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Denise
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0.10 Dollars($)
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| How many months late should you be to have the lender FINALLY review your request for a loan modification? Or, how many months late are typical for the lender to file Notice of Default? We submitted a complete package to Wells Fargo in October and still are waiting for a modification person to be assigned. We call weekly , because we have submitted the same documentation many times after being told the week prior that no documents were needetd because they were in receipt of everything. They are now requesting our 2009 Tax Returns and we were told that until they receive the taxes that our file will NOT be reviewed further! Can they do that? The taxes are not due until April 15th!!!!! |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Denise,
It is not mandatory for a person to be late on the mortgage payments to get approved for a loan modification. Depending upon your financial situation, the lender would approve your modification even though you are not late. It is true that the taxes are not due until April 15th. You should talk to the lender about this and ask them to consider their decision.
Take care. |
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marlon
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Post subject: mobile home through green tre servicing |
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| Hello, i have a mobile home that i got through conseco first and was later sold to green tree, but, the individual that had the mobile home was behind like 6 months and to be honest, my credit score should not have let me gotten this mobile home. I was working a good job back when i got it and i am unemployed right now. Green tree servicing is crooked. As of right now um behind may payment and i have gotten a temporary job, i called the main lady over accounts i think whose name is Susan and i asked her about payment defferal and yup you can guess she stated i can't get one this month because they are only allowed to give 5 or 6 a month and she'll put me on the list for next month which i'll be 3rd in line. They told me that exact same crap in 07 and it went on and on, excuse after excuse. These people have me borrowed out from family and friends and i hate i had to do that. In my area jobs are getting scarcer. She said if i wasn't able to make the may payment on the 25th of this month then i'll be in a little trouble with legal fees and the foreclosure process. I am not dumb, but are they suppose to toss that at you like that. They've called my neighbor and i don't know how they got her number and they've also told my cousin my account problems because they went on to tell him he was me and this was no time to be playing games. Um stuck and i refuse to let these folks stress me out. The mobile home was built by redman homes and it sucks as far as quality goes and not worth the $11,000 i owe on it. Its a 1995 built mobile home, they stuck me with their crappy insurance and you can't get things fixed because they are crooked. To be honest I need to figure out something, they also said i could not get a loss mitigation loan mod either. Any help would be greatly appreciated |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi marlon,
If you want to get rid of the property, then it will be better to go for a deed in lieu of foreclosure. This will not only help you in getting rid of the property but you won't be liable for the deficient balance even.
If you get qualified for a loan modification, your interest rates will be reduced and the loan term would be increased. If you don't want to keep the property, then going for a mortgage modification is not a good option.
Thanks,
Jerry |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Marlon, if your servicer is contacting others and discussing your financial situation, that is illegal and you have to find someone to assist you in taking action. A good place to start is with the Federal Trade Commission (www.ftc.gov). Check that site out and you'll learn what you need to do to take care of that situation.
As for your payments being due, and your inability to obtain a modification, that is often the case. I don't know about limitations on how many modifications are allowable on a monthly basis (sounds fishy), but if you're marginally employed, and have had a history of delinquency with them, they are certainly within their rights to demand payment in full at once without offering you any sort of break.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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simon
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Post subject: modification of rental property |
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| my home i live in was justmodified with g.m.a.c under only my husbands name.this loan was not owned by freddie mac or fannie mae, can i modify my rental home under my name which is owned by freddie mac. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi simon,
If you're facing a financial hardship and cannot pay off the mortgage for your rental home, you can apply for a modification. The lender will judge your financial situation. If he is convinced about your hardship, your request for modification will get accepted.
Take care. |
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waverly
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Post subject: secondary residence |
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| how does a loan modifycation program address secong homes? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi waverly!
Welcome to forums!
A lender will address the loan modification on your second home in a similar way as your first home. You need to contact your lender and apply for it. The lender will judge your financial situation and let you know whether or not you would get a modification.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Indeed, modifications are possible on every time of ownership. The considerations will be different if it's not owner-occupied, of course, but your lender will be able to pick and choose from a variety of options, to ensure that your situation will (we all hope) fit one of them and provide the relief you seek.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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keilysmith
Joined: 29 Aug 2010
Posts: 5
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It is quite surprising to me that the lender went ahead and testing of the property when your friend was to negotiate a loan modification. She should contact the lender and discuss the matter with him. In my opinion, it would be better if she could hire a lawyer and let him negotiate with his lender.
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Goochland foreclosures |
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JACKLEE
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Post subject: CAN NOT MAKE PAYMENTS ON BUSSINESS LOAN |
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| ME AND MY WIFE HAVE TWO BUSSINESSES WITH ONE BING SUSSIFUL AND THE OTHER NOT. WE ARE UNABLE TO MAKE THE PAYMENTS. WE BEEN IN BUSSINESS TEN YEARS PLUS. BANK DOES NOT WANT TO WORK WITH US ON MODIFING THE PAYMENTS. HAVE NOT MISSED PAYMENTS IN THE LAST TEN YEARS EXCEPT JUST LAST TWO MOUTHS. WHAT SHOULD WE DO? |
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JACKLEE
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Post subject: BUSSINESS LOAN |
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| HAVE YOU RESPONED TO MY PROBLEM YET? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi Jack!
Welcome to forums!
You should contact your lender who has given you the business loan and inform him about your financial hardship. He will go through your situation and might offer you a payment plan so that it becomes affordable for you to pay off the dues.
Feel free to ask if you've further queries.
Sussane |
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JACKLEE
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Post subject: BUSSINESS LOAN |
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| WE HAVE ALLREADY DISCUSSED THIS WITH THE LENDER AND HE SEID THEIRS NOTHING HE CAN , DO TO VALUES OF HAVE ALL WENT DOWN THE LAST YEAR OR SO. |
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