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renfrotim · Joined: 30 Jun 2009 Posts: 1 1.35 Dollars($)

My current take home pay is $4600 per month. My 1st mortgage is $1,550. my 2nd mortgage is $850. My property taxes are $1,100 per month. This leave me $1,100 per month to buy homeownwers ins, car insurance, ulities, groceries and all other things. My current rate is 6.25% on my first. Should I be able to get a loan modification? My 1st and 2nd mortgage is for $600,000. I paid $845,000. The market value is now around $500,000.

tmtc · Joined: 30 Jun 2009 Posts: 6 3.68 Dollars($)

From the surface it appears as yes. However, it is important for you to know your current lender may say no way.

In hundreds of modifications I have had experience with the key to a modification is the hardship (legitimate-upside down in equity is not generally considered a hardship), your ability to repay the modified loan, the type of loans you current have and the overall willingness of the lenders to cooperate.

In some cases lenders are now requiring the homeowner to be late on payments before you'd even be considered. This is one component that I nor anyone else can ethically or legally advise you to do is to go late. That is a decsion you need to make on your own.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

You may be eligible for loan modification if:
The lender hasn't declared a foreclosure yet or if you're delinquent on the loan for more than 3 months. The property is in good physical condition. You have stable surplus income and the loan has been originated for more than a year ago.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi renfrotim,

Welcome to our forum.

Loan Modification is the best way to avoid foreclosure.

In my opinion,
1) Property must have in good physical condition.

2) You're delinquent on the loan for 3 months or more.

3) The lender has not considered your property for a foreclosure yet that means your property must have in clear condition and even if he has done .he should have removed the loan from the foreclosure consideration.

4) The loan must have to originated from twelve months.

5) You are delinquent on the loan for three months or more.

You have to collect following documents:-

1] Pay stubs & bank statements for previous two months.

2] W-2 Form for last two years for the your employments proof.

3] Form 1040 for last two years if you are self employed.

4] Rental Agreement if the loan is not on your primary home.

5] Most latest mortgage statement from lender.

6] Latest property tax payment statements.

Then you will be get qualify for loan.

Thanks & Regards,

gunz.ijjistaff.

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