I thought that Modifications were put in place to assist the consumer. I have been in the process of a modification for close to 3 years now. The first company denied and then later approved my modification only to not "Book It." My loan was later sold to NationStar Mortgage who proceeded to advise me that my loan was not book by the previous company therefor I have to start the process over.
After 4 months of going through the process with NationStar, I was denied. I was later approved for a modification that was $300 higher than the original modification. I then requested that the modification be looked at again because there were changes in my income. Well this time I was denied and was told that I would have to accepted the terms of the Fannie Mae modification. Nov 1, 2011, I accepted the terms of the Fannie Mae Modification and started making the trial payments. I was told that after 3 months of trial payments, I would receive paperwork to complete so that my loan could be booked. After the 4th payment I received the paperwork. Upon completion of the paperwork, I returned it to NationStar only to get a letter form then 10 days later regarding the foreclosure process. A call to NationStar revealed that my forms were sent directly to Fannie Mae for review.
After 2 weeks of review, I have been advised that there was a resturture that took place in teh modification process therefore, I will have to start the process all over again. I have made made 4 payment at the original trial amount. I have made 2 payments at the increased amount( changes in escrow). HERE WE GO AGAIN!!!! I am beginning to believe that the modification process is designed to keep you in limbo. I am frustrated and ready to bail.