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Posted: Fri Jun 13, 2008 8:32 am Subject: mortgage modification

I was wondering if anyone has ever used one of these places before and if so, how was your experience?

OK, yes we ran into some problems again...tires for car, ($500), Air conditioner unit ($800), had to get another vehicle due to hubby's truck going totally kaput (was going to cost more to fix it then to get another vehicle and need 2 vehicles for us to get to our jobs), so now 2 car payments, insurance went up, so....behind again. It is like we cannot get caught up at all. Oh,we are suppose to be getting Kyle's ticket or at least helping him get it, to come in for 4th of July and then we are suppose to go see my folks and surprise them with him in. (Trying prosper one more time to see if can help, but have not had any luck with them at all!).

Anyway, been trying to work with the mtg company and am getting no where. I hate Washington Mutal!!!! They are so damn rude that it isn't funny and are constantly telling me that they have not gotten our information I sent them (sent them 2 letters, along with a budget etc). Then I find that our loan is in review for foreclosure. No summons yet, but under review. We are considering using one of these companies and have even spoke to one, The Debt Advocacy Center, LLC, who have told us they have had many dealings with Washington Mutal in the past and offer a money back guarantee. No papers have been signed yet, nor have they asked for SS # or anything like that. They took some information from me as far as how much we pay for this or that and asked what type of communication we have had with the mtg company, if they could get us get the modification, would we be able to make the payments, etc, but nothing else. The guy I spoke to is suppose to get back with me on Monday to let me know what they can do. Oh, he also told me that a lot of times they are sucessful in getting the mtg companies to take off a lot of the negative marks.

To tell you how stressed things have been, my husband called Cash Call! They told him over the phone that he could not be approved, but then sent him an email asking for information to complete the approval process, which does not make sense to me.

Anyway, just wondering if anyone has ever done anything like this.

Posted: Fri Jun 13, 2008 8:49 am Subject:

Oh 2nband...stay away from Cash Call at all costs! I'm sure you've seen the horror stories on here about how high the interest is and how ruthless and relentless they are. Be thankful you weren't approved.

I'm afraid I'm not much help with the mortgage situation, but I just wanted to voice my opinion of Cash Call - I've never had a loan with them myself (thank goodness!) but I have seen so many of our members fall into that trap - I just didn't want to see you fall in too!

Posted: Fri Jun 13, 2008 9:37 am Subject:

I have not done anything and told him not to either. I have read all the stories here about cash call. I know he was trying to help. He said the guy on the phone was very nice...yeah, they all are when they want your business. I just hope he listens to me!

Posted: Sat Jun 14, 2008 12:05 am Subject:

2nband, I too will echo what Suebee has said, STAY AWAY form CASH CALL. This site too is quite overburdened with the customer complaints against this company.

What I can presume from your narration that you're already suffering form financial difficulties. At this juncture Cash Call will make your situation even worse.

Altenatively, I'd rather suggest that you negotiate with your lender to sort out the matter. Along with mortgage modification, there are few other ways to avoid foreclosure, like-

forbearance- this will put you into a alternative repayment plan.

Refinance- only if it improves the mortgage rate.

Try to sell the house- though I hate to suggest you this option, but it can still be a better option than foreclosure. If you have the alternative to move into rented appartment and sell your house to pay-off the mortgage.

Hope I was helpful. Please, keep us updated with the developments.

Posted: Sat Jun 14, 2008 3:47 am Subject:

http://money.cnn.com/2008/06/05/real_estate/art_of_workout/index.htm?p ostversion=2008060722

Posted: Sat Jun 14, 2008 7:20 am Subject:

I am waiting to hear back from the rep I talked to from The Debt Advocacy Center, LLC. Suppose to hear from him on Monday. After talking to him and hearing him talk about Washington Mutal and some of their lending practices, I did some more checking and it seems that WaMu has been in trouble before. I have been "educating", per say, and since this company I have talked to is staffed mostly by attorneys and such, I am hoping that they can help me out.

Now, we have tried talking to our lender in regards to helping, well we have not had much luck with anything. The people we have talked to are so rude. We have already sent paperwork to them, via fax as one rep suggested, and then I call a week later and hear that they did not get it and that I "didn't" fax it, even though I do have the confirmation sheet where it went through. this is the same company that lost some of my money orders one time and tried to tell me that I never sent it, etc.

What upsets me so much is that we were starting to make some progress. It is like baby steps, but we were doing it and then all of the sudden....bam, all hell broke loose on us. I am so tired of this. I swear, it seems we cannot get a break, no matter how hard we try.

Posted: Sun Jun 15, 2008 9:01 pm Subject:

Please don't lose heart. At times you may feel defeated and dejected, but remember its only a phase. And It'll soon pass away.

Never give up your battle. We'll be there for you always. I'm sure that you'll soon hear something positive from the Debt Advocacy Centre.

Keep your faiths alive!!

Regards,
Jason

Posted: Mon Jun 16, 2008 5:54 am Subject:

Thanks Jason, I am sure trying! It gets tough sometimes, but I am trying. Right now sitting on pins and needles waiting to hear back from these people, so...will let you know what I find out.

Posted: Mon Jun 16, 2008 6:23 am Subject:

Personally I would not be paying any outside company to assist with a mortgage modification. Lenders right now are bogged down with foreclosures and modifications and they do take time.

I know here there are a lot of local sources that you can turn to...on the news there has been segments on what to do if you get into trouble with your mortgage and who to call. Search you local TV and newspaper websites for information. Having gone thru a mortgage modication years back, they are a pain. Our's was slightly challenging as the modification office that was handling our paypaper work was in New Orleans....well our paperwork ended up under water during Hurricane Katrina!! Our file was transfered to some place in Texas put obviously not all of our paperwork! I hounded and hounded...I called everyday and talked to the same person....actually called her one day as I was faxing and told her to go to the fax machine.

Posted: Mon Jun 16, 2008 10:55 am Subject:

I was successful at getting a mortgage modification with my lender (not Washington Mutual). There was a form that I could print out online that I had to fill out with all of our income, expenses, assets, liabilities. I had to write a hardship letter and fax all of it in. It was supposed to take 15 business days, but I called after that and it still hadn't been done. Through persistance, I was able to get the reps name who was handling it. After leaving several voice messages for that rep and not having my calls returned, I faxed a short letter to the supervisor of the department. Shortly after that, the rep finally called me. I faxed some additional information to him and a week later I received the modification forms in the mail. They reduced my interest rate slightly and gave me a lower payment (almost $600) for three years. After that my interest rate returns to normal and my loan is reamortized so that I will be paying my old payment amount plus about $100 per month.

My advice would be to be persistent. I do have credit cards with Washington Mutual and have found them to be not the easiest to work with either. But maybe you could get a person's name, fax the paperwork, and follow up with an immediate phone call to verify receipt?

Posted: Thu Jun 19, 2008 2:18 pm Subject: reply

do not fall for this,a moderator will delete that shortly.it is a scam of the first magnitude.

Posted: Thu Jun 19, 2008 2:20 pm Subject:

Deleted it as you were posting Paul Very Happy

Posted: Thu Jun 19, 2008 2:33 pm Subject: reply

goudah,saving the day again. Very Happy

Billie · Posted: Wed Jul 02, 2008 6:00 pm Subject: Loan Modification

Being a mortgage banker, I am familiar with many of these so-called modification companies. Most are rip off artists. You can try to modify by yourself but is near impossible for most people. Try and find someone you can trust. Good Luck.

Guest · Posted: Thu Jul 03, 2008 6:07 am Subject:

I agree with Billie and Soaplady. A mortgage modification should not cost you any money. And by the way, those companies also CHARGE the lender a fee too! Most people dont know that but they do.

If you feel you need an advocate on your side to grease the skids, contact ACORN. They are a mortgage advocacy group.

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