My Mortgage Loan Modification

I have been involved in this whole situation because of what I thought were good ideas at the moment. In May 2008, we were looking for a house, and we found what we thought was a bargain! A beautiful custom home, almost 4000 square meters, and only 45 minutes from Washington DC, where I work. If you know anything about the area, we know that this is a very expensive real estate market. The place that we found sits on almost 2 / 3 of an acre of a DC bedroom community. A house of this size, with that much land would normally be about 500,000 $, but we offered 300,000 on a foreclosure - and they took it! We moved in, and for a while ', everything was fine. The payments were a bit 'steep, but it was such an agreement, and we were sure we were building capital for the future. Then the bottom just fell out of the market. Not the real estate market - the stock market. My sales have dropped like a rock, and suddenly that the payment was to drive half of my take home pay. At this time, the program mortgage loan amendment was enacted, and we decided to try and get some help. We sent the package to our business guides and waited. Then we waited a little longer '. We have not heard anything for 3 months! During this period, my sales have continued to fall, and, of course, so my pay. We fell behind on our payments. First, we paid late, and then it took two months to make a payment. Finally, we realized that if we could get something up, we were really just throwing good money after Bad. We decided to stop paying until they knew what was coming. Finally, after 13 weeks we had the phone call we were waiting. It 'was a separate company and not - our company a loan. It seems there are so many requests to modify the loans outstanding at the moment, that took them a little 'time to get to us. However, they did. We had to build another set of income and expense worksheets - mostly we just copied off the old and revised the data revenue to match our current situation. One thing we were told to do was to include copies of the regulations that Congress approved earlier this year, showing that because we had a loan to Fannie Mae, that much had to help. We had them on the phone, once received the package, and decided to send all the documents for editing guides via FedEx. Now we are waiting for the package. We have heard of people getting their rates fell to a low of 2%, and even get an allowance payments. I do not know what will happen with us, but when the package is here I will update this article. I sincerely hope this story helps someone out there. If you are behind, do not give up! These programs are real, and there is help to be had!