Mortgage Forum

SuzieQ

Hello We have two mortgages with First Franklin. We purchased the home for $417K in April of 2006 in California. The first mortgage is 7%, the second 11%.We hit some hardship times, and contacted FF in December of 2007, and they sent us the paperwork for a loan modification. We filled it our, faxed it in, waited, and finally spoke to a negotiator. I kept calling back to get an update and could never get through. Finally got a hold of the negotiator, they requested more paperwork, tax returns,etc, and I had to refax the papers that were lost. Last Friday the negotiator said that the modification papers were sent off for approval. She said we should hear back that day. Almost one week later, still no news. What does this mean? We are two payments behind on both mortgages,and will be 90 days late by the first of June. We received the statement for june last week, on which it said that there is an escrow advance balance on our account for over $8K. What does this mean. I also found out that they paid our property taxes which were behind by around the same amount ($8K). Can someone please clarify and let us know what to do. Any advice is much appreciated. Thank you,