Trying to get my hardship into a loan mod

[Radiance]

I had gotten approved for 6 months hardship in December last year.
They reduced my interest rate to 5.5. I didn't even have to be late on payments.

I applied to extend such hardship, based on the fact that my situation has really not changed.

My next payment is due July 6th and each time I call I am told they have hundred of cases like mine and that they do not have an answer yet to tell me if my payments can continue at the reduced rate or if they will decline and my payments would go back to the original 8.0%

I understand they are very busy, but this is not only stressful, but I also feel that every month I pay I am risking my money in a house I don't know if I will be able to keep.

I expresed that concern and added that I would have expect for them to have the courtesy to provide an answer at least 15 days before due date. They told me that unfortunatelly this is the best they can do.

They tell me I need to wait for their decision and they I can make my decision about the house.

I am ok, I am doing my part, following up with them. Now it is not in my hands.
As instructed each week, I am calling again next week.

In the mean time I am preparing a financial statement to decide what is it that I want to propose the bank as a permanent solution and not a 6 months fix. I'll be ok.

[zetta]

If they don't get back to you, can you manage to make the larger July payment to stay current? Check your mortgage statement -- my loans have been due on the 6th but not late until the 15th -- so you may have an extra week to play with.

[tripods68]

If you truly want your lender attention, just don't pay your mortgage on time.

You really have no choice from what you are saying.

[Radiance]

You are both right

I have a grace period until July 16th.
And I will not be "30 days late" until Aug 6th.

Also since I can not make the larger payment it really goes down to numbers.

I they approve before July 16th, I can pay and I remain current.
If they approve after July 16th, they better waive the late fees. Or so I wish...
If they decline or respond after Augh 6th , I can not pay anyway and I would be late. But I trust it won't get to that point.

I'll call then again next week as they instructed. One week at a time.

[sandrark]

As I posted in your original thread:

You're absolutely nuts to have a $2200/month house payment, unless you're making $100K+ per year.

Sell the house.

Sandi

[Radiance]

I know!

I was making 100K+ and then I got separated...

Problem is my bank wouldn't approve a short sale. Or at least they didn't approve for me to even put it for sale last year..

I pay 2200/month now and that is after they approved my hardship request.

Before it was 2800 (including taxes, insurance and HOA)

We'll see.

[Shane Watson]

That is not right! There got to be some other way. If you want to sell it than talk to any professional. Its a little bit of burden for the bank to let you sell it. But it is not fair for them to do this.

[waijai]

What exactly is not fair about a contractually agreed upon loan?

[sandrark]

Originally Posted by WealthyMe

I know!

I was making 100K+ and then I got separated...

Problem is my bank wouldn't approve a short sale. Or at least they didn't approve for me to even put it for sale last year..

I pay 2200/month now and that is after they approved my hardship request.

Before it was 2800 (including taxes, insurance and HOA)

We'll see.

They won't approve a short sale as long as you're still paying. It's going to take months of negotiation, and for you to stop paying the mortgage, trash your credit, and find another place to live.

My brother negotiated for 16 months on his short sale. They wouldn't approve it for quite some time, as he begged, borrowed and stole to keep current. Once he fell behind, suddenly a buyer on the line looked really good to the bank. Funny how that works....

You need to move. Regardless of your marital situation, you cannot afford this house NOW. Find something else. And you don't need the bank's permission to put the house on the market. You need their permission to SELL IT and PAY OFF your loan with the (less than owed) proceeds.

And to those who say it's not right? Uh, she had a binding legal agreement. The bank did what they said they'd do, and now she's abrogating it. It's not unexpected that there are consequences to defaulting on your home.

Sandi

[Radiance]

It really sucks, but it is what it is.

I am finishing decluttering, which will allow me to have the house semi-staged which makes selling easier and and will make moving easier. i no longer think I will need to pay for storage. For each 4 drawers I organize i end up with 3 empty drawers. Very cool.

You are right, I need no permission to put it for sale. When things get moving I might need to default to create leverage, sad but true.