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Upside down

I am upside down more than 100k. I would like help with a modification.
  • March 05 2011 - Apopka
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Answers (1)

This site can provide all the paperwork you need to get the process rolling:

http://www.makinghomeaffordable.gov/get-assistance/request-modification/Pages/default.aspx

You can check the website for the bank servicing your mortgage, but it may or may not be helpful.

Get all the paperwork to your bank, and keep diligent records. Call at least once a week to follow up on the app. Be prepared for the fact that you will send them the paperwork at least three times, and you have to update the income, bank statement, and sometimes expenses documentation every month. Underwriters have to have statements from the last thirty days. If you call to check on your app, you will be told something different the next time you call.

Consider this procedure so that you can keep what you're told straight:

1) Sign up for google voice.
2) Use GV to call from Phone 1 to Phone 2. Put phone 1 on mute.
3) Phone 2 calls the servicer, and GV is set to record on Phone 1.

You won't be able to use these recordings in court but they can be helpful to remember all the different things you're going to be told. Don't feel bad about recording either; They're recording you.

Every time you call ask these questions:

1) Are you an FHA loan customer service rep (if you have an FHA loan only talk to an FHA loan customer service rep)
2) What is the current payment arrangement I have with you?
3) What is the current status of my application? What needs to be done to move forward?

When you hit a roadblock, call HOPE at 888.995.4673 and get connected to a counselor. They work for free and they can access the systems used by the bank reps to see what's happening with your file.

Good Luck.
 


  • March 05 2011
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