Posted by Stamper_WI on 6/13/09 8:01am
Msg #292239
Loan modification kits
Latest cash in on the loan modification cash in. I saw prices from free on up.
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Reply by 101livescan on 6/13/09 8:51am
Msg #292243
Up until recently I was doing a lot of what CW called Retention Agreements and Loan Modification Agreements. With the recent $76B BofA received. they were mandated to modify loans with CW borrowers.
Out of the blue last week, I got a letter from BofA that they were modifying my loan from 5% to 4%...YAHOO! HOT DIGGER DO! In December 2008 when I thought I might be posting my own door for NOTICE OF TRUSTEE SALE, CW informed me I did not qualify for a modification program. You have no idea how happy I am!
I have a friend in SB who has had her home loan modified twice, it is over $1 mil. The first time was in January, then again in April. She's at 3% now. The second mod was because her husband lost his high paying job and had to take a job 100 miles from here at less pay.
She tried to work with CW initially and they rebuffed her like they did me. She went directly to HUD and HUD made CW modify her loan the first time. The second time went better directly with CW.
I don't have HUD number with me at home this morning, it is the Central Coast office, but any one wants it, PM me and I'll get it to you if you contact me next week while I'm in SB.
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Reply by Teddog/CO on 6/13/09 9:08am
Msg #292244
Help for folks that need Loan modifications
If these links don't work you will have to cut & paste. Vast store of info. on these sites for people that need Help! Free HUD counselors in every state and will deal with your lender if they have been dragging their feet doing a modification that can save your home.
Hope this helps someone. So sad the way some of the lenders are treating folks that in fact can save their homes by doing a modification to their loan.
http://www.financialstability.gov/latest/tg63.html
http://www.hud.gov/offices/hsg/index.cfm
Everyone have a great weekend 
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Reply by Teddog/CO on 6/13/09 9:10am
Msg #292245
101livescan I am so happy for you !
Bet that day you had a Great night's sleep. God bless
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Reply by Yowheelz on 6/13/09 9:51am
Msg #292248
First you have to know who owns your loan
Would you believe it took over 6 months to find out who exactly owned our loan as it had been sold several times. We were making payments to a servicing company and they would not tell us who owned the loan. The servicing company said we did not qualify for a modification but we were persistant and kept calling and filling out every form they sent us. Finally we recieved a form to fill out and return. They had enclosed a UPS return envelope and guess what, the form was going back to Wells Fargo. Not only did we now have a company name we had a person's name and phone number. Wrote letter to that person and our loan is now modified. I keep filling out every form they send me hoping for still a lower rate. Somehow I feel it should be illegal not to tell you who owns your loan, homeowners should have this right but from what I read its not all that unusual. The servicing companies lose money when your interest rate drops so they are protecting themselves and their investors.
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Reply by Teddog/CO on 6/13/09 10:07am
Msg #292249
Re: First you have to know who owns your loan
Yowheelz it's very possible in some cases the lenders can't produce the Note. Veryyy big trouble for them.
Yes lenders just keep you swinging in the wind hoping you'll go into foreclosure. Then they get the house, equity "The whole enchilada."
See my first post it has links to Government Hud Free help for folks in trouble. I saved to my favorites so I can give it to anyone who may need it.
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Reply by Stamper_WI on 6/13/09 11:13am
Msg #292255
I have the link for HUD modification info
on my website on the loan modification page. The rest of the info there pertains to WI.
Glad to hear so many are able to do this themselves. Still to many desparate homeowners caving to the predators.
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Reply by Teddog/CO on 6/13/09 11:41am
Msg #292256
Both Gov and HUD advisors links in my 1st post also:) n/m
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Reply by Savior Investments, Inc. on 6/14/09 8:43am
Msg #292286
Re: First you have to know who owns your loan
How long did your modification take?..
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Reply by Stamper_WI on 6/14/09 9:31am
Msg #292287
Savior
Interesting articles on your blog.
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