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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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NoCo
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Post subject: Change of income |
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| In 2007 my income was 14,000 then I changed jobs and in 2008 it was $120,000 net, I also becme self employed that year, will my mortgage holder look at the past two years for consideration of a loan modification? I has many personal loans from family that were paid back in 2008 and im behind by 6 months in payments now, |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome NoCo,
The lender will definitely check your financial situation before approving a loan modification. If you can prove that you are presently facing a hardship due to which you are unable to pay the dues, then he may approve the modification.
_________________
Procrastination is the enemy of your financial sucess |
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garry
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| I've been in talks with a negotiator in Arkansas. They said I could stop paying a $200,000 mortgage as I'm upside down and I've recently filed bankruptcy too. Well the mortgage is an option arm …just ask me what it is…and I'll tell you guys I was just ripped off by my lender who said it was an excellent product and had very low rates..who knew the rates would just go up like anything and bring havoc in my life..anyway, so this negotiator now asks me to stop making min payments on the arm so that they could negotiate for a loan modification. I also got in touch with the lender's loss mitigation department and we're to meet next week. They want me to show them all my income docs, letters I've send them and a whole lot of stuff… The dept knows I've filed ch7 but they didn't seem to react to the fact that I need to stop payment. Do I really need to be current or can I just stop paying?does that help in any way?? |
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Andreas P.
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Post subject: modification mortgage |
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| My loan is $395,000 at 5.35% 30 years fixed.We are retired and our main income is my s.security and my wife's also.We do have some money invested in our 401k. In order to pay our mortgage we are selling some of our 401 money. Do you think that we can qualifie for modification mortgage? Thanks |
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nick210
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Post subject: loan modification |
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| CAN U MODI FY A LOAN FOR A 2ND TIME.MY LOAN WAS MODIFIED IN NOVEMBER,THE INTEREST RATE WAS LOWERED 1%,AND THE MONTHLY NOTE IS STILL HIGH. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi,
To garry,
Lenders do not approve a loan modification unless you are delinquent on your mortgage payments. So if you are current, there are chances that the loss mitigation department will not consider your request.
To Andreas,
You can speak to the lender and inform him about your hardship through a hardship letter. The lender will check out your financial situation and decide if you would get a loan modification or not.
To nick,
I don't think your loan can again get modified by the lender so soon. Your monthly payments are higher because the lender had added the past due payments with your existing monthly payments.
_________________
Procrastination is the enemy of your financial sucess |
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soul lost
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Post subject: Loan Modification, Refinancing, whatever you want to call it |
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| Why is it you given so much erronious information, and told how easy something is, after the fact has been stated it doesn't matter what your current situation, there is a plan for you, you give all your personal information out then told if you could show that you have another income that would help and we could began the process then once you give the other source of income, then you hit another stumbling block and all of sudden what looked like a very good deal turns out to be the company, lenders next words to you oh I 'm sorry that can't work, can you explain that I mean even if that person has other obligations it doesn't take up the other persons entire income that's how you're making it, and then to have what is suppose to be a Loan expert tell you I'm sorry we can't help you!!! it's like give me all your personal information and even if I say that we can help, you give additional information (personal) and then to be told sorry, we can't help you now (it's like you see that there's going to be difficulty and you're trying to get assistance but no one will help unless you're in desparate need is that the case, you're so in need of help, that the company is hoping you'll fall for any dumb deal they try to stick you with? is that the case, and then after 2 or 3 years you're in the same parculiar dumb situation that you were facing at first (up the river without a paddle sort-of-speak). |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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| Whether it's a loan modification, short sale or a deed in lieu, you will have to give certain personal information to the lender. Moreover the lender will also wish to know your financial situation. Unless you disclose these to your lender, he will not be able to judge your situation. If you cannot convince him about your hardship, the lender will not accept your request. |
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zahia
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Post subject: loan modification |
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Can your mortgage loan be modified if payments have fallen 4 months
behind due to a job loss and there is no current job |
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stevefrye
Joined: 11 Mar 2009
Posts: 1
1.53 Dollars($)
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Post subject: Combining Mortgage balances |
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I currently owe $262k on a home worth around $520k. I also have two equity lines worth an additional $240k, making my total balance due between the 3 $502k. I've never been late on any of the mortgage/equity payments but they are putting me in a position where I will probably be late and am forced to use credit cards / equity lines to pay for my a portion of my monthly living expenses.
How successful can I be in getting the equity lines (both through banks) or the mortgage lender (Wells Fargo) in decreasing the principal balances so that I can roll it all together and better afford the monthly amount.
Also, what are my chances of offering a settlement amount of 50% or so to the banks holding the equity lines? At this rate I'll never pay them off and it may lead me to foreclosure / bankruptcy. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome,
To zahia,
Yes, you can speak to the lender and submit a hardship letter in order to check if you qualify for a loan modification.
To stevefrye,
I doubt whether your lenders would consider your request for principle balance reduction. As far as I know, most lenders do not accept this. As far as offering a settlement amount of 50% or so is concerned, you will have to negotiate with the lender. However, it would be the lender's discretion whether he would accept it or not.
_________________
Procrastination is the enemy of your financial sucess |
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gabby
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Post subject: modification |
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| The mortgage is in my wifes nae and she set up a loan modification due to u not being able to pay the existing mortgage. They did not change the rate and made the payments higher as well as keeping it arm. I'm contributing fianacially to this loan but my name is not on it. what should we do |
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sina
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Post subject: in a loan modification and am trying to avoid foreclosure |
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| i got my own attorney to do the loan modification and i havent payed for about 4 months. I started the loan modification since Dec. of 2008. Now the lender is telling me that i am going to be in foreclosure. The attorney that i have is telling me that the lender hasnt found a nagotiator yet and that there 60 days late. Can i still be going into foreclosure? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome,
To gabby,
In a loan modification, the monthly payments can increase because the lender adds the past due payments to the monthly payments while giving you a new plan. As your name is not on the mortgage, you are not liable to pay the debts. Moreover, your credit will not get hurt if the property is foreclosed upon. If you want you can try and refinance the mortgage and add your name to it.
To sina,
Did you write a hardship letter to the lender and applied for a loan modification? If yes, then the lender should have informed you whether they are accepting your request or not. Your attorney will not modify the loan. It is lender's discretion whether he would go for it or not. Yes, your property can go into foreclosure. |
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