Posted on: 23rd Mar, 2010 12:46 pm
I'm looking for some guidance. I live in Texas and I fell behind on my Mortgage back in November 09 due to medical issues. In January of 2010 I attempted to make two payments, which my mortgage company rejected. Once I learned of the rejection, I called hoping to set up a repayment plan. I was told that they could set up a repayment agreement but that I should apply for a modification under OBAMA's Home Affordable Program first. Although this wasn't my original intent, I submitted the requested forms and documents the next day, January 29, 2010 (based on their suggestion). I called back a week later just to be sure everthing was on track and requested a repayment arragement while the Mod was being reviewed. I was told that I could not be set up on a repayment plan, because my loan was being considered for Modificaiton. I called once or twice a week, with the same reponse, "no decision has been made". Finally on March 6th I was informed after calling in that the mod was denied Back in early Feburary and that my home was now in forclousre with a April 6th sale date. I have not received anything in writing, I just learned of it during one my weekly calls, weeks after the denial. I am confused as to how it got to this point. I just wanted to set up a repayment plan. Besides paying the $10,000 plus now due to reinstate the loan, is there anything I can do?
Just wondering who your loan is with? This sounds like the same thing that PNC has just done to us. We thought we were being modified for three months, then just found out we were denied weeks ago. Received letter from trustee for foreclosure today, the same day we FINALLY received something saying we were denied modification. Any one know of anything we can do?
Hi!
Welcome to forums!
To Ericagatewood,
A repayment plan will only be given to you after your loan is modified. The lender may reduce your interest and give you a new payment plan in order to clear off the mortgage dues. As the modification was denied, you did not receive a repayment plan from the lender. You need to contact your lender and once again reapply for the loan modification and check if the lender agrees to it.
To justkim,
It is always the lender's discretion as to whether or not he would give you a modification. Depending upon you financial situation, you may or may not get a permanent modification. You can reapply once again for the modification of the loan.
Sussane
Welcome to forums!
To Ericagatewood,
A repayment plan will only be given to you after your loan is modified. The lender may reduce your interest and give you a new payment plan in order to clear off the mortgage dues. As the modification was denied, you did not receive a repayment plan from the lender. You need to contact your lender and once again reapply for the loan modification and check if the lender agrees to it.
To justkim,
It is always the lender's discretion as to whether or not he would give you a modification. Depending upon you financial situation, you may or may not get a permanent modification. You can reapply once again for the modification of the loan.
Sussane
It was me above! Just forgot to login :)