Suntrust Loan Modification
68What is a loan modification ?
A Mortgage loan modification is a permanent change in the terms of your mortgage loan that allows your loan to be place back in good standing with your lender and potentially reduce the interest rate and provide affordable lower monthly payments. Modification is not a refinance of your home but a renegotiation of your current mortgage terms. The modification may include but not limited to a new interest rate, an affordable monthly payment, principle reduction and amortization schedule. A loan modification to stop foreclosure is a viable option that you can use to keep your home.
If you are one of the many Americans having a difficult time and have fallen behind on your mortgage payments. You are not alone.
What about Suntrust loan modification ?
With many lenders and banks in jeopardy of bankruptcy, mortgage loan modifications are becoming more frequent much earlier in the process. Suntrust Mortgage is working with American families though a suntrust loan modification . Maybe you are behind on your payments because of lost income or the value of your home value has dropped lower that your mortagage note. A lender will be willing to work with you if you can present a well documented hardship case. After all, it will cost the lender more money to move forward with a foreclosure that to work with you and restructure your mortgage loan until you can get your financial issues back on track.
If you want to work with your lender here are a few things that you will need provide to your lender and stop foreclosure on your home.
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suntrust mortgage has had my paper work since feb 2009 on a loan modf. and it is now sept and i have not got an answer from them yet and now they have my house in forcloser i am losing my home because they dont want to help me i think i have give them plenty of time to handle my paperwork all they keep saylng is call back in a couple of days i have run out of days wating on them to do there job thanks alot suntrust mortgage and all of your rude employees
Suntrust processed my loan modification from Feb - Oct 2009, just to forclose on me, hours before my sell date. I was notified 1/2 day before my sell date that I was going into forclosure, Suntrust is not a fair nor good mortgage company, it just wants it's money and doesn't care about the human being's home.
I submitted my loan modification paperwork to Suntrust backn in October 2009 and i still have no answer , when i call they always tell me to call every 10 days and when i call back i am told the same thing over and over , then someone will tell me that noone has looked at my application yet .. That is not a good way to do business especially with people that they are in need !
These comments are exactly what my husband & I are going through with SunTrust. It is very disheartening!
SunTrust had my papers for over 6 months no and haven't yet got back to me if I qualify! I keep asking when Will they look at my paperwork. They keep telling me That they don't know. I'm now behind 5 months on my first & 3 months behind on my second loan. I'm wondering. If my home goes on forcloser. Can they take it from me If I'm currently working with the bank? meaning I'm waiting on them!! SunTrust is horrible !!
I have filled out all the paper work SunTrust asked for and have faxed them mountains of paper work and they still will not solidify my loan modification. I have been making the same trial period payment since August of 2009, it was supposed to be a 3 month trial. Every time I call they tell me that they don't know anything call again later.
I faxed in my mountains of paperwork months ago as well, finely detailing everything I thought they needed. Everytime I call I get the exact same thing as everyone else, we have your info but no one has looked at it yet. I agree, they are not fun to work with whatsoever. Is there any kind of formal complaint that we can file to the government, there is no way any company can treat ppl like this and stay in business!
I have been trying to get my loan modified since Feb 2009 with Suntrust! They always tell me fax in all this paperwork and call back in 2wks. I fax in all the paperwork every month because that is what they requested and I call every 2-4wks to ck on the status of our modification. We are told over and over again that we are in "ACTIVE" loss mitigation and that they have 1,000's of other's in my same boat that they are working on, so that is why it is taking so long. Then we got served foreclosure paperwork in October 2009. We notified Suntrust customer service and was told that as long as we are in "ACTIVE" loss mitigation they won't foreclose, that they don't want our home, but then the rep tells us that our house is due to be sold on 12/26/09. Merry Christmas now get out! But that they will request that date to be postponed. Luckily that date was postponed. Then we get attorney paperwork in March 2010 stating that they are having a hearing in regards to our foreclosure, so again we freak out and call Suntrust customer service. We are then told that if we get another sale date for our home to call them and they will stop in. So on 4/29/10 we got a sale date of 6/1, we call back immediately and was told that we would have to call back 7days before the sale date to postpone it. So, then we continued to follow up faxing all our documents, checking in with Customer Service every 2-4 wks and we were told by another rep that we can call 10 days before the sale date on 6/1 to get it postponed, and that we have qualified for a 3mth trial payment option to begin 6/1 and that they are fedexing the paperwork to us to sign and return. We recv the paperwork on 5/19 and fedex it back for them. We call them again during the 3rd week of May to request the sale date of 6/1 to be postponed. Ok, the rep says they should have already requested it postponed for 30 days on 5/19. We send our certified funds for our first trial payment for guaranteed delivery on 6/1 the day it is due, confirmed recvd, but then when we call to verify their recpt we ask about the sale date and if it was postponed. We are told that is up to the judge on whether they want to postpone it or not!! WHAT?! WE were NEVER told that! Now it is 6/2 and we don't know if we have a house or if the sheriff or someone is going to come knock on our door and tell us to get out!! SUNTRUST are liars!!!
Hmmmm...I have been hearing this in Court a lot. I'd sure like to hear from people who had a Sun Trust modification approved.
I have 2 loans with Suntrust on the same property $417K and $165K. $417K is a 5/1 interest only at 4.5% and $165K is a 30-yr at 6.875%. Main problem is house is maybe worth $360K today. Started the modification in November 2009 (3 month trial period). Just received paperwork in the mail this week (8 months later)! They are giving me 2% for 40 years on the $417K and 4% for 28 years on the $165K. Payments are a little bit less than before, and I now get to knock down the principal a bit, but even if the value goes up $100K, I will still be renting from myself for 10 years!! I need a principal reduction, and they did not offer it. What should I do now? Is there any way to get a principal reduction?
we did go though all that process with suntrust, suffered for about 7 months with the calling and no answer, the employees literary knew my name for me calling so much, we had the sale date postponed situation happening twice, we know all the stress involved with suntrust and loan modification, well anyways, our modification was finally approved back in Dec 09, everything was going ok, we saved our house, we had a decent mortgage payment, we never skipped any payment, everything was fine. Well, I lost my job, my husband had a wage cut, we have 3 children, that was the main reason we were behind on our mortgage, with that situation we stop making payments on our credit cards, we were focus on saving our home. Eventually we had to file for bankruptcy. Well, march 2010, suntrust called us saying that our loan modification that was final has now been denied. and no explanation why. we had to write to their legal department to find out why. no one wants to talk to us anymore. legal department 6 weeks later sent us a letter saying our loan mod was denied because when we sign the loan back when we bought the house 4 years ago, that there was discrepancies on our income, well, we made payments non stop untill we really couldn't afford, we have been making payment still ( through chapter 13). what are they looking for?
Is there a contest of "how many houses banks own?"
Don't trust "Sun-no-trust".
Those of you who went thru hell with suntrust ,please keep all the paper work and your correspondence with them. Time will come when they will pay dearly.
Great! This was informative for me.
I have property with a mortgage thru SunTrust in Northeast Florida - The property is now worth at least $100,000.00 less than we paid three years ago prior to the house market crash
We want to keep this property and work out a loan reduction and lower payment
We have been working on a loan modification since February with documents provided July 23, 2010, 8/26/10 and 9/8/10 with over 120 total pages provided - still no action or reason why except, under review
i have my loan in modification from sept 2009 no ans , there has to be some one we can talk to
I was approved and received the loan modification from suntrust. It took 14 months of trial payments. I was given a 3.25% great right? wrong My mortgage is still 41% of my gross monthly income. They are not in compliance with the HAAMP or Fannie Mae modification regulations. I was never late on my payment prior to trial nor through trial. My mortgage is now $500 more and I may have to go into foreclosure because I can't make this payment. This stimulas package again is only good for the bank....not the consumer..don't trust SunTrust...
I am confused. I thought this would be a good idea - now I wonder -
Mortgage Modification 3 years ago
Thats sort of niche topic information. Thanks for the good work here.