Discussion in 'The Watercooler' started by susiestar, Jan 15, 2010.

  1. susiestar

    susiestar Roll With It

    WOW! If you have not recently applied for a loan modification, I urge you to do so.

    husband has been having fits with our mortgage. He pays it on time every month. EVERY MONTH. For 5 of the last 6 months he has gone online to pay it only to find we are in foreclosure status. There is NO reason for it. Each time they want a double payment. He did that the first time. (I was N.O.T. happy.) After that he calls to see why we are in that.

    There is never a reason. It is a mistake. The third month it happened they were going to give us one month free (with them paying, not tacking it on to the end of the loan). It never happened.

    THIS time he was very unhappy with them. He got a woman who said it was nuts. She is putting through a loan modification that lowers our payment by over $150 per month. Does not extend the life of the loan. We have to send some tax info and income info (thankfully husband has been working as a temp at the University on a very steady basis!). We do not make a payment this month. (He got this in writing!) next month he pays the lower amount. And for 2 months after that. Then they will lower the interest rate even more and we will have an even lower payment, lower interest, and we will still be paid off in 10 years!!!

    husband NEVER pushes for things. He takes the first offer and thinks we should be grateful for it (VERY frustrating when buying a car, let me tell you!). I did not expect this, but apparently husband was getting fed up with how our mortgage is being handled. So he asked for what he wanted. And GOT IT!!!

    So if you want to stay in your home, go ahead and ask to have the interest and/or payments lowered. The worst they can do it say no. but only roughly 85,000 people have taken advantage of the govt programs to help homeowners!! So they are starting to really promote the programs.

    The worst they can do is say no, Know what I mean??
  2. GoingNorth

    GoingNorth Crazy Cat Lady

    A good point. Especially since the last thing the cos want is to take possession of a home that they can't resell for the amount owed.

    Do check with a tax professional as I'm not sure how this change would effect your tax liabilities.
  3. Lothlorien

    Lothlorien Active Member Staff Member

    Good for you!!!
  4. Red Chief

    Red Chief New Member

    Because of job changes & new expenses, we've had a very hard time lately. Our credit sucks hard, so we didn't qualify for any loan modification.

    I got super angry a few weeks ago. We were 3 months behind because of a huge expense we had to take care of, and the bank was pretty much starting foreclosure proceedings. We've been behind for a number of months, and they always allowed us to make one payment, so we didn't fall farther behind. Last time I went to make a payment, they wouldn't let me make one. They would only take the full 3 payments, even though we told them we would be able to make the other 2 payments within the month. They would not take the money. I was so ******! I ended up yelling at the girl on the phone, telling her to say out loud (so it would be recorded) that they refused to take money from us that we owed them. She did. I ended up hanging up on her, chilling out a minute, & calling back, getting a nicer guy who explained things better. It turned out they had some bunk information on our finances that showed we owed more money out than we made. After getting that info straightened out, they put us on a repayment plan & took our money.

    I just can't believe that a bank would refuse to take money owed to them because it isn't everything that they want.
  5. DaisyFace

    DaisyFace Love me...Love me not

    O yes! Very common. Banks and other lenders are under no obligation to accept "partial" payments. Many loan agreements also contain clauses that give the lender the right to demand the entire balance at any time.
  6. witzend

    witzend Well-Known Member

    I applied and haven't heard a word. Do I need to harass them?