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Doo Wop
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Post subject: Loan Mod |
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I contacted my mortage company regarding the Home Affordability Initiative and they said I qualified for a Loan Modification. I completed the trial period successfully and they then send me a notice saying that I didn't qualify for the Homeowner's Initiative Loan Modification, but I qualify for their own Loan Modification which would merely reduce the monthly payment by $245 on my 380,000 condo in Southern California, but my new balance is $400,000. So they reduced my monthly payment, but am paying $20,000 for it in the end.
I don't know what to do. The property is only worth $200,000 now. I would much rather lose the home, ruin my credit and make sure I save up all the money i'll be saving while not paying the mortgage to put a nice down payment on a better and cheaper home. What's the big deal with credit anyway, when you have a good job and can pay cash?
Any advice for or against my decision would be enlightening. Thanks! |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Doo Wop,
Did they give you a reason as to why you did not qualify for the Homeowner's Initiative Loan Modification? You have the right to ask the lender about the reasons for not qualifying for the Homeowner's Initiative Loan Modification.
If you are not satisfied with the loan modification offered to you by your lender, you can definitely apply for a deed in lieu of foreclosure. Though it will reduce your credit score, you won't be liable for the deficient amount resulting from the sale of the property.
If you can pay cash and buy a property, then you don't have to worry about credit effects or getting a mortgage. However, just for your information, a deed in lieu of foreclosure would reduce your credit score by 250 points.
Thanks |
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borke
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Post subject: loan modification |
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| my loan was modified in jan 09 i am now facing foreclosure again can i have another modification |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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You cna alwys try and ask for one more modification. But the chances of gettign a second modification are very less.
The reason being, the bank already gave you an opprtunity, for what ever the reason may be beoynd your control you could not keep making paymets as commited.
Bank will think, wht if you do the same thing again |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi borke,
Aren't you paying as per the modified terms given to you by your lender? If you're facing foreclosure, then you can apply for a loan modification again. But, I guess, it would be the discretion of the lender whether or not he would accept it.
Thanks |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Post subject: |
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Thats a good question james
Yep it is up to the lender to decide, if they will do one more modification
As mentioned before, it will be difficult, but you never know |
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leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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A lot depends upon your lender. you can try for it. but lender will surely ask about reason of second modication. so be prepared.
You need to give confidence that you can make timely payments. other wise chances are very few |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Post subject: |
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| If you are given second chance, I would say use it wisely |
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Really Worried
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Post subject: mortgage modification |
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How long does it really take to get a mortgage modification?
My mortgage is with Chase are they a good bank?
My husband has been out of work since 04/2008 We have been our home
15 yrs and it was a old home already, built in 1984.
thank you
really worried |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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The modification process can vary from bank to bank and also person to person
Depndign on the situation
Have you submitted all teh documentation to the bank as asked by them?
Also how long ago did you submit and have you contacted ther bank since then
Rememeber the loan modification process is desinged for some one who is in financial stress and if you can prove that, then you have a good chance of modification being done |
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Tracy
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Post subject: loan modification |
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| can a mortgage company start forclosure proceedings after you have applied for a loan modification |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Post subject: |
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That is possible.
Call the customer service and check with them and see whats the reason, while you are goign thorugh the modification process |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Tracy,
If the loan modification process has already started, then the lender will not foreclose the property. If the lender has started the foreclosure procedure, then there are chances that the lender has rejected your loan modification offer.
_________________
Procrastination is the enemy of your financial sucess |
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Davephx
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Post subject: Foreclosures |
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It is very to get on the trial but very hard to get a permanent mod. The servicers are not following the directives and the whole system is a huge mess.
Foreclose sales are happening even when in trail periods. They lose paper work and oppos for get to cancel the sale and your house is sold. If if they deny the mod with no notice the next day your house can be sold with no change to file Chap 13 or take any action to cure.
The Congressional Oversight report last week was very good at showing what a massive problem we have with HAMP - a great progrom not working because of the actions of hte servicers.
Thousands of folks are sharing there expereinces, 90% bad at the loansafe.org forum. Minnesota has started a class action suit based on lack of pro process Constitutional argument. Other suite are being sought.
The HAMP program is a gave risk of faling not because of the program but the denails often for no sound reasons by the servicers that violate the Treasury/Fannie/HAMPAdmin directives. |
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chicha19
Joined: 25 Oct 2009
Posts: 2
1.73 Dollars($)
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Post subject: Loan modification possible for me? |
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My mother co-signed a mortgage for me because it was a very large loan and one I couldn't have gotten a bank to approve, with my relatively small income.
Since that time, I've had very good credit and have never once missed a payment. And I've put together tenants to help me meet the mortgage payments.
Since I've had several years of good credit, might I be able to have a chance of assuming this debt on my own, assuming I want to take my mother off of the loan?
Since she is not in good health and could die, if that happens, god forbid, how might that affect the mortgage? Would that make my family or estate liable for this debt?
With the new opportunities for loan modifications, given that I've got financial hardships, would I have a good chance of getting a loan modification with my mother as co-signer off the loan? |
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