[slowbutspeeding]

Thanks again for the information Komara. One more question before I end this thread: I started the modification process more than a month ago, is the modification going to follow the guidelines of the Home Affordable Modification program or must I request to be considered for that? Thanks again for all your help.

[admin]

If you qualify they will be sending out information to homeowners that qualify just continue with what you have going on and if you run into any snags let us know.

[admin]

"First Franklin are one of the more stubborn banks I deal with (Saxon mortgage is the king of stubborn)."

I have to totally disagree with you we have had great success with both Saxon and First Franklin. Try getting something by HFC Beneficial and Nationstar. We refuse to take any Nationstar and really have to pre-qualify before we talk about a HFC deal.

The target you mentioned is not correct anymore unless you want your homeowner to receive a higher payment. The targets have changed now unless you want a repayment plan that information is from about 6 months ago. Also a modification can not be guaranteed because you have no idea what can happen during your forbearance. Chances are they will modify but there is no guarantee.

Food for thought

[slowbutspeeding]

I thought I'd update my situation for anyone interested in what the end result was.

Unfortunately, I just couldn't bring myself to quit my second job because it really is saving us from further debt and default. Although our income shows a good surplus, we are still struggling just to keep up and I can't quite understand how that is happening.

We made our final pre-mod payment in May and, as expected, our new payments are higher than both the pre-mod and regular monthly payments. Monthly payments are now $1950, whereas they were $1750 regular and $1900 pre-mod. As the loss mitigator(?) explained it, we had to accept these terms or foreclosure proceedings would pick up immediately where it left off (the sale date had been set).

The terms are: Mortgage is brought current and past due amount, late fees, and other charges are added to the end of the loan. We were also allowed to skip the coming month's mortgage payment. I was told that this modification would need to remain in effect for at least one year before requesting another modification through them. When agreeing to the terms, I had serious doubts as to whether we could abide by the terms and continue those payments for very long and I let the loss mitigator know that.

He suggested that I look into some government modification/home retention programs for help. This confused me since he had just stated that we were not eligible for another modification for at least another year. He explained that if it is a government program, they had no choice but to consider it.

Things have changed a lot since we made that agreement on May 15th. Changes that perhaps could have made a big difference in our mortgage situation. No less than ten days after signing the agreement to the new terms, I was offered a guaranteed full-time position at my first job. I took the position (not taking it would subject me to possible layoffs in the future), but unfortunately the hours do not allow me to also keep the second job on a full time status. I will now be working 10-16 hours at my second job. This is going to have a very negative effect on our finances, considering also that my co-borrower will be going on maternity leave in the middle or end of July.

I called the HopeNow hotline and filled out the required forms. I received a packet from CCCS, but I don't quite understand the process or what steps I am supposed to take for more help. Am I supposed to wait for my mortgage to contact me if I am eligible for the government program? Will I be eligible since my loan has already been modified? How long can that take? Any additional advice or information is greatly appreciated.

Thanks for reading!