I am at the begining of an attempted loan mod thru Homeq Servicing. Their rep called and asked for personal details and questioned me at length about the hows and whys of my predicament. I have never been late over the 11 years I have had the loan, until 2 months ago. I tried to make a partial payment to try and keep up through a slow period at work. They said NO its all or nothing! We will have people call and harrass you until you pay up in full. If you send any amount less than the full payment we will apply it to the principal and not count it as a payment.
They are offering to take a small amount off the monthly bill @150 a mo. And reducing an 11.25 percent to a 5.5 but requiring me to get my own insurance before anything can go forward. I have an older home and can't find anyone to insure me yet, without making extensive upgrades to my house (More money I don't have). Replacing the roofing on my garage for instance. I don't know where to turn for help.
If I had the money to buy Insurance (It was included in my payment) I would have had the money to pay the mortgage. It seems they are only limiting their liability at my expence and it will do nothing to help me make ends meet. I thought that it was the plan, to keep people in their homes and restructure things so they can cope. I guess not.
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