DOJ Modification
Date: Wed, 01/23/2013 - 11:18
So after working for the last 3 months with Specialized Loan Services, I have finally gotten to the last step of the DOJ modification. It took me calling every week asking questions and pushing, so many things went wrong on their side.
Long story short, I filled for BK about 2 years ago. Left the house out of the BK and have been garnishing my wages to pay the trustee an extra $600 a month, $300 for the back payments on the loan and $300 for the trustee. This has created a financial burden that has destroyed my life.
I heard about a modification from a friend and called Specialized. My original loan was with BofA, which I now know that BofA still owns the loan, SLS just handles the loan.
So today I called SLS and found out all the ducks where in line, but again I have to wait another week because the agent in charge of my loan is on vacation. I think its a stall tactic but I wont be giving up yet. The agent I spoke to says the DOJ estimate came in at about $230K, I owe $243 which is not much a difference. Every website I check says my home is worth $200K. So they are way off.
Has anyone done a DOJ modification? Will it be worth continuing if they leave it at $230K, I know they sometimes erase the back payments but if they don't will it even be worth it?
Would you go through with it, or just give up the home of keeping this house. I can rent a really nice house for $700 less than I am paying right now. I know its a rental, but honestly I am tired of being broke. I got into Pay Day loan hell and am finally getting out of that. I was hoping if I could significantly lower my mortgage payment I could finally breath a little.
Your thoughts?
Long story short, I filled for BK about 2 years ago. Left the house out of the BK and have been garnishing my wages to pay the trustee an extra $600 a month, $300 for the back payments on the loan and $300 for the trustee. This has created a financial burden that has destroyed my life.
I heard about a modification from a friend and called Specialized. My original loan was with BofA, which I now know that BofA still owns the loan, SLS just handles the loan.
So today I called SLS and found out all the ducks where in line, but again I have to wait another week because the agent in charge of my loan is on vacation. I think its a stall tactic but I wont be giving up yet. The agent I spoke to says the DOJ estimate came in at about $230K, I owe $243 which is not much a difference. Every website I check says my home is worth $200K. So they are way off.
Has anyone done a DOJ modification? Will it be worth continuing if they leave it at $230K, I know they sometimes erase the back payments but if they don't will it even be worth it?
Would you go through with it, or just give up the home of keeping this house. I can rent a really nice house for $700 less than I am paying right now. I know its a rental, but honestly I am tired of being broke. I got into Pay Day loan hell and am finally getting out of that. I was hoping if I could significantly lower my mortgage payment I could finally breath a little.
Your thoughts?
Another thing.
One of the nightmares that happened was that right when everything was ready to be sent to the investor for approval I was told that we had the wrong estimate, the one we had was a standard BPO? That we would need a specific one for a DOJ modification. I asked the agent at the time what that appraisal came in at and he said 205K, the DOJ appraisal came in at 230K, why is the DOJ much higher? Seems to me this is the reason we are in this Real Estate mess, the fake high appraisals.