how much to pay to avail a repayment plan?

tandonan · Joined: 17 Jul 2006 Posts: 7 0.65 Dollars($)

i would like to know how much amount of money one has to come up within few time as the initial contribution for a repayment plan like forbearance or mortgage modification in oreder to avoid foreclosure process?

Guest 0.10 Dollars($)

Hi,

Forbearance is actually where your payments will be postponed and it is an extension of time which is allowed to you for making the payments.

I do not think you will have to pay any initial amount for the lender to approve your forbearance request.

sara · Posted: Thu Sep 21, 2006 9:19 pm Post subject: RE: cost of forbearance

Hi,

I think it depends on the lender as to whether you require to pay an amount for forbearance. The amount can vary from one lender to another, so can't give you an actual figure.

Thanks,

Sara.

Guest 0.10 Dollars($)

I am not quite sure of the actual cost of forbearance but it's lower than the total cost of foreclosing, acquiring and reselling property.

helping_user

Hi Tandonan,

The lender may not charge you an administrative or any other fee for granting you forbearance or a modification of the loan.

Thanks.

Guest 0.10 Dollars($)

i want to know the exact loan modification calculation. is the calculation done on the whole loan tenure or the remaining tenure?

Guest 0.10 Dollars($)

Hi Andrew,

The loan modification will be done from the date the default had started for the remaining tenure of the loan.

It will add the default amounts with the remaining balance of the loan with a new payment plan.

Thanks
Todd

Guest 0.10 Dollars($)

Hi Andrew,

The loan modification decision will be agreed upon after taking into consideration your payment capacity and lenders consent to a certain type of modification. The calculations will also vary from person to person and considering the situation one is in.

Caron · Posted: Thu Oct 05, 2006 8:45 pm Post subject: RE: loan modification

Hi,

In case of loan modification, the calculations are done on the basis of the loan term as adjusted by the lender. The tenure may be the remaining loan term or else a time period as decided upon by you and the lender.

In a loan modification process, the terms of the loan are often changed in order to make the payments affordable for the borrower. The lender may increase the repayment period or lower the interest rate to reduce the monthly payments on the loan.

Thanks,

Sara.

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.24 Dollars($)

What are the qualifications for a modification of a mortgage loan? We are behind by 3 months on our first mortgage and 2 months on our second. We don't want to lose our house. We need our house. But we've hit a rough patch. We are making payments behind. Is there any help for us?

blue · Posted: Thu Jun 14, 2007 6:06 pm Post subject:

Hi Shawthorne,

Welcome to Mortgagefit discussion board.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

There are many loan modification options that can help you come out of defaults. For that you should immediately get in touch with the company and explain your situation. It is highly likely that they will listen to your problems and work with you to avoid getting into a situation where there will be no option left other than a foreclosure.

Miller

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.24 Dollars($)

We've contacted them and they did a financial on us, but said that the income is not there for a repayment plan. If they could just move it to the end of the loan term by extending it and we could start from right now that would be great.

colin · Posted: Fri Jun 15, 2007 5:33 pm Post subject:

Yes Shaw if that can be possible it would be much relief for you. But they have to agree to it. You can take help of any foreclosure counseling agencies in your region to help you in discussing such an option with your mortgage company.

Colin

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.24 Dollars($)

We've been working with HUD for the past month. They are working on something now, but I don't want our house to go into foreclosure in the meantime. What they told us is that if we keep paying at least one payment each month then they can't do anything. They said that the mortgage company wouldn't necessarily like it and they would be calling us and worrying us about it, but since we don't have extra funds to "catch up" HUD said to just pay what the payments are regularly supposed to be.

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