Kathy Wall

Loan Modifications – They Can Be Done! Lots of Patience Required!
July 14, 2010 · · 3 Comments

I haven’t blogged in a long time, partially because I’ve been super busy with work, but also because I’ve been so wrapped up and worried about a loan modification that I had been trying to get on my house  since 2008.   Yes… I said 2008!    

This has been one of the most frustrating and stressful experiences of my life.    As mentioned, I started talking with the bank in late 2008.    Around July of 2009, they told me that I had qualified for a certain type of loan modification.   They gave me my new payment amount and I started paying that amount.   I paid them faithfully every month thereafter.     I was concerned, however, because I never received any formal paperwork and, because real estate is my job, I knew something had to be wrong.    I called them constantly and they kept telling me there was no problem, everything was “in process.”   

I believe it was in January this year that I returned home to find a letter from the bank in my mailbox.   The letter indicated that I was in default and that if I didn’t pay them $35,000 by a certain (very near) date, they would start foreclosure proceedings.    Needless to say, I freaked out.       Read more