mortgage loan modification problems?
My wife and I both lost our jobs the same day. I am currently trying to get through school to start a new job, But have been unable to keep up our mortgage. Our loan is through chase and I have bent over backwards sending all requested documents to get a forbearance or loan modification. I keep getting the runaround, Even though we were told we were in the modification program now we have moved into foreclosure because they say we never sent all documents. I have sent EVERYTHING by mail and fax 3 times now and now they are asking for it again. Is this normal? Should I get a lawyer to help? I want to keep our home, And am just trying for a temporary forbearance while I’m attending school. Thanks for any advice.
You are not getting a modification. You may as well accept that fact.
WIth zero income there is no way a modification would help you avoid foreclosure, you can’t pay a modified loan any easier then you can pay the present one.
A forbearance only lasts up to 4 months, and is for emergencies situations, not that you just up and decided one day that you no longer wanted to work.
You can not both refuse to repay your loan and keep the house.
Has anyone had success in getting a mortgage loan modification with Navy Federal Credit Union (NFCU)?
Yes but that was way before all this mess going on now.
HELP! I was employed by a MORTGAGE LOAN MODIFICATION company and they refuse to pay me for deals I closed!?
I live in the Maryland/DC area and I was recently employed by a company that sold mortgage loan modifications..at my initial interview I was a little sketched out because the company had just opened, did not really have any sort of history, I couldn’t find anything about them on the internet. The man who interviewed me showed me a chart of the earning potential (there was no salary-straight commission) and it seemed way to good to be true. I was leery. He also said “you can have any sort of life you have ever wanted making this kind of money’ I felt he was selling me on the position almost, I should have gone with my gut instinct. After the interview, like I said, I attempted to do some research, I have a background in mortgages, I was employed as a loan officer straight out of college several years ago before the bubble popped and made quite a substantial living for a person straight out of college. I found little on the company so I researched the industry and came across some red flags, such as it was illegal to charge a fee to do a mortgage loan modification in the state of Maryland.
The next day the man that interviewed me called me several times to offer me the position, another red flag. I finally took the call and told him my concerns that I had learned during my research, naturally he had an answer for everything, the “used car salesmen” that he was. He said it was illegal to charge for loan mods in Maryland but they got around it because they were headquartered in a state where it was legal. I had been interviewing for weeks, with companies offering as low as $10 per hour, I am a college grad with a decent amount of successful sales experience, so I caved in and took chance with this company.
I ended up staying with them only a few short weeks. During that time I did sell a client on a loan mod, my boss whom interviewed me assisted in my first closing, but I obtained the client and sold her. The week I was supposed to be paid I finally got fed up and quit. There was technical glitches and the phone system was down and I wasted 5 days of my life playing poker on FB out of boredom with nothing to do. So I quit. I contacted the owner of this company, or president, whatever you want to call him, and asked him if they could send my commission check to my house because I had quit and explained why..he first tried to convince me to go back saying the glitches had been worked out, but at this point I was beginning to see the whole thing as a scam and was over it. He told me he would look into the status of my deal, and check to see if they had received the payment from the client and contact me the following day. After I got off the phone with him I emailed a former coworker who was actually the only employee to stay with the company for more then a few weeks and told her what had happened..she looked into it and discovered that they had received the payment from the client and the deal had indeed went through..she even provided me with a Fed Ex tracking number, but then asked me not to let them know that she had given me this information as it may be deemed unethical or a breech of security, I agreed to protect her by not saying anything about it. I contacted the headquarters two days later after not receiving a call back , I identified myself to someone else who answered the phone and asked to speak to the boss, he put me on hold and returned to say “yea he said we have no of that file or that client. sorry’ and hung up on me.
I have looked into filing a complaint with the Better Business Bureau but learned that they only deal in consumer complaints and not with employee-employer issues. My commission was only a few hundred dollars so I can’t see hiring a lawyer. At this point it is not even about the money. I spent over 100 hours at this establishment working my tail off chasing this imaginary dream of financial success that the man had pitched me. Looking back I should have followed my gut and not taken the position, now I just want to let people know so that no one else falls victim to this b*llshit scheme and wastes there time in already difficult economic times.
My question is: Is there a way to even go about getting my money? ( I doubt it) OR is there a place or public forum I can file a complaint so that others when researching the company can be made aware of what they are, and not fall victim to the same thing?
–I should also note that the coworker that I mentioned has since quit from not receiving payment on at least 4 deals that she closed and is considering taking legal action and that she found out that the last company that this man ran was shut down by the FED ..
I know this was a long post so I greatly appreciate anyone that takes the time to read it and provide feedback.
There is nothing you can do
– you can prove that the money was received. You can’t prove it who earned the commission. It’s a slimy company might guess is they are going to say “yeah, we closed the deal but it wasn’t because of you. After you left the client walked away… We had to start from scratch rebuilding the relationship until it finally closed).
Question about my mortgage loan modification?
We have a duplex home that we share with my inlaws. 3 years ago we took out a second mortgage. we used that money to build another house. the house is only half finished because we ran out of money and then my husband lost his job. we are currently going through a loan modification with our bank. The bank just called and told us they want to put a blanket loan over both properties to secure the loan. the loan was secured with the first house. Do we have to let them use the half finished house as collateral too? any advice would be great thanks
It looks like you have no option and will have to do a blanket loan. It is your only option if you do not want to lose your house.
Any luck with a loan modification with US Home Bank Mortgage?
Has anyone had any luck with US Home Bank Mortgage in getting a loan modification. I applied months ago and have still keep making my monthly payments. Now I am getting delinquent notices from US Bank saying I’m behind on my mortgage. Is this legal for them to report me to the credit bureaus when I am paying on time? Any advice??
Depending on what state you live in, could mean the difference in how much time the bank could have to foreclose on the property. You might consider doing a review of loan modification companies. Most companies will only charge the client after a successful reduction in payment that is suitable for thier client and the bank.
Keep in mind that not all lenders are willing to lower the payments. It depends on numerous circumstances that a loan modification attorney in your state will discuss with you.
Hope this helps.
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