johnr
01-02-2010, 06:52 PM
We are in the process of trying to get our mortgage modified. We would be very interested to hear from anyone that has successfully gone through the process.
Regards, John
Regards, John
View Full Version : Help for homeowners experiences?
The A Team
01-04-2010, 07:50 AM
Hi John,
We did get our 1st and 2nd modified. Depending on the bank or mortgage company it can be a simple, or tedious and frustrating. It is good to have a HUD counselor with you when you call them. HUD counselors don't charge you.
For us the process took 15 months and submitting income documentation 6-8 times, they (banks ) want to see stability (even if they have none themselves, such as - Citi)
If your bank has a Fannie Mae or govt. sponsored program, the end result can be a great rate, such as 2%.
The key is persistence & document each call and letter you send. When you call ask for the name and employee number and make a note. This can be referrred to in the next call or when documents are "lost" by them.
Hang in there, keep on top of it. Now that certain banks who took government loans ( such as Citi group) are being made to comply and help homeowners, I hope and it goes a lot faster for you.
Andrea
We are in the process of trying to get our mortgage modified. We would be very interested to hear from anyone that has successfully gone through the process.
Regards, John
We did get our 1st and 2nd modified. Depending on the bank or mortgage company it can be a simple, or tedious and frustrating. It is good to have a HUD counselor with you when you call them. HUD counselors don't charge you.
For us the process took 15 months and submitting income documentation 6-8 times, they (banks ) want to see stability (even if they have none themselves, such as - Citi)
If your bank has a Fannie Mae or govt. sponsored program, the end result can be a great rate, such as 2%.
The key is persistence & document each call and letter you send. When you call ask for the name and employee number and make a note. This can be referrred to in the next call or when documents are "lost" by them.
Hang in there, keep on top of it. Now that certain banks who took government loans ( such as Citi group) are being made to comply and help homeowners, I hope and it goes a lot faster for you.
Andrea
We are in the process of trying to get our mortgage modified. We would be very interested to hear from anyone that has successfully gone through the process.
Regards, John