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Help! Am I eligible for a Modification???

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picture121 Joined: 21 Sep 2008 Posts: 15 8.62 Dollars($)	Posted: Mon Mar 22, 2010 2:48 pm    Post subject: Help! Am I eligible for a Modification??? Like 0 Dislike 0 My husband and I are current on our mtg. However, mounting debt has caused us to struggle to pay-bills and we are living pay check to paycheck. At the end of each month we are left with only enough to buy groceries - no $ in savings. Can't refi b/c value has decreased and now no equity. I wanted to apply for a modification. Currently we have a Conventional mtg 7yr ARM at 5.75% 40yr amortized. We are in yr 2 of this mtg. Loan is not Fannie or Freddie. Payments are $2700/mo. If the int. could be fixed and lowered so payments would be $2200/mo it would help us a great deal. Some companies have offered to negotiate the Modification for us, but want a fee of like 3k. Others ask us to stop paying mtg for 3mo. or bank will not work with us. I am reluctant to do either, but I'm desparate. I am going to attempt to speak to the lender myself. Do you think we would qualify for a modification? Any advice is appreciated.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Mar 22, 2010 8:30 pm    Post subject: Like 0 Dislike 0 Hi picture, It is always better to negotiate with the lender yourself in order to get a modification. The modification companies offering help to negotiate with the lenders are mostly scams and they may not be of great help to you in the long run. As you're facing financial hardship in paying off the mortgage dues, it's better to contact your lender immediately and apply for a loan modification. Depending upon your situation, there are high chances that you would qualify for a loan. Thanks
rcarval Joined: 08 Feb 2010 Posts: 5 2.35 Dollars($)	Posted: Tue Mar 23, 2010 5:33 am    Post subject: Like 0 Dislike 0 foget it if your dealing with Bank of America, they give you a phone number to some representative out in India that can't even speak the English language.

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