Replies to This Discussion

Permalink Reply by Mike Benitez on July 21, 2010 at 2:07pm

False. No breaks for homeownsers who are breaking the contract / MTG.

Permalink Reply by Mike Benitez on July 21, 2010 at 11:41pm

From to insiders at banks.. With the notes being insured the only out is a good offer on a SS. If not foreclosure makes better sense for the bank.

Permalink Reply by Stephanie Lim on July 21, 2010 at 11:41pm

Does Suntrust even know what a loan mod is??? The only ones I've ever heard of them giving were changing to a fixed rate from adjustable which left the payment in the same ballpark as before. Some people have had them sit on their file for months and months on end with absolutely no activity whatsoever. Never heard of anyone having good luck with Suntrust.

Permalink Reply by Liz Johnson on July 22, 2010 at 3:48am

I do know of a loan mod they did. They took it from a 30 year fixed at 6.75% with the first 10 years being interest only (payment $4,836/ month) to a 40 year fixed at 4% with a new and "improved" payment of $4,016/ month. These folks need a better, more reasonable loan mod and since the bank would take a $200k loss (at the very least) in a short sale or foreclosure, I can't understand why they wouldn't do a principal reduction, whether deferred or not. An associate of mine in the lending industry said he had heard they were doing principal reductions but I can't seem to get a straight answer.

Stephanie Lim said:

Does Suntrust even know what a loan mod is??? The only ones I've ever heard of them giving were changing to a fixed rate from adjustable which left the payment in the same ballpark as before. Some people have had them sit on their file for months and months on end with absolutely no activity whatsoever. Never heard of anyone having good luck with Suntrust.

Permalink Reply by Ben Benita on July 24, 2010 at 11:27am

Has nothing to do with Suntrust (they are the Servicer) and EVERYTHING to do with who the Investor is on the loan....to find out who the ivenstor is, ask your negotiator:

is this a governemetn backed loan (Fannie, Freddie, etc.)
or
is this a portfolio loan (where Suntrust is both teh Ivnestor and the Servicer)
or
Is this note held by a private Investor

Again, the Investor is the gorup that actually put up the cashola for the Homeowner to buy the property. The Servicer (Suntrust in this case), gets paid by the Investor to Service the note (send statements, handle escrows, etc.)