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trust and correct
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Post subject: loan modification |
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| I have seen so many people hurt from doing loan modifications without legal help. I have found a company that do what they say and if they dont they will give you your money back. For me that is good news. They did lie to me or over charge me. Check them. Debtbarter.com. Contact William@949-429-0176 |
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sina
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| yes i did do a hardship letter. And the lender had told my attorney that i have been pre-approve for the load modification. And that i am being reviewed. but for some reason the lender still wants to put me in foreclosure. all i want is a lower monthly payment. I have been paying for 9 years very very good and its about time i get a lower monthly payment cause of all the bills that are going up. what should i do? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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I think that your lender has not approved the loan modification for some reason and thus he wants to foreclose the property. I would suggest you to speak to the lender and try to convince him about a loan modification. If the lender is not convinced, then I don't think you have much to do.
_________________
Procrastination is the enemy of your financial sucess |
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keisha
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Post subject: How will a loan modification affect my credit? |
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| Will a Loan Modification affect my credit score in a negative way like a foreclosure does? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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Hi keisha,
A loan modification will not affect your credit score. In this process, the lender will provide you with an alternative payment plan which will help you in paying the mortgage debts. However, you should remember that while modifying the loan, the lender will add your past due payments to your new payment plan which may increase your monthly payments.
Take Care. |
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Liz
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| I am looking into this loan modification... anyone know of a good reputable company that can help me with this? I have tried to deal with Countrywide directly, but they just keep giving me the run around. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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Post subject: |
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Hi Liz,
It is your lender who will modify the loan for you. In order to get a loan modification, you will have to write a hardship letter to your lender. If the lender is convinced by your hardship, then the loss mitigation department of the lender will modify the loan and give you an alternative payment plan. This will help you in paying the debts.
Take Care |
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Liz
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| I have called Countrywide many times and they are just not willing to work with me. They have me tied to an adjustable interest only loan and because I am still making my payments (to save my credit) they aren't willing to modify. I tried to refi, but with the economy, my house doesn't appraise high enough. I just don't know what else to do. I have good credit, I pay all my bills on time, but no one will help me get a fixed loan. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Liz!
Welcome back to forums!
The lender will not modify the loan as you are still current on your payments. Lenders agree to modify the loan only if you are delinquent on your payments. It will also depend upon your financial situation.
Sussane |
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Millie
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Post subject: foreclosure |
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| Can a mortgage lender foreclose on a home while a request for a loan modifcation has been sent to them? |
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sfloridaflyer
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Post subject: Tax Deduction for Loan Modification admin fee |
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Does anyone know what the tax deduction rules are for claiming the fee charged by mortgage companies for loan modifications? I paid a fee to the bank to close the loan modification so I am curious to find out how this qualifies if at all. If so, how do they calculate the deduction. On your federal taxes, the section on deductions asks for "points" on refinancing an exisitng mortage. Is a loan modification considered a refinancing? How do you calculate the deduction, I didn't see any points on when signing the closing statements, i rememer only the term, "closing fee/cost"....
Any ideas?
Thanks |
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BA
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Post subject: Mortgage company refusing to help. |
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| Countrywide told us that they cannot offer us any kind of assistance. We are 6 months behind in our mortgage payments and are trying to work something out with them. Do you have any suggestions? Should we go through one of the many companies that have been contacting us to help? |
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Alessandro
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Hi Millie,
If you have sent them a loan modification request, they cannot foreclose on your property. But they can do so, in case your request is rejected by them. |
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Alessandro
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Hi sfloridaflyer,
I'm not aware of any such tax deduction for the fees paid to the lender for modification of the loan. The point is a certain percentage of the loan that you pay the lender as closing fees. Refinance and loan modifications are two different things. I think you should consult a tax consultant in this regard. |
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Alessandro
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Hi BA,
Have you send them a hardship letter regarding this? This is the first thing you should do. however, if they are still reluctant to work out a plan with you, you can contact a loss mitigation expert or a lawyer. They can help you better. |
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