help my payments just went up

[877YouKeep]

In the last month the government is now understanding the problems with the subprime market but they have not done enough. The call is out there based on an article from the Wall Street Journal

"Federal and state banking regulators urged lenders and investors to restructure the loans of millions of borrowers at risk of losing their homes as their adjustable-rate mortgages reset to a higher rate."

We know lenders are busy and they need to stop setting homeowners up on To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. they an not afford.

The News: Regulators urged lenders and investors to restructure home loans to To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily..

We have been successful at getting loan modifications, which restructure either interest rate, term (length of loan) and converting to a fixed from adjustable

The Background: In the past, borrowers seeking relief would often be told nothing could be done if the loan had been sold to investors, or securitized.

Who are they kidding when was the last time they were in foreclosure and tried to contact their lender, the collectors are really hurtful and demeaning.

It is the latest in a series of initiatives by regulators and the Bush administration to soften the blow of the subprime crisis. But, as with earlier initiatives, leading Democrats in Congress said it didn't go far enough.


There i some truth in the comment below, why try to fix a long term issue with a bandaid, this needs to be looked at hard and the lenders are at fault they need to make changes now.

"We cannot tolerate short-term modifications that put off the day of reckoning," Senate Banking Committee chairman Chris Dodd (D., Conn.) said in a statement. "Lenders and servicers must To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.."


"We think those are good candidates for restructuring or refinancing," she said. The risk of delinquency is even greater for mortgages issued in 2006 when lenders further loosened terms for borrowers.

The regulators urged lenders to consider several types of "To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily., including modifying the terms of the loan, deferring payments or reducing the principal.
Our specialty

We To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.

[evel1999]

I am working on a loan modification with my Loan Servicer.

It tried calling way back in July because I knew my loan was going to reset in Oct 07 and I had already become late (not deliquent) in paying my monthly mortgage payment.

At first they told me that did not do loan modifications and if they did do them, you would have to be deliquent. I kept calling and calling each month asking for help.Finally they agreed to send me a loan work package. I never received it. I Only got a letter no package. That happened twice. Finaly in Aug they finally let me speak to a Loan Retention Specalist. They took my financial information over the phone and said I would receive a package in the mail. My Aug payment was needing to be paid to keep from being deliquent. I called and paid it. The next week, I get a letter saying "Congratulations" your loan was reinstated and you no longer need our service for modification. I called and tried to explain my loan was resetting and I needed help on a modificaiton, as i would not be able to pay the higher payments. They said all I could do was start over now since my case was closed because I made my payment and was current.

I redid the finanancil information, sent hardship letter, and pay vouchers to the Loss Mitigation Dept. I called back two days later to make sure they had my information again and it was in the computer. The Agent informed me you have to be two months deliquent to get help with a modification.

I waited two days later and called again to see what the status was on my case. The agent I spoke to this time said this is not the way the program is suppose to work and that they should be working with me to modify my loan before it resets 11-07. She took my name and phone no and said she would call back. By this time it was time to pay my Sept payment. She said I should not pay my Sept payment because if I do, the Loss Mitigation dept will have no choice but to close my case again as I will be current again.

I had to make a decision if I do pay or I don't pay. It was Sept 29. So on the 30th I decided not to pay as I need my case to stay open and I need a modification to a lower payment. I did not know if this was a good decision or not. I was very worried.

So on 10-1 I was over 30 days late. The Servicing Co calles. What a surprise. I told them I wanted a loan modification as I was haviing trouble making my payment on time and I needed a loan modificaiton to a lower payment. They took my financial information again (for the 4th time) and said I pre-qualify for a loan modification. Said I would need to make a down payment by 10-16 and they are sending me a package to fax back.

Am I on my way to a loan modification?

I received the package in the mail and faxed it back with hardship letter, pay vouchers, and expenses. The downpayment will be deducted out of my checking account on 10-16.
I asked how loan will the modification take? They said 30 - 45 days.

I called back on Friday to make sure they had the fax and etc. They said call back next week as not enoough time for it to get in the system yet.

This is what I want out of a modification? Do you think this is possible to get?

I have an adjustable rate loan, started out at 8.5% $1750 payment.(No teaser rate here) I was having trouble paying the $1750 and was late paying(not deliquent) the last couple of months. This loan is due to reset to 10.875% payment $2200 starting 11-07. I need a lower payment. In the hardship letter I stated my reason for my problems due to illness and etc and stated that I need a lower rate and term. I asked for a payment between $1200 and $1400 a month. Will try to settle for $1500.00 on a 30 year fixed rate.

I have tried to refinance my loan twice. But because I was frauded by the Mortgage co who gave me this loan, I cannot refinance. My house has been overappraised by 40% and they charged excessive fees.

I realize I owe the money on my mortgage as I borrowed it. All I want is to get a lower payment around $1400.00 a month and a fixed rate to get out of this adjustable.

My file should be going to a negeoiator after my down payment is made on 10-16.

Can any of you give me any advise on how to handle this in order to succeed. it would be nice if I could get some of the principal reduced also since this is a predatory loan.

Can you help me. I am just a homeowner.

[877YouKeep]

your financials are important but also the pooling and servicing agreement with the investor. You ned to find out if the investor will allow for a rate reduction or term extension. If not you are dead in the water and they will not be able to help. If it is an asset loan you will nedd to know the lenders rules. I have seen workouts happen but in the loss mitigation arena and not collections. I have seen rates drop from 11.5 to 5% with a contribution of $0.00 very very rare but it has happened

[Gonetodocs]

The Background: In the past, borrowers seeking relief would often be told nothing could be done if the loan had been sold to investors, or securitize

so what is the difference lf its been sold or securitized¿ , definition of securitized & what document tells us what the investor can do with the terms/ the note i assume right¿

[Gonetodocs]

Originally Posted by Gonetodocs

What document tells us what the investor can do with the terms/ the note i assume right?

Bump this to the top and not sure about this. Any Clarification on this anybody?

[Gonetodocs]

To buy (loans, such as mortgages) from lenders, arrange them in groups, and issue bonds on the groups.

[Gonetodocs]

securitized

Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds.