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Was your loan modification denied?
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TEXT OF STORY
Bill Radke: A report card on the federal government's programs to reduce foreclosures is not good. Just 12 percent of borrowers have gotten lenders to modify their loans. So starting today, the Treasury Department will require financial institutions to say why they reject requests. Reporter Danielle Karson has that.
Danielle Karson: One in 12 mortgage loans are circling the foreclosure drain, according to the Mortgage Bankers Association. Housing advocates say when banks reject a loan modification without a reason, a borrower can't make needed changes. Now that banks will have to explain why a modification didn't go through, it will help because:
Kathleen Day: The public will start to get a sense of why these loan modifications aren't happening faster, and on a bigger scale.
That's Kathleen Day with the Center for Responsible Lending. She cautions the new requirement can only help so much.
Day: Unless there is some stick that says that if you don't do it, someone else is gonna do it for you, the pace really won't pick up to where it needs to be.
Advocates say bankruptcy judges should be allowed to force banks to modify loans. A spokesman for the American Bankers Association says a big reason lenders often deny a loan modification is that the borrower is out of work.
In Washington, I'm Danielle Karson for Marketplace.
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we tried twice for a mod from Chase Bank the 1st time we were denied because we had more debt then income.We had 15,000 in the bank for our burial as we are to old to get any cost effective insurance. we are in our 60's & 70's. Our mon. note is 2500.00. They said our nills were to high so We paid them off most of them, We asked for another mod and was told no because we had to much money in the bank, we may be better off then some but w are all in the same position. any advice?
Homeowners in the following states Arizona, California, Florida, Illinois & Nevada have another option if they have been turned down for a loan modification or don't qualify for the deed for lease program or deed in lieu.
Homeowners will receive cash for their home, paid as agreed on their credit report and have the ability to purchase another home.
Many lenders are turning down loan mods at an alarming rate. Others have a freeze. This program is one alternative a homeowner has if everything else fails.
The website is http://www.foreclosurebuyout.net
I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks?
A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Then I was referred to Corey Lassiter of Clear Image Financial Group. They saved my home.
I know I would have lost it to Wachovia if it wasn’t for him, Tasha, Denise and the rest of the people who work there. Got me caught up on my mortgage 1st & 2nd, lowered my interested rate & payment, and secured me a 50k principle reduction.
Before anyone else on here loses their homes you need to give them a call 877-940-1477 ext 231. Corey Lassiter. Don’t be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes!
I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn't been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn't news (What!)
So, I am making it my mission to spread the word on this GREAT company!
I'm currently with Litton Loan and I am going through the same thing. Litoon has offered me a repayment plan through NACA and now they are saying that the investor has not approved it an my loan is in the upper management level to find out why. The rep said you haven't been declined yet so continue to make your modification payments on time and hopefully soon will have a decision for you. Since, I haven't signed any documents since Litton want send the modification documents. I assume that I am still bound by my current rate and payment.If they never send the loan modification payments.
Despite the fact that i did all the things mentioned above during Loan Modification process, my home was sold from under me. I got an approval letter in Sept that said I should start paying in NOV. When I tried to make my first payment, my bank told me they had already sold my home Sept 1st! They said it was a mistake but that there was nothing I could do at this point. They no longer answer any of my calls. I now have an eviction notice from the new bank owners. I have no where to go. I am not sure how this is fair and or legal. My bank told me several times that durning the loan modification process the home would not be foreclosed on...PLEASE HELP!
Bank of America has asked for paper work for our mod because the original paper work was now to out dated to use (4month) We called at the very minimum once a week "Its in Review" is all we were ever told. We called again and were denied at no point and time until we were denied did they say anything about the paper work . So we resubmitted all updated paper work and one month and a half later we just got the call we qualify for the home modification but will not be given one (?) . our only option is to pay all fees up front and continue with our $2400 dollar house payment that did not include Tax/ insurance. We were looking for even temp. Help (2 years) but they have none to offer. I guess I must say goodbye to my home I am so very sad that they would rather take our home then offer temporary help. I don't think I will buy another house again. Its very sad but , I walk away with my Family still intact and that is a Great blessing.
My wife and I were told to file for the "Obama Plan" We worked with them GMAC Mortgage for months. They finally tell us it is approved. Then we receive information that it is not approved. What a lying bunch of folks. No one there can keep track of what one person ssays from day to day. What a mess.
I lost my home to Litton Loan..It took them 6 months from the inital filing for a mod to say I didn't qualify.I hired an attorney and they took another look at the package. Two days before the forclosure sale date they again denied us..They said that my income was unsustainable..I have been employed for over 30 years straight, with two weeks of unemployment when I returned from Viet Nam..The kicker..I was working on a forebearance agreement with litton, send us 25,000 dollars and we will work out a repayment over the next two years..I was desperate and ready to go for it, until I recieved a phone call from a Litton rep on her personal cell phone telling me not to send them any money, my account was tagged for liquidation. they had determined that I had lots of equity and they could re-coup all of there cost at a forclousure sale. Litton got every penny that was due on the load, including 14,000 of fees that appeared the day before the sale. I thank God that rep had the decencey to call me on her cell phone..she told me they record all the calls so she couldn't tell me when I called..I am now pursuing a law suit against Litton hopefully Someone in the white house will wake up, but I don't think so. Want to contact me about a class action suit, feel free..Rabele7@aol.com
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