Posted on: 09th Oct, 2010 08:46 pm
I've been trying to get a loan mod for a while now. Everytime I called, I was told that my application was still in review and to call back in a month or so. When I called back, same story. A few times they requested additional docs, so I'd send those in.
Eventually, I received notice that it was going to foreclosure. It's a Fannie Mae loan. I tried to get the mod through. Calling and calling. Everything went wrong of course. Short story, the house was foreclosed on Tuesday of this week. Thursday, I received a phone call from a processor that I had been approved for the HAMP program and had been put on a trial loan mod. She said paperwork would be on the way shortly and told me that the sooner I got my payment in, the better. I Western Unioned to them the next day (which was yesterday).
Yesterday I received an automated message to expect paperwork for the loan mod. I didn't even bother to call the lawyer's office, because I was certain that they didn't have anything from the lender telling them to stop eviction proceedings. Today, there's a letter on my door stating that the property is owned by Fannie Mae now, and that we need to contact her within 10 days to decide what we're going to do.
What's your take on this? Am I going to get the permanat mod and get to keep my home, or should I start looking for a place to move.
This is in Texas, and I realize that you don't know the future. Just would like your best opinion.
Thanks.
Eventually, I received notice that it was going to foreclosure. It's a Fannie Mae loan. I tried to get the mod through. Calling and calling. Everything went wrong of course. Short story, the house was foreclosed on Tuesday of this week. Thursday, I received a phone call from a processor that I had been approved for the HAMP program and had been put on a trial loan mod. She said paperwork would be on the way shortly and told me that the sooner I got my payment in, the better. I Western Unioned to them the next day (which was yesterday).
Yesterday I received an automated message to expect paperwork for the loan mod. I didn't even bother to call the lawyer's office, because I was certain that they didn't have anything from the lender telling them to stop eviction proceedings. Today, there's a letter on my door stating that the property is owned by Fannie Mae now, and that we need to contact her within 10 days to decide what we're going to do.
What's your take on this? Am I going to get the permanat mod and get to keep my home, or should I start looking for a place to move.
This is in Texas, and I realize that you don't know the future. Just would like your best opinion.
Thanks.
Thought this post was going to a different forum. Didn't mean to post my situation twice, but if anyone has an help, the more info the better.
Hi aspire4grace,
Welcome to mortgage fit,
I think you should continue to talk with the loan modification company as well as your previous lender as well.You can show them (lender) the documents pertaining to the modification and ask them to stop the foreclosure process.You can convince them that you were trying to modify the loan over several months.
If they are reluctant to hear your case surely you can file a complaint against them with FRB (federal reserve board), OCC (Office of the controller of the Currency) or state banking offices in your state.
In 2011 a new agency is going to address all these queries.A new agency named Consumer Financial Protection Bureau (CFPB) is going to be formulated and will start functioning from 2011.So all the complaints related o mortgage can be reported to this bureau.
Feel free to ask any further query if you have.
DIPA
Welcome to mortgage fit,
I think you should continue to talk with the loan modification company as well as your previous lender as well.You can show them (lender) the documents pertaining to the modification and ask them to stop the foreclosure process.You can convince them that you were trying to modify the loan over several months.
If they are reluctant to hear your case surely you can file a complaint against them with FRB (federal reserve board), OCC (Office of the controller of the Currency) or state banking offices in your state.
In 2011 a new agency is going to address all these queries.A new agency named Consumer Financial Protection Bureau (CFPB) is going to be formulated and will start functioning from 2011.So all the complaints related o mortgage can be reported to this bureau.
Feel free to ask any further query if you have.
DIPA