I currently in a modification, but it is still too much for me. How can I contact the bank directly?

Asked by Felicia Kuykendall, Chicago, IL Thu Aug 25, 2011

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Hannah Flieg…, Agent, Larkspur, CA
Fri Aug 26, 2011
Hi Feefee,

How do you contact the bank directly?

You can pick up the phone and dial the number, or you can write a letter to the bank and mail it to the address on your monthly statement.

Good luck!

Web Reference:  http://www.marinreia.com
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Matt Laricy, Agent, Chicago, IL
Thu Aug 25, 2011
Call the person on your mortgage statement. I am not sure if it will do you much good though.
Web Reference:  http://AmericorpRe.com
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Joe Schiller, Agent, Chicago, IL
Thu Aug 25, 2011
do yourself a HUGE favor.. short sell your property.. get out of the investment while you can. I think my team is the best in Chicago but your welcome to look around for an attorney, a negotiator, a accountant and a realtor on a single team. The modification is limited in what it can do for you. Let a professional do what we do best.
Web Reference:  http://www.joeschiller.net
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Terry Perdue, Agent, Chicago, IL
Thu Aug 25, 2011
Hi Feefee1123,

You did have to communicate with someone initially to get the modification so try and find out who helped you. I would also suggest to call the number on your mortgage statement and request to speak with someone. If in the end all does not work out you could possibly try and sell your home.


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Cari Potter, Agent, Chicago, IL
Thu Aug 25, 2011
I'm sorry to hear you're experiencing difficulty with your loan. I've been representing both buyers and sellers in short sales all over the Chicagoland area and would be happy to assist you. I can also provide you with references. Give me a call at 815-531-5566 or email me at cpott43@sbcglobal.net.
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Evelyn S. Fr…, Agent, Chicago, IL
Thu Aug 25, 2011
Hi Feefee,

I agree, talk with your banks loss mitigation or loan modification department. Let them know the amount is not suffice and you are experiencing financial hardship.

You do have other options and you should know them all, including short sale. Short sale is better than a deed-in-lieu or a foreclosure, your credit doesn't take such a hard hit. I specialize in distressed properties and can help you. Feel free to contact me for a free consult.

If you like, I can send you a "know your rights" guide. Simply send me your email address & I'll forward.

Good luck!
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Ron Thomas, Agent, Fresno, CA
Thu Aug 25, 2011
I do not mean to be the voice of doom; I just want you aware of what you're involved in:

Loan Modification
Here is some information that might start you on your way to understanding what’s going on with Refinancing, Loan Modifications and in particular, Obama’s H.A.R.P. Program:

One report I read, showed that during the initial HARP period, only about 10% of the goal was achieved for helping homeowners in distress. While 10% is a pitiful result, the scuttlebutt is that the actual number is considerably lower; possibly as low as 60,000 (3%)!

One explanation was that INTEREST RATES had fallen so low, during the life of the program, that the Banks were doing Loan Modifications on their own! (Unbelievable!)

I understand that the primary reason for the breakdown in communication, is a new-fangled problem called “OUTLYING”:
What this means, is that when a Lender declines a Refinance/Modification and they report the results to HUD, they do not have to give a detailed reason or explanation; they can merely say that the “APPLICANT WAS NOT QUALIFIED” or “THE REQUIREMENTS WERE NOT SATISFIED”. HUD has been blindly accepting these refusals as Gospel and has not looked into the details of what these phrases mean. The Bank does not have to justify anything, they do not have to explain themselves to anyone. When they decline an application; they do not have to give the Homeowner or the Government a reason.

In addition; the initial parameters for Fannie Mae were 80 to 105% of the Loan to Value ratio, which was ludicrous. With the recent extension, this figure has been increased to 125%, which means that if the property had DECREASED more than 25%, then the new loan will not cover it and therefore will not qualify. (Those of you who are Math Whizzes and Mortgage experts; please check me on this; it’s confusing).

There is absolutely no incentive for the Banks to give away anything; particularly PRINCIPAL!

There are two conclusions which can be drawn from this;
1.) Don’t expect to see a lot of Loan Modifications
2.) There should be a lot more investigation here.

Good luck and may God bless
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Jeff Nobleza, Agent, Chicago, IL
Thu Aug 25, 2011
Each bank is different but you can try calling them and asking for their "workout department" or talk to an operator and ask for the contact information for the person to talk to should a borrower be in "hardship? If your lender is a small neighborhood bank, you can just walk into the bank and ask to talk to someone and they should be able to help you.

There are many options you should consider or at least discuss with someone such as forbearance, deed-in-liue, and short sale aside from a loan modification.

Many lawyers will meet with you for free for an initial consultation. You can engage the services of a lawyer for anywhere between $500 - $3000 but none will ever guarantee results. Many real estate agents would talk to you for free and be able to give you some pointers.
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Jack Gillis, Agent, Dallas, TX
Thu Aug 25, 2011
Your mortgage statement has a contact number to call. Just tell them you need to speak with the modification department. However, unless your situation has deteriorated since the modification, your request may fall on deaf ears.

Jack Gillis, M.B.A., J.D. │ Realtor®
Jack Gillis Realty Advisors
United Real Estate, Broker
5430 LBJ Freeway | Suite 280
Dallas, TX 75240
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
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