| Author |
Message |
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
Post subject: |
|
|
Hi paulined!
I can understand your situation. In the hardship letter you should provide the reasons for not paying the debts. Along with the sample hardship letter, the lender will also ask you to submit pay stubs, tax records and other financial statements.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
pamt726
Guest
|
|
Post subject: Loan Mod failure |
|
|
I was successful in getting my first mtg. modified, and have been paying it religiously. The balance is $223; house value is $190-200k. I have a second mtg. w/a balance of $25k, and an interest rate of 14%. I have tried on four occasions to get it modified, and have been turned down each time for completely contradictory reasons. I am on a fixed, disability income - first, I was told to get my first modified; 2, I didn't make enough; 3. I made too much. The last time, I was told that the second would buy the first ($223), then foreclose on me for both the first and the second.
I give up. My credit is ruined (I'm 2 months behind on the 2nd); I have lost $60k in equity, and no foreclosure is going to realize enough from a sale to cover their balances. I'm considering just giving a DIL to both; I'm over 60, will never buy another home, and couldn't maintain it if I did. Any suggestions? The second is very busy threatening vs. giving viable options. |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
|
|
Post subject: |
|
|
Hi pamt,
DIL will be good option for you. In this process, the lender will sell your house and try to recover his debts. In case, if there is a deficiency, there are chances that the lender will forgive it. To know more about deed in lieu, have a look at the given link:
http://www.mortgagefit.com/deed-lieu.html
You have mentioned that the lender has given you contradictory reasons for not doing a loan modification. I think you can even take the advice of a mortgage attorney and see what can be done.
Thanks,
Jerry |
|
|
Mindyloving daughter
Guest
|
|
Post subject: deed in leiu of foreclosure |
|
|
| My mother is 71 yrs olf and has been handicapped in a electric wc for the last 18 yrs ,she fell in water from a overflowed toilet in the br of her office complex and had a spinal fusion gone bad that left her handicapped. She has been able to live a independent life and lives in a one br condo(convertted from an apt complex) for the last 4 years. Recently she has started to deteriorate health wise, she has had numerous bouts of pnemonia and has been placed on oxygen 24/7. We as a family along with her(she mentally remains sharp as a tack!) have decided she needs to be in an independent living/assisted living enviroment , but her monthly income from SS and her annuity(set up after her injury) is $2600 a month and the assist lvg is $2100 a month,her medication are at times $400 a month...........Ok now for my question we are looking into dlf as an option instead of foreclosure but we want to make sure the mtg co cannot take her annuity or ss income (which are her only income ) Also she has a modified van with a lift shat she clicks her wc in to go to Dr, groc ect we don't want them to try and take that too.How can we avoid this? She has not been late on pmts yet but we will be moving her to new place at the end of month so at that pt we will not be able to make pmts.Thanks and sorry this was so longwinded.....mindy |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
|
|
Post subject: |
|
|
Hi Mindyloving daughter!
Have your deed in lieu foreclosure been accepted by the lender? Did you inform the lender about the whole issue through a hardship letter?
As far as I know, liens cannot be placed on the social security income or her annuity. Moreover, as its a deed in lieu foreclosure, the lender will normally forgive the deficiency.
Thanks,
Jerry |
|
|
Mindyloving daughter
Guest
|
|
Post subject: |
|
|
| We have not even sent a hardship letter yet as we are just moving her out next wkend and she has not been late on any pmts yet , but because she will be in the asst lvg in dec we will not be able make any more pmts on condo. We were also told that the mtg co will not even talk to us about until she is deliquent on the mtg. Thanks Mindy |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi Mindyloving daughter!
Yes, it is correct that the lender will not generally speak about a loan modification or any other plan until they default on payments. However, you may try speaking to them as sometimes they may consider certain situations. You will have to explain her situation to the lender properly and I hope they will agree.
Thanks. |
|
|
mmdw
Guest
|
|
Post subject: Hardship letter to Chase |
|
|
| My husband and I just wrote a hardship letter to CHASE and within one week we recevied a response. We wrote everything we could. We followed all the guidelines and we were rejected. What do we do now? We haven't been late on a payment, but now we are about to be. I feel like we've tried everything. Any suggestions? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
|
Post subject: |
|
|
Hi mmdw,
Did you apply for a loan modification or a deed in lieu? Lenders do not offer the options of loan modification, short sale or a deed in lieu unless you have been delinquent on your payments. As you were not late on payments so the lender may have rejected the hardship letter. In my opinion, you should once again speak to the lender and inform them about the problem that you are facing. You should also tell them that you may get delinquent in the near future. May be they will help you.
Thanks |
|
|
FrustratedExtremely
Guest
|
|
Post subject: MORTGAGE ASSISTANCE |
|
|
| We have our first with CITIMORTGAGE and second with CITIBANK.....it has been a nightmare working with both companies trying to get loan modified or any help. CITIBANK will not even talk to you UNLESS you are currently delinquent. So for those of us making our payment but coming to a point where we won't be able to, there is no help. All their advertising is a joke!! |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
|
Post subject: |
|
|
Hi Guest,
Yes, its correct that lenders won't help you with a short sale, loan modification or a deed in lieu if you are not delinquent on payments. However, you may try negotiating with them so that they are convinced that you are facing serious hardship. Thus, they may agree to give you a loan modification.
Thanks |
|
|
flatbuttbroke
Guest
|
|
Post subject: bankruptcy |
|
|
| will your lender still want to help modify your loan if you have already filed bankruptcy? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
|
Post subject: |
|
|
Hi flatbuttbroke!
Welcome to forums!
It will be totally the discretion of the lender to modify the loan. You will have to speak to the lender regarding loan modification and try to convince him.
Feel free to ask if you have further queries.
Sussane |
|
|
shalsha
Guest
|
|
Post subject: foreclosure |
|
|
| Can my mortgage co come after me legally after a foreclosure if I have already tried and failed to get my loan modified? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
|
|
Post subject: |
|
|
Hey shalsha,
I did not understand your question completely. If your mortgage company has foreclosed the property, then they can definitely come after you for the deficient amount resulting from the sale of the property.
_________________
Procrastination is the enemy of your financial sucess |
|
|
Mortgage Problems and Solutions Forum
Previous 1 2 3 4 5 Next 
