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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: RE: HOPE toll-free |
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Hi Vickie,
Being a North Carolinian, you can contact HOPE Hotline toll-free at 888-995-HOPE .
Thanks |
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vickiesmith54
Joined: 12 Feb 2008
Posts: 2
3.18 Dollars($)
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Thanks to everyone who has helped me with this. I will try to keep updates as to what is happening in hopes that this will help someone else as well.
Thanks again
Vickie |
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Matt
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Yes it is true that a loan modification does not always lower your payment..most investors will not allow a rate reduction on a loan that is already a fixed rate.....if you are 4 months late on your mortgage and you have a fixed rate your payment will go up because the 4 months are being put back on your principle and it is capitalized over the remaining term of the note thus raising your principle balance and raising your payment..
If you are current and simply asking for relief from your ARM then no your payment won't go up your interest rate will likely just be rest for 5 years to the original rate....if you are delinquent AND you have an ARM your rate might get rest but because of the delinquency and depending on how delinquent you are your payment still may go up also.. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Matt,
Welcome to the forum.
Good suggestions Matt. You seem knowledgeable. Are you a lender or a broker?
Why don't you join this community? You can help people and at the same time can earn some $$$ and also make friends from all over the world.
You can introduce yourself at http://www.mortgagefit.com/introduce-yourself-5.html and let your self know to the world.
Feel free to ask if you have any further questions.
Thanks,
Larry |
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Matt
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| Not a lender or a broker, just someone who does workouts for a mortgage company for a living..just hoping to educate a few people along the way! |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: RE: |
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Hi Matt,
You mean you're into negotiating with mortgage companies to help borrowers with some work out options? Isn't that similar to a foreclosure help company? I've heard most of these companies are frauds, is that so? You seem to be giving some great advice here. Not a problem if you aren't a lender or broker, you can still join this community and get rewards as other have. Just have a look at http://www.mortgagefit.com/annoucements/community-rewardsdollar.html .
Even i joined with the aim to help others..i was looking for such communities to help people whenever I had time from my regular work and i stumbled across this forums one day and what a great community it is! I like the people here as they genuinely want to help others and you too seem to have similar thoughts. Well, that's great 
Hope to see you soon as a community member. 
_________________
Procrastination is the enemy of your financial sucess |
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Matt
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Post subject: |
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No I work for a workout department for a mortgage company. I'd perfer to remain annonymous however.
As for Foreclosure assistance companies, I wouldn't go as far as to call them frauds because many have genuine intentions of helping homeowners, however from the borrower perspective those companies can not do anything you can't do yourself, so why spend the money? The money you spend on getting one of those Foreclosure Assistance companies to help you is money you could put on your delinquent mortgage!
The best rule of thumb is to work with your creditor and negotiate directly with them in most instances. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Matt,
I think the main moto here is to help people if we can. So if you can help people with your sound info and valuable suggestions there is nothing better then that
Best of luck,
Larry |
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WendyC
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Post subject: Deliquent |
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Hello, I am currently deliquent in my loan by two months. I have decided to try an do a Short sale or a Deed in Lieu of foreclosure.  I have not loss employment just simply switched job which in the future will be more pay. Also I had my daughter has a renter. Which allowed me to have no problems. She is moving out of town to college. So there went the extra income. I am attempting to get a second job. Next questions: Now bad does a short sell or Deed in Lieu of Foreclosure effect your credit? 100 or more points? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.97 Dollars($)
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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Hello WendyC,
Your lender has other workout options that you may qualify for besides a short sale or Deed in Lieu. You need to be speaking to someone within the Loss Mitigation department of your lender. A loss of income may qualify you for a loan modification. Of course, this is with the assumption that you would like to have the option to try and keep your home.
Also please note that there are usually particular requirements for a Deed in Lieu:
Are you imminently facing foreclosure? Are you at least 31 days delinquent?
Have you exhausted all means to avoid foreclosure?
You, the borrower, must voluntarily submit a written offer of the Deed in Lieu and it must specifically state that the offer to enter these negotiations is being made voluntarily. You must list all the conditions for which the DIL will be accepted. Including the agreed upon transfer date of the property. On that date, the property must be vacant and clear of all your personal property.
Usually the lender requires that you have listed your home with a Realtor for at least 30 days. They need to see that you have attempted to sell the property, but that you have been unable to sell the property. They prefer for there to be no other liens against the property at all.
The property should still be occupied, unless you provide documentation that can verify your need to vacate the property, i.e. loss of income, increased living expenses.
The property is not a rental investment, nor used as a rental for more than 12 months.
Keep in mind, that neither you nor the lender is obligated to proceed with the DIL unless a final agreement is reached. The lender is not required to accept the Deed in Lieu.
Please let us know if you still have questions.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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jmiller
Joined: 04 Sep 2008
Posts: 13
5.75 Dollars($)
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Post subject: Loan Modification is your only option |
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Our group of attorneys will help expedite this process for you. The Lenders tend to listen better when you have legal representation. You have started the process which is good. Why not have an attorney negotiate every aspect of your loan. Maybe they will forgive some of the balance due in the process. You will get either a 2-5 year fix interest only payment or a 30yr fix payment. Whatever will give you the lowest and most beneficial payment that you can afford. With your current financial situation, what payment can you afford?
J. Miller
Wholesale Financial
16661 Ventura Blvd.
Encino, CA 91436
(818) 789-3998 ext.301 |
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Renee
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Post subject: Loan Modification or Refinance |
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| I need a lower payment and interest rate on my home. The lender promised to refinance me in 6 months which this did not happen. Now I am stuck with a payment that is becoming too much to pay. I am about to fall behind. Do you have any suggestions how I should proceed. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Renee!
You can contact the lender and ask why he is not ready to refinance the loan? Normally the lenders agree to refinance a loan when it is 7-10 months old. I think that is causing the problem in your case. You can go in for a loan modification if you fall behind on payments. I think that will help you.
Thanks.
_________________
Good is the Enemy of Great. |
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paulined@ricolausa.com
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Post subject: |
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| I need to write a hardship letter do not know where to start my house has a offer of 45 less then what I payed I can not afford all the personal bills and the mortgage to I am overextended on all my credit cards and have exhusted all f my savings |
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