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dr.short
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Post subject: mortgage modification or short pay refinance |
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i'm currently waiting to close on short pay refinance loan. a few months ago my mortgage company sent me a packet for a loan modification which was never returned to them and now my mortgage company told me that i was under a forbearance/ agreement plan that will help me modify my mortgage.
we never agreed to this modification we are waiting for our loan for the short pay off refinance gets undersigned so i called my mortgage company and asked to put me back to my regular payment plan and they agreed to
remove me from the forbearance/ agreement plan but with a warning that a loan modification is an only shot and that if i refuse i will no longer be able to modify in the future. if this true? what is my short pay refinance fails to go through will i be stuck without the opportunity to apply for a modification again? would my only option be to foreclose on my home.
please advice. |
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smith
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Post subject: loan modification |
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no one will give us a straight answer as to what will happen to our credit and what happens after the end of the trial period....are they decreasing our interest rate, extending the loan out therefore decreasing our payment or what..no one will tell you anything except the sign the paperwork and wait the 3 months of decreased payments with a hit to your credit but that is all...nothing about what will happen after the 3 months  |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Hi dr.short,
There is no rule that says you cannot apply for a loan modification if you have turned down a modification offer earlier. However, a lot depends on a particular lender. Some of the lenders are more eager to work with the borrowers and help them with loan modification programs, while others are reluctant to do so. You have mentioned you are about to close on a short refinance loan, right? Did you not talk with the lender and get their approval for the short refinance? If you have taken their permission, you should go ahead with the short refinance. If the refinance does not go through successfully, you can always apply for a loan modification for a second time.
Hi Smith,
The lender can modify your loan in several ways. Most of the time, they either reduce the interest rate on the mortgage or extend the term of the loan. But there are various other factors that are taken into account while modifying a loan. Once your modification request is accepted, the lender will offer you a trial modification plan for a short period of time. Once you make you payments satisfactorily as per the trial plan, the lender will offer you a permanent modification plan.
Thanks,
Jerry |
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Linda Sue
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Post subject: mortgage modification |
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| Can a spouses name be removed from the mortgage if a loan modification is filed? It states in the divorce papers that my ex is required to file a qiut claim deed but I also want his name off of the mortgage. I have been approved and I am now in the trial period which will end in Jan. It is my understanding that a new note will be written at that time. I am hoping at the time the note is written that it will not include my ex.This is in the state of Ct. |
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christinehynes
Joined: 05 Sep 2009
Posts: 72
Location: Orange County, California
12.58 Dollars($)
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Loan modifications can help you lower your interest rate, monthly payments, change an adjustable rate to a fixed rate and sometimes even lower the principle (although this is fairly rare).
If you are behind on your payments and are placed into a trial loan modification your credit score will take hits from both being behind and not making your full payments to the bank during the trial period. (They count the trial period as you making partial payments, although if you are approved for a permanent modification they will notify the credit agencies).
To keep yourself safe from scam companies do your homework! Check with your state's legal Bar if you are hiring an attorney and make sure they aren't under investigation for unethical practices! In California it is illegal for anyone offering loan mod services to charge upfront fees, including retainers! If your state does not have a law like this just be wary of those trying to charge you upfront!
_________________
Loan Modification Specialists
Our Attorneys Offer Loan Modifications in Most States
www.CallALMS.com
877-700-2567 |
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kimm
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Post subject: What income figure is used for modification approval? |
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| I was denied a modification on my second mortgage due to income. My first mortgage was modified already. I was told my income could not exceed 49% of the total I pay for the two mortgages combined. They used my gross income rather than an adjusted gross income. My issue with this is that I pay for the mandatory health insurance required by the state. My premium for the month is $520.00. Why is that not taken into consideration? My gross less the insurance premiums would put my income well below the 49%, but they said that is not how they determine eligiabilitity for the modification. Do I have any recourse? |
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christinehynes
Joined: 05 Sep 2009
Posts: 72
Location: Orange County, California
12.58 Dollars($)
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Post subject: What income figure is used for modification approval |
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they should take your health premium into account, sounds like you just have to resubmit and keep fighting them. But some banks have their own guidelines and they really can do what they want especially because it is a second. what is the interest rate and program you have, fixed or adjustable.
_________________
Loan Modification Specialists
Our Attorneys Offer Loan Modifications in Most States
www.CallALMS.com
877-700-2567 |
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zappa
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Post subject: |
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| what is the max amount of missed payments anyone has had and still managed to get aloan modification? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To zappa,
It completely depends on your individual lender and your situation. I’ve heard of situations where the lenders allowed loan modification even though the borrower was current on the loan. There have been situations where the borrower failed to make payments for 5-6 months due to financial hardship, yet the lender did not modify his loan. Thus, missing payments does not always mean that your lender will modify your loan. A lot depends on whether your lender is willing to assist you and whether you have sufficient income to qualify for the modification program. |
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in deep
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Post subject: WHY IS MY BANK CALLING MY INSURANCE COMPANY |
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| We are trying to do a mod and have sent all paperwork. Just waiting on yes or no now for 2 months. Our first and second is with same bank. We fell behind on our second but have paid every month on First. The bank called our insurance company wanting to pay our insurance on the property.. This is paid in our 1st mortgage monthly and is current.. Why would they do this? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi Guest,
If your property insurance is paid on time, then the lender shouldn't contact your insurance company for the same. You should contact your lender and ask him to explain the reasons for doing so. He will be able to clarify the reasons to you.
_________________
Procrastination is the enemy of your financial success |
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estella
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| i am 3 payments behind not able to catch up but i do have contact the mortgage company of the financial situation and has been patient but got a letter to pay my whole sum that i owe in November the 5th of $ 2820 including 84.42 and deliquency related expenses so it can be current |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi estella,
As you've already received the letter from the lender, you should contact the lender once again and negotiate with him so that he offers you a loan modification which will help you in saving the property as well as your credit.
_________________
Procrastination is the enemy of your financial success |
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help me please
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Post subject: loan modfication |
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my question is if the modification does not go through than what happens we have only had our house a year and it is 5 months behind i do not want to loose my home.
should i send small amounts of money to the lender even if it is not the whole amount of my payment
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome Guest,
You can send small amount of money to your lender but it will depend upon him whether or not he will accept the amount. If the lender does not accept your loan modification request, then you may have to sell off the property to pay off the lender.
_________________
Procrastination is the enemy of your financial success |
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