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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi lauraliew,
If you make regular payments as per the modified plan given to you in loan modification, it will not affect your credit score in any way. However, if you were already delinquent in your payments prior to applying for modification, then it would have affected your credit score as the lender would have reported it as late payment to the credit bureau.
Take care. |
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anonymous 3
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| Does it state anywhere in the program for modification that the amount of the reduction from your principle will be considered taxabel income? we have a modification of $60,000 and now owe federal tax for the what is considered earned income. this is unreal...we are trying to keep our home and were thankful for the help...only to relize that we have to pay tax on the amount. How can people take a hit on income taxes with that? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi anonymous!
Welcome to forums!
The amount of principle debt which is forgiven will be considered as your income. Thus, the IRS will be able to charge taxes on that amount. As far as I can understand, you will have to pay taxes on that forgiven amount.
Feel free to ask if you've further queries.
Sussane |
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Hooky
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Post subject: Help |
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| We have found a loan modification online and we are approved, we have not said anything to our bank or asked them to help us. We are not behind but our payments are so big it's getting harder and harder to pay and my husband has been out of work for over a year now. Question is do we tell or ask the bank first or go with someone we found online< |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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z burkett
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I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks?
A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Then I was referred to Corey Lassiter of Clear Image Financial Group. They saved my home.
I know I would have lost it to Wachovia if it wasn’t for him, Tasha, Denise and the rest of the people who work there. Got me caught up on my mortgage 1st & 2nd, lowered my interested rate & payment, and secured me a 50k principle reduction.
Before anyone else on here loses their homes you need to give them a call. Don't be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes!
I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn't been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn't news (What!)
So, I am making it my mission to spread the word on this GREAT company!
[Phone number deleted as per forum rules. Thanks.] |
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horse221
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Post subject: Loan Modification and Foreclosure Alternative |
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I am participating in an incredible program that I was introduced to about 4 months after my home went into foreclosure in south Florida. It is interesting how many options/solutions there really are out there, especially when a foreclosure forces you to put your attention on locating a solution. Anyway, a business associate of mine turned me on to a Program called The Home Ownership Program that helps homeowners confront their lenders to determine if the lender violated any Laws or committed any fraud in the origination of the loan. When I obtained my loan, for approx $455,000, I wasn't even employed. I told the mortgage broker that I was self employed and starting a new business, which was true, and he asked me what I thought I would be making. Based on that they issued me the loan and sure enough, the downturn in the economy sunk my business and my home ended in foreclosure. My home was worth about $150,000 less than the mortgage, and a loan modification with a principal modification was not happening, so I decided walking away through foreclosure would be the best option. Well, that is until I found The Home Onwership Program, and with their help, I have confronted my lender (via documents) and determined that they have in fact violated laws during the origination of my loan. From what I understand such violations occur in more than 90% of loans. Anyway, the end result is that I am exercising my legal remedy to cancel the mortgage providing me with clear title to my home. I can stay in the home or sell it, but the bank will not longer have a mortgage on my property. I have been involved with this for 3 months, and the final documents, The Deed of Reconveyance/Release of Mortgage is getting filed this week with my local county court recorders office. So, since I have had such a positive experience, I thought I would share that there are alternatives to Loan Modifications and Foreclosures, and The Home Ownership Program is the best one I found because it can literally change your financial life by legally giving you absolute ownership of your home in less than six months. Do the research yourself.
[Contact details deleted as per forum rules. Thanks.] |
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alone and broke
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Post subject: pre-foreclosure counseling |
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| I am disabled, unable to live in my home and rented it. It was trashed to the cost of $3000.00 and no deposit to fall back on. I have applied at local government free pre-foreclosure counseling and debt counseling to avoid losing the house and not to go into to foreclosure. I have been turned away because I am not a "owner occupied" home. I do not see this as a pre-requesite in your eligibility above. What is the truth? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi Guest!
Welcome to forums!
I would suggest you to contact your lender and apply for a loan modification and check out if you can save the property. The local government free pre-foreclosure counseling may have this special criteria that one has to occupy the home in order to get the counseling. You should negotiate with your lender for a modification in order to see if he can help you. It would be a better option rather than going for a pre-foreclosure counseling with someone else.
Sussane |
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nonameplease
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Post subject: Loan Modification |
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| I have paid the loan modification but was denied twice. I lost my modification payment. CAn this be a tax write off? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Big Steve
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Post subject: Home mod |
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I just recently went through a home loan mod and my interest rate was lowered to 2% which lowered my payment greatly. The draw back is that I now owe $290,000 instead of $274,000 and will have a 37 yr payout instead of 28 years.
Is there any relief in the new rules that would allow the principal to be lowered?
Any info would be very helpful. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Steve,
Your lender will either reduce your interest rates and increase your loan or reduce your principle balance and modify your loan. As your lender has reduced your interest rates, your term of the loan payment will increase as it will help the lender recover his dues.
Take care.
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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Sheila
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| Lost my job and got behind on mortgage payments. I have been trying to get a loan modification on FHA loan through Chase for the last year. Finally got modification and loan amount has increased by $27,000 which includes back payments and interest. It is a 30 year fixed at 5% but the payment is only $80. less than original. Take the mod or bail?? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Sheila,
If you can afford to pay off the loan after accepting the modification, then I would suggest you to go for it. This will help you in saving your property. If you are unable to pay off the loan after modification, then it's better to get rid of the property. You can apply for a deed in lieu of foreclosure and sell off the property.
Thanks |
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