Loan Modification | Foreclosure Prevention

shoppergirl asked:


I just got off the phone with Countrywide. I was asking that my April payment be defered to the end of the loan as I am having financial diffuculty at this time. I was told that I was not eligible for a payment modification until my loan was in the rears by 4 months and since I am current there was nothing they could do. I was also not eligible for the repayment program because my expenses exceeded my income . By the way, if I had the income the call would have never taken place. So I am not eligible for any help at all. The customer service rep even asked if I intended to continue to occupy my home. Now maybe I’m wrong but if a company has a customer call them BEFORE they are deliquent asking for help, would it not be in the best interest of both parties for the company to help? Am I just be unreasonable?

tim2honorgod asked:


My mortgage just went up $800. I could barely pay the previous $2700. I applied for a modification with my comany, but they didn’t approve me. I can’t refinance, cause the house is worth less than what I owe. I can’t seem to find a job paying nearly what I make or a second job that will work around my first. Here are my known options:

1. Live in the house and pay nothing, go into forclosure in 3 months then be evicted in 4 months. (7 total)
2. Make the payments, probably maxing out my credit till I’m broke and hope for a miracle
3. Do a short sale ASAP and owe whatever is remaining on the loan. I owe $446K, the house is worth less than $400K

Feel free to add options.

Irene asked:


I was having difficulties paying bills and for a good 8 months I was out of a job because the job I had was not funded to continue. At this time I also had a child. By the time I actually found a job I was behind a good 3 to 4 months on everything. I called Wells Fargo to have them help me and they did. What happened was I still wasn’t economically able to pay what they were asking when they were asking for it. I asked them to wait a couple of weeks and I would be able to give them their payment but they told me they couldn’t and they sent me to a loan officer who recommended a loan modification. So, back in January of 07 I sent off for a loan modification through Wells Fargo to help me get out of my financial hole. I was told I owe approximately 8, 000.00 and even though I am going through the loan modification they are still seeing it as if I am not making payments purposely. I was recently sent a letter by a lawyer who stated I am in foreclosure. What are my options?

PAT A asked:


I received a summons today to “file an answer to the complaint or otherwise file your appearance and pay a 163 dollar fee” about foreclosure. What do I need to do? Here’s the story…I fell behind - for a few reasons, VERY sick child, wife lost her job due to taking care of child. Fell behind on payments. Called Mort. Company and asked for help. Spoke to them to do a loan modification. They told me to pay April (this would bring loan current) and then not pay anymore because new loan is considerably less and will be done by then. (I am paying 8 and 12 percent now…OuCh) I have been calling them at least 1-2 times per week since May. I have also verified evertime I should not be paying asnd everyone agreed. And it is always “it will be done next Friday call back then.) Now we were served the summons without warning. Stated we are in forclosure and we should have been paying all along. I started recordiing my calls abut 2 weeks ago and have some of it on tape. Now what should I do withthe summons. i am about 4 months behind at 2500/mo..