I decided to start this online support group for people who are struggling, beaten up and marginalized by their attempts to keep their homes.  My Real Estate partner, Kathy Dyer and I are in folks living rooms day in and day out, listening to the horror stories of loan mods gone bad.  They have either been victimized by ‘loan mod companies’ who promise to deliver a modification that will get the struggleing home owner who has already poured good money after bad.  Worse yet, the Banks put these borrowers through exhausting, time consuming hoops, only to be told that they ‘failed’ to provide all documentation.  They are told they will have to start over and over…… Does this sound familar? 

I am currently in my 6th month of trying to modify my loan through my bank.   I paid 520K for my house in Sept 2005.  I put 100K down and have made many improvements ie: new paint inside and out, new flooring, new appliances.  I was flawless on my payments.  As a single mother of two sons I have been extreamly protective of my credit. My lender assured me that the best way to go was to get into the ‘pickapay’ and fix my rate in 6 months.  I relied on his councel. After 6 months or so I took a run at the fixed rate.  The sky was already falling and the interest rate quoted to me looked nothing like the one I was told I could get .  

So, I was stuck with a nightmare of a loan and the bottom fell out of the housing market.  After awhile I felt so beat up and manipulated.  I have accordian folder filled with documentation I have sent to the bank – over and over again.  I have spent days out of my life and business – all the while being told I failed yet again!  I have even taken my documents to the Branch Manager of my bank and had him fax the required docs.  He would ask the the person on the other end if I had a complete package and they assured him and I that it was, in fact, complete.  I would call back in a few days only to be told I had failed once again.  Sound familiar? 

Did you know that there is method to the Bank’s maddness?  The government gave the banks $1,800. for each loan mod that they offered.  NOT that they granted, for just OFFERING!!  So they kept jerking our chains and kept us chasing our tails while they collected the money. 

Then, worse yet, are the ‘trail’ loan mods where the bank gets the distressed home owner to make payments for three months before they get thier permanate loan modification.  After the three months the Bank gives them a modification that looks NOTHING like the trial payment.  In fact, I have one client who’s modification was actually higher than their original loan that was breaking thier back! 

How criminal is all of this?  Please let me know if you have expierenced anything like this.  We have so much information to share with you.  If the general population know the depth of the Banks fraud there would be anarchy.  Looking forward to hearing from you,  Christine

Use this forum to give us your experience and let’s try to give good solutions for others that are going through the same thing. Let’s make this as positive as we can even though at times you may feel like screaming…. being asked again to send all the paperwork in after the 4th time.

Tell us what bank you are trying to get a loan mod with, and how long was the process. Did you get one, and what were the results? What did they promise you and after the trial period, did the terms change? Let us know what you know. OK?

So let’s hear from you, the good, bad and ugly!

Christine

Chrisitne@hometeamgirls.com 

Upsidedownhomescure.com