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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Something similar happened to me. Sent bunch of paperwork for months and months and they even filed to send me a letter denying modification. Received that letter months later apologizing that they forgot to tell me that I was denied and should pay up. 
I was able to borrow money from relatives to pay up and get out of foreclosure. forget the refinancing/ modification/ hardship unless you have a lawyer do it. It's endless useless phone calls if you do it.
Please check craigslist and get a job as a hostess/ waitress. We are constantly hiring. Can't find people to work  for $11 (hostess), $15-$30 an hour (waiters). I'm home with a baby, but go to work at night and on weekends when my DH is at home.
Good luck![/quote]

For months all the mortgage company did was continually ask us for the SAME paperwork over and over. I asked them before it they can refi our loan and was told they dont do anymore financing, would have to go to someone else. At this point, I am ready to just tell them have the house but am too smart to know the offers they gave us (deed in lieu or short sale) means no money in our pocket. even if we walk away with minimal is more than if we do it the way they are offering. [/quote]

What you mention here sounds like what happened to my friend.  Eventually she "got the modification" then shortly after that had her loan sold to a company called Selene Finance.  Based on the Internet, they seem to buy up loans for half the value or less then foreclose on the homeowner and sell the house at below market rates but still significantly above their cost to make big profits.  I'd think long and hard about trying to get a modification, especially if you have equity and can get out with cash in hand.[/quote]

Loan modification doesn't make any sense unless the original loan terms were predatory. If the loan terms were reasonable, and the borrower can no longer pay, then the borrower needs to sell, or let's say, the property needs to be sold, one way or another. This is best for the lender, to get repayment, and for the borrower, who is released from an unaffordable obligation. It was a policy mistake to raise everyone's hopes about modification, as if home ownership was an inalienable right or something.[b] My hope is that from now on, people applying for mortgages will not be under the impression that there will be any assistance if in future they cannot pay. This may sound like tough love, but it will help ensure that better decisions are made[/b]. 
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And what about those who DO buy a house not expecting any kind of bale out or impressions of assistance who suffer loss of income, the death of a spouse, etc? Not fair to say really. I have worked my ass off to keep my house, havent sat around expecting anyone to help even when in dire straits at some point or another in my life, only asked mortgage company for help twice because of the situation. I honestly dont see anything wrong with people asking for help when faced with this kind of a situation. Now if you are talking of someone who is always looking for another way, asking for help to avoid having to deal with it themselves, then I agree. Those people need a rude awakening. [/quote]

I am not judging anyone for asking for help. I am just saying that loan modification doesn't make sense for the govt, for the lender, or for the borrower in tje long run. If me and spouse both lost our jobs we'd cut our expenses as far as possible, try to rent out our house immediately and move to the cheapest place we could find. If that failed, we'd sell it. It doesn't make sense to hang on to an asset that is draining what little cash we'd have left. The whole dance with the mortgage company over loan modification, which ultimately fails in almost all cases, as it logically should, is not productive because it delays the inevitable and ruins credit in the meantime. 
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