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CDL
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Post subject: Do I continue to make my mtg payments while going through a |
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| I'm two months behind on my mtg and am in loss mitigation I.e. loan modification. Next month I think I should be able to make my payment. Should I start back paying as usual while in mitigation? |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: |
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Hi CDL,
As you have already applied for a loan modification, the lender will give you a new plan for repayment of your debts. So you will have to pay according to the new plan.
Thanks |
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vina2153
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Post subject: letter to Lender |
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| I am trying to get a loan but the bank wants me to write a letter to the underwriter explaining why I had a tax lien. Please help |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: |
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Welcome vina,
I would suggest you to contact an attorney who will help you in writing the letter and explaining the causes of tax lien to the lender.
_________________
Procrastination is the enemy of your financial success |
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Rocky3
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Post subject: Struggling with a hard decision |
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We have two mortgages. Our first is with CitiMortgage with a balance of $161,048.00 at 5.25% and a 30 year fixed. We have a forebearance plan that we pay 1,582.00/month until August. Our second is with Countrywide with a balance $146,000.00 at 8.375% interest only 25 year ARM. We pay 1,020.00/month on this. I would estimate the value of our 987 sq.ft. home to be $200,000.00. We are trying to decide if we should keep struggling to make payments on a home we have outgrown and that will not come up in value for many years to come or try to do a short sale or go into foreclosure. We bring home $2,600.00 every two weeks after taxes and insurance. We think we make too much to qualify for a loan modification that would give us the incentive and ability to stay in our home.
Do you think our mortgage companies would lower our loan balances if we make $90,000/year? Do they look at what you bring home or gross income? Should we try to stay in home that is too small with three children and worth over $100,000.00 less than we owe to keep our credit. How long is our credit affected after having a foreclosure or short sale?
I appreciate any help you can be on this difficult financial and moral decision we have to make. |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: |
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Hi Rocky,
I can understand that you are going through a tough situation. However, you should note that the lender will not accept your request for a short sale until you are delinquent in your payments.
As far as foreclosure is concerned, I think that a short sale is a better option than foreclosure. A foreclosure will reduce your credit score by 250 points whereas a short sale will reduce your payments by 75-100 points. Moreover a foreclosure will also stay in your credit report for 7 years.
Mortgage companies cannot directly lower your mortgage balance. You can apply for a loan modification and check if you can qualify for it or not. This will help you in saving your property. However, if you can afford to lose the property, then you can go for a short sale or a deed in lieu.
Thanks |
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tkraus192
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Post subject: Financial situation |
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| I need to write a letter to my mortgae company for a work out plain. I need to explain the difficulties and circumstatces that caused us to fall behind on our payments. I need to know what I sould put in this letter. I am not good at this kind of thing. |
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adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
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Post subject: |
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Hi tkraus,
You will have to write a hardship letter to the lender explaining your difficulties to him. To know more about how to write a hardship letter, check out the given link:
http://www.mortgagefit.com/problems/hardship-letter.html
_________________
Procrastination is the enemy of your financial success |
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debra
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Post subject: how to write a letter of hardship for child support |
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| i need to see sampe letters |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Frustrated
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Post subject: CHASE MANHATTEN |
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It seems to me that Chase Manhatten are guilty of extreme ignorence...kind of like an ostrich that buries it's head in the sand! How can they just ignore their customers they way they do? I have repeatedly tried to talk to someone to adjust my arm to a fixed ...I pay on time and they tell me NO because my equity is now upside down due to this economy! How can they be so HEARTLESS??? What can I do to get my rate fixed??
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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marley
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Post subject: mediation |
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| i have been behind on my mortgage since nov 08, i am now schdule to go to mediation next week my lenders has been very difficult to begin with i did every thing right i am with the urban league forclosure prevention since dec08, and did all that is required of me but i havent gotten any real answers of what is to happen in the mediation meeting my lender is aurora loan services that is a part of lehman brothers they are very difficult on saturday i recieved a phone call from them to make out a payment plan and they are still telling me that i am delinquent by $700 and when i mentioned that they are in correspondent with the urban league they told me thay there is nothing in the records in regards to the urban league how do i go on from here |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Post subject: |
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Hi Frustrated,
I think you should write a hardship letter to the lender stating the difficulty you are facing under current situation and why you desperately want to get the rate fixed. You should also state that if the situation doesn't change, you may not be able to be current on the loan any more. This I think will be more effective in convincing the lender.
Thanks,
Jerry |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1849
Location: MICHIGAN
283.84 Dollars($)
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Post subject: |
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Hi marley,
If you are with urban league forclosure prevention since dec08 and they have been negotiating with the lender to work out a plan, there should have been some records with the lender regarding this. However, I think you need to talk with urban league in this regard as they will be in a better position to help you.
Thanks,
Jerry |
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deann
Guest
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Post subject: medical bills |
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| I lost my house, one part time job, and are left with one part time job to pay over 60,000.00 in debt with. How do I write a letter to the doctor's, hospital's, and credit cards to lower my debt |
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