Loan Modification Stories of Inspiration – Part 1 – Meet Conrad
By: Anna Cuevas; A Loan Mod Guru
Conrad has owned his home for over 15 years, he raised his kids here and is well established in his community. Conrad refinanced his mortgage a few years ago during the housing boom and his house was appraised at 100k higher than it is now. He took out some money to add on to his home to house his two sons along with his grandchildren. Unfortunately with this crisis came a hardship, the reality of a large income drop as Conrad is a Realtor and the Real Estate sector was hit hard. Conrad also worried and stressed so much about this situation that he became ill and developed cancer. These are the harsh realities of facing foreclosure. Stress and fear can manifest itself in your body as illness. This is why I stress taking care of yourself mentally and physically as your #1 priority during your loan modification journey.
You see Conrad was denied by his lender several times before finally getting approved and his last denial came in the form of a denial letter which arrived on Christmas Eve 2008. Could you imagine opening that letter before you have to sit down to Christmas dinner with your family and having to tell them you are going to lose your home. This fear was consuming Conrad and this fear almost froze Conrad into not taking further action. But you know what, Conrad somehow found the strength to fight even when part of him felt helpless and alone.
The trustee sale was only days away. Conrad was an emotional wreck, with good cause but this was not going to get him the success he was seeking in saving his home. You must pick yourself up out of the depths of despair that you are thrown into while going through this process, find that tiny glimmer of hope that is within you and find a way to expand upon that and find a new perspective of determination and positive energy. Immerse yourself with inspiration, and motivation. Live it and breathe it. Walk in nature, listen to motivational music, read inspirational books, surround yourself with positive people. This is what you must do to escape the perils of allowing yourself to be a victim. With commitment you can overcome any adversity.
This is when I met Conrad and he almost did not believe anything could be done. We sat down and reviewed his papers from at that time Downey Savings along with his denial. You see Conrad had done everything his lender asked him to do, they wanted all of his income documented he did that, they wanted to see cancelled checks from his son’s he did that, but they came and said he was denied because he had released all of his debts through a discharged Chapter 7 bankruptcy case and they said he no longer qualified for the then FDIC program because he had a bankruptcy on his record. This was outrageous and no where in the guidelines for that program did it say that a discharged bankruptcy would be a reason for denial, if anything it should help that he no longer had other debt to add to his household expenses.
So we began the fight starting with research on the program guidelines, next contacting everyone and anyone who would listen, government agencies and supervisors at the lender with our detailed hardship letter along including details of the injustices of running Conrad thru the mill and making him jump through hoop after hoop, straight and to the point and it included that their denial was wrong and there was no such guideline disqualifying Conrad. You see I was determined to keep Conrad and his family in their home. I fought for him with the very essence of my being and that is what you need to do too. We sent numerous letters and emails to everyone we could find and we first postponed his trustee sale, with determination you can accomplish this task. I would not stop calling and escalating this request to a manager until the trustee sale was postponed and verified.
There were several days that I had to talk Conrad off the ledge because doubt and fear would begin to set in his mind, but in my mind Conrad would be victorious but I also needed Conrad to believe that he would win this battle otherwise there are two conflicting forces of energy working against each other.
This is a fight that you must fight with faith, patience, a relentless determination and above all else a positive belief that you are going to make this happen. No matter how many denials you will try again and you will keep fighting for a way to not only make this work but to also come out of this a stronger person in many areas of your life including success at saving your home and at least the knowledge that you gave it your all, there is a lesson in this for everyone.
On March 10th I got verbal notification that the loan modification had been approved, I was not given the details over the phone but was told the agreement was being worked on and we should be receiving it shortly, when I called Conrad to give him the good news instead of being happy that he was approved he was full of worry and fear again that maybe the payment was going to be too high and he would not be able to afford it. Again, I told Conrad that I needed his positive thoughts to make this work for him. I told him to visualize the payment he needed Conrad told me he could make a $1500 per month payment. I told him to see the letter congratulate him on his approval with that $1500 per month number as if he held the letter in his hand. I also told him not to worry about tomorrow as tomorrow has enough worries of its own and many times we make ourselves sick with worry over things that NEVER come to be.
On March 13, 2009 we received the loan modification approval with his payment reduced from $1435.62 from $3500 per month along with a few other exciting term changes. Conrad was ecstatic when he saw the achievement of the incredible outcome of his loan modification after he had almost given up hope.
This approval came to us after we had together received another denial. Prior to getting this amazing approval we sat down and analyzed the reasons saw that there were again some errors by the lender this time to the calculations of income and expenses and we had resubmitted it this time with line by line explanations of each item and a completely organized package that also went to the same people and we were extremely victorious. It is easy to become disillusioned with the process and the system but the key to winning is determination and an anticipated belief of the successful outcome.
Good things come to those who wait. Maybe Conrad was not ready to resume his payments during all of the times he was denied, maybe better programs were being introduced that Conrad would now have available to him. We don’t always know why but everything surely does happen for a reason and in the end Conrad and his family got to save the family home. Like Conrad, many homeowners lose hope during the loan modification process many times because errors or clarifications that we sometimes are not made clearly aware of. One of the keys is to get the reasons and get to the right people that can help you accomplish your goal of saving your home along with your sanity.
Every lender has different ways of going about loan modifications, what they agree to do above and beyond the government programs is their own prerogative and varies from lender to lender, and case to case. Your loan may be owned by a different investor than your neighbors loan even if it is paid to the same servicer so outcomes can still be completely different.
There is hope. There are miracles. Take action. Are you truly Committed, what is your level of commitment? The worst thing you can do is nothing.
I am committed to advocate for the victims of foreclosure please be part of the solution please write to me about what you have gone through in this process with all the details, together we can make positive change a reality. If we do nothing, we will get nothing.
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I found your article inspirational to say the least.
It is amazing how my scenario is almost exactly as his.
I have owned my home for 15yrs. In 2007 no longer able to work due to permanen Sight loss . Currently legally blind with full blindnes a real possibility. Attempting rehabilatation via Braille Institute for past 1.5yrs. I am using vision loss software to assist in functioning on the computor .
I also applied for a modification twice . First one was declined , but 2nd was approved.
Never received the modification offer from negotiator. I was force to bankruptcy to prevent trustee sale of home, with hope of allowing more time for Modification offer.
6mos from approval and no offer ever came.
I concluded that problem was due to fact that CW bank would not forgive the large amount of principle balance owed in order to keep payment at the required 31% also the transition of Bofa buyout of countrywide could of added to reason no modification offer ever sent to me.
Defeated I decided there was no alternative but do a shortsale which I am currently in.
I have noticed that BofA is willing to accept the amount $310,000 via shortsale counter offer . Buyer/investor did not accept. This amount is hugely lower that what I owe and require principle forgivenesss .
It is difficult for me to accept that bank willing to sell my home to an investor for a price that I would more than happily accept and qualify for via Modification .
Recently, my 80yr old mother sold her hme and moved with me to jointly help each other out for long term.
In preparing to move, finding purchasing a new home difficult. Even with a large down due to fact my income can not be used due to credit.
I have always preferred to find a way to keep my home. I am hoping with the new programs now in place that bofa will rather work on modification route and prevent loss of home to a blind man and 80 yr old mother. If it made sense, Would even consider modification using mothers income and proceeds of home sale.
Contacting BofA to inquire, but concerned that bank will no longer postphone sale dates to allow time to process possible modification.
Hello Gilbert,
I am so glad that the story inspired you, we all need inspiration to have hope. I am not sure what type of loan you have, they are not doing principal forgiveness across the board to all types of loans, check out this article for more information – I would say to look at your current numbers really good to make sure you know exactly where you stand, before you do anything. You can definitely use your moms income if she is living with you. I would try not to deplete her proceeds if it is not necessary. Applying for HAMP application and information.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
ok what if you did all the work for 2years and finally got the Hamp. and the payment turns out to be$100 dollars less, and you cant make payments !HELP
Hello. I’ve been in the mod process with EMC mortgage since June and can’t seem to get anywhere. When you finally think you’ve given them everything they need it’s now time to resubmit the most recent paycheck and bank statements. Will this ever end? Has EMC been modifying people?
FYI – I am current and have never missed or been late on a payment. Can I at least think there is hope as they haven’t rejected me? Does that at least mean financially I qualify?
I just read this letter and what an inspiration! We have been fighting the “good” fight with Bank of America since July 2008. We had lived in our home since Feb 2001, in 2006 we decided to refinance our home to pull some money out to start our own construction business. Our financial advisor talked us into a 2 year fixed that would then turn into an adjustible, our home appraised at $540K, after we pulled out some $, we owed $430K..we thought we would just refi in 2 years and all would be ok. The market started falling and we started contact with our lender who was then Countrywide, we were reassured that we were great customers who had never been late and if worse came to worse, they would just “freeze” our interest rate. Well, long story short, our rate jumped to over 10% which made our payment over $5k a month. We tried everything, we got told we were going to receive a loan mod and then ended up with foreclosure paperwork….we took the paperwork seriously, had been fighting for 6 months, thought we were defeated and found a rental and moved from our home. Nothing happened, finally in May of 2009, we were approached about shortselling the house by some neighbors, Countrywide agreed it would be better than a foreclosure so, we were absolutely stupid and allowed the potential buyers to move in the house…we hated the thought of it sitting empty, we were still paying the water bill and watering the yard so it wasn’t an eyesore to the neighborhood. The new buyers agreed to pay us $1000 a month, we were still liable for the house and it was less than half of what rent was in the neighborhood and by this time the biz failed in this economy and it was keeping food on our table. Well, BofA had taken over and were dragging their feet on the short sale, I cannot tell you how many hoops we jumped through trying to get this done. In June 2010, yes, 13 months since they moved in, the short sale was denied. They were heartbroken, we just want to move on and can’t. Well, then our lovely buyers got pissed and told us to pretty much kiss their…well, you know…and won’t get out of the house. In the meantime, there have been so many programs opening up, my husband is gainfully employed, making decent money, I have gone back to work and we rec’d a HAMP package from BofA…spoke to the HOPE hotline and it looked good, except we had to be living in the house!!! So, we are have been going through the courts and should finally have our “squatters” out of our house by February 1st…we are thinking of moving back in the house and trying any/all options to save it…there is not even a notice of default on the home and every program out there you have to live in the house to qualify…are we crazy? Should we just let it go? I just feel that this has gone on for so long that we should atleast try…ugh….any advice would be appreciated!!!
Hi Jaimie,
So glad you like the very true story of Conrad. You are not crazy!!! You can do this – Now that you have some new stable income and are feeling back on track would be the time to fight for your home!!!!
Come back and share your inspirational story -we will be anxious to hear. I am here for you Jaimie. My belief is that everything happens for some reason. You had your share of disappointments now it is time for YOUR success!!!
Men’s best successes come after their disappointments.
Henry Ward Beecher
Expect ONLY Miracles and Question Authority
Anna Cuevas
The Loan Mod Guru Empowering You to SAVE YOUR HOME
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
——–This is what people are saying about Http://www.theloanmodguru.com—————-
”There’s magic going on in the mortgage modification sector… Anna Cuevas’s TheLoanModGuru.com is nothing short of amazing!”
Anna has simplified a very complex process, with comprehensive, easy-to-use software at her website, http://www.theloanmodguru.com. She also has a Blog there to answer questions in depth, which is, in itself a learning experience.
For a small fee, anyone can put together a strong comprehensive mortgage modification application. Anna’s web-based software system is based on her extensive industry background and knowledge.. It’s simple to use and generates a complete comprehensive set of docs that speak the bank’s language.
Anna’s system makes it simple and easy, both from the homeowners’ perspective as well as the bank’s. It’s challenging enough to convince your bank that reducing your mortgage is in their best interest.. Anna’s system has done just that – Ira – Washington DC
Hello Anna,
I used your web site HAMP calculator yesterday and I must tell you that I am so impressed. After researching many different avenues to pursue saving our home, including getting wrong information from a government HAMP counselor, waiting on the phone for hours, and passing on expensive offers that seemed a bit too snake oilish, I invested in using your program. Wow, what a fabulous resource at a reasonable price. Your site was easy to use and extremely comprehensive. Now I feel confident that I’m putting our best foot forward and that we have a shot at working this out. Thank you, thank you, thank you. This is an awesome contribution! I recommend your web site enthusiastically and hope everyone will have the opportunity to use it.
Cathy, Los Angeles, CA
Expect ONLY Miracles!…..and question authority!!!!
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.