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chattykitty01 · Joined: 03 Jan 2009 Posts: 1 1.40 Dollars($)

I have a mortgage on a home that is higher than it is worth. I am disabled veteran and on fixed income. My bills are rising faster than my once a year pay increase. I tried to get a loan modification but the mortgage company sends me through hoops and loops and then denies the claims. I cannot find anyone to refinance me with the appraisal so low...what if I stop paying the mortgage and try to force them to modify? How badly will that effect my credit score which is close to 700...
Someone help me please...
Thanks

jerry · Posted: Sat Jan 03, 2009 1:19 am Post subject:

Hi chattykitty,

It is true that a lender will not agree to do a loan modification until you are at least a month late on your payments. However, in order to convince the lender to accept a loan modification, you will have to sent him an hardship letter. If you intentionally stop paying the mortgage, I don't think you will be able to convince the lender. As far as I know a loan modification does not effect your credit score.

Thanks,

Jerry

Guest

Hey Jerry, I did do the hardship letter...I kept faxing the same documents 42 pages of bank statements, income verification and the hardship letter over and over...each time they would say this was missing out the fax and that was missing out of the fax. I numbered all the pages and according to my fax machine they received them so finally I certified mailed all the documents...then last week I get this "Congratulations," letter...Your mortgage has been re-instated! I never knew it was "Un instated," since I have never been late on a single payment since I brought the house in 2004. They did assign me this "Mysterious," negatiator as they called him...gave me only his name but said they were not allowed to give out contact numbers??? Then I kept getting these recorded messages to call the mortgage company but no one name to ask for...when I would return the calls the agents would say..."We have no idea who would want to be talking to you?" My credit report does not have one single late payment on any of my accounts. There are no judgements, or collections...I have always taken great care with my credit...I am just not having enough money to meet the rising cost of utilities and food bills...
Thanks
Kathie

smithsussane · Posted: Mon Jan 05, 2009 12:11 am Post subject:

Hi Chatty Kitty!

Loan reinstatement means that loan payments have been made current. But you have mentioned that you were never late on the payments. In that case, I think you should speak to customer care agents of the lender and try to clear out the issue. If the lender is not ready to do that, then you can consult an attorney and ask him to deal with them.

Feel free to ask if you have further queries.

Sussane

Guest

Compare the right payment & the fees. See if you can get a principal reduction too. Some lenders are easier to work with. GMAC , is not
if those don't coincide, don't do it, you may be like other folks looking for a mortgage modification
If your new housing payment (everything included) is 36% or less of your gross. that is good.
if you could actually rent it out and it would cover the mortgage payment that is good.

Guest

Our modification was the worst thing that could have happened to us. Not only did they RUIN our once 700 credit score....but all their promises never came through. I would be a rich woman if I had $1 for every hour I have spent over the phone with them over the past 1 3/4 yrs! We pay on time, they report that we are not paying on time. Therefore our credit is dropping fast. The mortgage company is not linked with their modification department so the left hand doesn't know what the right hand is doing. Modification is the worst thing that will ever happen to you.....trust me! Don't do it!!!!!!!

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I tried to get modification on my mortgage. They keep jerkin