If you have engaged in a successful mortgage modification negotiation I'd like to hear about it.
While I am current on my mortgage and have been for the last four and a half years, I am attempting to negotiate a loan modification with my bank, Washington Mutual/JP Morgan Chase, before the loan recasts in May, 2009.
I have read numerous articles on this subject but details regarding the terms of individual modifications are scarce. For example, I'm familiar with Sheila Bair's FDIC plan but I don't know if other banks are adopting that as their model. Knowing this would be helpful.
One surreal feature of my situation is that my loan has been securitized but the bank refuses to allow direct communication between me and the investor(s) thus preventing direct negotiation between parties to the contract with the most to win or lose. I assume this is necessary because of the numbers of individuals involved and the perverse complexities of the contracts. Even so, it's wierd.