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Hi, I was trying to obtain a loan modification on my loan and was told by the servicing bank (Indy Mac) that the investment group that holds my loan is not modifying my type of loan. I am current on my loan but the terms will change soon. Has anybody else experienced or heard of this same problem? I've sent a letter to my bank to find out the identity of the investment group so I can contact them directly.

jenkin7 · Posted: Sat Oct 24, 2009 12:08 am Post subject:

Hi Joe,

The Home Affordable Modification Program (HAMP) is applicable to only those loan that are owned by either Fannie Mae or Freddie Mac. It seems that your loan is not owned by some other investors and not by Fannie Mae or Freddie Mac. However, in case your loan does not qualify for the HAMP, you can also request your loan servicer to offer you their own modification program. They can modify your loan by either reducing the interest rate or extending the loan term and can help lower the monthly payments.

loanday123 · Joined: 28 Oct 2009 Posts: 16 3.83 Dollars($)

I'm not sure if or how much the program would impact your score. It could be a temporary ding, like a debt management program. It's noted while in the program but on completion the notation is removed.

It may also depend on exactly whay kind of loan modification you are doing. Some of the programs may ding your credit while others won't.

In any case, if you are currently out of work and are in need of loan modification for your mortgage, you really aren't going to be looking for and new lines of credit. Losing a few points on your score won't make a lot of difference. Certainly won't ding your credit as bad as a foreclosure would.

christinehynes · Posted: Wed Nov 04, 2009 12:47 pm Post subject:

As stated previously, you can contact your bank and ask them about their own loan modification programs. However, going it alone on a loan modification can be a daunting task. Banks will often jerk you around and delay giving you straight answers while the time is ticking on the change of terms. I would suggest looking into getting an attorney to help you with the process. They can expedite the process and have experience in getting the banks to respond.

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