After almost a year we have our permanent modification paperwork,Years 1-5 at 2%, 6 at 3%, 7 at 4%, and 8-29 at 5%. They added our escrow we owe into the first 5 years of payments, and just added the amount we owe from being behind to our total balance.
Our payment before was $1600 a month INTEREST ONLY on a $220,000 mortgage, and it was split between 2 mortgage companies in an 80/20 situation. Our Chase balance was $175,000. We settled our 2nd mortgage with Citi for 10%, so our Chase payment monthly BEFORE the modification was $1235 a month interest only (so it would have gone up even more in 6 years once the interest only term was up). Now, for the next 5 years, our payment will be around $910! Then it will be about $980 for year 6, $1050 year 7, and $1125 years 8-29.
We had our second with Citi and I contacted their short sale department and told them I wanted to settle. We were 3 months late at that point. They told me to fax in a letter stating how much we were willing to settle for and why we wanted to settle, along with my financial docs (bank statements, paystubs, taxes, etc.) and a financial worksheet for our monthly expenses. We offered about 10% of what we owed. A negotiator contacted me about 2 weeks later and basically they accepted my offer and sent me instructions on how to wire the money!
If you successfully make your payments during your trial period, and the documentation you provided supports the home retention specialist’s initial review, we will approve your request and your loan modification will become permanent.
The Treasury Department launched HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. To receive a permanent modification through the program, borrowers must make three monthly payments during the trial period and submit all documentation.
Chase offered its own modification programs to 346,642 mortgage holders over the year and half. More than a third were approved for a permanent modification and almost 111,000 received one.
Do you have any question? please leave comments or tell us your story.
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