Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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What can or should you do, If you ask your servicer to modify your mortgage and they say that you don't make enough money to make the payment or qualify for the modification?
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The same exact thing happened to me.  What company are you dealing with? Citi residential told me the same thing and I told them that we made enough when we qualified for the loan with Ameriquest and our income has increased but there was still no modification even though my husband was in the hospital for double aneurysm surgery and 4 heart stents the month before.  I just wanted the loan modified so we could pay all of the medical bills. We missed one payment because we didn`t know where to send the payment since we got statements from 3 different companies telling us to send them the payment and 2 days after the foreclosure we got a letter stating they had made a mistake in their data processing dept. Anyway our house went into foreclosure and now we are waiting for the eviction. I called hem several times trying to explain what happened and they wouldn`t even listen.  I got switched from one dept to another and all I heard was there was nothing they could do. I called Ameriquest which is now gone and it is answered as Citi Residential.I don`t want to scare you but you really need to be scared if you are trying to do a loan modification and they tell you that you don`t make enough money.  We have never had any trouble making our payment.  We have had every payment in on time and then because of their screw up, we lost our house.

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If you have any equity at all, the short answer is sell it or refi before they manufacture a default and take it. 

The predatory servicers will take every dime they think they can get and the end result will still be you're living somewhere else.

This well-marketed story of loan modifications is little more than a lure to get people who might be having trouble to call them, tell them more than they should about their personal financial situation and thus speed up the servicer's decision making process.

The actual number of loans being modified for the benefit of the borrower is about zip.


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I want to weigh in and agree with Moose about this.  But I want to add that the possiblity of obtaining some sort of modification or forebearance is slight BETTER if your mortgage is owned by a FNMA or FHLMC pool or by a portfolio lender rather than a trustee of an MBS issue.  Where a servicer is servicing as the servicing agent for an institutional mortgage investor, it is ultimately up to the investor as to whether to agree to the modification.

In MOST instances, the trust will NOT agree.  I SUSPECT that in most instances the servier never even COMMUNICATES the proposed modification to the mortgage investor.

As Moose indicates, your application and interactions is mostly going to serve as a roadmap to bleeding you dry.  What appears to be the light at the end of the tunnel is going to turn out to be the light of an appraoching bullet training coming at you at 150 MPH! 
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