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michael jermyn
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Post subject: upfront loan modification fees |
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| Can a licensed mortgage corporation in the state of florida and or a licensed attorney in the state of florida accept partial upfront fees for loan modification services |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi michael,
It's not a good idea to pay upfront fees to the attorney for loan modification. I would rather suggest you to contact the loss mitigation department of the lender and discuss your options with them.
_________________
Procrastination is the enemy of your financial sucess |
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Melissa Johnson
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Post subject: foreclosure |
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| What if I filed chapter 13 bankruptcy 9 months ago. I still had to remain paying my mortage but I did not because a the time we filed bankruptcy my husband lost his job and we barely hasd any money left to pay the bankrutpcy and pay the mortage. Can I file bankruptcy again? |
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eulaterry
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Post subject: remodification |
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| I went to a company to get help with my mortgage, they put in papers for a remodification but told me to keep paying the mortgage, what happens if I stop paying until the remodification is approve, this is money that I can save in my pocket. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome,
To Melissa,
You will have to wait for at least 2 years to file Chapter 13 bankruptcy again.
To eulaterry,
If you stop paying the dues until your remodification is approved, the past due payments will be added to the new plan that the lender will offer you. Thus, you'll have to pay an extra amount.
_________________
Procrastination is the enemy of your financial sucess |
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Bob_snober
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Post subject: loan modification and bankruptcy |
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| I have already filed chapter 7 bankruptcy and have applied for a loan modification with the lender as we are reaffirming the mortgage. Now the lender says the loan modification is null and void since I filed bankruptcy. I am waiting for the mortgage lender as to how I'll pay off 3 months dues. Since we're just 3 months behind, I hope to continue with the loan modification and repay the dues. So, what do I do now? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Bob!
Welcome to forums!
As far as I know, you should sign the reaffirmation papers first and then apply for a loan modification. If you do not sign the reaffirmation papers, you will not be personally liable for the mortgage. Once you become personally liable for the mortgage, the lender will modify the loan.
Feel free to ask if you have further queries.
Sussane |
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jdgbc
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Post subject: Loan Modifications |
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| We refinanced our hom ein 2005 for what was supposed to be a 30 yr fixed rate, however this past July, it went to a ARM and payment increase of $300.00. We have asked Wilshire Credit for assistance with the payments since Nov 08, but was ititially denied, saying we had too much equity in thte home. How does that help with lowering my payment. In February we tried (and paid) for asistance from a 3rd party, but they did nothing for us. I have made contact with Wilshire on a weekly basis fo rthe past month and am being told they are putting a package together, but we have received nothing as of yet. I have been served with Lins Pending paperwork and now have final judgement date of 28 May. I have also been told I have a tentative foreclosure date of 08/03/09. What options do I have to keep my home after doing everything that has been asked. I am currently 4-5 months behind, (which Wilshire stated not ot make any payments) so I have triede to pay off other bills, but am still broke. Any suggestions in what to do to keep my home? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi jdgbc!
Welcome to forums!
As you are 4-5 months behind on your mortgage payments, there are chances that you will qualify for a loan modification. You will have to contact the lender continuously in order to know whether they will offer you a modification or not. As far as the Lis Pendens is concerned, you will have to contact an attorney and check out what steps you need to take.
Sussane |
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KATRINALACOMBE
Joined: 15 May 2009
Posts: 2
2.08 Dollars($)
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Post subject: loan modification with local finance company |
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| My husband and I currently have a mortgage with a local finance company. We owe approx. 54,000. We have never fallen more than a month behind on our payments. I inquired with the company about loan modification and they said that is not an option with them. They said they are not a bank. Can they refuse to work with us. Although we have never fallen 30 days behind, we are drowing in debt and are not sure how much longer we can keep this up. Because this is a mobile home, what other options might we have? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi KATRINALACOMBE!
Welcome to forums!
Finance companies may have their own rules. May be your finance company does not offer a loan modification to the borrowers. You can apply for a short sale if you are facing hardship in paying off the mortgage. However, if the lender agrees for a short sale, you will not be able to save the property. The property will be sold off to recover the dues. You will also be liable to pay the deficient amount resulting from the sale of the property. Moreover your credit score will be lowered by 75-100 points.
Feel free to ask if you have further queries.
Sussane |
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bebe
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Post subject: |
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| what if i don't have any tax information from last year? what do i do? |
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Guest
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Post subject: |
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| You need to contact the tax department to get the correct information regarding your taxes. |
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Abbygirl
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Post subject: Does forclosure automatically equal bankruptcy? |
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| I am a military member & recently found out that the pres. stimulus plan will not cover me. I will be forced to move by the military in Oct 2009 and I don't know how I'll be able to pay rent and a mortgage. My home in Vegas has depreciated by $160,000 so I can't refinance. I am not behind on any payments. I have a 1st, 2nd and 3rd mortgage and have recently gone through a divorce. If I allow my home in vegas to be forclosed on, does that mean I automatically have to file for bankruptcy. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Abbygirl!
Welcome to forums!
Foreclosure does not mean that you will have to file for bankruptcy. As you are not behind on payments, the lender will not immediately foreclose the property. However, once it forecloses, you will still be responsible for the mortgage payments of the 2nd and the 3rd mortgage. If you cannot pay them, the lender may send the account to collections.
Feel free to ask if you have further queries.
Sussane |
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