mortgage modification

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!

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!

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.

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

Quote:

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.

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

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.

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.

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?

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

Deleted it as you were posting Paul :D

goudah,saving the day again. :D 8)

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.

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.

Run dont walk from them.....Call your state AG for information on foreclosure prevention. Fannie Mae and HUD say DO NOT pay an outside company to help you!

We ran into similar situations with WaMu. We're upside down 57k, and due to unemployment couldn't make our payment. We contacted them for a reassessment/rework of our mortgage and didn't hear back for a few months - though we hounded them weekly. They, however, harassed us for payments. Then we finally received a package asking for documentation and a hardship letter 3 months later or so, which we filled out immediately and faxed in. They filed a foreclosure the day after we received it and claimed they never got our fax, though we had proof of it being sent the day after we received the package. We called and asked for additional fax numbers so we could send it to BOTH fax numbers "just in case" it wasn't received again - this time they got it (go figure) and it was assigned a new case manager. Now - two weeks later and still in foreclosure proceedings - they're asking for the same documentation all over again (tax forms, pay stubs, explanations and hardship letter) plus 3 payments of $650 and then they'll CONSIDER working with us to adjust our mortgage somehow. There's no mention of how, to what price, etc.

I know your frustration. This is why sometimes people have no choice but to use a loan mod attorney.

???Thousands of Americans are losing their homes because of mistakes in their Hardship Letters; Don???t let your family be one of them!???

Writing hardship letters does not have to be difficult, but you need to know what your lender is looking for. Many homeowners simply do not understand the basics of writing an effective hardship letter and this is costing them their homes.

The main points for a financial hardship letter are:

[LEFT]1. Subject Line Request - Right off the bat let the loss mitigator know what you are requesting.
2. Brevity ??? Don???t let your financial hardship letter go on for page after page. Keep it as short as possible.
3. Personal - Let the loss mitigator get to know you and your circumstances.
4. Clarity ??? Get your points across in the clearest possible way and then provide a summary.
5. Information ??? Make sure you leave nothing out of your financial hardship letter. Attach important information such as bank statements, cash flow documents, income tax statements, letters of reference, etc.
6. Be Appreciative ??? The person reading this financial hardship letter did not get you into this mess but he or she is the one that can help you out of it. So be thankful and humble in your tone.[/LEFT]