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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi eulyth!
Welcome to the forums!
If you have enough savings or cash in hand, I think you should pay 5800$ and go for the plan. $0 years loan term is a long time and 4.5% interest is too low. I have doubts whether the lender will keep this for a long time. Moreover you never know how your financial situation will be in this span of 40 years. I think what the lender is offering you is pretty good.
Feel free to ask if you have further queries.
Sussane |
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scott69
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Post subject: modfication |
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| If I have a fixed rate on a 5 year arm and paying the minimum payment instead of the interest only or 30 year option may Indy Mac offer relief to me? |
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Susanne
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Hi Scott69!
In my opinion, a 30 year fixed mortgage is always better than a 5/1 year ARM. |
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mortgage info
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Post subject: Chapter 13 to chapter 7 |
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Hi,
I have filed a Chapter 13 bankruptcy 2 years ago, and this did not work for me. I converted my chapter 13 to a chapter 7. Iam in the rears with my mortgage lender about 20k, will a modification work for me? Will they want too much up front? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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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
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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 $500 or money gram it before we recieve any paper work or before they submit the paper work to the investor. I am a little scared to send the money, because we were headed for foreclosure and they claimed that they put foreclosure on hold until the investor looks over and approves the modification. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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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
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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: 4291
Location: nevada
509.34 Dollars($)
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Hi Cindy!
As you are not late on payments, the lender will not agree to give you a loan modification. You can have a talk with the lender tell him your situation. If not loan modification, the lender may agree on some other plan.
There is nothing called loan modification company but yes there are loan modification specialists who can talk to the lender on your behalf. You can speak to one of those specialists.
Thanks. |
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xyz
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Post subject: home in vegas |
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| we live in vegas and my husband lost his job 4 months ago - we have a mortgage of 268,000 and have not been able to pay it the last two months - since all the homes in vegas have lost value of about 50% our home is only valued at maybe 150,000 now - where can be go for help without letting our house go into foreclosure? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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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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hardship
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Post subject: broker |
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Would you please recommend the broker that can help me negotiatate with my mortgage for the forberance? I have mortgage with Citilending mortgage. I got denied for the loan modification plan. I really don't know what to do. My husband got laid off almost 1 year and he tried to find a job but there is nothing for him at all so we have to take over the restaurant business. I restuarant just open and it still hasn't make money for our expenses yet. I also got diganosted for a breast cancer so we are in a very bad situation right now. I really don't know who can help us. If you can recommend the company that really can help us not just try to get our money; I am really appreciate it. my email address is "tammy0712@bellsouth.net"
[Lin deactivated as per forum rules. Thanks.] |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome guest,
I can understand that you are going through a tough situation right now. Be patient and I think you will be able to come out of the situation. As far as a loan modification is concerned, did the lender give you any reason as to why they have denied it?
Lenders accept a loan modification mostly when you have been delinquent on your payments for a month. In case, if you are current on your payments, then the lender will not accept it. You can contact a loss mitigation expert who can help you in negotiating with the lender.
_________________
Procrastination is the enemy of your financial sucess |
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lawbuff6918
Joined: 15 Jan 2009
Posts: 1
1.90 Dollars($)
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Post subject: Loan Modifications |
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I have been in the process of "working" with my lender on a loan modification since September. This is the ONLY option we have left. We wanted to downsize and lower our house payments for over a year, but because of the market conditions/economy, could not refinance because there is no equity and we can't sell because of all of the vacant and foreclosed homes already saturating the market in our area that have brought our values way down.
Our goal (with the modification) is to lower the monthly payments on our mortgage and the principal balance. I can't see how the bank will be able to lower the monthly payments without lowering the balance. Our home's current value is less than half of what we paid in 2006. We do not have a sub-prime loan or any other liens on the property. Despite putting $20K down at the time we purchased it, poof.....it's ALL gone!
My lender sends letters to us stating that they have no interest in foreclosing on our home (or anyone else's) and wants to work with us to preserve our homeownership status. I just don't understand why they are taking so long to present an offer or give us a denial letter? Are these institutions that overwhelmed? Why drag it out for months?
Also, I was wondering if anyone out there knows the success rate of a bank lowering the principal balance on the loan to fit what the current value of the home is? In my opinion, it does not make sound financial sense to continue to pay on a home loan of $360K when the house is now worth $160K. Hopefully the bank will work with us. If not, the sad fact is they will have another foreclosure to add to their books. If we have to move, it will be an emotional time for sure  , but I think we would rather take the 7 year "hit" to our credit score then continue to throw good money at bad money any longer. Any thoughts or comments would be greatly appreciated. |
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almost broke
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Post subject: loan mod ebooks? |
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| I don't want to pay big bucks to someone to help me do a loan mod. I found several e-books online that look great. The one I liked the most was called Loan Mods Done Right. it was from loanmodificationbookstore .com. It was only 20 bucks, and offered tons of free stuff with it. Has anyone tried an e-book to negotiate their loan modification? |
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