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kenshell

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  1. Its frustrating that they call here every two days. I spoke to a rep on Sept 22 about the loan mod. A guy pulls up in a car today and tapes on my door a note to call Cenlar. lmao How come they didnt send the loan mod docs but i get a note to call the office? lol So I called again today. I asked why all of this when i spoke to a rep last week and we were going to try a loan mod? One had no clue what the other is doing.. I asked her to check the system. She only kept asking if i was making a payment today. I can tell by this they are going to give me problems
  2. Thanks for replying but... my issues are two things property taxes went up from $3200 per year to $8400 over a few years ($266 to $700) I got hit with a unexpected deduction at work. $700 less per month and my wife had medical issues and was out of work and now works again. Her pay is about $1000 per month lower. I'm in talks with Cenlar now with options. Either a loan mod or giving me a grace period then they want it all in a lump sum. I will keep everyone posted. And yes. In NJ the homes are very high priced compared to other states. Not to mention everything else being expensive.
  3. thanks to all who replied. much appreciated. I have cenlar as the loan servicer. Do I question them about a mod or must I find out who owns the note?? Would I need to use my bankruptcy attorney for anything like loan mods or if loan foreclosure precedings start?
  4. Nov will be 4 years that we were discharged from chapter 7 (wife was Ill and then lost her job.New steady employment now, but her salary is lower now) The mortgage was included in the discharge Current mortgage is at 5.34 and we have 21 years left. Monthly mortgage is $ 2395 (Prop taxes included) We have been living in the home and up to date on the mortgage but Living month to month and struggling. We are underwater on what we owe on first mortgage & home equity (246k +29k, $275,000 total). How much of a credit hit will it be if we stopped paying the mortgage? I noticed that NJ people seem to last 3 years in a home before the banks take over and force them out. Not paying $86,000 in payment, We can save up a nice chunk of change over those 3 years for a future house. How hard will it be to get a mortgage in a few years if we did this? I'm torn over this. Not really sure what to do. In Nov we can refi and maybe save $500 per month with lower rates with a new 30 year note but then we are stuck in the house. Just looking for some guidance
  5. I should have posted this already. Sorry https://www.njhomekeeper.com/ My wife lost her job and was unemployed. Bills caught up so We filed Chapter 7 and it was discharged in Nov of 2011 I actually had the paperwork for this program sitting here for months. I just thought it was more BS. We applied to the program in Jan of 2012 BK was ok. I was up to date on the mortgage at that point but it was hard. A few 20 day late payments . Nothing major. We had to send in tons of paperwork. After months of going back and forth we were accepted in July. The program for us pays half of our mortgage for 2 years. Pretty much if we stay here for 6 years, 20% of the loan is forgiven. Every year after 10% more is forgiven. At 10 years all of it is forgiven,
  6. How can they charge legal fee's? For what? They are acting as Debt Collectors. Maybe Request in writing what it would take to bring you up todate. Explain that you want a complete breakdown. How much was the loan for? How much is owed now? Whats the current value of the house?
  7. Did my home equity mod with chase right before I filed. I did not reaffirm either 1st or 2nd but I'm paying both.
  8. it sounds like they made out better then you. 7 years to 30 years? I understand your monthly payment went down but add up what you already paid and now what you will pay after the next 30 years.
  9. My bankrupcy attorney had me scan it and email him with it first thing today. He said so far it looks good and it just might save me from doing a chpt 13 and instead do a cpt 7
  10. I posted this in bankrupcy section thread of mine but thought I should ask about it here as well. Is this a common mod for a home equity (Chase) I didnt call them. They sent it to me. Balance as of now. $61,849 Current monthly payment $626 New Balance is $30,924 $78.20 Monthly for 5 years @ 1% $91.76 for 1 year @ 2% $106.22 for 1 year @ 3% $121.46 for 1 year @ 4% Now get this $135.22 for 32 years @ 4.87
  11. My home equity is through chase. 10.2% According to what I've read it appears if you want to do just a 2nd, then that would depend if the servicer/mortgage company is participating in the 2MP. I think others here are more knowledgeable about the process than me so maybe they can chime in?
  12. So can someone apply for a mod on a second mortgage and not the first?
  13. It kills me to that they sell it at 25 cents on the dollar but wont do a modification close to that. Would they still get a tax write off doing a mod like that rather then selling it? Thank you. Not sure what you are saying in above quote. What will likely happen with this second. I think it is now with a company called BSI? They basically bought a toxic debt. Well, it is one thing when looking at the situation of a distressed homeowner and finding out they might be upside down on their property because they bought at the top of the market or are having a hard time making their payments because of a cash-out-refi or HELOC. Someone that bought at the top of the market and is now $200k upside with a huge reduction in income vs. a person that refi'd and maxed out their equity with cash out who is now $200k upside, probably of their own doing, makes some lenders upset and they don't want to do a mod or tend to be chintzy on them. It really depends on the lender. But, yes, if a homeowner maxed out their equity in recent years with cash-out refi's or a HELOC, some lenders can be bitter. However, it is a second, where some of the biggest deals are cut. On the open market, perfoming HELOCS are going for about 25 cents on the dollar, a non-performing HELOC about 2 to 3 cents on the dollar. With AUrora on your second, either they are going to work with you and try to recover as much money as possible with a mod., or maybe they will deny you, believing you have $$$ that can pay for the 2nd or maybe it is their policy to not signficantly reduce the 2nd or deny a mod. on HELOCs and recover what they can on the open market selling it.
  14. "House of cards" was aired on cnbc and showed how lenders, wall street and unqualified buyers had alot to to with this mess. http://www.cnbc.com/id/28892719/ Try to catch a re-airing of it.

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