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smithsussane
Joined: 18 Sep 2008
Posts: 1380
Location: Alaska
172.48 Dollars($)
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 Posted: Thu Sep 25, 2008 11:38 pm Post subject: |
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Hi eulyth!
Welcome to the forums!
If you have enough savings or cash in hand, I think you should pay 5800$ and go for the plan. $0 years loan term is a long time and 4.5% interest is too low. I have doubts whether the lender will keep this for a long time. Moreover you never know how your financial situation will be in this span of 40 years. I think what the lender is offering you is pretty good.
Feel free to ask if you have further queries.
Sussane |
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scott69
Guest
0.10 Dollars($)
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| Posted: Fri Sep 26, 2008 2:52 am Post subject: modfication |
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| If I have a fixed rate on a 5 year arm and paying the minimum payment instead of the interest only or 30 year option may Indy Mac offer relief to me? |
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Susanne
Guest
0.10 Dollars($)
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| Posted: Fri Sep 26, 2008 4:24 am Post subject: |
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Hi Scott69!
In my opinion, a 30 year fixed mortgage is always better than a 5/1 year ARM. |
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mortgage info
Guest
0.10 Dollars($)
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| Posted: Mon Sep 29, 2008 9:01 am Post subject: Chapter 13 to chapter 7 |
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Hi,
I have filed a chapter 13 bankruptcy 2 years ago, and this did not work for me. I converted my chapter 13 to a chapter 7. Iam in the rears with my mortgage lender about 20k, will a modification work for me? Will they want too much up front? |
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smithsussane
Joined: 18 Sep 2008
Posts: 1380
Location: Alaska
172.48 Dollars($)
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| Posted: Mon Sep 29, 2008 11:58 pm Post subject: |
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Hi mortgage info!
Welcome to the forums!
As far as I know, you can go for loan modification. Yes, the lenders may demand too much upfront. Again this will vary from one lender to another.
Sussane |
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pam
Guest
0.10 Dollars($)
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| Posted: Thu Oct 09, 2008 5:25 am Post subject: loan modification |
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| I asked my lender if we could have a loan modification due to we could not afford the repayment plan. It has taken them a long time to let us know if we qualified or not, they said we did but they want us to western union $500 or money gram it before we recieve any paper work or before they submit the paper work to the investor. I am a little scared to send the money, because we were headed for foreclosure and they claimed that they put foreclosure on hold until the investor looks over and approves the modification. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1206
Location: MICHIGAN
158.32 Dollars($)
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| Posted: Fri Oct 10, 2008 3:58 am Post subject: |
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Hi Pam
I can understand your situation. You can speak the lender and check with them if you can personally give them the money rather than sending it through western union or money gram. You can even ask if they will be giving you a receipt of the transaction.
Thanks,
Jerry |
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Cindy
Guest
0.10 Dollars($)
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| Posted: Tue Nov 04, 2008 2:53 pm Post subject: Indymac Bank |
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| HI I have a home in Georgia. Here the rule with foreclosure are very quick for the state. The lender can take the house back in 60 days. I contacted IndyMac Fed Bank and asked for a loan modification, even though I am current, due to a layoff at my job. I found a new job but it pays less. IndyMac said they would not do a loan modification for me since I was NOT behind on my mortgage. My concern is that I was reaching out to them to help me. The problem is how do I know they won't foreclose on me before I get help to modify my loan? Since it didn't work with going to the lender directly, should I find a loan modification company and can you recommend a "honest and reliable" one? |
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jameshogg
Joined: 20 Dec 2005
Posts: 1835
Location: nevada
272.70 Dollars($)
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| Posted: Wed Nov 05, 2008 1:01 am Post subject: |
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Hi Cindy!
As you are not late on payments, the lender will not agree to give you a loan modification. You can have a talk with the lender tell him your situation. If not loan modification, the lender may agree on some other plan.
There is nothing called loan modification company but yes there are loan modification specialists who can talk to the lender on your behalf. You can speak to one of those specialists.
Thanks. |
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xyz
Guest
0.10 Dollars($)
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| Posted: Sat Nov 15, 2008 6:07 pm Post subject: home in vegas |
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| we live in vegas and my husband lost his job 4 months ago - we have a mortgage of 268,000 and have not been able to pay it the last two months - since all the homes in vegas have lost value of about 50% our home is only valued at maybe 150,000 now - where can be go for help without letting our house go into foreclosure? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1206
Location: MICHIGAN
158.32 Dollars($)
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| Posted: Mon Nov 17, 2008 5:21 am Post subject: |
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Hi xyz!
You should speak to the lender and check if he can offer you a loan modification plan or the option for forbearance. You can even try for a short sale but remember that you will have to pay back the deficient amount to the lender. There are various other ways to avoid foreclosure. To know more, check the following link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Thanks,
Jerry |
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