What are the most important points to state ?
Older friend of mine is working with her mortgage company to retain her home and make lesser payments.
She has had increased medical/medicine cost and unexpected car and home repair costs she had to borrow money to take care of.
In 3 months these loans will be paid in full,but she is now 4 months behind on the house mortgage payments .
What do the companies look for and are most likely to see favourable and as a good risk to re-finance ?
Is there % rate they take into consideration as to having adequate income ?
Her income has dropped from when the mortgage started as she is now on disability.
Her medicine costs are going to stay high even with insurance.
Dec 122011
Hello and thanks for helping! I have had a hardship situation since May due to my small son carrying an infectious disease. I have had unexpected medical expenses and other related (diet, care, etc). I have never been late or missed mortgage payments. After being shut down for any options, like trying to get money out of my retirement account or try to refinance, I applied for a temporary loan modification with Wachovia. I called today after 3 months and they told me to update the financial documents. Now, in these 3 months, something else happened. My husband business partner decide to retire and asked him for $ 20,000 to sell his part or he would go and sell it to someone else. We tried to get any commercial loans thru banks but they were denied (and we still have excellent credit). We ended up taking the money form our home equity line. My question is: What is the best way, if any, to document that new situation when updating my hardship letter and financial statements for Wachovia? Thanks a lot.
my wife was handling our finances and didn’t pay the mortgage and i need to write a hardship letter. the only hardship i have is catching up on the payments. How do i tell the bank.
Dec 032011
in 2004 we bought our 1st home! we where preapporved for 350k but we went with a home for 180k. We where dumb enough to fall for a 5year ARM that started at 5% payment all together was around 1250 including escrow. Well Two years ago my wife lost her job and took a new one with 35% less pay then little over 1 year ago lost my job. Before we did have saving but that virtually almost drained out 7 months ago then we got a surprise from our BoA our mortgage company a noticed letting us know our new interest rate is 8.5% and our payment is now 1575! We quickly called them up to discuss a refinance and where shut down in a New York Minute because of me being unemployed and the home is worth 120k about 60k underwater. After being shut down the loan officer at BoA was nice enough to tell us to call a number for a loan modification. So I did.
After being on hold for 1 hour I got interviewed by a rep who went over all of my financial, then asked me to fax a hardship letter, with pay stubs, bank statement, credit card statements, W-2′s tax return over 40pages of stuff. He told me 30days they will review and get an answer. 30 days past and called back got interviewed again. This time the rep said nothing we can do I suggest you do the following
-sell your cars use public transportation
-100 dollars for food a month
-yard sales
-take money out of your 401k
-take cash advances from your credit cards
So we got a check from our credit card and deposited in our checking account that dried up quick as we had some large medical bill surface. now we are 15k in cc debt. So we called them again went over the samething and was interviewed and asked to send in pages of documents. We are current but as a result we are getting further in debt.
My uncle is renting his house nicer then ours in the spring for 1k. We are tempted to throw them the keys to this place and tell then to shove there 8.5%.
should we be chatting with a bankruptcy attny.
I am currently 5 months behind on my mortgage. Last June I have called bank of america regarding my situation. Telling them I am having trouble keeping up with my payments. They said they can’t help my at that time coz I am current with all my payments. Last September I started to miss my payments. They have told me to fax my pay stubs and hardship letter and they also interview me regarding about my finances so they can try to do a loan modification. Since September I had been bugging them of my loan modification status. Just yesterday I recieve a letter from bank of america stating that I am not qualified and they can’t help me with my mortgage problems. I called them and ask for the reason and demanded to talk to a supervisor. I told the supervisor why I had been denied for the loan modification and basically told them I need my mortgage payment lowered. The supervisor stated that since my loan is under the VA Loan guaranteed I am not qualified for the loan modification under the HOPE program. Is there anybody out there that have some ideas on what I have to do? Should I get an attorney? What is the best thing to do?
Feb 262011
So being that it is Saturday and I can’t call the mortgage company, I’m turning to this forum for a little help. Due to unemployment I have been out of work for the past 4 months. I am now behind on my mortgage by 6 months. I currently owe $9000 My mortgage is with US bank. I have tried working with the loss mitigation team. I sent everything they asked for and then received a denial letter saying I had not submitted everything. on the letter it said I had 10 days to submit the documents so the file could be reopened. I immediately faxed everything again. I even received the fax confirmation. This was about 3 weeks ago. I have been waiting since then to see if a decision had been made. I offered in my hardship letter to pay $3000 as a partial payment and then find some way to workout the rest of the past due amount.
Now today I received a letter in the mail (not certified, just regular) stating that this law firm was trying to collect a debt on the mortgage. On the letter it has 4/28/11 as the sale date of the property. It then has some information on how to request to stay in the FHA on a rental basis or something.
My question is can I still work with the lender once I receive this notice? Will they make me pay the past due amount. When writing to them I thought making the 30% partial payment was better than nothing. I was hoping they would work with me. Should I contact a HUD counselor to see if they have more pull than just me doing it myself. I just went back to work 2 weeks ago and really want to keep my home. I am unable to borrow any money from anyone or any bank so that is not an option. I need to find a way for the bank to work with just my partial payment. Any advise would be much appreciated. You can bet that I will be on the phone with US bank loss mitigation team everyday until 4/28 if we can not come to an agreement
Should I try and contact the law firm to see if they will accept the partial payment? or should I only work with US bank!!
Any help would be much appreciated. THANK YOU!!
Hi everyone! I lurk here often and have learned a lot, thank you! I have a unique situation, I have searched but haven’t found anything definitive to help me decide how to proceed with getting rid of this debt. I would love input, advice, experiences, etc. Here it is as concisely as possible:
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Jan 2007Â I needed urgent dental work and was approved through Unicorn Financial for the funds, so I used that. I naively didn’t calculate what the monthly payments would be, lol…
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I fell behind on payments and eventually was treated so badly by one of their reps that I told him to go F himself and quit paying all together.
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Jan 2008 Account charged off
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Mar 2008 Unicorn Financial was acquired by Chase Health Advance. My account was reviewed, including audio transcripts of the aforementioned a-hole. I received an apology and was assigned a much nicer account collection guy. I made an agreement with him to make smaller payments, which I did for quite some time.
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July 09 – Husband was laid off. I sent a hardship letter and have been making tiny GO payments ever since.
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I have a little chunk of money from our tax return and would LOVE to find a way to settle this debt!
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The way it reports on my credit reports is Balance: $7528, Amount Past Due: $2544
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Can I do a PFD offering a much smaller amount than $7528? I can afford 25-30% of that in one lump sum. What special considerations will I need to know about since I’m technically still working with the original creditor? Or *AM I* even  technically working with the OC since it was an acquisition situation? Are PFDs typically only successful after an account has gone into default? Although this account is totally screwed up, I’m not currently in default due to my monthly GW payments…
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If PFD isn’t a realistic goal, what’s the next best thing? PIF isn’t possible for me anytime in the near future, a debt like this would conceivably take me several years to pay in full.
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WHAT WOULD YOU DO?