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NPV: Modification killer
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I received an email from a reader recently that really upset me. I am reprinting a redacted and edited version of the email for my readers:
“Dear Sir,
“My name is REDACTED and I am writing to you because I feel I've been treated unfairly by my Loan Servicing company REDACTED in Utah.
“Just about 3 years ago I purchased a condominium here in REDACTED. At the time I was unable to qualify for a traditional mortgage. I ended up getting a sub-prime mortgage. I paid my mortgage on time for over 2 years.
“However, just this past REDACTED I lost my job and I am unable to keep up with payments.
“My Loan Servicer (REDACTED) in Utah presented me with the Making Home Affordable Loan Modification. About 3 weeks ago I had a loss mitigation meeting on the phone with them and they agreed to put me on a 3 month trial and reduce my payment on my first loan by 50%. They mentioned my 3 month trial period would begin on November 1st and that all past due amounts would be waived until the trial started.
“I was elated and thought this would keep me in my home until I found a job. They sent me a legal agreement outlining the 3 month trial period of which I have not signed nor sent back to them. Just yesterday I called them and they notified me that they are unable to do a loan modification due to me failing the NPV (NET PRESENT VALUE). I bought my condo 3 years ago for 189K and I owe $184K at present. They told me that it was in the best interest of the investor not to do the modification yet I have the paperwork right in front of me. What are my options? I'm desperate to stay in my home and I will take any course of action that I need to in order to prevent foreclosure.”
Grrr, what next?
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