Mortgage modification

Has anyone been successful in modifying their mortgage or HELOC rate with their current lender?

Yes, I have just recently modified my mortgage from a 12.75% ARM to a 6% ARM. (It’s not an interest-only loan, by the way). I did manage to fulfill a forebearance agreement first on delinquent payments, then was able to achieve loan modification to a 6% interest rate. It’s still an ARM, but I am going to use the next 12 months to get my FICO up so I can refinance (maybe a new lender) to a fixed.

I first had to go through my finances with my lender to make sure I could afford the loan in the first place. Once they established I could afford the loan, we were able to proceed with the modification. How can I help you?

I am currently trying to do a loan modification as well. There ia an attorney who has contacted me and she claims she can get my loan modified as well as get my back mortgage payments added back into my mortgage and bring my loan down from 12.25 ARM to something much lower. My current mortgage payment is 2650 and she claims it shouldn’t be more than 1300. My house is worth 245,000, I still owe 217,000. My credit is so bad right now I don’t know if it will ever recover enough to refinance. I just wanted to know if I should deal with this woman (she charges one month’s mortgage payment for her services) or is there some free help out there. Lost and drowning.

I just completed a loan modification. My FICO is pretty low also. I worked directly with my mortgage company’s Home Retention Team to do it. I was able to negotiate from a 12:75% ARM to a 6% ARM. So you can work directly with your mortgage company without hiring a lawyer to negotiate for you.

That said, there were definitely times during the modification negotiations when I wished I had a lawyer to make sure I understood everything properly and was not missing something. Ideally, I would say save some expense by negotiating on your own if possible (it will take some time and effort of course), however, before signing anything, take any modification offer to a lawyer and have them read the papers over to make sure everything is in your best interests. Have you contacted your mortgage company?

A few years ago, my now ex husband and I were able to modify our mortgage by dealing directly with the mortgage company. We had to fill out all kinds of financial paperwork and there was a fee but right now I can’t remember what it was. I would be careful dealing with someone who solicited you for business. I am always afraid after hearing those horror stories about people unknowingly signing their house away. Frankly, I would not trust it. Your payment sounds right.

My mortgage is $150K and with PMI, insurance and taxes being paid by escrow, I pay $1285.00 a month with a good Fixed rate through Wells Fargo. You know the old saying… If it sounds to good to be true, it usually is. And Why is your ARM at 12.25%? ARMs are based on things like the Libor plus an index. Mine is 2.25% + libor, which places it at 6.75.

It was a family owed business

No, it wasn’t Wal-mart. It was a family owed business. It used to grow alot till the founder died about 3 years ago. The sons and nephew took over. Every since then, all they think is BIG. Buying extra building surround it and etc. They were getting too big for their pockets. Every year around Christmas, the employees have to suffer with very little Christmas bonus. They even have Christmas party with door prizes and of course their families win it instead of employees. Should I go on? These people are horrible. I’ve been wanted to quit for year till I have to take off for surgery.

I have perfect records for not taking off from work for anything. I even gone to work sick as a dog and still made it through the day. I have never won the employees of the year. Their favorite employees who are also their friends won it. I would love to find another job but I found out that new employers will check for your credit rating and if they are really bad, they won’t hire me. Why’s that? I’m a workaholic and they won’t hire me?! Should it be against the laws for them to do that? I can pay my bills once I get a job. I’m having a difficult time finding one also due to my hearing impairment and bad back. What am I going to do? I’m in the dump all the time and I hate it. Any suggestions?

I am in HR and not all employers check your credit background most only do criminal just from my experience. Also it is against the law not to hire you if you have a disability. You do not have to disclose that information to your employer.

Let me know if you have any other questions.

The employers don’t care

I’ve worked there for 9 years and it was nothing but night mare. They waited a week after I came back to work after the doctor released me. I was still in pain but not as bad. They wanted me to do thing that I wasn’t able to do. I told them that the doctor told me to take it easy and no lifting after 20 pounds for a while and I even had a doctor’s note. I was not completely healed. They don’t care. They like this girl who took my place for temporary but then made it permanent. A friend of mine who is still working there told me that she had screwed up big time and the employers are trying to fix the problems. That’s not my problems anymore. I will not go back even if they begged me. I was under paid and over worked. I found out that I made $2.00 less than the temporary girl and a friend of mine. That hurt me big time.

All I want now is to look for another job and get this bill collector to stop calling me. I’m even thinking about writing a letter to the credit card company to explain to them that I can only pay $25 a month like I have been and have them to tell the bill collector to stop calling me. I want them to drop the interest rate and the late fee charges from my bills. Can I do that? I also want an itemized statement since I’ve lost some of them while moving and my husband accidentally burn them.

Anything will help me to get these people to stop calling me even on my cell phone. I would like to know how they got my cell number. The last time that I’ve talk to one of them, I made them mad and I really don’t care. They want information of my husband’s job and etc. I told them to leave him out of it and leave him alone. They don’t need to know anything about my husband’s job, income and etc. They even tried to trick me of asking me of what my husband make and want to negotiate. I told them that I’m not going to tell them anything. Do they have the rights to do that?

You can send a “cease and desist” letter to the collection agent. I do that for all ours. Others here say that while they have to respect that, it is a trigger for lawsuit. I have not experienced this as yet.

I will not talk to collectors on the phone – all I will say is “I do not accept business calls at this number” and hang up immediately. You cannot trust anything they say over the phone anyway – everything has to be in writing. And they sure don’t like that!!! Was it Walmart? (your employer). Because I have heard many horror stories regarding them and FMLA violations. Somebody ought to do something…. (besides us no longer shopping there).

I work in HR and they can just fire you but if I were you I would file a claim with the EEOC for wrongful termination and see where that takes you. I am in the process of doing that for the last job that I was at I was wrongfully terminated and from the story that you are telling it sounds like you were too.

As for the debt not sure what you can do, I think that as long as you make payment arrangement and keep those arrangements they can not do anything to you. As for wanting your husbands info if you are the only person on the card they can not even ask for his info. I would ask to see if they are willing to settle with you I just learned that most creditors will settle for .40 cents on the dollar but not sure if they all are like that.

Hope this helps some, just know that you are not the only person in this situation and just take it one day at a time.

Visa refuses to remove ex-husband from credit card

I was about to go with Greenpath or CCCS and let them negotiate down the interest rates on the credit card so I could get them paid off more easily. I recently found out my ex-husband is still a joint owner of one of the accounts although he does not use it and doesn’t have a card for it. His name is just still on it. He signed a letter the bank provided to remove his name from the acccount and in fact wants off it. Just got a letter back from VISA refusing to remove him because my debt is too high. And that means I can’t go with either of those programs since he won’t be part of it.

Is there anything I can do? Other than just close the account? My credit cards are all with Chase and I was told Chase is one of those companies where all the cards have to be part of the program. I have three chase cards, but this one with his name on it, is the highest.

We have discussed here several times about sending them a drop-dead letter. One of the best places to get a sample is and do a search on drop-dead letters. You must send it registered mail so that you have proof they signed for it. Once you know they have signed for the letter, anytime they call, tell them they are in violation of the Federal law and are subject to you suing them. You must then keep a log of every time they call, what number they called and who spoke to you – by name if possible.

Someone recently stated that to save money, you no longer need to send it return receipt, If you send it registered, you can get your proof on-line.

Specifically, tell them they are violating the “Fair Debt Collection Practices Act” and you will call them once every month and if they call you, they will speak  to a dial tone, then hang-up! From my experience…. you cannot get an ex-spouse off an account unless you re-finance it in your name only.

This because, when they opened the account they considered both of your credit and lent to both of you and now you are saying only one person will take responsibility. So, it makes sense, as icky as it is.

I am stuck on my ex’s upside-down, repossessed car loan. He won’t or can’t re-fin and he repossessed it and won’t pay on the balance, so who knows what will happen. The divorce papers gave him the car and the loan, but that means nothing to the bank. Oh well..

I would definitely close all cards, but don’t think that will help at this point. Just snowball your way through it and once she’s gone – close her up.!!!

My ex took a van we bought together in the divorce and assumed all responsibility for it and the money still owed. When he stopped paying they started calling me and garnished my wages. I went back to court and got a judgment not that i ever expect to ever see any of  the money he owes me. And the lender and debt collectors all insist the divorce  settlement, signed by a judge, was illegal. Yet the judge held the divorce document to be  legal and binding when signing the judgement saying the ex was to repay me for the garnishment.

That is where I’m worried… I am in the same boat. So far, I have only had the calls… I went to the bank and asked them to send me papers with the balance and payment history, etc, so I could see what was going on. Nothing…….

(I also needed that because he claimed to have turned it in on repo by a certain date, and yet the van was seen at my workplace shortly after that and my son says that the van is “hidden” in his backyard still…. the bank said it has not been repo’d but they would like to. But if they give me no information, then how can they expect me to repay the loan? )

Its time to put the lazies aside

Well its time to put the lazies aside and time to get to work.

Once you have passed a point things tend to turn around.Easy foods, dry cleaning, replacing shoes instead of repairing them, beauty parlors, all got to stop. I started making life style changes 15 years ago and retired at 46 by doing so.

As a young couple I learned very early on that paying rent was the way I was making someoneelse’s house payments. Renting gets you no where fast, buying is a way of saving. But you can’t go buy some huge house you must get the minimum size in a good area close to work and schools. In case you desperatlely need cash -avoid payday loans at any cost. There is much better option – you can get instant installment loan from company like At least you will not have to repay every penny back at once. They will work out a schedule plan.

You can expand later. With every payment after that you are saving for the future. Brand new cars, a no no. You got to find transportation that is good, not old but not new. A better car that is used is much better than a brand new piece of junk.

Buy furniture at resale shops, garage sales for kids toys , books, dishes, anything that can be cleaned and used doesn’t matter. You can also see who you are buying from when you go to one of those neighborhood jewels

Now, sales at the groceries. I get the local sales papers, mark everything I want to get, make a map for the easiest and shortest way to go to at least 4 different groceries every week.

I fill the freezer with chicken on sale, to tomatoes from the farmers market. You got to have a freezer. Then I start cooking. I never ever cook one meal. I cook three meals, takes the same amount of fuel or electricity to cook a chicken stew for three meals as it does for one and just about the same amount of time.

I freeze the other two and that gives me time to run to five grocery stores instead of cooking those meals over again. I keep a list of everything I freeze , I know what I have uncooked to cooked. I mark it off as I cook it and mark it again when its used up. Get the shoe polish out, a little ironing can make them clothes look good again.

Never throw much away. Learn how to use all those containers food comes in to freeze those meals. The internet is a good place to shop too. Look for clearance items on sites like target. Why pay full price and try to do it all at once so you can get free shipping with 50 dollar are more purchases.

There are so many ways to save. In the beginning it seems you are not getting anywhere but before you know it Christmas is here and you bought that turkey or ham and its waiting in the freezer. You have a few extra dollars from your garage sale. But lazy, well that cost and you can’t be lazy and save. Forget the credit cards except for internet sales. Pay off every card every month. Never ever pay late charges, or interest.

No No NO, if you are you need rehab. Shop the internet and know how much you can afford to spend before you start looking. Get only what you need and do prepare for Christmas early,also birthdays.Last minute shopping cost way to much. Get it early, get it on sale, get it on clearance or don’t get it. PERIOD……….

Savings account question

savings accountGosh now you have me worried! lol.

The savings account was opened online and is a completely separate account and to my knowledge they would not pull from that for overdraft purposes.

The checking account already has an amount of overdraft protection offered by the bank due to the fact we have direct deposit so the amount of the overdraft protection is based on the amount of the direct deposits and the average daily balance etc.

Its not a line of credit type of overdraft but instead one based upon our deposit and balance history so it fluctuates but is listed on our statements monthly what they will cover a check up to. No one else would know this except us and the bank which of course they make clear they can change at anytime or not honor anything should they decide kwim? So now I have some other questions..

what if I report that I lost my checkbook? get a new checking account thru them. Would that help? and by help, I mean would that help protect us OR do you recommend just banking somewhere else all together? I hate to give up this account with this bank after banking there for so long but I could move our money to a different bank and change the direct deposit etc and just keep a minimal amount in the accounts at this bank just to keep the accounts and then ride this mess out and see what transpires.


Listen.. this happened to me a long time ago, but it made me wiser. i had a checking account tied to a savings account. my parents were helping me then with my living expenses and would send a check ahead of time to cover for several months. i deposited this check in a separate savings account with the same bank.

over time, money disappeared and i found out that when there was a shortfall in my regular checking, instead of notifying me, the bank would withdraw funds from the separate savings account to cover it.

i would have preferred to have been informed of insufficient funds than finding myself out of money inadvertently one day as the funds diminished. i would keep your bank account and open a savings in a different bank and transfer funds as needed.

Yes, you go tell them you feel your account has been compromised, and they can close out the account and reopen a new one. At the same bank if you so choose. We do it all the time.

Can someone answer me this?

I’ve had this problem similarly- small bill and actually a debt I did NOT incur.. I’m still fighting this. But they do have access to my bank(checking account) from when I paid on this bill (which I paid in full by the way and then this unauthorized charge occured) I dont keep much money in this checking account for a few reasons but it is a joint account and my DH’s second job paycheck is auto deposited every other Friday to this account which I then move it all to the “savings account” that is now attatched after the fact, which has a totally different number.

This is my question.. these people have my checking account numbers/info but that’s it. They dont have this other savings account info. So I guess my question is where do I stand? I realize they could take the checking account which is a joint account btw. But what about this savings account which is also a joint account btw. and what about the fact the the direct deposit does’nt come there by way of me but by way of my DH? I guess what I’m asking is how far can they really reach?

Go to the bank and CLOSE THE ACCOUNT. Then, if you want, open a different account. Speak to the Manager and eliminate the unauthorized access. That’s probably something that your bank would have to answer. You probably signed lots of “small print” documents when you opened the account. Who knows what all that says. Does that savings acct. protect the first acct. with overdraft protection?? Well, even if the acct. doesn’t have money, the savings acct. does, so they would take that as opposed to an overdraft, I would think. Personally I would do what has been suggested and close the account. Better safe than sorry!!

I am a bank officer. I say no, it wouldn’t, they’ve never been willingly given the savings acct no. by you, but I wouldn’t trust them at any cost. I have seen them try to do some crazy things. I was going to add that about the overdraft protection. Seriously, we close and open new accts for this reason all the time. Takes about 1/2 hour and saves you and the bank aLOT of headache.

If you want to file for bankruptcy, you have to see an attorney

If you want to file for bankruptcy, you have to see an attorney. You have to also reveal all of your financial situation and get counseling (the new laws) before you can file. Many attorneys have a free 1 hour consultation before you decide to file. Make up a list of questions, so you use your free consult well, then go see one/call one.

You may have other alternatives, but they can help tell you where to go. If your hubby makes enough to skip BK filing, they will make payment arrangements with you two to prevent the BK.

I am in the process of filing Chapter 7 last Sepetmber I filed Chapter 13 than lost my job two weeks later but did not qualify for Chapter 7 at the time. Went back to work in January everything was going great, than I stopped making my Chapter 13 payment than lost my job in August of this year contacted my attorney and was able to convert to Chapter 7 which will cost $1500 not that bad to erase $20000 worth of debt I filed indvidually so my husband would not be affected. What I would suggest is just contacting an attorney take in all of your info they will tell you what you need and most do not charge for a consultation.

One thing that I learned just this past week is that most creditors will settle if you can come up to pay one debtor at a time. I was offered to pay at $3500 balance for $1400 not sure if you could do this but just wanted to run it by you as I would have opted for this instread of bankruptcy but my credit was already runied so it really did not matter what I choose. Hope this helps.

What your employer did was horrible, but may not be illegal. Companies with < 50 employees do not have to provide FMLA. If you have a doctor’s note, that should be sufficient, or the company may have other documentaiton it requires.

There were more then 50 employees before I came back to work. After I came back, some people were let go. They were mad because I didn’t come back to work within 3 weeks. The 3rd weeks after surgery, I can hardly sit in my chair, let alone to work. I wasn’t alow to drive while on pain pills.

They don’t care. I would check to see if they had FMLA, there are two requirements for you to have meet them have worked for the company for at least one year, and have worked at least 1250 hours during that year. Also you would have had to get FMLA paperwork filed out in order for it to qualify.

Most companies would just accept a doctors note but not all especially if they are trying to get rid of you. I live in Kentucky and as employers we can fire you for any reason I do know that not all states are like that you may want to check on that as well. Also not sure if you have or not but I would file for unemployment.

If you pay creditors electronically you are giving the creditor access IN to your bank account, and they can take what they want, when they want, because you gave them authorization at least once. I work at a bank and I deal with customers who have had this happen every single day.

Need bankruptcy advice

bankruptcy Hi. I’m new here. Now, I need some advice. I lost my job like 6 months ago and my husband is the only one brings in the income till I find something. I will try to make this short. I got fired for some misunderstanding and was on medical leave for 7 weeks and got fired because my ex-employer wanted me to come back within 3 weeks. I had doctor’s note and everything to prove that I couldn’t come back any times soon.

I had a full hysterectomy in April of this year. Now, since I haven’t found another job and can’t get on unemployment due to their lies, I’m having a difficult time paying some of my bills. Bill collectors won’t get the hint that I’m not working and they don’t believe that I have a disabilities. I’m not trying to feel sorry for myself or anything but there isn’t anything out there for me.

I’m hard of hearing, with skin condition of Rosacea and have back problems. I want them to stop calling me and I’ve tried reason with the creditor. It was one of my credit cards that I couldn’t pay. They are charging me outrages interest and late fees. I wish I have never had credit cards. I want out of this and I’m tired of paying what I can and they still turned me in. What can I do? How easy or difficult is it to file bankruptcy?


If you were fired after a doctor’s note, does that fall under a violation of FMLA? Have you gone through the unemployment office and checked your legal rights? That being said, you are already behind…. so, that won’t help. But, first make sure your four walls are covered with the current income – housing paid up, food, transportation. Forget about the debt… get caught up with those things. After that is under control, you can start negotiating with the credit card. If they call, tell them you will speak with them if they are nice and only once every two weeks. When they call back, if they are not nice, hang up…

They are calling you on YOUR phone… If they call tomorrow, “Nope, it hasn’t been two weeks – goodbye – click.” Don’t fret over the fees just now – this is how they make their money…. They don’t care about you as a person, so just say “I don’t have any money right now – I’m don’t have a job. Click” Next time they call (2 weeks later) – “I still don’t have any money” or “I have $10 in my debt snowball.” If they make any offers, request them in writing.

Don’t pay anything without a written offer from them. Don’t allow electronic access to your checking – pay with money orders only. Have you gotten “The Total Money Makeover” by Dave Ramsey? Check your local library and get it… it helps a lot.

Judgements on credit reports and Nationwide Credit Clearing

I just had something strange happen. A little over 3 months ago I applied for a mortgage and knew there was one judgement on our credit – It was originally a Chase account that we never had a record of and for over 5 years have been trying to get them to prove to us it was ours. Well that stirred up a hornets nest and not only would they refuse to repond to our requests they garnished my hubby’s wages!

I had heard that when you look into something on your report it can “reopen” it so it is there even longer. This must be true because now there are 2 Capital Ones and Some other place we have never heard of as judgements- All my Capital Ones are paid off!!! We have NEVER been sent any “judgement” papers – is that legal??? Is not a judgement a “servable” legal document that you must receive?

If you call on them then it starts the whole crap again and they don’t care if you never heard of them they just are out for what ever they can get! My mortgage broker recommended Nationwide Credit Clearing. Anyone deal with them???


Not familiar with them, but I would recommend pulling up your credit report online. This debt should be on there. File a dispute through your credit report. They will either be forced to show proof you owe the debt or to drop it all together. You might already know that you are entitled to a free credit report each year through It will pull up the 3 major reporting agencies, Transunion, Experian and Equifax.