Such a relief to me. . .
By dorannmwin
@dorannmwin (36392)
United States
December 1, 2012 12:59am CST
I know that I mentioned months ago that our family was pre-approved for a loan modification. As our mortgage company sent us requests for further documentation, I would immediately get it faxed back to them. We've been going through this for four months.
So yesterday I get a postcard in the mail wanting us to call this phone number because our sherriff's sale date on our property was looming over our heads. Our house was to be sold out from under us on Monday.
Today was spent almost exclusively on the phone with our mortgage lender because this is the last thing that we wanted to have happen to us. We had a call scheduled for 10:15 this morning for our modification specialist to let us know what was going on. At that point in time, there was no news. Finally, at four o'clock this afternoon, he called my husband at work to let him know that we are golden. The approval went through to cancel the sale of our house and we will be getting our paperwork to sign next week approving the new terms of our mortgage. I have felt better this evening than I have in weeks going through this.
What I don't understand, however, is why it took them so long and why they had to push it to the last minute to get something done. We've been religious about responding to e-mails from our specialist and getting faxes returned to him on the next business day, they were just dragging their feet.
In retrospect, now that I know I don't have to pack up everything that I own this weekend, I feel like it was a gift for us. Yes, it did mean that we got more behind on our mortgage as you can't make payments when you are going through a modification. However, this extended period of time took us to within four months of having our DMP paid off. And at that point, we won't really have anything to worry about. What a special gift we've been given.
If anyone else here has ever been through the loan modification process did you feel like it was a hurry up and wait situation? Don't you think that mortgage lenders could be more on the ball with something this serious? I know that they really don't want to be stuck with this property on their hands when there is someone that really wants to be able to stay in their home.
1 person likes this
7 responses
@silverfox09 (4708)
• United States
3 Jan 13
This is a bit late but congratulation .
Its my first time hearing those terms but I am happy that you are now relief .
@dorannmwin (36392)
• United States
3 Jan 13
I mean I am still stressed a little bit, but I know that is only a stressor that I will be facing temporarily because of the fact that our big credit card bill is going to be paid off in March and from then on, we really won't have the struggles that we've been facing in the past several years. It just feels like everything is starting to fall into place for us.
@dorannmwin (36392)
• United States
4 Dec 12
I have to admit that just knowing that we were not going to be losing the house was a great relief to me. Well, today, our homeowner support specialist called us to let us know a little bit about the terms of the modification, and that was an even bigger relief to me.
He basically called to let us know that our house payment is going to be going down about $170 dollars every month. For many people this wouldn't sound like a lot of difference every month, but for us, it is a lot and there is no way that we would even be able to rent for what our house payment is going to be now.
@3SnuggleBunnies (16374)
• United States
1 Dec 12
I have not been thru a loan modification program. And from the sounds of things I don't think I'd want to. Though we've been contacted that we'd probably qualify because of our home losing value. However, because of what we owe they'd want to inspect our house and with us not being able to keep updating (being a SAHM full time for 5yrs and now only working pt the last few with debts of TWO full time jobs looming on us plus having kids) and having to rig things and not do them properly I feel our appraisal wouldn't come back as high or they'd force us to do repairs we can't afford at this time. So I'm waiting for us to get into a postition where we don't have the inspection to be done (balances under 100k) and hopefully rates will be as low then and we'd be find and better able to improve our home as well.
I'm glad your family will not be going anywhere anytime soon and you don't not lose your home. That indeed is a great gift, but notifying you last minute before they sell your home from under you is bs!((hugs))
@dorannmwin (36392)
• United States
2 Dec 12
I think the fact that it did take them almost four months to let us know anything is real bs because we were on the ball.
If your family is able to qualify for the government refinance plans, then I would try to do that, but if you don't qualify for those, then I would probably wait as well on trying to refi.
@bunnybon7 (50970)
• Holiday, Florida
2 Dec 12
i think a lot of it is which one thinks they can get the most money out of the property. usually when you get a modification it means another mortgage company is buying your house from the present one and if they think they cant raise your interest enough to come out on top, it takes them a while to negociate with your present mortgage company. I sure hope you managed a fixed rate. because if not, your rates will go up in 2 or 3 years,
thats how they end up with more of your money or else your house to resell. 
thats how they end up with more of your money or else your house to resell. @dorannmwin (36392)
• United States
2 Dec 12
Actually, our modification was an in-house modification, so our loan was not sold at all. Instead, they are allowing the modification, not through the government program, but instead because of the hardships that we've been through in the last year. This wouldn't have even been a possibility for us if it wasn't for Tom's going through cancer and though it doesn't make up for the fact that he had to go through everything that he has had to go through, it does make things a little bit easier for us.
@cynthiann (18612)
• Jamaica
1 Dec 12
I can fully understand how you felt as I wa in danger of losing my home too. The feeling is horrible isn't it? In my case there was some chicanery going on. I amso happy that it has ow been resolved
@dorannmwin (36392)
• United States
2 Dec 12
I don't think that I've ever experienced a feeling in my life that is as bad as the thought of losing my life. I feel like I would have been losing everything that I'd ever tried to do in my life if this hadn't been resolved.
@much2say (57760)
• Los Angeles, California
1 Dec 12
Oh my gosh! I'll bet you all must be relieved . . . yes, a gift of relief - to not have this issue over your heads anymore! We haven't gone through this, but ugh, I can only imagine the stress. My daughter's teacher from last year is going through something totally different - but it does have to do with the mortgage lender and she's been having a headache with them for a few months now. I don't understand what is going on during the waiting time - like you said, couldn't they be more on the ball with something like this?! I have no idea of the process on their side, but really, how long does it take to get some paper work in order - it's hard for me to believe it would take that long - but again, I don't know what happens on the other side. In any case, I'm glad you don't have to worry about it anymore!
@dorannmwin (36392)
• United States
2 Dec 12
In all honesty, I really think that what is going on with the other side is that the individuals have a lot of people that they are working with and it is really more than one person can adequately handle. You know, I know that our family is not the only family in the country that is going through this as our mortgage lender is one of the larger lenders in the country.
@bostonphil (4459)
• United States
1 Dec 12
What a load off of your mind. I have never owned property. I have never had a mortgage but I also have never been married or had children so it has not been too bad to always live in an apartment. However, I have had very serious crises that did eventually get resolved and so I can relate. I know the stress of a very serious crises and the relief that follows when it get resolved. I believe that it is called being on the emotional roller coaster.
Sounds to me like the person at your mortgage company had a lot on his or her plate and only when your property went into crises, did your mortgage person get on the ball and get the paperwork done. This happens in a lot of offices these days. People have too much to handle and they keep stalling until they are forced to take action.
Fortunately, for you and family, all worked out.
By the way, what does DMP stand for?
@dorannmwin (36392)
• United States
2 Dec 12
DMP is debt management plan. It was something that we enrolled in three years ago so that we would be able to get out of credit card debt. We've been living without using money that isn't ours for over three years now and it just fell in on us because of all of the medical bills that my husband had accrued during his cancer treatment.
