We were in a forbearance agreement until July 31st. We were told at the time that at the end of the agreement there would be a repayment schedule in order for us the catch up to the 3 month of missed mortgage payments. Under the agreement we were not required to make payments but it was suggested that if there was any way that you could to do so. We made 1 full payment as well as two partial payments during that time and we were told that it would not affect our credit rating by being on a forbearance agreement. I just found out today that my husbands credit score dropped by about 100 points since RBC reported us past due as of August 1st. So much for giving us a repayment schedule :x Luckily we are now once again current,even already paid October mortgage. I just checked with a loan officer at RBC today about re financing but thanks to the drop in the credit score,who knows... I've been trying to get a loan modification since the beginning,we had to submit lot's of paperwork starting in April,when the forebearance expired the end of July we had to re submit the paperwork,I called and was told that they received it on July 16 (they encouraged to submit the paperwork a couple of weeks before the forbearance expired) but still needed some more time to look at everything. I called back two weeks later and which point I was told that they could not find our paperwork :x and to go ahead and re submit it :x We did,this time they managed to not loose it and we were told by the lady handling our case to give her a couple weeks before checking back. When I called back next,I was told when asking for our case worker ' Oh-she no longer works for the company' WHAT!!!!!!!!!!!!!! So now we are dealing with yet another one, which told me last Thursday to give her until Tueday 5pm to look at our files etc. and then give her a call today,I already called three times and yes you guessed it - so far she's not been available :x:x:x No small wonder that people are loosing their homes,here you're trying everything possible on your end while they could not care less!
We are right there with you! Waiting on Wachovia to process our loan modification application, which we submitted June 16th. Every time we call we are told something different. Stuff like "you need to resubmit updated information", "we cannot locate your application", "yes, we received it - it is on file but it is still being processed and call back every 2 wks". etc. Someone my husband works with has actually received a response and was telling him about it. He was told to pay an amount $700 less for 3 months, then his mortgage would be reviewed for possible refinancing the balance after that, with a lower interest rate. We suspect something is going on, as the annoying 3 times a day calls have stopped. We are not in foreclosure or anything...yet. About 3 wks behind, every now and then catching up with some occasional overtime or the 5th pay in a month. But the whole point is that we are trying to do something BEFORE things get bad. We did get a forebearance on the college loans, so that helps a bit. Applying for that was way easier than all this red tape BS My point is, you are certainly not alone, and we share your frustration. But learning about his coworker's response was encouraging. He has applied in April I think, so maybe we just need to hold on to our hats... :ack:
If it makes you feel any better, the rest of them are no better. Not me personally, but a family member has been trying to short-sell her house and it has been a freaking nightmare. 3 months.................3 months waiting on answer. Insane.:? I think they finally got the ok just a couple days ago.
Thanks for your replies! It does make one feel a bit better knowing that one is not alone in this,even though I don't wish this on anyone! I just get so p..... off when I'm talking to someone form there on the phone,IF that is you're lucky enough to get one in the first place! Let's all hope that things will get better soon!
It is pretty safe to say that our whole banking system sucks. They helped fuel much of this mess and they act like we are all supposed to magically make money appear out of thin air. Oh, that's right, they have us confused with our Govt. They print money out of thin air all the time. The whole mess comes down to one simple word. GREED!!!!
Differences from other financial institutions Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union[15] and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.[16] A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.[17] Credit unions offer many of the same financial services as banks, often using a different terminology; common services include: share accounts (savings accounts), share draft (checking) accounts, credit cards, share term certificates (certificates of deposit), and online banking.[18] Normally, only a member of a credit union may depositmoney with the credit union, or borrow money from it.[19] As such, credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health. In the microfinance context, "[c]redit unions provide a broader range of loan and savings products at a much cheaper cost [to their members] than do most microfinance institutions."[20]
I'm not sure what your point is. But I think you are reinforcing my statement. Any Credit Union Member knows the advantages. The Federal Reserve System is the central bank for the US. His post referred to the US "banking system" which includes Credit Unions. I just pointed out that they dont suck too.
Not dissing you, just wanted to expand on your last point on them being part of the same banking system.
When I said it comes down to GREED, I was speaking in a very large context. It was not a reference to just the banking industry. Personal greed helped this trainwreck down the track. We are all guilty at some level. The difference is some have a greater affect on the world than others.
