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Well It is done! My modification with Saxon has been modified. New P& I is 1236.33 (original 1810.07). Additionally, I am now being escrowed for 584.00 a month but I am okay with that as I can afford this new payment easily and do not have to worry anymore about taxes being paid (worked many summer school stints...ughhhh to pay the tax bill in Sept.) One worry gone. In a years time I hope to refinance through the gov't. program HARP which is not credit based. I just want to say that the reason I fell behind was do to having 2 back surgeries, on last Sept and the other last March. I was forced to take a sabbatical from work at a 40% reduction in wages. Returned to work this past September. My proven hardship was a lifesaver even if I did suffer the pain of surgery. I now have to work on the second mortgage. House is upside down by $100,000. I understand that there is nothing securing the second lien. My second mortgage is at %12.25 on a balance of $61,000 which is outrageous. In addition it is not a Fannie or Freddie backed loan so I am researching my options. A while back I was offered a mod that would lower interest to 5% but it would have climbed back up to the 12.25% in 18months. I turned it down because it was not beneficial to me. BTW the payment is $654 and is with Resurgent Capital (a subsidiary of Sherman). I am hoping to settle with them for a much smaller amount, if not off to court we go. However, before I get there I want to have my guns loaded with as much research and info as possible. Bankruptcy is my last resort but will take advantage of the "strip down" route many have taken if need be. Any advice on how to proceed??

I wanted to thank everyone for taking the time to respond to me. After speaking with a bankruptcy attorney who said the permanent mod was a good deal, I signed the Modification Loan Agreement and returned it to Saxon. I am doing what I have to do to keep my house as I have no intentions of moving for at least 15yrs and the new payment plus escrow is very affordable. I only hope Saxon is not stalling or jerking me around. As well I do not want to file bankruptcy and have the court govern my paycheck for the next 5 yrs, but I will if Saxon screws me at this final leg. Until I have the official stamped document and it is recorded with my county clerk I sit on baited breathe. Anyway, wanting to remain optimistic maybe someone can help with this question? The HARP refinance program expires Dec. 31, 2013. Although I signed the modification I am still not happy having an extended loan maturity date, a house underwater and an increase in principal and over time more interest paid, so I thought I could refinance into a shorter maturity term and save money on interest over the long haul. I am wondering if I remain current on my payments for the next year as per HARP guidelines (taking me to January or February, 2013) would I still be able to take advantage of the HARP program since I have completed an in-house modification? I think I remember reading that modifications loans have to be taken out of the investors or Fannie Mae's portfolio. So I guess my question here is when my modification is finalized is it still backed by Fannie Mae? Oh btw, Saxon who is owned by Morgan Stanley was sold to Ocwen if this has any bearing on my question. I am also aware that interest rates may climb by then and would not refinance into a higher rate than the new %4.625, but if I could get the same rate or lower and change the maturity date I think that would benefit me in the long run. At that time I would have received a salary increase (I am a teacher) and be able to afford a little more. Thanks again....and will work on second mortgage when I have finalized modification in hand.

Yes the paperwork says loan modification agreement. I'm just thinking that they could have re-amoritized my arrears into the remaining months on mortgage (25 yrs), maybe did a principal reduction and of course the lower interest rate. By signing this I owe more than I began with. I think I would be better off with a chapter 13 where I could pay back my arrears over 5 yrs (I can make extra payment for 5 years), keep current on the current mortgage and watch my principal reduce while keeping the original maturity date. I'm thinking I should contact an attorney...thx for responding...

Okay so I completed my Saxon 3 month trial mod on January 1st (denied HAMP, this is an in house mod). Yesterday I received a Fed Ex package (wow within 2 weeks)with paperwork saying "Congratulations! You are eligible for a Loan Modification, which will permanently change the Terms of your mortgage!" These are the terms: Previous mortgage payment:1810.07 (not including escrow), 7.85% interest. 30yr fixed. Mortgage balance 240,538.07, $31,666.89 in arrears. I calculate 13 months times 1810.07 (P&I) to be $23,530.91 in arrears. BTW where are my modification payments which totaled $5619.00? New terms: Interest rate 4.6250% P&I= $1236.74 Escrow and Insurance=$584.59 Total=1821.33 Lender claims that they are out $42,039.12(arrears, taxes for 2010 and 2011, insurance premiums and other expenses). New mortgage note= $282,577.19 of which $12,327.18 (interest free) will be deferred until loan is paid or sold. Interest bearing note amt will be $270,250.01 Extended maturity date from 2036 to 2052 (wow I will be 92 yrs old or dead by then..LOL). So I originally borrowed $250,000 and now owe $282,577.19 on a house that is underwater. I must also say that I was sold a crappy 80/20 loan by a lender on credit boards telling me at the time (2006)"don't worry I can always refinance you in a year...yeah we all know the market began to tank and I could not refinance as I quickly lost value here in NY. 2nd mortgage $62,500 at 12.25% interest. Currently in arrears on this mortgage. Total original mortgage $312,500. House recently appraised at $210,800. Yikes!!!! Anyway I was current on both mortgages until Sept. 2010 when I lost income due to 2 back surgeries in a year and reduced income while recovering through the 2011 year. I called my Saxon "Advocate"to review these documents. I was told that I should sign and return them. When I do this they will stamp them and return them to me and it will then be an official and completed loan modification. There is a page that says if not signed properly than the County recorders office will reject them. So I do believe I am not being given a "false hope" modification and this is the real deal.The paper work also indicates that if "I comply with the terms of the trial period plan, we will modify your loan and may waive all prior late charges that remain unpaid". It seems to me that that statement assumes I am still on the trial mod. I asked my "advocate" if the current proposed $42,039.12 the company is out includes these late charges or have they been removed since I have completed my trial plan? I received no answer. I asked for an itemization of charges, no answer again, but given a fax number to request this info. I also indicated that I have already paid my home insurance and if they are are back charging me for home owners insurance in their "fees". Again no answer, but advised to request that info when I fax in my homeowners insurance info to get that straightened out. Anyway, I am not sure what to do. My thinking was to get the permanent mod on my 1st loan and them file chap 13 in 2 months to strip down 2nd mortgage since I am underwater by $102,000 and there is nothing securing the 2nd at this point. Now that I have this paperwork and want to sign to finalize that part of my mortgage problem and move onto the next, I am beginning to think that Saxon's numbers are an issue for me. I do not mind paying what I owe, but geez the fees attached to the back end seem outrageous! I don't want to lose this mod and have 7 days to return the signed and notarized papers.I was wondering if I sign the papers, could I contest the fees later??? Any advice would be appreciated. Thanks a bunch... P.S. My Advocate indicated that I needed to make a payment on Feb.1st for $2096.36. I then added the numbers and came up with a payment of $1821.33. I questioned this and he said to mail that payment amt(money order or bank check) in with my signed documents. I asked why when payment is not due till the Feb. 1st according to documents. I will send the payment on the 1st via Western Union.

okay understand about the collection, but the EQ report is clean, has been for over a year, no lates and that score dropped 56pts.

P.S. I have no lates.

I know that Fako scores are not reality, but I use them as a cheap means of being notified of any negs hitting my account, but I am really perplexed. Last checked fako on 8/04/08 scores were 630 (TU), 630 (EX) and 648 (EQ). Checked today and Scores are 579(TU), 629 (EX) and 591 (EQ). Nothing has changed on my reports. Utilization up just a bit due to buying a couch and dining room set. In June I had a collection hit for $68 that I am disputing, but my scores did not change at that point. I had one medical collection that is seven years off that finally fell off my EX report this month leaving me with the above mentioned collection. I have 2 baddies on TU (the same medical as above that I expect will fall off this month as well and the recent collection) The recent collection does not appear on EQ and this report is clean but scores dropped as well. What Happened?????

So now that bush has signed this bill who benefits? I do not think I can. never late piggy back mortgage 80/20 purchase 312500 on 11/06 Saxon first 247,386 balance 7.85% int. resurgent second 12.85% 62145 balance so bal owed around 309,500. hate this mortgage!!! upside down so could not refi in June. Apprasial came back at 300000.00 I did not have 20 grand to bring to table to refi. similar unit just sold for 275,000 now my sister informs me she is leaving and moving in with boyfriend. there goes 1000.00 from her. I bring home 3200.00 a month and mortgage is 2400.00 (no escrow). I will have to teach in daytime and get second job at night. So how does this bill work?

citi card $O bal, well $850 bal....car broke down last week...ugh was O bal before that BOA $100 bal MCU $300 bal orchard $ 450 bal chase $0 bal both premier cards $0 bal but I have to pay monthly crap. $6 dollars each and the they charge a fee 0f $7 to process payment....BS...anyway one is 1/07 and the other 8/07 MCU is my oldest from 2001, orchard from 2006 is next, wells is from 2007, BOA and Citi are 1 month old

Hi guys, Want to cancel 2 ist premier cards one with a 300 line and one with a 350 line. opened both in 2007. I now have a citi card ($1000) , wells farg0 ($1500) card, BOA card ($5000), mci visa ($1000), orchard ($1150, $49 annual want to dump this also) and chase amazon ($400). If I dump these two cards how much will my scores be affected?

way to go!!!!! Just keep it up and you will be on top again.

what is Yodlee????? Went to site but would like it explained to me in laymen terms. thanks

and BTW thanks to everybody for the congrats.....brings tears to know that the support here has been so overwhelming over the years especially when you felt that the end would never come and those rotten CA's ,CRA 's and OC made you feel like SH... and a deadbeat. We all have our stories and I am sure most of us here at creditboards are honest people who sometimes found ourselves in situations we could not get out of or control.

I do not know if it the norm to take 3 yrs, but when I joined creditboards in sept/05 I had nearly 50 baddies combined on all three reports. I just kept fighting, asking redundant questions here and on mortgage forum, kept on reading, doing searches and paid mucho CMRR fees to post office. Kept files and checked them off as they disappeared. during this time baddies would disappear, reappear and sometimes new ones would appear...scores went up and down. I applied for the usual credit rebuilding cards, balances were high, never late on payments, tried to pay more than minimum and actually paid them all off about 3 months ago with the exception of the two that are interest free till 09 (and trust me they ain't getting that interest.) I watched my scores climb which is why I took a chance and applied for the two cards mentioned in above post. If it was not for stumbling upon creditboards I would not be here today...a home owner and I am a single female NYC teacher who did it all by herself. So hang in there Fire Medic this too shall pass for you.....

I justed checked truecredit and BOA and Citi are already reporting. Does this usually happen so quickly. I was only approved for these cards on 5/23. Oh well certainly helps my DTI since I hope to refinance in August and have balances only on Raymour and flanigan card ($1600) and Dell ($900). basically use cards for activity now. learned my lesson...LOL. Also noticed that my orchard card went form $950 CL to $1150. Hey do you think I should try for a Citi gas rewards card....LOL. I do commute 85 miles a day and Gas prices in NY are over $4.10 a gallon. Thank god I drive thru Jersey fto get home and gas get at "bargain" there of $3.76 Seems I am getting lots of credit love these past two days and would love to dump the subprime orchard card if I can replace it with a gas rewards card.....Let me know guys because my finger is itchy and i am staring at another screen with the citi gas card.....LOL