Mortgage Modification Questions

[LovetheMouse12302]

We are in the process of a loan modification with our mortgage company. A little back story....last year in June I became sick which caused lots of doctor visits, tests ran, and eventually surgery in the fall. With all of these expenses and our regular bills going up as well, we were unable to pay our mortgage. This was in October/November. Before this we always paid on time. DH called right when we knew we would have issues and they would not work with us because our loan was current. In December we started receiving papers on how they will help us since we are behind. We applied for a modification (submitted the paperwork several times )

We were denied the modification because they said my DH didn't have enough income. They told us to reapply because the guidelines just changed and we may qualify now. So we send the forms in again and they received them mid April. This week they told us we were approved for a repayment plan. The payments were triple what we normally pay. We cant afford that! DH asked why they would approve a payment so high when we clearly cant afford it. Well, they did the math wrong on his income and incorrectly put we had a surplus of $5,000 each month! I wish!! So now we are back to square 1 again.

How long are they going to drag out this process? The bind was just temporary. I'm ready to start paying again. Do we have other options to get our account current or we stuck with whatever the mortgage company does to us?

 

[Weluvdisny]

Can you refinance somewhere else?

 

[LovetheMouse12302]

Can you refinance somewhere else?

Would someone refinance us with the current mortgage past due?

We don't need lower payments, the original terms are fine. We just want to be current.

 

[jbuey22]

We are in the process of a loan modification with our mortgage company. A little back story....last year in June I became sick which caused lots of doctor visits, tests ran, and eventually surgery in the fall. With all of these expenses and our regular bills going up as well, we were unable to pay our mortgage. This was in October/November. Before this we always paid on time. DH called right when we knew we would have issues and they would not work with us because our loan was current. In December we started receiving papers on how they will help us since we are behind. We applied for a modification (submitted the paperwork several times )

We were denied the modification because they said my DH didn't have enough income. They told us to reapply because the guidelines just changed and we may qualify now. So we send the forms in again and they received them mid April. This week they told us we were approved for a repayment plan. The payments were triple what we normally pay. We cant afford that! DH asked why they would approve a payment so high when we clearly cant afford it. Well, they did the math wrong on his income and incorrectly put we had a surplus of $5,000 each month! I wish!! So now we are back to square 1 again.

How long are they going to drag out this process? The bind was just temporary. I'm ready to start paying again. Do we have other options to get our account current or we stuck with whatever the mortgage company does to us?

I am very sorry to hear about your troubles and I sympathize.. I too applied for a Mortgage Mod through CitiBank. And just like you the payments went from 1380 a month to about 1900. Which isnt even double but i cannot afford that. I was 3 months behind.


So what I did was wait for citibank to send final notice papers and used those as documentation for a hardship withdrawal from my 401K. Also I did something that I wasnt proud of, but was neccessary that got me a little extra cash from the withdrawal. I dont want to post it on these boards and It is not illegal, but I was able to get double the amount back and use the remainder of the cash to catch up on other bills. Its my money anyways so what the heck!!! If you have any other questions send me a message