Comments on: How To Get A Successful Loan Modification (With Obama Update) http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/ Consumer Real Estate Information Since 1996 Tue, 07 Feb 2012 14:05:36 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: FDBYCITI http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-10678 FDBYCITI Wed, 15 Jun 2011 07:07:46 +0000 http://www.ourbroker.com/?p=2408#comment-10678 Funny to read this... I've been in a HAMP modification since May of 2009... only after writing to the comptroller of the currency, engaging with the MHA Solutions Department, Fannie Mae, Freddie Mac, Dept of the Treasury, Congressional oversight comitte and others did they finalize my modification. I paid my trial periods every month on the first... and they FOCKERED me by not applying them retroactively as required per section 9.5 delayed conversion of the MHA Hamp Guide book... and per Freddie Mac Single-Family Seller/Servicer Guide / Single-Family Seller/Servicer Guide, Volume 2 / Chs. 64-69: Servicing Nonperforming Mortgages / Chapter C65: Home Affordable Modification Program / C65.7: Modification process (09/01/10) Freddie Mac has confirmed, as has HAMP solutions, so back I am into the battle against the FRAUDSTERS AGAIN! What did it mean in $ and cents? about $50,000... my principal balance was increase to 420,000 wherein it would have been 370,000 had they applied by payments as required and made my mod effective after my trial period payments. They know they won't get paid by the investor so they tried the old bait and switch. If I didn't sign, they knew I couldn't go back into the HAMP program... fortunately there is a 30 day dispute process... but as you might expect... they are very very quiet right now... they wrote back to the comptroller with a few "mistatements" shall we say... that I have them on... and of course reported incorrectly to their investor multiple times... which could be per the contact they sign with them a federal crime... but that's between freddie mac and citi... I just want my 50 K. I am anal retentive documenter... and a fighter... I can't imagine how many people these folks have absolutely RAPED through this program... utter fraudulent thievery... we should have let them all fail... Funny to read this… I’ve been in a HAMP modification since May of 2009… only after writing to the comptroller of the currency, engaging with the MHA Solutions Department, Fannie Mae, Freddie Mac, Dept of the Treasury, Congressional oversight comitte and others did they finalize my modification. I paid my trial periods every month on the first… and they FOCKERED me by not applying them retroactively as required per section 9.5 delayed conversion of the MHA Hamp Guide book… and per Freddie Mac Single-Family Seller/Servicer Guide / Single-Family Seller/Servicer Guide, Volume 2 / Chs. 64-69: Servicing Nonperforming Mortgages / Chapter C65: Home Affordable Modification Program / C65.7: Modification process (09/01/10)

Freddie Mac has confirmed, as has HAMP solutions, so back I am into the battle against the FRAUDSTERS AGAIN! What did it mean in $ and cents? about $50,000… my principal balance was increase to 420,000 wherein it would have been 370,000 had they applied by payments as required and made my mod effective after my trial period payments.

They know they won’t get paid by the investor so they tried the old bait and switch. If I didn’t sign, they knew I couldn’t go back into the HAMP program… fortunately there is a 30 day dispute process… but as you might expect… they are very very quiet right now… they wrote back to the comptroller with a few “mistatements” shall we say… that I have them on… and of course reported incorrectly to their investor multiple times… which could be per the contact they sign with them a federal crime… but that’s between freddie mac and citi… I just want my 50 K. I am anal retentive documenter… and a fighter… I can’t imagine how many people these folks have absolutely RAPED through this program… utter fraudulent thievery… we should have let them all fail…

]]> By: Peter G. Miller http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-807 Peter G. Miller Fri, 20 Feb 2009 18:27:02 +0000 http://www.ourbroker.com/?p=2408#comment-807 I agree that responsible investors should not be degraded. If we were smart we would encourage more investment for properties with one to four units, that would reduce the unsold inventory that now holds down prices and everyone would benefit. I agree that responsible investors should not be degraded. If we were smart we would encourage more investment for properties with one to four units, that would reduce the unsold inventory that now holds down prices and everyone would benefit.

]]> By: acoop http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-806 acoop Fri, 20 Feb 2009 18:19:34 +0000 http://www.ourbroker.com/?p=2408#comment-806 Why are real estate investors getting a hard time when they are in trouble. does't everyone understand that if a investor loses out so does hundreds of tenants. This is America and real estate investors are also apart of the fabric. I have worked hard and i don't no anything about the stock market, so i saved my money and started buying and renting property for my retirement future. I'm hurting because i m going to lose my rental property and my good credit all in one shot. No one was prepared for this financial problem. if only the Banks would work investors who are not flippers. Can someone tell me what i can do to get the bank to lisen to my concerns. Why are real estate investors getting a hard time when they are in trouble. does’t everyone understand that if a investor loses out so does hundreds of tenants. This is America and real estate investors are also apart of the fabric. I have worked hard and i don’t no anything about the stock market, so i saved my money and started buying and renting property for my retirement future. I’m hurting because i m going to lose my rental property and my good credit all in one shot. No one was prepared for this financial problem. if only the Banks would work investors who are not flippers. Can someone tell me what i can do to get the bank to lisen to my concerns.

]]> By: Anonymous http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-779 Anonymous Thu, 19 Feb 2009 02:39:33 +0000 http://www.ourbroker.com/?p=2408#comment-779 Excellent resource. I'm working for a mod company and when our clients can't afford what we're offering, I'll send them here. Excellent resource. I’m working for a mod company and when our clients can’t afford what we’re offering, I’ll send them here.

]]> By: Peter G. Miller http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-739 Peter G. Miller Mon, 16 Feb 2009 19:32:53 +0000 http://www.ourbroker.com/?p=2408#comment-739 Elle --- I disagree. A servicer is an agent of the loan owner, typically a trustee for a mortgage-backed security or the actual investor. If the servicer is allowed to modify loans under the pooling and servicing agreement then borrowers can accept new terms from a servicer. Since servicers don't want to be sued by trustees or investors I do not see them modifying loans without authority. Elle —

I disagree. A servicer is an agent of the loan owner, typically a trustee for a mortgage-backed security or the actual investor. If the servicer is allowed to modify loans under the pooling and servicing agreement then borrowers can accept new terms from a servicer.

Since servicers don’t want to be sued by trustees or investors I do not see them modifying loans without authority.

]]> By: elle http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-726 elle Mon, 16 Feb 2009 00:18:54 +0000 http://www.ourbroker.com/?p=2408#comment-726 All said and good - if you can find out who really owns your mortgage/mortgage loans. Any contract with a mortgage "servicer" is void according to the law. Your original contract was with the lender - not a "servicer." Do not sign any mortgage modification without knowing who your current actual lender/mortgagee is. All said and good – if you can find out who really owns your mortgage/mortgage loans. Any contract with a mortgage “servicer” is void according to the law. Your original contract was with the lender – not a “servicer.” Do not sign any mortgage modification without knowing who your current actual lender/mortgagee is.

]]> By: RLMcCullugh http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-711 RLMcCullugh Sat, 14 Feb 2009 22:55:25 +0000 http://www.ourbroker.com/?p=2408#comment-711 Brilliant, clear, concise, complete. THANK YOU. Brilliant, clear, concise, complete. THANK YOU.

]]> By: M. Starling http://www.ourbroker.com/featured/how-to-get-a-successful-mortgage-modification/comment-page-1/#comment-162 M. Starling Wed, 31 Dec 2008 16:21:11 +0000 http://www.ourbroker.com/?p=2408#comment-162 Very well written. Easy to understand and comprehend. Thks. Very well written. Easy to understand and comprehend. Thks.

]]>