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Started By
Message
Mortgage Remodification = BS
Posted on 10/21/10 at 6:34 am
Posted on 10/21/10 at 6:34 am
I'm not sure if anyone else has seen the effects of this, but I work in the industry and everyone that I see who has participated is screwed. They try to refinance after the modification and since they have been instructed NOT to pay there mortgage for 3 months they end up completely screwing their credit score and then have to wait to refi because their credit report shows there mortgage has been late too many times and that they have past dues to pay now. I would suggest trying a rate/term FHA refi or a DU refi plus if the appraised value is a concern. Just attempt the refi before its too late, you have nothing to lose.
1
Posted on 10/21/10 at 8:14 am to rmc
quote:
One suggestion I have is paying the mortgage you have instead of getting into the situation where you need a modification.
Pshaw! You are so unamerican.
Posted on 10/21/10 at 8:25 am to rmc
quote:
One suggestion I have is paying the mortgage you have instead of getting into the situation where you need a modification.
Posted on 10/21/10 at 8:51 am to cadn0327
Yep.
I tried a modification because we simply couldn't keep up the payments when my wife was laid off. Wells Fargo told us not to make payments while the modification was in review. They continually strung us along and repeatedly told us that we had certain paperwork missing, which was NOT true. I sent Wells Fargo the same peice of paperwork at least 4 times. The process ended up taking 4 months to complete and of course, at the end they told us that we didn't qualify for a modification. Two weeks later, we get a foreclosure notice in the mail because we had not paid the mortgage for 4 months per Wells Fargo instructions.
Now, am I unAmerican for not paying when told not to pay or am I unAmerican for my wife being laid off or am I unAmerican because somebody is taking my f**king house away from my 3 kids, my wife and myself through no fault of our own.
We are in the short sale process, have a written offer and are waiting for Wells Fargo to send out a negotiator to look at the property and make a decision. Of course, yesterday I am told that they are missing paperwork. Haha. This has been the most frustrating 6 months of my life.
I tried a modification because we simply couldn't keep up the payments when my wife was laid off. Wells Fargo told us not to make payments while the modification was in review. They continually strung us along and repeatedly told us that we had certain paperwork missing, which was NOT true. I sent Wells Fargo the same peice of paperwork at least 4 times. The process ended up taking 4 months to complete and of course, at the end they told us that we didn't qualify for a modification. Two weeks later, we get a foreclosure notice in the mail because we had not paid the mortgage for 4 months per Wells Fargo instructions.
Now, am I unAmerican for not paying when told not to pay or am I unAmerican for my wife being laid off or am I unAmerican because somebody is taking my f**king house away from my 3 kids, my wife and myself through no fault of our own.
We are in the short sale process, have a written offer and are waiting for Wells Fargo to send out a negotiator to look at the property and make a decision. Of course, yesterday I am told that they are missing paperwork. Haha. This has been the most frustrating 6 months of my life.
Posted on 10/21/10 at 10:08 am to CroTiger
quote:
Two weeks later, we get a foreclosure notice in the mail because we had not paid the mortgage for 4 months per Wells Fargo instructions.
Sounds like you got 4 months free living at least since you couldn't make the payments anyways. How would you have avoided foreclosure?
Posted on 10/21/10 at 10:19 am to CroTiger
quote:So, if WF had not put you into the modification review process when you first contacted them, you would have continued to pay your monthly mortgage note?
we simply couldn't keep up the payments when my wife was laid off. Wells Fargo told us not to make payments while the modification was in review.
Posted on 10/21/10 at 10:27 am to CroTiger
quote:
through no fault of our own.
How is it through no fault of your own? Sounds to me like it is EXACTLY your fault - living levered to the point of desperately needing the 2nd income in order to just "keep up" with mortgage payments? You were spending too much on housing. That's on you...not the rest of us.
Posted on 10/21/10 at 10:39 am to Tiger JJ
quote:
through no fault of our own.
How is it through no fault of your own? Sounds to me like it is EXACTLY your fault - living levered to the point of desperately needing the 2nd income in order to just "keep up" with mortgage payments? You were spending too much on housing.
Good point.
Posted on 10/21/10 at 10:39 am to Tiger JJ
Posted on 10/21/10 at 10:48 am to LSURussian
Lots of tough love in this thread.
This is a good thing. But I have two comments.
On one hand, JT and the others are right. Many people lived way to close to the edge and when small things happened, such as loss of a second family income, they had nothing to fall back on. That is bad family planning and they have to look at their own actions as being where they are.
On the other hand, there are a number of people who did plan pretty well, but the length and depth of the current economic downturn is enough to sink even pretty well planned ships. I know people who had 12 months of living expenses saved and they have burned that without real prospects for new work. Those people are losing a serious amount of quality of life and it really is very little fault of their own.
This is a good thing. But I have two comments.
On one hand, JT and the others are right. Many people lived way to close to the edge and when small things happened, such as loss of a second family income, they had nothing to fall back on. That is bad family planning and they have to look at their own actions as being where they are.
On the other hand, there are a number of people who did plan pretty well, but the length and depth of the current economic downturn is enough to sink even pretty well planned ships. I know people who had 12 months of living expenses saved and they have burned that without real prospects for new work. Those people are losing a serious amount of quality of life and it really is very little fault of their own.
Posted on 10/21/10 at 11:09 am to Tiger JJ
Hey asses, my wife was laid off in June of 2009 and was unable to find work for a year. We were able to make payments for nearly 11 months because we were smart with our money beforehand. Don't pretend to know details that you don't know. And yes, for those 4 months where we were told not to pay, we most certainly would have made payments on the mortgage and skimped in other areas (behind on a credit card payment or car loan) to make it. You all presume to know and make blanket statement about how people live but you don't. Idiot! I guess I'm not nearly as structured and resourceful as all of you.
In retrospect, we probably should have tried the modification a great deal sooner.
In retrospect, we probably should have tried the modification a great deal sooner.
Posted on 10/21/10 at 11:13 am to C
We would have put the house up for sale (or short sale) immediately.
Posted on 10/21/10 at 11:15 am to CroTiger
quote:
And yes, for those 4 months where we were told not to pay, we most certainly would have made payments on the mortgage and skimped in other areas (behind on a credit card payment or car loan) to make it.
I know that they definitely do advise you to miss payments because of stupid bureaucratic shite like "well, as long as you are current, our loss mitigation department can't deal with you". So yes, that does suck.
quote:
behind on a credit card payment or car loan)
Sounds like mortgage debt wasn't your only issue.
quote:
You all presume to know and make blanket statement about how people live but you don't. Idiot!
We now know of at least 3 significant debts that you carry. So yes, I continue to make presumptions.
quote:
I guess I'm not nearly as structured and resourceful as all of you.
Maybe, maybe not. Hopefully you and your family still have your health and can learn from this and just move on.
Posted on 10/21/10 at 11:18 am to CroTiger
quote:
We would have put the house up for sale (or short sale) immediately.
Sounds like you have a good shot of doing the short sale. If so, then that is LOADS better than actual foreclosure. You'll be fine.
Posted on 10/21/10 at 11:22 am to Tiger JJ
quote:
Sounds like mortgage debt wasn't your only issue.
never said that we were behind on those, only that we would have missed one in order to pay the mortgages and keep it current.
quote:
We now know of at least 3 significant debts that you carry. So yes, I continue to make presumptions.
I guess you have a $0 balance on all credit cards and are well off enough to have paid cash for all of your vehicles?
quote:
Maybe, maybe not. Hopefully you and your family still have your health and can learn from this and just move on.
We do and we have, thanks for your concern
quote:
I know that they definitely do advise you to miss payments because of stupid bureaucratic shite like "well, as long as you are current, our loss mitigation department can't deal with you". So yes, that does suck.
I don't understand how they are allowed to use practices such as this.
Posted on 10/21/10 at 11:26 am to Tiger JJ
quote:
Sounds like you have a good shot of doing the short sale. If so, then that is LOADS better than actual foreclosure. You'll be fine.
It better get done. The negotiator is actually at my house as we speak. Interestingly enough, the sheriff will serve us today to inform us of the auction date of March 2, 2011.
We should hopefully have time to do it. The offer price is really only about $7,000 less than we owe on the house so Wells Fargo "should" accept.
My biggest concern at this point is making sure that WF doesn't come after me for the deficiency because I have heard this has been a problem.
Posted on 10/21/10 at 11:48 am to Tiger JJ
quote:
I know that they definitely do advise you to miss payments because of stupid bureaucratic shite like "well, as long as you are current, our loss mitigation department can't deal with you". So yes, that does suck.
This is why this whole foreclosuregate problem really pisses people off. Oh you want a mod - well you need to skip payments to qualify - oh wait turns out you don't qualify (I have read that 75% don't qualify)......ooops you are now foreclosed. This is really a terrible business practice. The really sad part is HAMP was designed to do this! Our gov't colluding with business to frick over the citizenry! Yeah capitalism! yeah democracy!
I feel for you CroTiger but honestly any person that would trust a bank in this situation deserves what they would get. They don't have your best interests at heart (nor should they).
Posted on 10/21/10 at 12:02 pm to CroTiger
quote:
I guess you have a $0 balance on all credit cards and are well off enough to have paid cash for all of your vehicles?
Yes, I very deliberately have $0 balances and drive older vehicles.[/quote]
quote:
It better get done. The negotiator is actually at my house as we speak. Interestingly enough, the sheriff will serve us today to inform us of the auction date of March 2, 2011.
We should hopefully have time to do it. The offer price is really only about $7,000 less than we owe on the house so Wells Fargo "should" accept.
My biggest concern at this point is making sure that WF doesn't come after me for the deficiency because I have heard this has been a problem.
Seems highly likely that the short sale will get done. Also seems like a deficiency judgment for $7K wouldn't be that big of a deal in the grand scheme of things.
Posted on 10/21/10 at 12:29 pm to Tiger JJ
Meanwhile those of us who pay our mortgages and mow our yards every weekend are absolutely getting screwed. Why, because we followed the rules.
My community currently has 91 of 400 homes that are delinquent on accociation fees. This tells me that most likely these homes are also in some sort of foreclosure process. To deal with the less of revenue the rest of us are having to pay 25% higher dues each month.
The bottom line is that many of the people who bought homes in the housing boom NEVER had any business qualifying for homes in the first place. Now, we are all paying a dear price for this.
My community currently has 91 of 400 homes that are delinquent on accociation fees. This tells me that most likely these homes are also in some sort of foreclosure process. To deal with the less of revenue the rest of us are having to pay 25% higher dues each month.
The bottom line is that many of the people who bought homes in the housing boom NEVER had any business qualifying for homes in the first place. Now, we are all paying a dear price for this.
Posted on 10/21/10 at 12:33 pm to LSUwag
quote:
Meanwhile those of us who pay our mortgages and mow our yards every weekend are absolutely getting screwed. Why, because we followed the rules.
My community currently has 91 of 400 homes that are delinquent on accociation fees. This tells me that most likely these homes are also in some sort of foreclosure process. To deal with the less of revenue the rest of us are having to pay 25% higher dues each month.
The bottom line is that many of the people who bought homes in the housing boom NEVER had any business qualifying for homes in the first place. Now, we are all paying a dear price for this.
One of the risks of home ownership that people don't like to acknowledge exists.
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