The process begins

Prior to missing my first payment I asked the bank for help in modifying the loan.  They said since I am not behind they could not help.  I stopped paying and they  offerred to help.  They asked for about 50 pages of documentation including pay stubs, letter explaining why I am unable to pay, and past tax submissions.  They said the process was about 60 to 90 days.  I would contact them regularly to check.  They  started asking for duplicates of information I gave them.   I sent things 3 and4 times.  Finally they sent an offer for a trial modification.  It was a great savings of my monthly mortgage.  My mortgage broker said and lawyer said it was better than any deal they could get and suggested I do it.  Although the lawyer admitted it is unlikely to become permanent.

I paid the 3 required payments and asked the status.  They said it was in review.  I asked what I was to do next.  There were no instructions, nothing suggesting I continue paying etc.  I asked them if I am to pay that.   They said "I don't know....you probably should."  I said I would not without something in writing.  They started asking for more documentation regularly.  Always saying I am in review.   They said I needed certain documents then I did not need them.  Finally they said I failed to comply by missing some piece of documenation.  Meanwhile they filed for foreclosure.  I have had 4 other trial modification offers, each worst than the last.  My foreclosure continues and it has been 40 months since I paid my mortgage.

I have learned many many things along the way.  I have been to court, read countless articles in the news, attended seminars, help sessions and counseling.  My story seems neverending but the most interesting part to me is learning why and how we are in this economic mess and how it is functioning now.   I will be posting different stories about this process.  Welcome to my Whirl!

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