| Author |
Message |
smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
|
Post subject: |
|
|
Hi Razorback!
Welcome to forums!
You will have to convince the lender for loan modification. If you cannot convince the lender for it, then he will foreclose the property and you will lose it.
Feel free to ask if you've further queries.
Sussane |
|
|
billy
Guest
|
|
Post subject: modification and credit problem |
|
|
Hi
My x-wife and I has been divorce over 8 years. She had her own home before we got marry and I moved in after we were married. We both got a second mortgage together on her home. Well after we got the divorce she told me that she would take my name off the mortgage by refiancing the loan. I recently got marry again to a wonderful person and when we went to purchase a home we found out that my x did not refinance and still has my name on the mortgage. I also found out that she did a modification loan and got behind on her payments which cause to damage my credit. I have not live there over 8 years since the divorce. What can I do to solve this problem? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
|
|
Post subject: |
|
|
Hi billy,
Unless your ex refinances the loan or assumes it, you won't be able to get a new mortgage in your name. The late payments on that mortgage will have a negative affect on your credit scores.
Thanks |
|
|
michaelastubbs
Joined: 05 Mar 2011
Posts: 1
1.19 Dollars($)
|
|
Post subject: Can a Loan be modified without the permission of 2nd title.. |
|
|
Is it legal to modify a loan, without asking the second title holder? My fiance got a letter with a notice of his house being in forclosure. His Exwife claimes she's getting the loan modified...but how can this be when.
He is on the deed of trust? How is it possible for her to modify the loan without his permission? What are the regulations for those issues in the State of Colorado?
Thank you in advance
Michaela |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Welcome michaelastubbs,
Both the lenders should be consulted before going for loan modification. However, if the loan was in the name of the ex-wife alone, then she can get a loan modification solely in her name.
_________________
Procrastination is the enemy of your financial success |
|
|
purplecoach2
Joined: 10 Mar 2011
Posts: 2
2.01 Dollars($)
|
|
Post subject: loan modification trial |
|
|
| We have just been given a three month HAMP loan modification due to start April first. We got it our selves after two loan modification companies were unsuccessful, one we already paid to do a REST report. Any way we called both back and they reviewed Indymac"s 20 page contract and said it was really good but be sure to do the payments EXACTLY as described but NOT to pay March's payment. They said it will screw up the trial postings but didn't explain. We are nervous about this and here's why. We never defaulted to begin with. My spouse lost their job for 4 months last Spring. They offered us a three month decreased payment "to help us over the hump" and we signed the contract. We asked for loan mod and they jerked around since last year. In Jan we found a note from a Realtor asking to sell our foreclosed home!! Oh and after the three month trial they helped us by putting our payments up to full amount ( a $1000 more a month). After paying $300 for a report from a loan mod firm, the bank finally answered our questions as to how they were posting what we thought since last year were our regular on time payments. They are going to the false default arrears and fines!!! We think we shouldn't have an actual missed payment but they're not posting as them anyway despite our filed complaint to the bank and OCC and others. No one has responded to it. What is the chance that if do not pay March, that they will post the first trial payment for March and it will look like we failed the trial. The loss mitigation department will nit respond to the questions about this nor can we get the guy working our file to talk to us on the phone suddenly. |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
|
|
|
SammiC2010
Joined: 14 Mar 2011
Posts: 1
1.18 Dollars($)
|
|
Post subject: |
|
|
The number of home loan packages has risen since last month. Most of the new applications are for mortgage refinancing. Low rates of interest make adjustments more attractive than purchases. Prospective home buyers are still cautious, as house values are continuing to decline and few want to purchase an asset that is in the midst of depreciating.
[Link Removed as per forum rules. Thanks] |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Welcome SammiC,
You're correct. Most of the consumers are interested in refinancing their existing high interest loans into low interest ones. This makes it easier for them to pay off their loans and own the property free and clear.
_________________
Procrastination is the enemy of your financial success |
|
|
andrea
Guest
|
|
Post subject: |
|
|
| in order to be approved for a modification, how much money should i have left after my mortgage payment, and expenses. i want to be approved and i will lower, or cut out expenses if i have to. i just need a figure to know before i give my financials. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
|
|
Post subject: |
|
|
Hi andrea,
It will depend upon the income that you have. The lender will send you a financial package which you need to fill out. The lender will judge your financial situation and let you know whether or not he will consider your request. It will be important for you to show some kind of income in order to get qualified for a loan modification.
_________________
Procrastination is the enemy of your financial success |
|
|
jose luiss santos
Guest
|
|
Post subject: loan modifcation |
|
|
Lenders monthly payment offer i higher
than the actual monthly payment. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
|
|
Post subject: |
|
|
Hi jose,
If you're delinquent on your monthly payments, then the lender may add that payments to your principal balance which may increase your monthly payments though you go for loan modification. You can request the lender for a principal reduction in such a situation. It will be the lender's discretion whether or not he will offer it to you.
Thanks |
|
|
williammccune
Guest
|
|
Post subject: stop forclosure |
|
|
| Need help saving home bank will not take payment 3 months behind . Ihad modfi year half ago. Need help illness been problem keeping up with pay ments that went up after mortified please help. Bill |
|
|
williammccune
Guest
|
|
Post subject: stop forclosure |
|
|
| Need help saving home bank will not take payment 3 months behind . Ihad modfi year half ago. Need help illness been problem keeping up with pay ments that went up after mortified please help. Bill |
|
|
Previous 1, 2, 3, ... 19, 20, 21, 22 Next 
