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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Hi chicha,
You can get a loan modification if you are facing financial crisis in paying off the mortgage but it won't help you in removing a co-signer's name from the mortgage docs. In order to remove her name as a cosigner of the loan, you will have to refinance the mortgage. If you are unable to refinance the loan in your name prior to her death, you would still be liable for the loan as you're the primary owner of the mortgage.
_________________
Procrastination is the enemy of your financial success |
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Shell-RoK
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Post subject: Foreclosure |
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| Can they forclose while your home is in review for loan Modification? I have a sale date of 11/12/2009 and they told me that the only way to stop a foreclosure is to pay the $ and that a review doesn't put anything on hold. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Shell-RoK!
Welcome to forums!
If the lender agrees to review your home loan for loan modification purpose, then he will definitely stop the foreclosure procedure. If he is not ready to accept your request, then he won't stop the foreclosure procedure.
Feel free to ask if you've further queries.
Sussane |
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loriekelly
Joined: 22 Jun 2009
Posts: 6
3.79 Dollars($)
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Post subject: Petition to Require Banks to do Modifications |
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Banks are refusing to do loan modifications. Even the few they have started under the "trial" period, they are continuing to foreclose. We need clear regulation and oversight with specific recommendations. Please sign a petition that will help convince the government we need transparency, and we need to have a moratorium on foreclosures.
[Link deleted as per forum rules. Thanks.] |
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bkworry
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Post subject: Loan modification |
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| Can I file bankruptcy while I am in the modification program or do I have to wait until the loan modification has been approved? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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| Though your loan modification has not been approved, you can still file bankruptcy. Once you file bankruptcy, the creditors would stop all legal actions against you to recover their debts. |
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wondering
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Post subject: loan modification |
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| can my husband obtain a home mortgage loan modification without my signature if I am on the original loan and deed? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Welcome Guest,
If your name is mentioned on the mortgage docs and property deed, then your husband would require your signatures to get a loan modification.
_________________
Procrastination is the enemy of your financial success |
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daryl deliman
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Post subject: RE: Loan Modification thru IndyMac |
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Comments : Indymac - have you had any success with getting Indymac loans
modified ? They turned us down once, and are known for being difficult to work
with.
Loan is $725,000 @ 6.75 %, interest only, payment is $4911/month including
escrow for taxes. Much greater than the 38% of our gross income required for
modification. Currently behind 1 month, but may fall further behind. Wife is
considering separation.
Need immediate help.
Daryl Deliman
[Email address and phone number deleted as per forum rules. Thanks.] |
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christinehynes
Joined: 05 Sep 2009
Posts: 72
Location: Orange County, California
12.58 Dollars($)
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Post subject: |
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If you have a loan going through the federal MHA program the banks are not allowed to continue with the foreclosure process while you are in the modification process. However if you were behind on payments before starting and are denied a loan modification they are able to pick up where they left off with the foreclosure process.
_________________
Loan Modification Specialists
Our Attorneys Offer Loan Modifications in Most States
www.CallALMS.com
877-700-2567 |
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Hosed
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Post subject: feeling totally screwed by the modification |
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Back in August my husband I a were current on our mortgage, our payments started out last September 2008 at 1400 per month and had gone up to 1550 a month by June. We were told we were 40$ short in our escrow account. Anyhow, due to the economy my husband who is self employed ran out of work and he was getting very little work on the books. We called CitiMortgage in August because we knew that our next payments would be really difficult and were hoping to qualify for the new government HAMP program. Our loan was 162,569.46. When they finally called us back, we still hadn't made a payment late, ever. The lady said that they could cut our payments down to $800 a month for four months and in November we would be able to rework our loan then. We were so excited. We paid every payment on time (stopped paying some CC's which stunk but we do what we have to).
I started calling at the beginning of November and our case worker would not answer the phone or call us back. The week before thanksgiving I googled some topics related to this and found a different number. The guy was super nice and said not to worry he'd take on our case from then on. He also informed me that our house note was now 4 months behind and in danger of foreclosure. We had received notices but were told to ignore them. At first he said they had made a mistake and then he said that she put us behind on purpose. He called back and said they had reworked the loan it would be to us by the friday after thanksgiving and we had to get it in by that Monday or else we would have a down payment. I asked him if this was part of the HAMP program because I was under the impression it was and he said no, that they do not do FHA loans in the HAMP program. I was stunned because our payments were exactly the same as they were before. We never received the paperwork and so I started calling him and he didn't get back with me for over a week. When he finally did he said we would have a down payment because we didn't get the paper work back by that Monday. I explained how could we when you didn't send it. Any how, he said it'd be here the following week, this week. I received it today and I am so disappointed. I found out the $800 we had been sending in was never applied to the principle. The loan is now for 173,045.67. It has gone up over 10K!! They added $4656 for delinquent interest and 5819$ for escrows. Had we known in the beginning that this was going to happen we would have found another option.
Is this the norm? I feel trapped in this and I guess we have to do it. Our 1550$ payments are now 1548$. Our interest rate is now 4.75 which is good because it was 6.87.
This has only hurt us. I feel betrayed. |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Post subject: |
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Hi Hosed,
I can understand what you must be going through. It is the lender who did not send you the required docs which has now badly affected your mortgage payments and your home loan has gone up by $10K. I would suggest you to try and negotiate with your lender so that you can get a better plan to pay off the mortgage dues.
_________________
Procrastination is the enemy of your financial success |
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LSBENZ
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Post subject: Loan Modification Deny Home Eq |
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After 90 day a letter came in stating the loan modification was turm down
reason state fail to meet the occupied test Home Eq ask for a copy of driver license also gas and other utilities showing that the the property is owner occupied all shown was just what they ask for still turn down any advice!!! |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi LSBENZ,
In my opinion, you should contact the lender and clarify the whole issue. You've given sufficient proofs to the lender to let him know that the property is owner occupied. In that case, he should have accepted your request for modification.
Thanks |
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lauraliew
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Post subject: loan modification |
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| My husband recently lost his job, due to layoffs. We decided to get a loan modification to help us make our monthly mortgage payments. As of today we have never been late on a payment or delinquent. My understanding of the terms with the loan modification is that even though we call in to make our payment the mortgage company will "claim" it as delinquent. So, yes we will be able to afford our monthly payments, but our credit takes a big hit. Is this the way a loan modification should work? |
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