I have been trying to work with my mortgage company to achieve a loan modification since 2012. When I applied the first time both my husband and I had been laid off and our only source of consistent income for our family of 4, was husbands unemployment income of $277 net a week. (I was a 1099 so could not apply.) At this point we were 4 months behind on our mortgage. After the legendary "lost documents" excuses that drug on for 3 months we were denied a modification stating DEFAULT NOT IMMINENT. We were told via email that to qualify we needed a secondary hardship (death, disability or divorce.) We had $0 in savings, one 2004 paid off vehicle and no appreciable assets. Which brings me to my first question... How is NO INCOME not enough?
Since then we have applied a number of times and have finally been offered a modification. It's just under our original payment. We have to answer by November 1st. I have been in contact with NACA and our congressional office and both have viewed my documentation and have advised that we may well have a regulatory complaint with our servicer US Bank. Which leads me to my second question... CAN and HOW does someone in our financial situation take on a National Bank?
As of 10/18/ 2013 - We have now directly approached Freddie Mack and we have been told by our NACA rep that we should have an answer from them regarding a possibly better modification option. Any of you "smart guys" out there want to take on US Bank NA?