter with the different points of contact for different mortgage regulators.
  
  I will take some of that content and also copy it to another blog post I have (How to find your mortgage lender or bank CEO).
  
  I am so disheartened when I read the stories of folks not getting any help.
  
  I wonder if the Obama administration realizes just how angry America is - perhaps the election this week in Mass. gave them a moment to pause.
  
  I have been regularly speaking with lenders on an executive level. The top level means well, but the folks who deal with customers at the end of the 800 numbers are unevenly trained and don't have the power to cut across systems to get things done.
  
  I fear that unemployment will get worse and this problem of loan foreclosures, mis-modifications, etc. will get worse as well.
  
  What will happen if 50 percent of the population is underwater with their mortgages?
  
  The banks have to start dealing with worst case scenarios and turning this around.
  
  It can't all be about their bonuses.

•  
  233

  Mrs. O.

  01/25/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I thought I was in this all alone. Much to my surprise my story is being told over and over again.
  
  Is their an Attorney out there that is willing to take on these big banks, I'm sure they would find more then enough people for a class action suit.

•  
  234

  MD4739

  01/26/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I finally received the docs for the forebearance Agreement - took two tries of them sending it out - took 8 business days, regular mail! Yeah-important docs - sent regular mail - that explains why when I asked for a tracking # I couldn't get one! When I read them over - there is no security for me - no gurantee of a modification, PLUS it states that at the end of the forebearance it will be determined how the $20,000+ in late pays, fees/late fees, etc are to be paid! IT WAS TO BE ADDED TO THE END OF MY LOAN with the last modification - that THEY lost! So I called, left message, and e-mailed the lady working with me to say I had major questions - but let's be honest here - WHAT choice do I have but to sign the damn forbearance agreement - because they offered it - and if I reject it - then its foreclosure - Where is the fairness in this - I've been there, done that a year ago - they lost me in the "data system" so now its MY fault? I'm telling you - I don't know their plan and it makes no sense to me - but I'm saying they don't want to help, procrastinate this way, and then we lose our homes - Why is it that with all these people having the same issue that someone with authority can not step up and offer to help?

•  
  235

  mw78

  01/26/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  This is are 5th month of hell thanks to WellsFargo.I have called
  wisconsin senators offices they make it sound as if it is the first
  time they have heard of such problems.They assure me that
  wellsfargo cant do anything if I am making my payments. When
  people call and are sent to your door to tell you your being
  forclosed on I have a hard time believeing our goverment.When
  there is stories like mine everywhere I am scared of what
  america is going to look like in 1 year.I still pray for hope but I
  am realistic that it may never come.

•  
  236

  KJM78

  01/26/10 | Report as spam

  KJM78

  We have been in loan modification hell with Bank of America and Soveriegn for about 6 months now. We were told on numerous occasions we qualified, only to be shifted back and forth, told papers were never rec,d or papers were lost (sound familiar?) just to be denied because their INVESTORS didn,t like it. Then we were told we,d have to file bankruptcy to get rid of our debt...then...we would once again qualify. This is where we are at now. We also have contacted our Senator and Congressman to help...still awaiting to see what that will do to help Unfortunately we are somewhere in limbo at this moment and still wondering on a day by day basis if someone will show up at our door with a foreclosure notice! What a nice way to live huh?!

•  
  237

  KJM78

  01/26/10 | Report as spam

  KJM78

  I did actually hear through a friend who is also headed for foreclosure, that a friend of hers actually did finally get a phenominal modification...BUT...she was IN foreclosure when the bank finally agreed to it....this happened for her 9 months down the road and after she tried everything in her power to get one AND I,m still not clear on how it all happened! Makes me sick to think more than half of America will be forced out of our homes into renting situations! Breaks my heart even more to see everyone losing evrything they worked so hard to obtain to gain less than nothing while the banks walked away with bail out monies and we as taxpayers are flipping thier bill!

•  
  238

  KJM78

  01/26/10 | Report as spam

  KJM78

  Mrs. O
  
  Good question! I would love to sue the lender that overappaised our home 2 years ago and was pushing us to take out even more money ( thank-goodness we didn,t even though we are still way under water ) But...when you have no money to hire an attorney..what does one do? Every time I look on Zillow...I cannot believe...less than 2 years ago our home was appraising at $510K, now it,s claiming it,s worth $280k...bottom appraisal price is half of $510K! My husbands salarly was cut 15% and he has to drive now more than an hour both ways to work (extra gas ) I stay at home because I have three children with certain needs. You would think...some good attorney out there could do something...noone else is helping the homeowner! Too bad, they threw out the "bankruptcy Cramdown idea " that wouldv,e at least put us back on a level playing field...the way things are now...looks like we,ve just been thrown to the wolves!

•  
  239

  Ilyce Glink

  01/26/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @KJM78:
  
  Thanks for sharing your story and history of your loan modification. I can't tell you how many people have been emailing me over the past few days about this blog.
  
  @Mrs. O (assume you're not Mrs. Obama....)
  
  I am not an attorney, but the way that class action lawsuits work is that the lawyers take on the case and then receive their fees out of the settlements at the end.
  
  There's a lot of work and upfront costs that go into a case like this - it could easily cost an attorney $500,000 to $1 million to get a class certification for this kind of lawsuit. And, then they have to try the case.
  
  I'm not trying to discourage you. It's really a tough situation.
  
  What's really interesting to me is how many different writers have picked up on the idea of strategic mortgage defaults being a worthwhile choice for homeowners.
  
  In other words, if you're underwater with your mortgage, perhaps you should walk away instead of fighting it.
  
  I've written about this and the way it works, you'd essentially stop paying your mortgage, and allow the lender to take back the house in lieu of foreclosure. That's a remedy allowed in your loan documents and in most states, the lender can't go back at you to try to get other assets.
  
  Here's the thinking: If you draw a line in the financial sand now, it will take you 2 to 3 years to reboot your credit history and score. You'll save money because it will cost you less to live than what you're paying.
  
  The downside is you have to walk away from your home.
  
  I think Americans are pretty fed up and this is something more people are considering.
  
  If enough people do it, it has the potential to throw this country into a Depression.
  
  Just my 2 cents.
  
  Thanks to both of you again for taking the time to comment.

•  
  240

  Ilyce Glink

  01/26/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Claire via email:
  
  Here is the link for a story that ran last night on abc regarding Bank of America's lack of participation in this process, this woman is going to see that we all are education on this nation's total lack of interest in our current economic crisis and that the "programs" offered are a load of crap.
  
  http://www.mysuncoast.com/global/video/popup/pop_playerLaunch.asp?clipId1=4487027&flvUri=&partnerclipid=&at1=Station%202&vt1=v&h1=Loan%20modifications%20hard%20to%20come%20by%2C%20despite%20government%20program&d1=195634&redirUrl=http://mysuncoast.com&activePane=info&LaunchPageAdTag=homepage&clipFormat=flv

•  
  241

  njinco

  01/26/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  According to Chase Home Loans: Apparently if a person used a mortgage broker to aquire a mortgage (which I and everyone I know did in 2007) as opposed to a bank, it is impossible to qualify for a modification.
  
  How can this be possible? Or fair, for that matter. Why should it matter where I got the mortgage? Right now, Chase owns it. And refuses to modify it.

•  
  242

  ggdjack

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  My name is Dwight; I am also in modification hell. My loan is with Wells Fargo and I have completed the trail period on 1/31/10. I received a call from Wells Fargo representative on 2/2/10 who stated the following; your modification has left the verification department and is on its way to the final modification department. I was told to continue to make my payments until I hear from them, I asked how soon will this be? I was told its hard to say, it could be 1 week or 12 weeks. According to my pre-mod contract- If I have the three payments on time at the end I will be offered a modification. I think I am being stoned wall like others. What do you suggest.

•  
  243

  Ilyce Glink

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @njnco:
  
  I had not heard that specifically, but it may not even be true. I'll see if I can run it down.
  
  Remember, loan mods are a voluntary program where lenders design the rules and decide whether to live with them - or not.

•  
  244

  Ilyce Glink

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @ggdjack
  
  Dwight - supposedly you (and the nearly 1 million other homeowners who are in trial loan modifications) are eligible for a permanent modification if you make three on-time payments.
  
  However, the lender then has to reverify all of the documentation in the loan. You would have to submit all sorts of paperwork: W2, tax statements, bank accounts, etc. It's like being approved for a whole new loan - which is essentially what it is.
  
  I've heard from folks on this blog who have been in their trial loan modifications for 8 months or more.
  
  Stonewalled? Not yet. I'd give them two more months to do right by you, but I'd call back weekly (or even more often) to make sure you're not forgotten.
  
  Let me know what happens.

•  
  245

  Ilyce Glink

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  From Deborah via EMAIL:
  
  I am in the the 3nd month of my trial period payments to Bank of America. I am so frightened by reading these horror stories.
  
  I too went through the waiting periods but finally got the documents for trial period payments.
  
  I found out today (1/29/10) while making my payment over the phone that my loan is considered to be IMPOUNDED! I told them I was in modification and I was making my 3nd payment.
  
  My credit score took a huge hit (I was told that this would not happen by 3 representatives) The rep told me today "this is the price you have to pay" he wanted to know if I was going to pay an additional $843.00 to catch up from my previous mod payments???
  
  My credit will be totally ruined, I was at a score of 783 now I am at 640!! What should I do. How will I know that they are purposely trying to put me behind so I lose my house also?
  
  Thank you for response ASAP Deb

•  
  246

  Ilyce Glink

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Deborah:
  
  You need to call back and speak to a supervisor at Bank of America who can help you understand what has happened. I would also copy the CEO of Bank of America so that the executive team knows that another customer has had poor customer service through their (800) number.
  
  Do you have an account at a local Bank of America branch? You might try paying a visit to your local branch manager and asking for his or her help. I don't know how much they can do, but they may have another number to call that puts you in touch with a senior supervisor.
  
  Let me know what happens.

•  
  247

  FedUpinTampa

  02/02/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hi,
  
  I tried to do a loan mod since last March with Wells Fargo, and after countless resubmissions of paperwork, countless phone calls to follow up, and dealing with incompetent, rude employees where you could never get good, reliable information, *finally* made it to the trail period in November of '09. Completed (3) trial payments, was assured countless times (from the executive office!), that my loan mod was fine, to sit tight, and the final paperwork would be here by the end of January/beginning of February. Got a phone call from the executive office on 1/18/10, stating I was denied due to surplus income of 2K a month. What????? Previously I was told I was a sure thing, and no problem. Meanwhile, my credit has dropped (due to the trial period), and now they have sent me a bill for my February mortgage payment due to the tune of (3) months worth of payments! Called and asked why - was told that I did not follow the terms of the original mortgage agreement, and this is what was needed to bring it up to date.
  
  Inquired about a short sale. Was told they could not do this because I was "not eligible". Inquired about a deed in lieu. Told the same thing. Inquired about a market rate refinance. Told they could not do because my property (in FL), is worth 50% of my loan amount.
  
  OK - want to know my solution? I refuse to stress myself out anymore and ruin my health and sanity for a mute point. I have found a very nice rental for less than this mortgage, and WELLS FARGO, YOU NOW ARE THE PROUD OWNER OF ANOTHER HOME!

•  
  248

  Jewdy

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am sorry. The banks are just playing with customers. Complain to whom? The banks are not making credit easier like they were supposed to with the bail out money. They are not modifying loans and they are taking HUGE bonuses again. I just wonder what it will take for the common person to join others and start a revolution. I know it sounds crazy, but I feel we are living in time like Pre-revolution Russia. We are establishing an oligarchy of bankers that are reaping huge profits, while the common person is going under, and they don't care.

•  
  249

  Ilyce Glink

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @fedupinTampa:
  
  You've really been thru the wringer and I feel for you - as I'm sure everyone on this blog feels for you. There's a lot of silly, insane stuff going on in the loan modification world, which is why I named this blog post "Loan Modification Hell."
  
  Walking away from your house probably makes some sense, and if everyone who is walked several miles in your shoes walks away, lenders would begin to get an idea of what could happen to them financially.
  
  I wish you the best of luck. Please let me know when you make your move, and how it all turns out. Thanks for sharing your story.
  
  Ilyce

•  
  250

  Ilyce Glink

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Jewdy:
  
  There are a number of folks who in recent months have asked me if civil unrest is possible if enough people get hurt by the recession.
  
  We didn't really see American civil unrest in the 1930s, but we are in a much different time, as well as a different century. Today, people express joy of a Superbowl win by looting retail stores. It's beyond comprehension.
  
  Bottomline: I think if people get hungry enough, cold enough and angry enough, anything can happen.
  
  Thanks for your comments.

•  
  251

  d&clouis

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Ilyce,
  
  We took your advise, and sent a letter to Brian Moynihan...the
  President/CEO of Bank of America, along with about 30 pages of
  documentation explaining our loan modification frustration. (Too long
  of a story to tell right now). The package was also Cc'd to the OCC &
  our State Attorney General's office.
  
  On Monday, we called the number on our recent denial letter (from
  litigation/collections), and instead of getting bad news about what's
  next (foreclosure?)...we were told because of our letter, there was a
  new directive from the BofA President's office to assign us a new loan
  modification person, who would be contacting us in 7 to 10 days.
  
  We're now a bit hopeful, and waiting...but still with that awful pit in our
  stomachs.
  
  We'll let you know what happens.
  
  D&C in Hawaii.

•  
  252

  dunkmeister@...

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Hey Gang,
  I am still on the Trial Payments w/ JPMorgan/Chase. I just sent in my fifth payment; that was the last coupon they provided me with (I xeroxed it and will use for future payments).
  Here's my question: is it in my best interest to keep making the trial payments?
  It seems like the answer is 'yes,' but I just wanted to check w/ y'all, since there is a lot of experience in this blog.
  
  On Monday, Feb. 1, after being asked to submit more info, more info, etc. (with plenty of duplication, but I complied) for like 10 months, at last I received a FRIENDLY letter fr Chase saying, 'Thx for sending in all the info we need for a decision. Keep making your trial payments until you hear our decision.'
  Hmmm. I feel this is a positive stage, but maybe I'm just engaging in hopeful thinking???
  What do you think? Is this a positive step?
  And, do I keep on making the trial payments? Or do I stop, or escrow payments, or what? What do you suggest?
  THANKS. Dunkmeister

•  
  253

  startingover101

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I too am in modification hell....
  
  I appoligize in advance my writing skills are not the greatist barely have a highschool education.....but with hard work, sacrifice, perserverence and a lot of faith,we built a good company that at one time employed 20 plus workers that made good money to support their families.
  
  In Sept. Wells Fargo accepted me in to the program. I made all three payments on time. I called often see if i had every thing in that they asked for and they would say yes....then 9 times out of 10 I would get a call either later that day or the next day asking me for more paper work and I would say...can't you see on your notes in the computer I just talked with someone and they said everyting was fine!...they would have some lame excuse...and I would again send them something that I had already sent them. After my Jan 1st payment I called and asked when I would have the final paperwork. She assured my in about 3 weeks. When 3 weeks came and went I called again. This time he said I don't know why they told you that it takes 45 to 60 days. Last week I got a call with a denial because they didn't think we lived in the house. So I had to send all the proof that we acutully living in the house. I called the next day and they said OK looks like you live here but we still need three more things from you.....does it ever end!!! I called today and he said he has everything he needs and that it went to the varification department. I asked him the day he said I was denied that I was afraid to keep making payments if they were not going to modify...he said you do not have to make any more payments, you made the three and it won't hurt or help you....so I didn't make Feb till today when he said that he sent me to the other department.
  The frustrating thing is we were just caught in the domino effect. We have been in business for 20 years. Five companies that we did work for filed bankrupcy . We lost our business, all of our tools a commercial building and our home. The house that I am trying to save was a rental property that we moved into because the renters hadn't made payments for 6 months. Our credit was awesome and now it is trashed. We have two boys in college who now have to work more than I had hoped they would....so far they are keeping there grades up. We cashed in our retirement hoping we could save the business.....it goes on and on.
  I too am so afraid it won't go through......and if it doesn't I told my husband they are going to have to come and move me. I am trying to be positive...and I am thankful I had a house to go to....I just pray we will be able to keep it. I will let you know if it goes through he said I would have an answer in 7 to 14 days. Thanks

•  
  254

  Ilyce Glink

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @D&CLouis:
  
  I think it's a win when you get a letter saying that because of some noise you made, you're getting a second look - and a new loan modification specialists.
  
  What the heck? It isn't a denial - yet.
  
  I'm going to hold out a good prayer for you that this ends well.
  
  And, your letter is a reminder that writing to the President and CEO of your bank or mortgage company can help. I've put the link at the "READ MORE" section of the story .... You'll be able to find some of the company presidents and CEOs and their addresses by clicking on the link.
  
  Good luck, and let me know what happens.

•  
  255

  Ilyce Glink

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @Dunkmeister
  
  Yes. Keep making your trial loan modification payments. If you don't, you have no chance of having your trial loan modification being made permanent.
  
  Let me know what happens.

•  
  256

  Ilyce Glink

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @startingover101:
  
  Outrageous! Please write a detailed letter to the CEO of Wells Fargo and outlines what happened and when, who you spoke to, what was said and what was promised.
  
  Send it return receipt requested.
  
  And, let me know what happens.

•  
  257

  Zachhann

  02/03/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Yes as a matter of fact we are Loan Modification Hell!! And to top it off we had some water damage in our home that the claims adjuster has deemed our home unliveable. Let me shorten the story....It all started in October when we started the whole Loan Mod. process it has been nothing but a joke. We have done everything Wells Fargo has asked and more, but still nothing. So back to the water damage, we received the check from the insurance company a couple days ago. We were told that since it is over $5000.00 we had to have the lender endorse it, supposedly no big deal happens all the time. Well now Wells Fargo wants us to endorse the check and send it to them and they will decide if they want to make the repairs or keep the insurance check, since we are behind on our house payments. Or they will hold it till they come to a decision on our loan modification. In the meantime we have 2 children , ages 2 and 7. Only 1 working toilet, holes in every wall upstairs, missing ceiling downstairs and in our laundry room, no flooring upstairs, we are down to the subfloor, so basically you have to wear shoes at all times try to convince a 2 year old of that! Also we have no sinks upstairs. So could somebody please tell us what do we have to do to be heard!! I'am so mentally drained, and my children are beginning to suffer from the house being torn up. Oh and its not possible to just hire a contractor and we pay him, as my husband is currently laid off, like a whole lot of other people out there. So if anybody could help ASAP we would be so grateful. Its killing me to tell my 7 year old who absolutely loves his house and his room, that we will have to move.

•  
  258

  Ilyce Glink

  02/04/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @zachhann:
  
  It's common in an insurance situation for the lender to have to endorse the check.
  
  It's not that common for a lender to decide NOT to endorse an insurance check to fix water damage that could destroy the house because you're in loan modification hell.
  
  Clearly, they see $$$ coming in and in the short run, sure. They'd like you to get caught up on your mortgage.
  
  But what a silly short-term decision that is. If the water damage is serious, it'll destroy the house if it isn't stopped.
  
  Another penny-wise, pound-foolish decision?
  
  Let me know what happens. And, you should immediately contact the CEO of Wells Fargo.

•  
  259

  sexyj1974

  02/05/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  I am in the same boat as everyone here wit ha loan mod with
  BofA. I have gotten the run around since October making trial
  payments. They are reporting me to collection agencies and
  I am called all day, I tell them I am in the loan mod and tey
  say OK, buy the calls keep coming. BofA is NOT putting the
  money I am paying toward my impound account and I have
  no idea how the property taxes will be paid. No one there
  can tell me anything other than I am under review. I finished
  my trial payments a while ago with no new loan docs to sign,
  no one knows anything and I am treated terribly. I fear my
  family will lose their home and we will be homeless. What can
  I do? I need help. I am scared they will decide we do not
  make enough and decline this loan mod then we will be forced
  to pay the difference in payments at once.
  
  someone please help me.

•  
  260

  Ilyce Glink

  02/05/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  @sexyj1974:
  
  Have you written a letter detailing your treatment to the new CEO of Bank of America? You can find him on the link above in the story, or here: Loan Modification Hell: How To Find Your Mortgage Lender Or Bank CEO.
  
  You need to make some noise in order to rise above the din of those who are in the same boat you are. I firmly believe that a well-written letter that details what happened to you and when, who you spoke with and other paper trail notes will be extremely useful.
  
  Good luck - and let me know what happens.

•  
  261

  Elkerster

  02/05/10 | Report as spam

  Elkerster

  I have a Bank of America Mod, not even a trial Modification a permenant mod. I signed in 5/2009 and they received it the next day, well within the timeframe I had to get it back and I have been making payments in accordance with the mod every since. I called again today (I call every week to find out the new bs story) to find out why my account still has not been updated and was told that my account is under review for a new mod and they are no longer going to honor my first mod. I told them that they have to honor and was told no they don't because it never got approved by the investor.... Why wasn't it approved because they never sent them the paperwork in time. But here is the funny thing the first page on my Mod and all over my account online it have been saying approved since last July. They kept telling me I was wrong and then all of a sudden when I mentioned I was a real estate paralegal and I know what I am talking about I got this response. "Oh, well is there anything else we can do for you today otherwise someone will be in touch with you"

•  
  262

  Elkerster

  02/05/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  And the ironic part is my loan was a countrywide loan taken over by Bank of America... why did my income go down.. because the law firm I used to work at closed for Bank of America subprime so when that branch got shut down two months later I lost my job.

•  
  263

  stacy6114

  02/05/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Yes, I'm in Loan Mod hell!!! I'm soooo happy to have found this site! We are still waiting to see if we can get a loan mod through B of A which started 09/08/2009. We are in foreclosure and just two days ago we got our NOS!!!! I lost it, I was hoping it wouldn't take this long and we would have heard something before it got to this point! I did have a third person helping me out, but I felt she wasn't doing what she promised. So now I am doing this loan mod on my own! I call the Bank almost everyday and get different stories from everyone I talk with. They say " It's still in review" I am so stressed and cry all the time. My husband lost his job and when he did get a new one almost a year later, he is now making a lot less this is why we fell behind on our payments. I stay at home with our two kids taking care of them and home schooling them. I just feel the bank doesn't care and is just waiting for us to lose our home! For now the most I can do is keep calling to see if anything is new and postponing our sale date and hope we don't get denied to get a loan mod. I feel helpless and don't now where or who to turn to for help! We meet all the criteria for the making homes affordables program, but that doesn't mean anything from what I am reading above. Also if the lady I had working on my mod would of been doing her job I don't think we would be so far in to losing our home. Is it to late to save my home?

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  264

  realitychecker

  02/06/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  All of you people...I mean all of you need to read your loan documents very carefully....it says if you do not pay...then you get foreclosed on. End of story. The bank owes you NOTHING! You borrowed the money from THEM, not the other way around. How would you react if YOU loaned your neighbor say...$300,000 grand and then 4 years later he sais that he was CHOOSING not to pay you and that YOU were the bad guy for not simply saying OK....
  Check your selves people for a big fat dose of REALITY. If you did not KNOW you could afford the house payment for 30 years NO MATTER WHAT then you should not have SIGNED a CONTRACT that said you would pay it...the loan documents do not say "if borrower decides he/she does not want to pay then we/ the bank are obligated to suck it up..."

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  265

  itten94

  02/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Comment for "realitychecker"
  
  No one is saying the bank should "suck it up". Did they cause
  this meltdown with their greed, arrogance and fraud? YES!!!
  Yes they did. Are there homeowners who took loans they
  shouldn't have, YES. Did the banks give them the loans,
  YES!! Do we see a pattern here of reality??? Did the banks
  take TARP funds that mostly are unaccounted for by how
  they were used YES, YES they did. I don't give a damn if
  some banks have repaid it or not. I wonder how they
  managed to do that, jack interest rates on cc's to 30%??
  They were given that money for a purpose and they did not
  use it for that purpose. Can you tell me you are happy with
  giving out $75 billion and giving bonuses to "top talent".
  Please, this talent almost took down our financial system. I
  can show you top talent, most people with common sense
  said years ago this would crash. Did the banks bundle these
  loans up and sell and resell them, did AIG decide to play at
  the craps table and sell insurance on this fraud, why yes, yes
  they did. Need a little more reality?? When the government
  bailed out the banks it was to help main street. When the
  economy shriveled up and businesses went under and had to
  lay people off, why do you think this happened?? IT
  STARTED ON WALL STREET!! I simply am asking for what the
  banks got, a second chance - Do you get it now Mr Reality
  Checker???
  
  And by the way, I don't have a home that is not affordable, I
  didn't buy up when I made a ton of money every year. If you
  lost $125k in gross revenue annually, could you pay for all
  your stuff too??? How would you or I ever know what the
  future brings, 30 years is a long time and when you don't
  have any problems for 18 years you really don't expect any,
  it is quite a shock. 99% of the people trying to get help are
  good hardworking people that were victims of a much larger
  scam apparently this is oblivious to you in your fantasy land!
  Why don't you get off the "Its a small world ride" at Disney
  and open your eyes to what has happened to millions of
  Americans, and people around the world!
  
  Have a nice reality check.

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  266

  MD4739

  02/08/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  How totally rude and disrespectful! I am NOT a loser, I worked hard for what I've had - and I worked hard to make my payments on time - then all Hell broke loose - I lost my job and the economy went in the dumpster - - so - I'm on unemployment $380.00 per week - so Reality Checker - do ya think that people think well gee I could lose could lose my job - better not buy - well excuse me - but we would have to pay rent regardless - oh - guess that's our fault to - and we should all just roll over and become homeless!!!!! You are such a very nice person!!!!

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  267

  sexyj1974

  02/09/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Well, I called BofA and learned, after making 4 payments on
  my loan mod, that somehow nothing went through, and now I
  owe the difference for those 4 months, or I will lose my
  home. Since I do not have $4700 on hand, the lady gave me
  a lower interest rate and I have 3 month to pay it back,
  HIGHER payments, we lost income, but sure I'll pay a higher
  mortgage than my original one, my kids didnt like eating
  anyway. So, after the 3 months, then I will get the MHA
  loan(Making Homes Affordable) sure, sure, I believe them.
  We faxed our letter of hardship, bank statements, last
  years(2008) taxes(I do not have 2009 done yet) and pay
  check stubs, just like they requested. As long as I do
  EVERYTHING they say(direct quote) I will get the MHA. After
  3 months will my interest go up? Maybe they said. WTF??
  How is that affordable? I want to get another bank to take
  over my loan, but BofA dinged my credit saying I was in
  default NOT paying, when I was paying. I am so mad.

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  268

  Buildblue

  02/09/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Reality checker,
  Did it Ever occur to you that a company could have clients who defaulted on their payments ?,...OR, someone could have worked for someone who never paid them ??
  I don`t think this 'Reality checker ' has a clue what " REALITY " Really IS !!!!
  Save your Vomit for your master,...

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  269

  dselica

  02/09/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Realitychecker sounds like a banker, and does not realize that we are
  experiencing a major economic crisis, and most people did not expect
  their income would be drastically affected by it.
  
  The borrowers have not chosen not to pay their mortgages, they are all
  looking for help from the lenders to make their payments and keep their
  homes. Most good people would work something out with their neighbors.

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  270

  Ilyce Glink

  02/09/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  Are you ready for a reality check?
  
  Take a look at this example of the pot calling the kettle black.

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  271

  hdevincent

  02/09/10 | Report as spam

  RE: Are You in Loan Modification Hell? Join the Club.

  We are another lost statisitc in the BOA nightmare. Originally our loan was thru Countrywide, to be sold to BOA. We had made a year payment no late payments, my husband works in the auto industry, economy took a dive, he is commision-based. Our income drastically lowered. We proceeded with the Streamline program (our Loan is VA), thinking to lower our interest to 6.5% might help. Plus we were given one month of grace on not paying our mortgage. We thought,yay- made our payment nov. 2008 for our 2601.00 payment, in the month of Dec. 2008, my husband did not even receive $1000 for his check. IMMEDIATELY I called BOA and they put us on a forbearance for 3 months. They were going to help us make a repayment plan, sounds good- we wait, wait- I call everyday, they keep saying we are "in review", April rolls around I call again, they say that the forbearance was cancelled- we did not qualify and now owe 10,000. Okay, well can not come up with that- ask if I should just make my april payment, oh no they say we now qualify for a Loan Mod. Well great, our mortgage is 43% of income, so if it gets reduced, we are good to go. It will take 45 days to process. Okay so here comes June 2009, (mind you, I have faxed over paperwork numerous times, called continually only to be told "in Review" Realizing the economy was not getting better, we chose Chapter 7 bankruptcy, said we wanted to keep the home- got rid of all high debt, nice cars so forth. With the intentions to keep the home, right because this is the most important thing. We call them and tell them, oh "no Problem, they say" we will finish processing your loan modification when bankruptcy is discharged- it is discharged July 31, 2009- I call next day, they do not have all the papers, tell me to wait, I am still "in review" during this time, I call everyday and get a different answer- literally, one person said they lost our info, another says we are in the wrong dept, another says, pay what you can, on and on. Finally October 17, 2009- they receive the last court doc from our chapter 7, ok good let's go we are ready to solve and start paying- uh, we do not qualify for a loan modification, it was cancelled. WHAT! Oh yes, we do qualify for a forbearance of 3 months again- okay I take it, this is suppose to be done by Nov. 27, 2009. I call the next business day, guess what, we are still "in review" are you kidding, they tell me to call back December 15, 2009- I do, still "in review"- Okay fed up, I research hiring a lawyer, seems pretty sketchy- choose to go with the HOPE program;great service, I was feeling good for a minute, looks promising, we qualify for the HAMP program, which was implemented Feb.1 2010. Do all the info, me and the representative at HOPE call. Well, apparently my forbearance is still on my account, okay let's remove. BOA says call back in 2 weeks. Okay, I have been checking my online account like EVERYDAY- today I see the forbearance was lifted. Immediately call HOPE, we get on the three-way with BOA, and are told that we do not qualify for ANYTHING- not even the forbearance we were just on. Both HOPE rep and I are stumped, we decide to proceed and call my VA counselor. VA counselor states that the HAMP program is new, and that no one really knows how to use it for VA loans- and really has no solution for us, because we are now 15 months behind in payment- He stated that no has even qualified for this program yet. I said ok- well let me be the first, let's do this- maybe I should have made some payments, but maybe not- maybe all along, we would have been like everyone else- strung along and spent our money into a hole of confusion. All we want is to lower our payments to about 1700, at 3%, put the back payments into the loan, and move forward. And yes, if they could give me some sort of guarntee than I can make a payment today. Totally lost in what to do- should we just walk away- thanks