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badhairday53
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Post subject: loan modification |
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| My mortgage is held by the builder but service through a company called "NoteWorld" in Oregon - can I still apply for a modification ?? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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In my opinion you will be able to modify the loan. You'll have to speak to both the builder as well as the servicer.
_________________
Procrastination is the enemy of your financial sucess |
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allbsdd
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Post subject: loan modification |
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| I have been layed off from my job..and also have had my arm max out..and now the new payments are out of the question..so we are falling further and further behind...but no foreclosure yet...We have tried to work with the company for a modification but, very very difficult...really nice people however, from a different country and there is sometimes a language problem...also they have offered several things but just extending the arm out another five years...I'll be on fixed income then..so would have similar if not worse problems..each time we seem to get close, they ask for more information or time goes by and they need a whole new package...Its as if they are going through the motions but really don't want to do anything. Always a different person each time we contact them, etc...Is there assistance out there at low cost or free to help negotiate with the lender...We want to keep our home and feel very strongly that if the payments were reduced from their 9.75 interest rate, and extended out to a fixed mortgage...We could afford to stay in our home now, and in the far future on fixed income...thank you.. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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You can contact a loss mitigation expert and discuss your case with him. He can then negotiate with your lender and help you in modifying the loan.
_________________
Procrastination is the enemy of your financial sucess |
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anonymous123
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Post subject: foreclosure |
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| Can I foreclose on a home that I own if I'm not in financial hardship? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi anonymous,
If you are not making the payments, then the lender would automatically foreclose the property. However, if there is no financial hardship, why do you want the property to go into foreclosure? It will lower your credit score by 250 points.
Thanks |
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spagui11on
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Post subject: loan modification pay in full to broker |
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| I have a broker working on a loan modification for my home. I paid 50% of the cost for this process. The modification is no where near any agreement, and the broker is asking for the other 50% to pay in full. Is it a standard procedure to pay in full for service not guaranteed? Is there a law? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi spagui,
I don't think your lender can demand money from your before he has guaranteed the service to you. You should consult an attorney and take the needful steps.
_________________
Procrastination is the enemy of your financial sucess |
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bandrs
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Post subject: is it worth it? |
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| After 5 months of unemployment, our income has been reduced by 50%. This makes our payment (which is an ARM) about half of our monthly income. Even though we kept up with the payments, does this makes us a likely candidate for modification? I have some reservations about the cost associated--I know mortgage companies don't do this for free. My goal is to lower our payments and possibly change to a fixed rate but it seems too easy. Is it too good to be true? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi bandrs,
Accepting a loan modification or rejecting it is the discretion of the lender. You can write a hardship letter to the lender and inform him about your financial situation. The lender will judge your situation and then decide whether he would give you a loan modification or not.
Thanks |
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Nunez
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Post subject: Loan Modification |
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Who said you have to be late on your Mortgage to qualify for a Loan Modification? Or for lender to accept a Loan Modification Application. I though it doesn't matter if you late on your payments or not. Isn't the HardShip what counts. I thing I read this some where in the internet. Please clarified.
Thanks,
Tanya  |
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Nunez
Guest
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Post subject: Loan Modification/Credit Report |
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I have a ?. If I am in the process of a Loan Modification. Meaning that I already sent all required documents and just waiting for results. If I am unable to keep paying my mortgage payments. Can the lender report to Credit Bureau of not receiving my mortgage payments. Doesn't being in the process of a Loan Modification stop lender from reporting missing mortgage payments to Credit Bureau?
Thank you,
Tanya |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Nunez,
Lenders generally accept a loan modification when you are delinquent on your mortgage payments. However, in certain cases, the lender would accept you request when you are current on the payments.
The lender can definitely report the late payments to the credit bureau though you've applied for a loan modification. Applying for modification of loan will not stop the lender from reporting the missed payments.
Thanks |
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Nora
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Post subject: warranty deed |
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| if you refinance your home with your spouse and pay it off. Does refinancing over ride warranty deed that had another person on it but deceased. |
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Jimbo
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Post subject: Home Loan Modification |
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| http;//homeloanmodification.dyndns.org says that may people get decliend trying yo get a loan mod because they do notknow how to submit their loan workout application correctly. They claim that you would be better served by having an attorney represent you in the negotiations. That sounds like sound advice to me, is that correct? |
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