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Home Modification with US Bank

Submitted by on Thu, 03/11/2010 - 07:26
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Hi all,
I'm new to this forum and I have a situation here. Hopefully, I can get some advice.
It's a long story since the modification started in june 2009.
I'm living with my parents and they're the home owner where I support the mortgage. The modification started after I lost my job on March 2009 and my dad had his working hours reduced.
We have about 250K mortgage with US Bank so I started calling US Bank in June and expressed my situation, so far we'd made payments on time, none behind. They started the trial period on August 2009 and the trial period last 3 months, we'd made payments ontime as suggested. After the 3 months trial period, I haven't heard any responses from them, I called them and they said it's in process and tell me to keep making the payment as the trial period.
I received a letter from US Bank on the end of december 2009 stated our modification was denied due to "Did not meet the Net Present Value requirement as defined by HAMP". At first I did not understand what exacty they meant so I called them and they explained we don't have enough cash flow and it's risky for them to do the modification.
I also told them I want to keep my house but I need to get some help from us bank to get over this hardship and it doesn't have to be a full modification, it could be a refinance with low interest rate so my monthly payment can be reduced so I can afford it.
I called a local HAMP counselor and asked for help on January 2010 and based on our financial she said it did showed we have enough cash flow to do the modification so she resubmitted the modification for reconsidering.
After wait and wait, I finally found a job and my dad had his normal working hours back but we're deliquent about $10K on the mortgage we still need help to get back on track.
We finally get another response from US Bank earlier of this month and they stated we are dinied again due to insufficient cash flow, and they said if my financial changed I can submit my financial to them. Since I got my job back so I can update my financial to them. I called my counselor everyday from last week and this week but I still haven't heard any responses from her and so far I don't see a big help from the HAMP counserlor since I can hardly get a hold of her.
I'm thinking of hiring a lawyer to work on my case, how's everybody think ? would the lawyer be helpfull in this case.
Thanks all,


I feel for you. I am in a similar situation with aurora loan services.I have still not heard anything back from them and it has been since Aug 09. But I think you might get some answers in another forum under "loans and mortgages". I would post this same thing there. I got some good advice in that forum. This forum is mainly about credit card debts, but others may be going through loan modifications too. Anyways, good luck.


Submitted by luckin10 on Thu, 03/11/2010 - 08:33

luckin10

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Thank you for your response,

I've just posted on loansafe.org the same post I did here.
You're living in Aurora is it in Illinois ? I'm living in Illinois.

What gets me is the HAMP counselor, It's been a week since I tried to contact her and I left her a voice message everyday but never get a call back. I've been really upset that's why I want to find a lawyer.


Submitted by on Thu, 03/11/2010 - 11:23

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