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Unfortunately not sure I would qualify for any modification program and the only way I could justify keeping the place is if I could mod the existing first. Perhaps some miracle will occur for HAMP III that could help but I doubt it. With the market recovering each month I see less and less incentive for politicians to do anything further to help....

Thank you for the update, what was the reason that you were unable to modify the loan again? The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Hi Cat, the loan is neither Fannie or Freddie. In any case the 1st is currently IO with a super low rate due to the current market conditions. When Chase looked at it a couple years back they essentially said the current monthly is easily affordable... In any case the 1st is currently IO with a super low rate due to the current market conditions. When Chase looked at it a couple years back they essentially said the current monthly is easily affordable... The reason I asked is because the HAMP Tier 2 may apply to your situation. Look through that eligibility and see if it may be an option at this time. When Schedule E is not available to document rental income because the property was not previously rented, servicers may accept a current lease agreement and bank statements or evidence of damage deposits. If a borrower being considered for HAMP Tier 2 has a modified DTI ratio that is outside the Acceptable DTI Range, the borrower is not eligible for HAMP and payday loans for bad credit direct lenders only the servicer must send the borrower a Non-Approval Notice, and consider the borrower for alternative loss mitigation options. The comments by me and cash lenders the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Cat thanks so much for providing this insight, perhaps there is a chance after all since I have converted the property to a rental. The home was purchased originally in 2007 as a primary residence so not sure if that makes a difference?


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Cat thanks so much for providing this insight, perhaps there is a chance after all since I have converted the property to a rental. The home was purchased originally in 2007 as a primary residence so not sure if that makes a difference?

The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Privacy Policy and Legal Disclaimer A minor update as I am now about 5 missed payments on the GT 2nd. When private lenders I log into the account online, no information is present except a note to contact so and so about seriously past due payments. Statements still get mailed to me all with a note about calling the same individual. The payday loan with no credit check bail home is rented and cash flow positive even though I am still keeping the 1st current.

My 2nd loan is owned by BofA through CW purchase, serviced by GT for a few years now. Just wondering what will happen with the charge off if anyone knows.

When it goes to charge off could BofA take it back and sell it off to someone else? I doubt if left with GT they will ever entertain a settlement offer, so ideally I would like to see it go to someone else.

Our credit score has taken a decent sized hit, that we expected, falling to around 650 or so. I am not watching it closely because I dont want it to distract me to from the objective. Its applying for loan hard to break that dreadful feeling that regarding my credit score as I have never had anything negative. But I have come to realize that is what the banks and other lenders want us to feel so we will do whatever necessary to make the payment no matter the best business decision. I am holding out a little hope that the recent whistleblowers and evidence against the banks that has surfaced recently will really shake things up and perhaps lead to additional changes in HAMP or modification success in general. I have resolved myself that I will lose the bail house eventually so if I am able to mod and keep it then I will be pleasantly surprised. A quick follow-up BOA would write off the loan but does that assume GT tells them the loan is more than 6 months past due and ask them what they want to do? I would assume they communicate on the portfolio of loans they service and the status...

First, AMEX is our first consequences from not paying the 2nd as sent us private lenders an email yesterday reducing our credit card limit down to the current balance which wasnt much to be honest.


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I expected it and we dont use the card much (and pay it off monthly) so not the biggest deal but now wondering who might be next. Secondly I send GT a cease and decist letter months ago. However in the last couple of days they called a relative on his cell phone, identified themselves as GT and looking to reach me. I need to do some research because it seems to me to be a violation federal and Ca state laws. I was private lenders considering writing a letter citing the specific laws and action I can take against them. Tom thanks for the feedback and yes your point is well taken, the charge off is generally irrelevant. In either case I am in no hurry, I can wait, the positive cash flow is a nice bonus. I think GT is waiting for the resurgent housing markets to give their customers equity so a FC can be cash loan lenders profitable.

Problem is while homes have gone up a lot in my area things are leveling out and well in my humble opinion, things are becoming stagnant. I predict tiny gains from here forward and a part of me thinks we may even see another modest downturn. On another note I never bothered to spend my energy in writing GT a letter about their violation of FDCPA.

For a couple of months I was getting monthly hits to my credit report for payment past due, 60 days then 90 then 120, etc. But the notifications I get from the monitoring service has stopped the last 2 months. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I predict tiny gains from here forward and a part of me thinks we may even see another modest downturn. I bought a new house and short sale the previous home. It took around 6 months to finalize the short sale process. Credit score was dropped from 765 to 650 and now it is 700.

It will be a year next month that reported short sale on my credit report.

On another note private lenders I never bothered to spend my energy in writing GT a letter about their violation of FDCPA. For a couple of months I was getting monthly hits to my credit report for payment past due, 60 days then 90 then 120, etc.

But the notifications I get from the monitoring service has stopped the last 2 months.

This will low credit loan allow you to view your credit report (not score) with both hard and soft pulls on your report.

GT ones sometimes show up on both, or only on the soft list. You can kind of gauge their level of activity from this.

I can say that they tend to do a pull before they attempt a phone contact On a related note, the 2nd has been charged off.

The note on Experian says it has been referred to collection.

I am using Google voice as my home number so I never pick up the calls but there has been a constant stream of missed calls with no messages.


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The note on Experian says it has been referred to collection. I am using Google voice as my home number so I never pick up the calls but there has been a constant stream of missed calls with no messages. IIRC, the (short) period where they stopped calling roughly begins at charge-off. They were so nice to include an addressed envelop for mailing back the check. I also received my annual adjustment notice on the 1st mortgage.

Too bad its just a matter of time before this ticking time bomb reverses. The biggest thing I have suddenly started to notice is what I believe to be a reversal in the real estate market. Quite a few homes in our area are up for sale and they are staying on the market longer than they would have just last year. I know a few of the local agents who are trying to tell me the market is normalizing. Their definition being a home that was selling quick in less than 30 days with 10-15 bids is now taking more direct loan services like 60-90 days... What do I know but seems to me that means things are slowing down and obviously also means prices wont be driven up as much as last year. Helps me understand pricing and what I think the value on my bail house is. Today I logged in to see more than 50 new notices!!

And nearly all private lenders of them were some stage of foreclosure!! I just have to wonder if banks are starting to clear out that shadow inventory now. You know all the homes they were dragging their feet on?

Who knows I am only looking in my general surroundings but I have never seen this many notices on one day since I started keeping track of this over a year ago. And I think it supports something I have been kicking around. My loan agent even encouraged me to do it saying oh jump on this teaser ARM and refi in 3-4 years!

I was set to do a fixed 30 yr had I not been encouraged to go ARM. For the record I qualified for either, it private lenders was just a matter of saving interest. I feel like there is a second wave of massive foreclosures coming, strategic foreclosures and walk-aways. After all these years the price has come back some but not enough and rates will start to tick up plus add in a shorter time to amortize the balance and.... Thanks Tom makes me feel better I am not just imaging things. I feel like I am probably not the only one in this situation which means it will shake out soon. Anyone know of a good template posted here that I could leverage than writing from scratch? A GT rep finally got a hold of my personal cell phone number, no idea how they find this stuff but anyway.