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Posted: Thu Sep 25, 2008 10:54 am Subject: GOT MY LOAN MODIFICATION!!!

I just wanted to drop in real quick to let you know that the company I had been using for a loan modification (my mortgage loan was thru WaMu), got my modification!!! I interest rate went from 9.25 to 6.(something. Don't remember the rest of it) and my payments went from almost $1300 to about $990, which includes my taxes and insurance!!! I am so happy!!! I do have to send WaMu some money but after I get that to them, I also do not have to make a payment until Dec. 1st! Very Happy

That is one major relief! Now I just have to come up with a approx $2000, but that is for 1 payment at current rate, paperwork where they were going to start foreclosure and for modification paperwork. I do have to pay the modification company, but they are working with me on the payments. I cannot tell you the relief I feel right now.

Anyway, am at work, but just got the call and wanted to share. Oh and for those that asked about The Debt Advocacy Center....they are who I used and Danielle was great!!!

Posted: Thu Sep 25, 2008 10:59 am Subject: woo hoo

awesome news 2ndband.love it,thanks for the update see you soon. Very Happy

Posted: Thu Sep 25, 2008 12:41 pm Subject: !

I tell you, it is hard to find time for everything. Now that school is in session and marching band is going on, all I seem to do is run and when I finially quit, I just collapse. This time of the year I get so exhausted that it isn't funny. I have even been sleeping until almost 10:00 AM on the weekends and I never use to sleep that late. Guess I am just getting old.

Posted: Thu Sep 25, 2008 1:30 pm Subject:

I'm glad everything worked out in your favor!!

Posted: Thu Sep 25, 2008 2:09 pm Subject:

Good for you and what a RELIEF I am sure, now you can sleep at night.

Posted: Thu Sep 25, 2008 2:59 pm Subject:

Congratulations!

Posted: Thu Sep 25, 2008 4:31 pm Subject:

It is one thing now and I don't want to count how many to go. But yes it is a big relief, especially since my husband lost his second job. It took a long time though. WaMu did not return phone calls or I was told hard to work with, like that surprised me, but the wait was worth it. Like I said, I could never have done this by myself. Found out there were a lot of things wrong with how they did my loan, so....

For those of you trying for the modification, I say, don't give up and don't be afraid to ask for help. That is just my opinion anyway.

Posted: Fri Sep 26, 2008 10:40 am Subject:

How long did it take you to do this? When I called my mortgage companies, they both said with Loan Modifications that I had to pay a large lump sum up front? And since I couldn't pay my REGULAR payment, much less MORE, I gave up. Maybe I'll give them another try?

Posted: Fri Sep 26, 2008 10:43 am Subject:

I didn't have to pay a lump sum on mine, but it is only temporary (3 years).

Posted: Mon Sep 29, 2008 7:23 am Subject:

I did not deal with my mortgage company directly. I went through a company because I do not know all the ends and outs of everything and did not want to make things worse than they already were. I will have a fixed rate so will not have to worry about it going up and the payments are lower,so all that is going to help tremendously. I am keeping my fingers crossed the my husband will find a second job soon, and that will also help.

Posted: Mon Sep 29, 2008 7:32 am Subject:

We did our own loan modification several years back.My husband lost his job due to the fall out of 9/11 and he got behind in the mortgage. We dealt directly with the loan modification/loss mitigation unit of our mortgage company. Lots of paperwork faxed back and forth and overnight mails. I think our fees were around $1200 and we ended up with a slightly lower interest rate and payment. So it is possible to do it yourself.

Posted: Mon Sep 29, 2008 7:40 am Subject:

Yes it is, but we did not have any luck with our mtg company. We were constantly told they did not get our paperwork or they did not show we had a request in for modification, etc. We were constantly getting the run around with them. Like I had mentioned, our mortgage was thru WaMu and even the person we were using had a hard time getting responses from them. They even told her some of the same things they told us. I know people who have had luck doing it on their own though. But for us, this was the best avenue because it was found there were a lot of things that were wrong with what they did. All I can say is that I am happy things worked out the way it did and we are going to be saving approx $300 per month.

Posted: Mon Sep 29, 2008 8:40 am Subject:

2nband 3 questions for you:

How much money did you have to pay the company who did the loan modificiation for you?

And did you have to pay it upfront and also did you have to pay it in a lump sum?

What sort of guarantee did they offer you?

Posted: Mon Sep 29, 2008 8:44 am Subject:

I am glad that worked out for you, 2nband! You are right, it takes some pressure off when you can catch a break. I hope your husband gets to find him a second job--you will be in my prayers..karen Very Happy

Posted: Wed Oct 01, 2008 6:57 am Subject:

Thanks Karen ~ The hard part right now is going to be coming up with what the bank will want for the modification, but then I do not have to make a payment until Dec 1, so that will help. We are going to set our payments up to where they automatically come out of our account on paydays. That way we know it is being paid and we won't have to worry so much about it.

smo ~ sent you a PM. Can tell you that it did take a little while because the lender would not respond to my rep. Of course we all know what has happened with Washington Mutual, and that is who my loan is with.

Posted: Wed Oct 01, 2008 7:26 am Subject:

Good luck on the rest--it's one little step at a time!..karen Very Happy

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