what to do if mortgage company does not do loan modification

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Icon Mini Profile memories

Joined: 12 Oct 2009

Posts: 16

3.87 Dollars($)
Post Posted: Tue Oct 13, 2009 10:00 am    Post subject: what to do if mortgage company does not do loan modification

I tried to do a loan modification with my lender and was told that they do not do loan modifications. I have a 8% or 8.25% interest on my loan 30 yr fixed. When we started processing the loan I was told a 4.75% interest but was not locked in and it took so long that the interest went up, the loan officer went on vacation without telling anyone. I lost my job and got a diff job at a much lower rate pay. I have bad credit from paying behind on my bills and no down payment money or closing to refinance. I live in Rural Alaska. help! I am a few months behind on my mortgage because of my bad payment history with the lender they are not willing to work with me other than pay teh full amount I owe in two weeks. Any advise?

Thak you Confused
Icon Mini Profile adonis

Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Tue Oct 13, 2009 11:41 pm    Post subject:

Hi mery,

It is quite surprising to me that your lender does not offer a loan modification. In my opinion, you should once again try for a modification with your lender and check out if he agrees to it. If not, then you will have to pay off the full amount. If you're unable to pay off the full amount, then the lender will foreclose the property.

Procrastination is the enemy of your financial success
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