We got our Loan Modification approval and the doubled our payment…could this be right? Please Help!!!? I am posting this for a third time since I have gotten zero answers. Apparently no one knows what to do here.
We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification.
Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $2000 down and $527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams.
We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $700-800 dollars for a mortgage payment. Our original payment was $875.
The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage.
Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together.
Even though this whole thing was Wells Fargo’s f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing.
We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out.
Are there any suggestions as to what we could do next to still save our house and our credit?
WOW!!! Never heard of this either. Obviously we don’t know the WHOLE story, only your side of it so it is VERY hard to give you advice. At this point, sorry to say, your best bet might be to walk away from the house since you could not afford the terms that you originally agreed to in the first place. Unfortunately, you are not entitled to a house, so a court cannot force a bank to make the mortgage affordable to you. Your ONLY other option is to see if you can get refinanced with a different lender. Your hands are kind of tied in this one.
Once again….WOW!!! References :
If you got in the Obama plan your payment should be exactly 31% of your gross income.
If this is not the case I would guess your next step is to call them up again and ask to be put on the Obama modification plan. If your payment exceeds 40% of your income you should qualify for this. References :
We got our Loan Modification approval and the doubled our payment…could this be right? Please Help!!!?
I am posting this for a third time since I have gotten zero answers. Apparently no one knows what to do here.
We have been fighting with our mortgage company for almost three years on a miscommunication that happened just before the holidays in 2007 Long story short in March 2009 we presented the Judge with ample evidence that there were discrepencies with the Mortgage Company (Wells Fargo). The Judge ruled in our favor and said that Wells had to work with us and the House was taken out of foreclosure. They agreed to do a forbearance and then work out a loan modification.
Now in the mean time we were getting phone calls from other Loan Mod companies that could offer us a loan mod at $2000 down and $527 a month. We decided to give our Mortgage company the benefit of the doubt that they would be fair with our payment. we also were worried that these companies could be scams.
We paid our forebearance as agreed and sent in the necessary paperwork for our loan mod. According to the budget worksheet that we did with Wells, we had about $700-800 dollars for a mortgage payment. Our original payment was $875.
The approval for the loan modification came in on Friday night. To my shock our monthly payment will be $1533 a month, they raises our percentage from 6.45% to 9.87% and shortened the life of the loan to be paid off in 13 years. We still had 25 years left on our original mortgage.
Needless to say there is no way we can afford this payment. I thought the whole idea was to help those in crisis, not hinder them further. I am too the point right now where I just want to give up all together.
Even though this whole thing was Wells Fargo’s f**k up, we are still getting screwed. Our attorney is at a loss as to what to do. Because most mortgage companies dont want to be upside down on a loan. But since this all started it seems they are doing everything they can to force us out. He says that we really must have pissed them off for them to go this far to force us out. Cuz he has never seen anything like it. The Judge said the same thing.
We are the little people fighting a huge conglamurate company. I am startign to wonder if our house is sitting on top of an oil well and thats why they are doing everyhting they can to get us out.
Are there any suggestions as to what we could do next to still save our house and our credit?
WOW!!! Never heard of this either. Obviously we don’t know the WHOLE story, only your side of it so it is VERY hard to give you advice. At this point, sorry to say, your best bet might be to walk away from the house since you could not afford the terms that you originally agreed to in the first place. Unfortunately, you are not entitled to a house, so a court cannot force a bank to make the mortgage affordable to you. Your ONLY other option is to see if you can get refinanced with a different lender. Your hands are kind of tied in this one.
Once again….WOW!!!
References :
I wish I knew, but honestly I am stumped.
If you got in the Obama plan your payment should be exactly 31% of your gross income.
If this is not the case I would guess your next step is to call them up again and ask to be put on the Obama modification plan. If your payment exceeds 40% of your income you should qualify for this.
References :